{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","ticker":"0285.HK","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/byd-electronics","citable":"밸류체인 그래프 기준 BYD일렉트로닉스의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 4·투자 1)이고, 사슬을 2차까지 넓히면 44곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, BYD Electronics is directly linked to 4 companies (1 supply, 4 revenue, 1 investment relationships) and reaches 44 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"항셍 지수 · 전자제조(EMS) · 애플·BYD·엔비디아 삼각 위탁생산","kicker_en":"Hang Seng Index · Electronics manufacturing (EMS) · Apple–BYD–NVIDIA triangle","lead":"폭스콘에 이은 중국 2위 EMS/ODM으로, 스마트폰 조립·부품(애플·중국 안드로이드)·신에너지차 전장(모회사 BYD 시너지)·AI 서버·액체냉각(엔비디아)의 세 축을 쥔 '단말·차·AI' 결합 사업자다. FY2025의 역설은 매출이 거의 정체(+1.2%, RMB1,795억)인데 순이익은 -17.6%(RMB35억) 빠진 것으로, 저마진 조립(RMB1,222억) 확대와 자빌 통합 부담이 믹스를 눌렀다 — 그래서 진짜 논점은 애플 금속 미들프레임(자빌 인수)·신에너지차 전장(+27.7%)·엔비디아 AI 서버라는 고부가 전환이 조립 마진 희석을 이기느냐(골드만 매도 HK$21 vs 매쿼리 매수 HK$42.55)다. 최대 고객군이 매출의 55%·상위 5개가 85%인 극단적 고객 편중과, 모회사 BYD가 지배주주(65.8%)이자 5대 고객·5대 공급사인 삼중 얽힘이 구조적 상수다.","lead_en":"China's No.2 EMS/ODM after Foxconn, straddling three worlds — smartphone assembly/components (Apple and Chinese Android), NEV automotive electronics (parent BYD synergy) and AI servers/liquid cooling (NVIDIA) — a 'Device–Car–AI' play. The FY2025 paradox is that revenue was essentially flat (+1.2% to RMB179.5bn) yet net profit fell 17.6% (RMB3.5bn), as growth in low-margin assembly (RMB122.2bn) plus the Jabil-integration drag compressed the mix — so the real debate is whether the high-value shift (iPhone metal mid-frames via Jabil, NEV electronics +27.7%, NVIDIA AI servers) can outrun assembly-margin dilution (Goldman Sell HK$21 vs Macquarie Buy HK$42.55). Extreme customer concentration (largest group 55% of sales, top-5 85%) and a triple entanglement with parent BYD — controlling shareholder at 65.8%, plus a top-5 customer and top-5 supplier — are the structural constants.","segments":{"fy":2025,"parts":[{"desc":"매출 RMB1,515억(조립 1,222억+부품 293억). 자빌 인수로 아이폰 유리 백커버·조립을 넘어 금속 미들프레임 등 고부가 부품까지 확장했으나, 매출 대부분이 저마진 조립이라 규모가 커질수록 이익률은 눌린다 — 성장의 질은 고부가 부품 비중 상승에 달렸다.","name":"스마트 단말(조립+부품)"},{"desc":"매출 RMB270억(+27.7%, 매출의 15%). 모회사 BYD의 EV 물량을 등에 업고 스마트 콕핏·지능형 서스펜션·열관리로 확장하는 최대 성장 축 — 계열 수직통합이 수요를 사실상 선확보해 조립 사업의 마진 변동성을 상쇄한다.","name":"신에너지차 전장"},{"desc":"엔비디아향 AI 서버·액랭 부품이 2024년 중반 출하 시작한 신성장 엔진. 데이터센터 발열 급증으로 액랭 침투율이 오르는 사이클 초입에서 정밀가공·풀스택 액랭 역량이 진입 무기다 — 아직 작지만 고부가 믹스를 끌어올릴 옵션이다.","name":"AI 서버·액체냉각"}],"total":"RMB 1,794억7,740만 (FY2025 연결, +1.2%; 순이익 RMB35억 -17.6%)","source":"BYD Electronic 2025 연차보고서(HKEX)"},"segments_en":{"fy":2025,"parts":[{"desc":"Revenue RMB151.5bn (assembly 122.2bn + components 29.3bn). The Jabil deal pushed it beyond iPhone glass covers and assembly into high-value parts like metal mid-frames, but with most revenue in low-margin assembly, scale dilutes margins — the quality of growth hinges on a rising high-value component share.","name":"Smart terminals (assembly + components)"},{"desc":"Revenue RMB27.0bn (+27.7%, 15% of sales). Riding parent BYD's EV volumes, it scales smart cockpit, intelligent suspension and thermal management — the fastest-growing line, where in-group vertical integration effectively pre-secures demand