# Who are BYD Electronics's customers? Who does BYD Electronics earn revenue from?
Canonical: https://valuechain.wiki/byd-electronics · Facet: customers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: BYD Electronics's confirmed revenue counterparties include Apple, Xiaomi (smartphone assembly/parts), BYD (parent, NEV electronics) plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 4 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### Apple (high)  → /apple.md
- note: 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.
- [mentions] Goldman Sachs (EN, research, published 2026-07-06) https://www.investing.com/equities/byd-electronic-consensus-estimates: "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."
- [confirms] BYD Electronic (International) (EN, filing, published 2026-04-22) https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf: "Largest customer group ~55.45%, top-5 ~85.11% of sales (unnamed)."
- [mentions] MiniChart (research digest) (EN, research, published 2025-05-29) https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/: "iPhone mid-frames via Jabil deal; Apple revenue 13% CAGR forecast."
- [confirms] ZDNet Korea (KO, news, published 2020-09-16) https://zdnet.co.kr/view/?no=20200916075312: "BYD has assembled Apple iPads since 2020."

### 샤오미(스마트폰 조립·부품) (high)  → /xiaomi.md
- note: 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).
- [confirms] ZDNet Korea (KO, news, published 2020-09-16) https://zdnet.co.kr/view/?no=20200916075312: "BYD has manufactured mobile devices for smartphone makers including Huawei, Xiaomi and Samsung."

### BYD(모회사, 신에너지차 전장) (high)  → /byd.md
- note: 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.
- [confirms] BYD Electronic (International) (EN, filing, published 2026-04-22) https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf: "NEV-electronics revenue RMB27,027m (+27.69%, 15.06% of sales); BYD is a top-5 customer."

### BYD(모회사, 지배주주 65.76%) (high)  → /byd.md
- note: 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.
- [confirms] BYD Electronic (International) (EN, filing, published 2026-04-22) https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf: "BYD holds ~65.76% via Golden Link Worldwide (1,481,700,000 shares)."
- [mentions] MiniChart (research digest) (EN, research, published 2025-05-29) https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/: "HK-listed BYD subsidiary."

### NVIDIA (AI 서버·액체냉각) (mid)  → /nvidia.md
- note: 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.
- [confirms] BYD Electronic (International) (EN, filing, published 2026-04-22) https://www.hkexnews.hk/listedco/listconews/sehk/2026/0422/2026042200748.pdf: "AI-server business shipping since mid-2024; second growth engine with full-stack liquid cooling."
- [mentions] MiniChart (research digest) (EN, research, published 2025-05-29) https://www.minichart.com.sg/2025/05/29/byd-electronic-apple-ai-hypergrowth-to-drive-26-profit-cagr-2025-forecast/: "Liquid-cooling parts for NVIDIA DCs; AI servers since mid-2024."

Reverse side: https://valuechain.wiki/byd-electronics/suppliers.md · Ripple: https://valuechain.wiki/byd-electronics/ripple.md

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