\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Matters:
1) the total sales volume in February increased by 335% year-on-year, which is better than the overall level of the industry Byd Company Limited(002594) announced that the total sales volume in February 2022 was 91078 units, with a year-on-year increase of 335% and a month on month decrease of 5%; The sales volume of new energy was 88283 units, with a year-on-year increase of 753% and a month on month decrease of 5%. The sales volume of new energy accounted for 97% and the market share was close to 30%. According to the data of the passenger Federation, in February 2022, the wholesale sales volume of narrow passenger cars was 150.2, with a year-on-year increase of 31% and a month on month decrease of 30%. The company’s sales performance significantly outperformed the industry. In terms of models, dynasty.com performed well. The Han / Tang / song / Qin / yuan family sold 9290 / 10426 / 24534 / 24503 / 8953 vehicles, of which the sales of song EV / yuan family / Tang DM increased 59 times / 24 times / 11 times; In other series, dolphins sold 8565 vehicles.
2) yuan plus is a hot seller when it is listed, with significant cost performance advantages. On February 19, 2022, Byd Company Limited(002594) yuan plus was listed simultaneously in China and Australia. According to the Byd Company Limited(002594) official microblog, as of February 21, 2022, China’s orders had exceeded 20000 units. The guidance price of yuan plus in China is 131800159800 yuan, and the guidance price in Australia is 4499047990 Australian dollars, 40% – 60% higher than that in China. Compared with other pure electric compact SUV competitors, the power performance and intelligent configuration of yuan plus are not inferior, and the cost performance is more advantageous.
Guoxin automobile view: Based on the weekly reports submitted by 13 key enterprises, China Automobile Industry Association calculates that the sales volume of the automobile industry is expected to reach 1.666 million in February 2022, with a month on month decrease of 34.2% and a year-on-year increase of 13.8%. According to the data of the Federation of passenger cars, in February 2022, the wholesale sales volume of narrow passenger cars in China was preliminarily counted as 1.502 million, with an average daily wholesale sales volume of 54000, an increase of 31% year-on-year in February and a decrease of 30% month on month in January. The overall performance was very good Byd Company Limited(002594) ‘s wholesale sales performance significantly outperformed the industry. Assuming that the penetration rate of new energy passenger vehicles in February is 20%, the wholesale sales volume of new energy passenger vehicles in February is about 300 China Vanke Co.Ltd(000002) 5942 the market share of passenger cars was about 6%, and the market share of new energy passenger cars was about 30%. DMI’s production capacity continues to climb, and Byd Company Limited(002594) Han continues to sell well. Qin plusbev, Yuan EV and other models have received enthusiastic market response. The dolphin, the first model of the ocean family, has been selling well since its listing, and the company’s performance continues to improve. We maintain the previous profit forecast. It is estimated that the company’s EPS in 21 / 22 / 23 will be 1.54/3.02/4.02 yuan, the net profit attributable to the parent company will be 4.5/88/11.7 billion yuan, and the corresponding PE will be 151 / 77 / 58 times, maintaining the “overweight” rating.
Comments:
The total sales volume in February increased by 335% year-on-year, leading the industry
In March 2022, Byd Company Limited(002594) released the production and sales data in February 2022. The total sales volume of the company in February was 91078 units, with a year-on-year increase of 335% and a month on month decrease of 5%; The sales volume of new energy was 88283 units, with a year-on-year increase of 753%, a month on month decrease of 5%, and the sales volume of new energy accounted for 97%. The sales volume of fuel vehicles was 2795, a year-on-year decrease of 74% and a month on month increase of 24%. According to the data of the passenger Federation, in February 2022, the wholesale sales volume of narrow passenger cars was 150.2, with a year-on-year increase of 31% and a month on month decrease of 30%. The company’s sales performance significantly outperformed the industry.
The sales volume of plug-in mixer increased by 18 times year-on-year, and the sales volume ratio of plug-in mixer and pure electricity showed an expanding trend. In February 2022, the sales volume of the company’s pure electric passenger vehicles was 43173, with a year-on-year increase of 451% and a month on month decrease of 7%, mainly contributed by Han EV, Yuan EV, Qin plusbev and other models; The sales volume of plug-in passenger cars was 44300, with a year-on-year increase of 1836% and a month on month decrease of 5%, mainly contributed by three DMI models in Qin, song and Tang Dynasties. The sales volume of plug-in hybrid and pure electricity increased slightly by 1.03.
In February, the proportion of new energy sales remained high, and the market share of new energy passenger vehicles was close to 30%. According to the weekly reports submitted by 13 key enterprises, the China Automobile Industry Association estimated that the sales volume of the automobile industry in February 2022 is expected to reach 1.666 million, with a month on month decrease of 34.2% and a year-on-year increase of 13.8%. According to the data of the Federation of passenger cars, in February 2022, the wholesale sales volume of narrow passenger cars in China was preliminarily counted as 1.502 million, with an average daily wholesale sales volume of 54000, an increase of 31% year-on-year in February and a decrease of 30% month on month in January. The overall performance was very good Byd Company Limited(002594) ‘s wholesale sales performance significantly outperformed the industry. Assuming that the penetration rate of new energy passenger vehicles in February is 20%, the wholesale sales volume of new energy passenger vehicles in February is about 300 China Vanke Co.Ltd(000002) 5942 the market share of passenger cars was about 6%, and the market share of new energy passenger cars was about 30%.
