比亚迪电子（0285.HK）：存储成本趋稳或支撑业绩复苏；维持“卖出”评级

We expect BYDE's revenue growth to recover in 2027E supported by stabilizing demand for smartphones and PCs amid relatively stable memory costs, and the company's product mix upgrade with growing revenue exposure to Apple and BYD, along with expanding into the AI server supply chain (liquid cooling, power supply). We continue to expect GM recovery through 2028E, and we slightly increase our target price to HK$22 (vs. HK$21 previously). We reduce net income in 2026-28E mainly on lower revenues, cutting revenues across consumer electronics to reflect modest end demand amid high memory costs, while adding AI computing infrastructure into our forecasts to reflect the company's expansion toward AI data centers. Despite the revenue cut, we continue to expect a recovery in 2H26 on a HoH basis, considering that stabilizing memory costs could bring better end market demand across EVs and consumer electronics, along with better seasonality and more flagship model launches. We remain Sell rated o