Byd Company Limited(002594) (002594)
event:
The company released the production and sales report in November 2021: the output of new energy vehicles in November was 91829, with a total of 515089 this year, a year-on-year increase of 219.81%. In November, the sales volume of new energy vehicles was 91219, with a total of 509838 this year, a year-on-year increase of 216.97%; In November, the total installed capacity of power batteries and energy storage batteries of new energy vehicles was about 4.883gwh, and the cumulative installed capacity of this year was about 32.873gwh.
Key investment points:
The company’s monthly sales of new energy passenger vehicles exceeded 90000, and the new energy penetration rate reached 92.7%. In a single month, the company sold 97242 passenger cars in November, a year-on-year increase of 84.1% and a month on month increase of 9.4%; Among them, the sales volume of new energy passenger vehicles was 90121, with a year-on-year increase of 252.7% and a month on month increase of 12.7%. The penetration rate of new energy has reached 92.7%, which once again set a new record. From January to November, the cumulative sales volume of new energy passenger vehicles was 501000, a year-on-year increase of 230.7%, and the new energy penetration rate of passenger vehicles reached 79.2%, an increase of 37.3pcts compared with the same period last year.
DM-I has become the biggest driving force for the growth of the company’s automobile sales. In the company’s new energy passenger vehicle sales in November, there were 46137 EV Models, with a year-on-year increase of 153.2% and a month on month increase of 11.9%; 43984 DM-I models, with a year-on-year increase of 499.8% and a month on month increase of 13.45%. In the sales volume of new energy passenger vehicles from January to November, there were 272493 EV Models, with a year-on-year increase of 144.4%; DM-I model 228429, with a year-on-year increase of 471.5%. As the fourth generation PHEV technology of the company, DM-I can still ensure a good driving experience under the feeding state. The fuel consumption is significantly lower than that of the same level of fuel models, the product power is outstanding, and the price is significantly lower than that of the previous generation of DM models. Compared with the same level of fuel and hybrid competitive models, DM-I has an unusually high cost performance, and has become the biggest driving force to promote the growth of the company’s automobile sales in 2021.
All series of models of dynasty.com continue to maintain excellent sales performance, and the cumulative sales of Han series have exceeded 140000 in history. In November 2021, the sales volume of Han series models was 12841, with a year-on-year increase of 33.9%. Since its listing last year, the cumulative sales volume has exceeded 140000, and continues to sell well; The sales volume of Tang series models was 8125, of which the new generation Tang DM increased by 166.5% year-on-year; The sales volume of song series models was 25077, of which song DM increased by 1229% year-on-year; The sales volume of Qin series models is 30049; The sales volume of Yuan series models was 6521, with a year-on-year increase of 417.5% for the whole series; E series sold 3799 vehicles, of which E2 increased by 25.4% year-on-year. Through the extension and development of sub series such as plus / Pro / max, all series of models continue to create excellent sales performance in their respective market segments.
The monthly sales volume of dolphins has reached 8809, laying a good foundation for the future development of Ocean network. Ocean net has two main series of marine organisms and warships, which are respectively positioned on the pure electric vehicle equipped with E platform 3.0 and the PHEV vehicle equipped with dm-i. Destroyer 05, the first model of warship series, was released together with ocean.com. The new model uses a new design language, which is more in line with the aesthetics of young people. The size and price of the whole vehicle will be benchmarked with Qin plusdm-i. Dolphin, the first model of marine life series, opened for pre-sale on August 13 and officially launched on August 29. With ultra-high axle length ratio and exquisite interior decoration, the sales reached 3000 and 6018 in September and October respectively. In November, the sales further increased to 8809, with a month on month increase of 46.4%, becoming another popular model of the company. We believe that with the continuous improvement of the company’s model product power and brand power, the objective conditions of channel distribution have been very mature. Under the leadership of the two product sequences of Marine Biology Series and warship series, Ocean network will keep pace with Dynasty network and become an important link to promote the growth of Byd Company Limited(002594) automobile sales express.
Profit forecast and investment rating give the company a “buy” rating. We are optimistic about the future development of the company. It is expected that the company will realize main business revenue of RMB 206.9 billion, 379.7 billion and 550.1 billion from 2021 to 2023, with a year-on-year growth rate of 32%, 84% and 45%; The net profit attributable to the parent company was 4.5 billion yuan, 9.7 billion yuan and 14.1 billion yuan, with a year-on-year growth rate of 7%, 112% and 45%; The corresponding EPS is 1.67, 3.54 and 5.15 yuan.
The risk indicates that the sales growth of new energy vehicles is lower than expected; The new car launch process is not as expected; The implementation progress of the company’s production capacity is less than expected; The external supply of power battery is not as expected.
