A $200 HP Windows laptop would mean the laptop itself costs only $145 (Windows OEM licenses are usually around $55 per machine sold).
The $145 isn't just the parts alone, stuff like assembly, employment, import/export, sales marge for both HP and the store, and tax are all included in that price.
Subtract all of that, and you can see how worthless such parts have become.
Either that, or HP is making losses for each laptop sold, which I'd rather doubt.
I think HP does not make much money from selling cheap laptops, and maybe selling cheap laptops at a loss. But, selling a cheap laptop at a loss is cheaper than buying a lot of TV and magazine advertisements to promote the HP PC brand. A lot of cheap HP laptops have a brightly colored case like bright blue or pink, big HP brand logo on the lid and screen bezel, HP logo as the wallpaper image on the Windows desktop, so these cheap laptops can be used to advertise the HP brand when people use them on public transportation, restaurants, schools, and libraries where a lot of people can see HP users using a HP laptop in public.
HP also makes money from bundling McAfee or Norton Antivirus, Microsoft Office 365, and other trial software. If people sign-up for a software subscription from an antivirus or MS Office 365, HP may make a percentage of the sales.
HP still earn money from printers, photo copiers, printer ink and toner for their printer. A lot of HP PCs are used to connect to a printer to print photos and documents. If the user also owns a HP printer, they can spend hundreds of dollars a year on HP ink if they print out hundreds of picture files, or many pages of text. HP also sells different type of printer paper like photo quality glossy paper for printing out photos, blank office document paper, and matte/non-glossy photo paper.
HP can use these cheap laptops to send out a lot of HP ads to their buyers for their other products and services like printers, printer ink, repairs, etc since people use their e-mail address to register their HP PC with HP's website. The HP system utility programs for installing hardware firmware updates may have a HP messaging and chat program built-in to make it easier to call a HP worker who's job is to do tech support, and sell HP products like extended warranties, printers, PCs, and repair services.
I saw post from PC users that the official repair costs from brands like HP for replacing a part like a motherboard can be very expensive.