\u3000\u3000 Byd Company Limited(002594) (002594)
Event overview: on February 7, the company released the sales data of January 2022, and the automobile output was 94100, with a year-on-year increase of + 97.6% / month on month decrease of - 3.3%; The sales volume was 95400 vehicles, with a year-on-year increase of + 125.1% / month on month increase of - 3.7%.
In January, the sales volume of new energy passenger vehicles continued high growth, and the sales volume in 2022 is expected to drive the high growth of performance. In January, the company's output of new energy vehicles was 91700, with a year-on-year increase of + 309.7% / month on month decrease of - 0.3%; The sales volume was 93200, with a year-on-year increase of + 361.7% / month on month increase of - 0.8%. The output of passenger cars was 91500, with a year-on-year increase of + 314.3% / month on month increase of + 0.6%; The sales volume was 92900 vehicles, with a year-on-year increase of + 367.7% / month on month increase of + 0.1%, reaching a new high. The company has abundant orders in hand. With the gradual production of Changzhou / Fuzhou / Hefei / Jinan and other factories, the sales volume of the company's new energy passenger vehicles is expected to sprint to 1.1 million in 2022, and the performance is expected to grow rapidly.
Pure electric and hybrid two wheel drive, strengthen the product cycle and consolidate the leading position of new energy vehicles. The sales volume of Han / Tang / song / Qin / yuan / E / Ocean Series in January reached 1.28/0.91/2.24/2.65/0.86/0.44/10600 respectively, with a month on month ratio of - 6.7% / + 0.7% / + 0.3% / + 2.3% / + 0.2% / + 4.9% / + 5.9%. The sales volume of Dynasty Series is stable, and that of E / Ocean series is rising steadily; Among them, Hanxin energy broke 10000 for five consecutive months, continuously leading the Chinese brand medium and large car market. Byd Company Limited(002594) the sales volume of DM is 46500, with a year-on-year increase of + 760.6% / month on month increase of + 4.6%. The demand continues to be booming. The sales volume of DM accounts for 49.9% of the company's new energy, with a month on month increase of + 1.9pct; Among them, the sales volume of Han DM / Xinxin Tang DM / song DM / Qin plusdm-i reached 0.27/0.88/1.64/18500 respectively, with a month on month ratio of - 19.7% / + 1.7% / + 8.5% / + 6.7%. Byd Company Limited(002594) the sales volume of pure electric vehicles was 46400, with a year-on-year increase of + 220.7% / month on month decrease of - 4.0%; Among them, the sales volume of Han EV is 10100, breaking 10000 for three consecutive months, ranking the top 1 of pure electric medium and large cars; As the first mass production model of e-platform 3.0, dolphin sales reached 10600, with a chain comparison of + 5.9%, breaking 10000 for two consecutive months, and the sales continued to climb; Yuan Pro sold 6596 vehicles in January, and yuan plus pre sold only one month, with orders breaking 10000. Following the hot sales of dynasty series, the company pushed the ocean and warship series, followed by seagull, seal, sea lion, destroyer 05 and other models. The product matrix accelerated the expansion, and the leading position of the company's new energy vehicles was difficult to shake.
We will increase investment in R & D and fully empower electric intelligent products. The company plans to further raise rmb1.34 billion of operating capital (approximately rmb1.021 billion) for R & D and distribution of new smart shares, which will be used to further strengthen the competitiveness of the company. High economic DMI / high power dm-p / high intelligent electric platform E3 0 casts the leading position in the hybrid field of the company and leads the intelligent electric vehicle track; The core components of new energy vehicles, such as blade batteries and IGBT technology, have set a technical benchmark in the industry. In addition to supplying Byd Company Limited(002594) group, semiconductor products have entered the supply system of Xiaokang automobile, Yutong automobile, Beiqi Foton Motor Co.Ltd(600166) , Ruilin Co., Ltd., Beijing Hyundai and other manufacturers; As an important step in the Byd Company Limited(002594) supply chain opening and spin off listing strategy, the first meeting of the semiconductor gem is expected to continue to enable products and enhance the competitiveness of the company.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 45.30/87.48/12.716 billion yuan respectively, corresponding to 157 / 81 / 56 times of the current share price PE respectively. The company has made full efforts in the hybrid and pure electric markets and maintained the "recommended" rating.
Risk tip: chip supply is less than expected, passenger car recovery is less than expected, and product landing is less than expected.
