BYD Company (1211 HK): 1Q26: Results Miss On Forex Losses And R&D Expe...

Highlights  1Q26 net profit came in below estimates at Rmb4,085m (-55% yoy/-56% qoq), with higher-than-expected opex and forex loss offsetting gross margin beat.  Stripping out forex gains (losses), 1Q26 core net profit remained flat yoy at Rmb6.15b in 1Q26.  We cut our 2026-28 net profit forecasts by 8%/4%/7% respectively.  We believe BYD’s earnings bottomed out in 1Q26, and will recover from 2Q26 on new tech launches, overseas expansion and external battery sales.  Maintain BUY; cut targe...

BYD Electronic (285 HK): 1Q26: Miss Due To Forex Loss; Likey One-Off B...

BYDE’s 1Q26 net profit plunged 95.5% yoy to Rmb28m, significantly missing estimates, primarily driven by sizeable forex losses from the tablet assembly business. While revenue remained relatively healthy at Rmb38.2b (+3.5% yoy), the highermargin component business remained weak, dragging gross margins down 1.1ppt yoy to 5.2%. Management expects the severe headwinds in consumer electronics to persist, alongside supply constraints that will limit AI server growth. Downgrade to SELL and cut target ...

Greater China Daily: Wednesday, April 29, 2026

Top Stories Company Results | BYD Electronic (285 HK/SELL/HK$26.24/Target: HK$19.90) BYDE’s 1Q26 net profit plunged 95.5% yoy to Rmb28m, significantly missing estimates, primarily driven by sizeable forex losses from the tablet assembly business. While revenue remained relatively healthy at Rmb38.2b (+3.5% yoy), the higher-margin component business remained weak, dragging gross margins down 1.1ppt yoy to 5.2%. Management expects the severe headwinds in consumer electronics to persist, alongside...

Regional Morning Meeting Notes: Wednesday, April 29

Greater China Company Results | BYD Electronic (285 HK/SELL/HK$26.24/Target: HK$19.90) BYDE’s 1Q26 net profit plunged 95.5% yoy to Rmb28m, significantly missing estimates, primarily driven by sizeable forex losses from the tablet assembly business. While revenue remained relatively healthy at Rmb38.2b (+3.5% yoy), the higher-margin component business remained weak, dragging gross margins down 1.1ppt yoy to 5.2%. Management expects the severe headwinds in consumer electronics to persist, alon...

CPU demand; Analog price increases; Memory/Auto/Industrial cycle; Hybr...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 19 names we over the last two weeks, follow the link below.

5 Things to Know in Investing This Week - The Intel Crushes the Quarte...

Intel 1Q26: Material beat & raise, but uncertainties remain; turnaroun...

Intel ($INTC) - 1Q '26 Results

China Automobile Weekly: Takeaway From Visits To Minth, Joyson Electro...

This week we visited Minth, Joyson Electronic, Hesai and CaoCao, while CATL held a Tech Day showcasing new products. The companies are expanding into new businesses such as humanoid robot parts and robotaxis, creating second growth curves. They are transforming from hardware suppliers to total solution providers by leveraging core know-how such as advanced material development and high-precision manufacturing. We maintain MARKET WEIGHT on the Automobile sector. Top BUYs: CATL, Geely, BYD and Min...

Tesla 1Q26: Bull case getting more tangible, $600 TP

Tesla reported 1Q26 last night. Please see here for our take.

Wedbush Morning Call - Apr 23 2026 7:10AM

TSLA 1Q26; Autonomous Roadmap Looks Good, Capex Ramp a Good (Not a Bad...

A Closer Look at FY1Q26 (March) ResultsRevenueTotal revenue of $22.39 billion (up 16% y/y) came in just above the Street’s $22.10 billion estimate as deliveries of 358.0k came below the Street’s estimate of 365.6k due to a decrease in vehicle deliveries and lower regulatory credit revenue while see

Wedbush Morning Call - Apr 21 2026 7:05AM

1Q26 Earnings on Tap - Focus Remains on AI Progress and EV Demand Stab...

Tesla expanding robotaxi coverage; Uber emerging as kingmaker for the ...

Tesla expanded robotaxi coverage to Houston and Dallas over the weekend. This follows Uber signing 6 robotaxi deals over the past 6 weeks. Please see the link for our take.

Wedbush Morning Call - Apr 20 2026 6:52AM

MP: America's Rare Earth National Champion; Initiating Outperform, $90...

Company BackgroundMP Materials was founded in 2017 by James Litinsky and Michael Rosenthal with the objective of rebuilding domestic rare earth production at a time when supply-chain concentration and geopolitical risks were becoming increasingly apparent, leading to the company purchasing the Moun

China Automobile Weekly: 1-12 April PV Sales Update And The New Tech/M...

PV sales remained weak during 1-12 April, reflecting the sustained front-loading effect from the roll-back of tax concession, Qingming holiday drag, high oil prices, and purchase delays ahead of Beijing Auto Show new-model debuts. EVs and exports remain bright spots, offsetting domestic ICE-car sales weakness. CPCA projects 13% China’s EV sales growth and 1% yoy overall PV sales growth for 2026, on par with our estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, BYD and Minth.

Regional Morning Meeting Notes: Friday, April 17, 2026

Greater China Economics | Economic Activity China’s 1Q26 GDP growth came in at 5.0% yoy (+0.5ppt qoq, -0.4ppt yoy), indicating stabilisation from the 2H25 trough. March data was mixed - industrial production rose 6.1% yoy (-0.2ppt mom), beating expectations, while retail sales slowed to 1.7% yoy and FAI ytd edged down to 1.7% yoy (-0.1ppt mom), both missing consensus estimates. Property FAI ytd remained weak at -11.2% yoy. The surveyed unemployment rate rose to 5.4% (+0.1ppt mom). Overall, d...

Intel gross margin: revenue recovery and price increases stronger than...