Byd Company Limited(002594) (002594)
Event: Byd Company Limited(002594) released November sales data: 98300 vehicles were sold in November, a year-on-year increase of 82.30%.
Sales performance was excellent, and Han EV broke 10000 for the first time. The company sold 90100 new energy passenger vehicles in November, with a month on month increase of 12.65%, with excellent performance. Specifically, 1) in November, the sales volume of Han EV reached 12841 sets, including 10021 sets of Han EV, breaking 10000 for the first time, reaching a record high, with a month on month increase of 20.92%; 2) In November, the total sales volume of pure electric passenger vehicles was 46100 units, an increase of 4905 units month on month, of which, Dolphin increased by 2791 units month on month (8809 units in November), Qin plusev increased by 1689 units month on month, and its sales exceeded 10000 for the first time, showing a bright performance; 3) in November, the total sales of plug-in hybrid passenger vehicles increased by 5213 units month on month. According to the surging news, the company’s orders for DMI models reached 200000 units. It is expected that with the gradual release of production capacity, the production and sales are expected to continue to rise. (the above data source: company announcement).
The pricing strategy of new models changes slightly, and it is expected that the volume and profit will rise together in 2022. On November 30, Byd Company Limited(002594) song prodmi opened pre-sale, which is one of the new models of Byd Company Limited(002594) that attracted much attention and one of the three DMI models announced by the Ministry of industry and information technology in the morning. The pre-sale price of song prodmi is 135800-162800 yuan, and the model price is slightly higher than expected. We believe that under the background of more cumulative orders and longer delivery cycle, this pre selling price is expected to bring the effect of both volume and profit. In addition, according to the announcement of the Ministry of industry and information technology, Byd Company Limited(002594) there are still many DMI models to be listed in the future: destroyer 05, Han DMI, song maxdmi, etc. if this fixed price strategy is continued, the overall profit of the company is expected to exceed expectations in 2022.
The Byd Company Limited(002594) in the next few years is worth looking forward to. According to our prediction, the company’s automobile sales volume is expected to reach 1.45 million in 2022, including 1.28 million new energy passenger vehicles, There is still much room to improve the profit of single vehicle (the new investment of DMI is small, the depreciation & amortization of single vehicle is greatly reduced, and the cost of single vehicle is also greatly reduced). In addition, as more and more vehicle enterprises join the ranks of hybrid vehicles, especially long-term PHEV, our policy on PHEV (including Erev) in 2023 is more optimistic than before. Therefore, after 2023, Byd Company Limited(002594) It is still worth looking forward to – the substitution of pure electric acceleration for fuel vehicles and the continuous growth of hybrid. In addition, according to tianyancha, in 2021q3, the company successively registered four home appliance chizi (sun) companies, including Anhui Wuwei, Jiangsu Yancheng, Shandong Jinan and Zhejiang Shaoxing. The company’s power battery capacity is expected to accelerate the expansion, and the external supply of blade batteries is expected to exceed expectations in the future.
Investment suggestion: maintain the “Buy-A” rating. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 4.42 billion, RMB 11.28 billion and RMB 13.63 billion respectively. Corresponding to the current market value, PE is 202.4, 79.2 and 65.5 times respectively, maintaining the “Buy-A” rating, and the six-month target price is RMB 360 / share.
Risk tip: the subsidy has declined sharply; The promotion of new products is less than expected
