\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Event: on March 3, 2022, Byd Company Limited(002594) released the production and sales data of February 2022. In February, the output of 91406 vehicles was + 324% year-on-year and - 2.9% month on month; The sales volume was 91078 vehicles, with a year-on-year increase of + 335.2% and a month on month increase of - 4.6%.
Comments:
Disturbed by multiple factors, the production and sales volume of the company continued to be at a high level in February. Influenced by the Spring Festival holiday and consumers' consumption concept of buying cars before the Spring Festival, February is usually the off-season for sales; In 2022, the subsidy standard for new energy vehicles will decline by 30% on the basis of 2021; With the continuous rise in the price of battery raw materials and the increase in the cost of new energy vehicle enterprises, the company raised the official guidance price of its new energy vehicles by 1 Jiangnan Mould & Plastic Technology Co.Ltd(000700) 0 yuan from February 1. Under the unfavorable market background, the average daily sales volume of the company in February was 3253, compared with the average daily sales volume of 3078 in January, and the average daily sales volume remained at a high level of + 5.67% month on month; In February, the total output was 91406 vehicles, and the total sales volume was 91078 vehicles. The production and sales quantity was close, and it was basically in the state of full production and full sales.
In terms of breakdown, the company's output of new energy passenger vehicles in February was 88326, with a year-on-year increase of + 667.9% / month on month decrease of - 3.5%; The sales volume was 87473 vehicles, with a year-on-year increase of + 764.1% / month on month increase of - 5.9%. Among them, the sales volume of plug-in hybrid models was 44300, with a year-on-year increase of + 1836.2% / month on month increase of - 4.81%, of which the sales volume of Qin and Tang series contributed greatly; The sales volume of pure electric vehicles was 43173, with a year-on-year increase of + 451% / month on month increase of - 6.93%. Among them, the demand for song series pure electric vehicles was strong, about 20000. The sales volume of commercial vehicles was 810, with a year-on-year increase of + 249.1% / month on month increase of + 234.7%. In terms of fuel vehicles, the company sold 2795 vehicles in February, with a year-on-year increase of - 73.6% / month on month increase of + 24%. In February 2022, the total installed capacity of the company's power battery and energy storage battery was about 4.615gwh, a year-on-year increase of + 240.8% / month on month decrease of - 3.25%.
The 2022 model planning is bright, and the capacity improvement and sea going strategy contribute to the sales target. In 2022, the company set the goal of "serving 3 million new energy vehicle users", with the goal of about 1.5 million in 2022. At present, the sales of new energy vehicles in January and February totaled 181500, which has completed 13.85% of the annual target.
(1) vehicle model planning: juxtapose Dynasty, ocean, Tengshi and high-end brands, so as to cover the 6 Shenzhen Ecobeauty Co.Ltd(000010) 00000 Yuan automobile market. Ocean net includes marine life series and warship series: marine life series. The company plans to list three models of seals, seagulls and sea lions in 2022, among which seals are class B SUV and benchmarked with Tesla modely model; The warship series will be combined with DM-I super hybrid technology to make full efforts in the new energy and fuel vehicle market through the subversive advantages of "fast, economical, quiet, smooth and green". In terms of dynasty.com, the listing of Han DM-I is imminent, and the company has released the latest notice, confirming the adoption of 19 inch five spoke high-performance wheels, which will be powered by the combination of Xiaoyun's new 1.5T engine + ehs145 hybrid system. In the field of medium and high-end vehicles, relying on Tengshi brand, the company will launch three new models from 2022, including MPV and SUV models; In addition, the company will launch a new high-end new energy brand and fight the high-end market again.
(2) capacity improvement: the company has planned to build or expand 8 factories since last year. By 2022, the actual available capacity will reach 1.9 million units.
(3) overseas layout: Tang EV will be shipped to Norway in June 2021; The yuan plus model officially launched in February 2022, as the first global model in the company's sea going strategy, has officially entered the Australian market with a starting price of up to $44990, which proves that the company is committed to developing a new pattern of Chinese Shanxi Guoxin Energy Corporation Limited(600617) cars going to sea.
Investment suggestion: in 2022, Byd Company Limited(002594) is expected to maintain a high growth trend with the help of the leading layout in the field of hybrid power and the blue ocean effect in the field of pure electric vehicles. Its high-performance and low-cost hybrid technology and multi vehicle series models are continuously empowered to meet different types of customers. Technology upgrading drives the product cycle. The company is expected to increase both in volume and profit in 2022. We expect the net profit attributable to the parent company from 2021 to 2023 to be 3.6 billion yuan, 9.66 billion yuan and 14.65 billion yuan respectively, with 189 times, 70 times and 46 times of PE respectively, maintaining the "buy" rating.
Risk tip: the price of vehicle battery raw materials has risen, the national subsidy for new energy vehicles has declined, and the promotion of new models is less than expected.
