\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Main points:
Event:
The company released the sales data of February 2022. 88283 new energy vehicles were sold in that month, including 87473 new energy passenger vehicles, with a year-on-year increase of 764%.
Both hybrid and pure electric vehicles have made great efforts, and the sales volume remains strong.
In terms of models, the sales of hybrid and pure electric vehicles in that month were 44300 and 43173 respectively. Affected by the Spring Festival, the sales fell month on month, and remained strong after excluding the Spring Festival. Among them, the sales volume of Han was 9290, which remained stable. The sales of Tang, song and Qin families were 10426, 24534 and 24503 respectively. Based on E3 The competitiveness of models built on platform 0 has gradually become prominent. The sales of Xinxinyuan and dolphin are gratifying. In February, 8953 and 8565 vehicles were sold respectively.
DMI has strong orders and strong new product cycle.
At present, the company has strong orders for DMI models, and the collection cycle of popular models such as song, Qin and Yuan is long. At the same time, Han DMI is about to be listed, which will further improve the company's model layout in the hybrid field. The layout of subsequent marine series in the hybrid field is still worth looking forward to. At the same time, in the field of pure electricity, the company launched E platform 3.0, which has four characteristics of "intelligence, efficiency, safety and aesthetics". At present, it is based on E3.0 Dolphin Heyuan, the model built on platform 0, is in the hot selling stage. In the future, more marine series models built on this platform will be listed one after another, which will gradually strengthen the company's competitiveness in the field of pure electricity.
Investment advice
We expect that the company's EPS from 2021 to 2023 will be 1.62/2.15/2.76 yuan respectively. Maintain the "buy" rating.
Risk tips
Macroeconomic growth slowed down; The implementation and implementation of policies in the automotive industry are uncertain; Risks such as intensified competition in the new energy vehicle market.