Passenger car sales fell slightly month on month in February, and sales of popular models rose sharply. In February 2022, the sales volume of Byd Company Limited(002594) passenger cars was 90268, with a year-on-year increase of 336% and a month on month decrease of 5%. In terms of models, the dynasty network models performed well. The Han / Tang / song / Qin / yuan family sold 9290 / 10426 / 24534 / 24503 / 8953 vehicles, of which the sales of song EV / yuan family / Tang DM increased 59 times / 24 times / 11 times year-on-year; In other series, dolphins sold 8565 vehicles.
The battery business was steadily promoted, and the installed capacity increased by 241% year-on-year in February. In February 2022, the total installed capacity of power batteries and energy storage batteries of new energy vehicles was about 4.615gwh, with a year-on-year increase of 241%, a month on month decrease of 3%, and the cumulative installed capacity was 9.385gwh. The listing of yuan plus is a hot sale, and the overseas selling price directly refers to Volkswagen id.3. On February 19, Byd Company Limited(002594) yuan plus was listed simultaneously in China and Australia (named atto3 in the Australian market). Since the pre-sale, Chinese orders have exceeded 20000 units. Yuan plus is the first class a trendy running SUV of Byd Company Limited(002594) e platform 3.0. The official guidance price after comprehensive subsidy in China is 131800159800 yuan, and the official guidance price in Australia is 4499047990 Australian dollars, about 2079 Holitech Technology Co.Ltd(002217) 000 yuan (converted by 1 Australian Dollar = 4.62 yuan), 40% – 60% higher than the selling price in China.
Excellent power performance and intelligent configuration, and high cost performance of yuan plus. Compared with the flagship models of Xiaopeng g3i, geometry C, ai’an y and Nezha u, yuanplus is equipped with lithium iron phosphate blade battery and permanent magnet synchronous motor with maximum power of 150KW, and its power performance is not inferior. In addition, yuanplus is equipped with 5 cameras, 12 ultrasonic radars and 13 millimeter wave radars to provide hardware support for dipilot intelligent driving assistance systems such as APA automatic parking, ACC adaptive cruise and blind spot monitoring, which greatly improves the intelligent driving experience.
A number of new models are ready to go, and the flagship super hybrid is worth looking forward to. In terms of new car layout, Byd Company Limited(002594) this year will be listed in flagship models such as Han DM-I, Han dm-p and 2022 Tang EV in Dynasty online market, destroyers, seals, seagulls and sea lions in ocean online market, Tengshi and other models in high-end brand online market.
The pre-sale of super hybrid flagship models of Dynasty Series is imminent, which has been preheated through marketing on various social platforms. According to the working condition of Hanxiao series, the total power of the two new models is 145kw / h, and the total power of the two new models of Hanxiao series is 1213kw / h, and the total mileage of the two new models is 1023kw / h. The total power of the two new models of Hanxiao series is 1023kw / h, and the total mileage of the two new models is 1023kw / h.
Actively expand overseas business and promote the export of new energy commercial vehicles. In addition to focusing on China’s passenger car market, Byd Company Limited(002594) also actively explores the layout of overseas commercial vehicle market. In terms of buses, Byd Company Limited(002594) k6 pure electric buses were put into operation in Mauritius in early February, and Byd Company Limited(002594) largest overseas pure electric buses were delivered and operated in Bogota, Colombia in late February. In the same period, more than 130 pure electric buses were ordered by the British bus operator National Express, which will help Coventry become the first city in the UK to realize the full electrification of public transport. In terms of trucks, Byd Company Limited(002594) cooperates with AB InBev into zero emission truck transportation. At present, 25 Byd Company Limited(002594) pure electric tractors 8tt have been put into use in four distribution centers of AB InBev in California, and another 20 orders have been added recently. In addition, Byd Company Limited(002594) recently signed a memorandum of understanding on strategic cooperation with uzauto, the largest and only Uzbek state-owned automobile group with complete automobile industry layout in Central Asia, to explore the development and promotion of new energy vehicles.
Investment suggestion: the sales volume is outstanding and the “overweight” rating is maintained
According to the weekly reports submitted by 13 key enterprises, the China Automobile Industry Association estimated that the sales volume of the automobile industry in February 2022 is expected to reach 1.666 million, with a month on month decrease of 34.2% and a year-on-year increase of 13.8%. According to the data of the Federation of passenger cars, in February 2022, the wholesale sales volume of narrow passenger cars in China was preliminarily counted as 1.502 million, with an average daily wholesale sales volume of 54000, an increase of 31% year-on-year in February and a decrease of 30% month on month in January. The overall performance was very good Byd Company Limited(002594) ‘s wholesale sales performance significantly outperformed the industry. Assuming that the penetration rate of new energy passenger vehicles in February is 20%, the wholesale sales volume of new energy passenger vehicles in February is about 300 China Vanke Co.Ltd(000002) 5942 the market share of passenger cars was about 6%, and the market share of new energy passenger cars was about 30%. DMI’s production capacity continues to climb, and Byd Company Limited(002594) Han continues to sell well. Qin plusbev, Yuan EV and other models have received enthusiastic market response. The dolphin, the first model of the ocean family, has been selling well since its listing, and the company’s performance continues to improve. We maintain the previous profit forecast. It is estimated that the company’s EPS in 21 / 22 / 23 will be 1.54/3.02/4.02 yuan, the net profit attributable to the parent company will be 4.5/88/11.7 billion yuan, and the corresponding PE will be 151 / 77 / 58 times, maintaining the “overweight” rating.
Risk tips
The sales volume of new energy vehicles is lower than expected; The lack of core of automobile is aggravated; The unstable international political situation affects the global supply chain.