and offsets the assembly business's margin volatility.","name":"NEV automotive electronics"},{"desc":"AI servers and liquid-cooling parts for NVIDIA, shipping since mid-2024, are the new growth engine. At the start of a cycle where surging data-center heat is lifting liquid-cooling penetration, precision machining and full-stack cooling are the entry weapons — still small, but an option to lift the high-value mix.","name":"AI servers & liquid cooling"}],"total":"RMB179,477.4m (FY2025 consolidated, +1.2%; net profit RMB3.5bn, -17.6%)","source":"BYD Electronic Annual Report 2025 (HKEX)"},"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":3,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto 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Energy (Enjie)","name_en":"Yunnan Energy New Material (SEMCORP)","tier":2,"returns_yearly":{"2021":92.8,"2022":-38.6,"2023":-72.6,"2024":-29.2,"2025":76.4,"2026":7.5}},{"slug":"tinci","name":"Tinci Materials","name_en":"Tinci Materials","tier":2,"returns_yearly":{"2021":68.3,"2022":5.6,"2023":-61.4,"2024":-0.7,"2025":124.2,"2026":-1}},{"slug":"lotte-energy-materials","name":"롯데에너지머티리얼즈","name_en":"Lotte Energy Materials","tier":2,"returns_yearly":{"2021":31.5,"2022":-32.9,"2023":-49.3,"2024":-30,"2025":75.8,"2026":-8.4}},{"slug":"btr-new-material","name":"BTR New Material","name_en":"BTR New Material Group Co., Ltd","tier":2,"returns_yearly":null},{"slug":"lotte-chemical","name":"롯데케미칼","name_en":"Lotte Chemical","tier":3,"returns_yearly":{"2021":-22.5,"2022":-3.6,"2023":-24.4,"2024":-56.1,"2025":50.1,"2026":-25.4}}],"analysis":"BYD일렉트로닉스의 논지는 폭스콘에 이은 중국 2위 EMS가 스마트폰 조립·신에너지차 전장·AI 서버 액랭의 세 축으로 저마진 조립을 고부가로 전환하려는 구조다. FY2025의 역설은 매출이 거의 정체(+1.2%, RMB1,795억)인데 순이익은 -17.6%(RMB35억) 빠진 것으로, 저마진 조립(RMB1,222억) 확대와 자빌 통합 부담이 믹스를 눌렀다. 그래서 진짜 논점은 애플 금속 미들프레임(자빌 인수)·신에너지차 전장(+27.7%, 매출의 15%)·엔비디아 AI 서버 액랭이라는 고부가 전환이 조립 마진 희석을 이기느냐다 — 계열 수직통합으로 BYD의 EV 전장 수요를 사실상 선확보한 것이 조립 변동성을 상쇄하는 축이다. 최대 고객군이 매출의 55%·상위 5개가 85%인 극단적 고객 편중과, 모회사 BYD가 지배주주(65.8%)이자 5대 고객·5대 공급사인 삼중 얽힘이 구조적 상수다. 재평가 트리거는 고부가 부품 비중 상승, 엔비디아 액랭 램프, 그리고 자빌 통합의 마진 정상화다.","analysis_en":"BYD Electronics's thesis is China's No.2 EMS after Foxconn trying to shift low-margin assembly toward higher value across three axes — smartphone assembly/parts, NEV electronics, and AI-server liquid cooling. The FY2025 paradox is nearly flat revenue (+1.2%, RMB 179.5bn) yet net income down -17.6% (RMB 3.5bn), as expanded low-margin assembly (RMB 122.2bn) and the Jabil integration burden pressed the mix. So the real question is whether the high-value shift — Apple metal midframes (via the Jabil acquisition), NEV electronics (+27.7%, 15% of revenue) and NVIDIA AI-server liquid cooling — beats assembly-margin dilution; the intra-group vertical integration effectively pre-securing parent BYD's EV-electronics demand is the axis offsetting assembly volatility. Extreme customer concentration (top customer group 55%, top-5 85%) and the triple entanglement of parent BYD as controlling shareholder (65.8%), a top-5 customer and a top-5 supplier are structural constants. Re-rating triggers are the rising high-value-parts share, the NVIDIA liquid-cooling ramp, and margin normalization of the Jabil integration.