Byd Company Limited(002594) (002594)
Conclusions and recommendations:
Byd Company Limited(002594) in November 2021, the wholesale volume of automobiles was 98300, mom + 9.3%, yoy + 82.3%. Among them, the wholesale volume of new energy vehicles in November was 91000, mom + 12.6%, yoy + 241%.
The company has entered a strong product cycle and upgraded the hybrid platform dm-i. the sales model is in short supply. With the continuous improvement of the product matrix, the sales volume of the company’s hybrid cars is expected to grow rapidly next year. In addition, the company’s newly developed pure electric E3 The first model of 0 platform has been released. Its endurance performance is better than that of competitive products, and its sales situation is good. It is expected to improve the competitiveness of the company’s pure electric products. The company has the self-made ability of batteries and some semiconductors, which highlights its competitiveness under the background of tight supply chain. We expect the net profits of the company in 2021, 2022 and 2023 to be 4.25 billion yuan, 8.24 billion yuan and 10.2 billion yuan respectively, yoy + 0.28%, + 94% and + 24%; EPS is 1.48 yuan, 2.88 yuan and 3.56 yuan. At present, the price of A-Shares corresponds to 186 times, 96 times and 77 times of P / E in 2021, 2022 and 2023 respectively, and the price of H shares corresponds to 152 times, 78 times and 63 times of P / E in 2021 and 2022 respectively. It is recommended to “interval operation”.
The sales volume of pure electric vehicles and hybrid electric vehicles of the company maintained rapid growth: Byd Company Limited(002594) in November 2021, the wholesale volume of vehicles was 98300, mom + 9.3%, yoy + 82.3%. By category, the wholesale volume of new energy vehicles in November was 91000, mom + 12.6%, yoy + 241%. In terms of passenger cars, the company’s pure electric and hybrid cars have maintained rapid growth. Among them, the monthly wholesale volume of new energy pure electric passenger vehicles is 46000, mom + 11.9%, yoy + 153.2%; The monthly wholesale volume of new energy plug-in hybrid passenger vehicles is 44000, mom + 13.4%, yoy + 500%. According to the data of the passenger Federation, among the new energy products, 30000 were sold in Qinyue, yoy + 466.2%; Song Yue sold 19700 vehicles, yoy + 808.5%; Monthly sales of 12800 vehicles in Han Dynasty, yoy + 27%. In addition, based on E3 The pure electric compact car on platform 0 is highly competitive, and the sales volume continues to climb. In November, the sales volume reached 8809, mom + 46.4%. In terms of fuel vehicles, the company sold 7121 vehicles in November, mom-20% and yoy-74%. Including 1049 cars, yoy-74%; Monthly sales of SUV: 5371, yoy-73%; The monthly sales of MPV is 701, yoy-78%.
From January to November, the company sold 640000 cars, a year-on-year increase of 73%. A total of 510000 new energy vehicles were sold, a year-on-year increase of 217%. Among new energy passenger vehicles, the cumulative sales volume of pure electric vehicles was 273000, and the cumulative sales volume of plug-in hybrid vehicles was 228000, with a year-on-year increase of 144.4% and 471.5% respectively. The cumulative sales of fuel vehicles was 131000, yoy-38%.
Byd Company Limited(002594) the advantages of hybrid products are obvious, and the sales volume can grow rapidly next year: with the advantages of product performance, the grasp of consumer demand and the convenience of self supplied chips, the sales volume of the company’s new energy vehicles has maintained a rapid growth. According to the data of China Automobile Association, the sales volume of all Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in November was 427000. It is estimated that the market share of the company’s new energy passenger vehicles is about 21%, of which the market share of pure electric passenger vehicles and hybrid passenger vehicles are 14% and 50% respectively, reflecting the company’s leading product competitiveness in the electric vehicle market, especially in the hybrid market. With competitive price and low fuel consumption, the company’s hybrid products are expected to pry the market share of fuel vehicles of the same level, and the market space can be expected. In December, song prodm-i and song maxdm-i were listed successively, and Han DM-I is expected to be listed in the first half of next year; With the continuous improvement of the production capacity of the company’s DM-I series models and the continuous improvement of the product matrix, we expect the sales volume of hybrid products to grow rapidly.
Profit expectation: we expect the net profits of the company in 2021, 2022 and 2023 to be 4.25 billion yuan, 8.24 billion yuan and 10.2 billion yuan respectively, yoy + 0.28%, + 94% and + 24%; EPS is 1.48 yuan, 2.88 yuan and 3.56 yuan. At present, the price of A-Shares corresponds to 186 times, 96 times and 77 times of P / E in 2021, 2022 and 2023 respectively, and the price of H shares corresponds to 152 times, 78 times and 63 times of P / E in 2021 and 2022 respectively. It is recommended to “interval operation”.