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"fy":2025,"apple_rev_cagr_pct":13,"largest_customer_group_pct":55.45},"note":"애플이 최대 고객군(그룹 매출의 55%)으로 추정되는 최대 매출처 — 아이패드 조립·아이폰 유리 백커버에서 자빌 인수(22억달러)로 금속 미들프레임 등 고부가 부품까지 올라갔고, 이 고마진 물량 확대가 조립 마진 희석을 상쇄할 핵심 레버다(공시는 고객 실명 미기재, 매체 확인). 리서치는 애플향 매출 FY25~27 CAGR 13% 전망.","note_en":"Apple is the largest revenue source — likely the largest customer group at ~55% of sales — having climbed from iPad assembly and iPhone glass covers to high-value parts like metal mid-frames via the $2.2bn Jabil acquisition; expanding this high-margin work is the key lever to offset assembly-margin dilution (customers unnamed in filing; confirmed by media). Research sees ~13% CAGR in Apple revenue over FY25-27.","sources":[{"stance":"mentions","publisher":"Goldman Sachs","publisher_en":"Goldman Sachs","kind":"research","lang":"en","published_at":"2026-07-06","url":"https://www.investing.com/equities/byd-electronic-consensus-estimates","title":"BYD일렉 애널리스트 컨센서스(골드만 매도 HK$21·매쿼리 매수 HK$42.55)","title_en":"BYD Electronic analyst consensus (Goldman Sell HK$21, Macquarie Buy HK$42.55)","excerpt":"애널리스트 컨센서스 17곳 평균 목표가 HK$32.20(매수). 다만 최근 하향 갈림: 골드만 매도 HK$21(밸류·마진), 제프리스 보유 HK$35, 매쿼리 매수 HK$42.55 — 고부가 전환이 조립 마진 희석을 이기느냐가 논쟁.","excerpt_en":"Consensus of 17 analysts avg TP HK$32.20 (Buy), but split on recent moves: Goldman Sell HK$21 (valuation/margin), Jefferies Hold HK$35, Macquarie Buy HK$42.55 — the debate is whether the high-value shift beats assembly-margin dilution."},{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"The largest customer group accounted for approximately 55.45% and the top five customer groups approximately 85.11% of the Group's total sales (customers not named).","excerpt_en":"Largest customer group ~55.45%, top-5 ~85.11% of sales (unnamed)."},{"stance":"mentions","publisher":"MiniChart (리서치 요약)","publisher_en":"MiniChart (research digest)","kind":"research","lang":"en","published_at":"2025-05-29","url":"https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/","title":"BYD전자: 애플·AI 초성장 전망","title_en":"BYD Electronic: Apple and AI hypergrowth forecast","excerpt":"Expansion from iPad assembler to high-precision components including iPhone metal middle frames following the Jabil acquisition; Apple revenue 13% CAGR FY25-27E.","excerpt_en":"iPhone mid-frames via Jabil deal; Apple revenue 13% CAGR forecast."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2020-09-16","url":"https://zdnet.co.kr/view/?no=20200916075312","title":"中 비야디, 애플 아이패드 만든다 — 화웨이·샤오미·삼성도 위탁생산","title_en":"China's BYD makes Apple iPads; also assembles for Huawei, Xiaomi, Samsung","excerpt":"中 비야디는 2020년부터 애플 아이패드를 위탁 조립해 왔다.","excerpt_en":"BYD has assembled Apple iPads since 2020."}]},{"direction":"revenue","counterparty":"샤오미(스마트폰 조립·부품)","counterparty_slug":"xiaomi","confidence":"high","metric":{"relationship":"smartphone_assembly_parts"},"note":"샤오미 스마트폰을 위탁 조립·부품 공급 — BYD 경영진이 '샤오미·화웨이 폰 대부분을 BYD가 만든다'고 밝힐 만큼 중국 안드로이드 조립의 핵심 축으로, 샤오미의 출하·프리미엄화가 곧 조립·부품 물량으로 연결된다(익명 고객군 내 매체 확인).","note_en":"Contract-assembles Xiaomi smartphones and supplies parts — a core node in Chinese-Android assembly, to the point that BYD executives have said 'most Xiaomi and Huawei phones are made by BYD,' so Xiaomi's shipments and premiumization feed directly into assembly and component volumes (within the anonymized customer base, confirmed by media).","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2020-09-16","url":"https://zdnet.co.kr/view/?no=20200916075312","title":"中 비야디, 애플 아이패드 만든다 — 화웨이·샤오미·삼성도 위탁생산","title_en":"China's BYD makes Apple iPads; also assembles for Huawei, Xiaomi, Samsung","excerpt":"비야디는 화웨이, 샤오미, 삼성전자 등 스마트폰 기업의 모바일 기기를 생산해왔다.","excerpt_en":"BYD has manufactured mobile devices for smartphone makers including Huawei, Xiaomi and Samsung."}]},{"direction":"revenue","counterparty":"BYD(모회사, 신에너지차 전장)","counterparty_slug":"byd","confidence":"high","metric":{"fy":2025,"nev_yoy_pct":27.69,"nev_share_pct":15.06,"nev_revenue_rmb_mn":27027},"note":"모회사 BYD의 EV에 스마트 콕핏·지능형 주행·열관리 등 전장을 공급 — BYD가 5대 고객 중 하나임을 공시가 명시. 계열 수직통합이 신에너지차 전장(+27.7%, 매출의 15%) 수요를 사실상 선확보해, 외부 조립 고객 변동성에 대한 완충이 된다.","note_en":"Supplies automotive electronics — smart cockpit, intelligent driving, thermal management — into parent BYD's EVs; the filing names BYD as one of its top-5 customers. In-group vertical integration effectively pre-secures NEV-electronics demand (+27.7%, 15% of sales), cushioning against external-assembly customer volatility.","sources":[{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"NEV business revenue ~RMB27,027 million, 15.06% of total revenue, +27.69% YoY. BYD is one of the top five largest customers of the Group.","excerpt_en":"NEV-electronics revenue RMB27,027m (+27.69%, 15.06% of sales); BYD is a top-5 customer."}]},{"direction":"cost","counterparty":"BYD(모회사, 5대 공급사)","counterparty_slug":"byd","confidence":"high","metric":{"fy":2025,"relationship":"intra_group_supply"},"note":"모회사 BYD가 5대 공급사 중 하나로, 배터리·부품·소재를 계열 내 조달 — 전장·에너지 제품의 원가·공급을 계열 수직통합으로 확보하지만, 관계자 거래 의존이라는 지배구조 이슈도 수반한다.","note_en":"Parent BYD is one of the Group's top-5 suppliers, sourcing batteries, parts and materials in-group — vertical integration secures cost and supply for its electronics and energy products, but also carries related-party-dependence governance considerations.","sources":[{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"BYD is one of the top five largest suppliers of the Group (related-party continuing connected transactions).","excerpt_en":"BYD is a top-5 supplier of the Group (related-party CCT)."}]},{"direction":"investor","counterparty":"BYD(모회사, 지배주주 65.76%)","counterparty_slug":"byd","confidence":"high","metric":{"fy":2025,"holder":"Golden Link Worldwide","stake_pct":65.76},"note":"모회사 BYD가 Golden Link을 통해 지분 65.76%를 보유한 지배주주로, 회장 왕촨푸가 양사를 함께 이끈다 — 지배·고객·공급을 겸하는 삼중 관계라 계열 수요를 선확보하는 동시에 소수주주·관계자거래 거버넌스 논점을 안는다.","note_en":"Parent BYD holds 65.76% via Golden Link and is the controlling shareholder, with chairman Wang Chuan-fu leading both — a triple role as owner, customer and supplier that both pre-secures in-group demand and carries minority-shareholder and related-party governance questions.","sources":[{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"BYD is the controlling Shareholder indirectly interested in ~65.76% of the issued share capital via Golden Link Worldwide Limited (1,481,700,000 shares).","excerpt_en":"BYD holds ~65.76% via Golden Link Worldwide (1,481,700,000 shares)."},{"stance":"mentions","publisher":"MiniChart (리서치 요약)","publisher_en":"MiniChart (research digest)","kind":"research","lang":"en","published_at":"2025-05-29","url":"https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/","title":"BYD전자: 애플·AI 초성장 전망","title_en":"BYD Electronic: Apple and AI hypergrowth forecast","excerpt":"BYD Electronic (International), HK-listed subsidiary of BYD.","excerpt_en":"HK-listed BYD subsidiary."}]},{"direction":"cost","counterparty":"부품·소재 공급사(칩·디스플레이·금속·유리, 익명)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2025,"top5_supplier_pct":59.4,"largest_supplier_pct":42.7},"note":"칩·디스플레이·금속·유리 등 부품·소재를 외부에서 조달하는 조립·부품 사업 구조상 공급 집중도가 높다(최대 공급사 42.7%·상위5 59.4%, 공시상 익명). 소수 공급사 의존이 원가·납기 리스크의 핵심이라 다변화가 관건이다.","note_en":"As an assembly-and-components business it sources parts and materials (chips, displays, metal, glass) from outside suppliers with high concentration (largest 42.7%, top-5 59.4%, unnamed in filing) — dependence on a few suppliers is the core cost-and-lead-time risk, making diversification key.","sources":[{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"The largest supplier and the top five largest suppliers represent approximately 42.7% and 59.4% of the Group's total purchases respectively (suppliers not named).","excerpt_en":"Largest supplier ~42.7%, top-5 ~59.4% of purchases (unnamed)."}]},{"direction":"revenue","counterparty":"NVIDIA (AI 서버·액체냉각)","counterparty_slug":"nvidia","confidence":"mid","metric":{"start":"2024-mid","segment":"ai_server_liquid_cooling"},"note":"엔비디아 데이터센터용 액체냉각 부품·AI 서버를 2024년 중반부터 공급하는 신사업 — 랙당 발열이 100kW급으로 치솟아 액랭 침투율이 오르는 구조적 사이클에서 정밀가공·풀스택 액랭 역량이 진입장벽이다. 매출 기여는 아직 작지만 그룹 믹스를 고부가로 끌어올리는 '제2엔진'.","note_en":"Supplies liquid-cooling components and AI servers for NVIDIA data centers since mid-2024 — as per-rack heat spikes toward 100kW and liquid-cooling penetration rises structurally, precision machining and full-stack cooling form the barrier. Still a small revenue contributor, but the 'second engine' pulling the group mix toward higher value.","sources":[{"stance":"confirms","publisher":"BYD Electronic (International)","publisher_en":"BYD Electronic (International)","kind":"filing","lang":"en","published_at":"2026-04-22","url":"https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf","title":"BYD일렉트로닉스 2025 연차보고서(HKEX)","title_en":"BYD Electronic (International) — Annual Report 2025 (HKEX)","excerpt":"AI server business began shipments in mid-2024; positioned as a high-growth second engine amid rapid AI computing infrastructure expansion; full-stack liquid-cooling capability.","excerpt_en":"AI-server business shipping since mid-2024; second growth engine with full-stack liquid cooling."},{"stance":"mentions","publisher":"MiniChart (리서치 요약)","publisher_en":"MiniChart (research digest)","kind":"research","lang":"en","published_at":"2025-05-29","url":"https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/","title":"BYD전자: 애플·AI 초성장 전망","title_en":"BYD Electronic: Apple and AI hypergrowth forecast","excerpt":"Commencing manufacturing of liquid-cooling components for NVIDIA's data centers; began AI server shipments in mid-2024.","excerpt_en":"Liquid-cooling parts for NVIDIA DCs; AI servers since mid-2024."}]}]}