\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
In 2021, the net profit attributable to the parent company was 3.045 billion yuan, a year-on-year decrease of 28.08%, slightly lower than the market expectation. In 2021, the company's revenue was 216142 billion yuan, a year-on-year increase of 38.02%; The net profit attributable to the parent company was 3.045 billion yuan, a year-on-year decrease of 28.08%; Deduct non net profit of 1.255 billion yuan, a year-on-year decrease of 57.53%; In 2021, the gross profit margin was 13.02%, with a year-on-year decrease of 6.36pct; The net interest rate was 1.84%, down 2pct year-on-year.
In 2021, the company had a large number of new energy vehicles, and its revenue increased significantly, but the cost of raw materials led to a decline in profitability. In 2021, the company's automobile revenue was 112.5 billion yuan, a year-on-year increase of 33.9%; The gross profit margin was 17.39%, with a year-on-year decrease of 7.8pct, which was mainly due to the increase of raw material costs affecting the profitability. According to the production and marketing express, in 2021, the sales of Byd Company Limited(002594) vehicles were 740000, with a year-on-year increase of 73%, the sales of fuel vehicles were 136000, with a year-on-year decrease of 43%, and the annual sales of new energy vehicles were Shanghai Pudong Development Bank Co.Ltd(600000) , with a year-on-year increase of 218%; Among them, the sales volume of pure electric passenger vehicles was 320000, a year-on-year increase of 145%, and the sales volume of plug-in hybrid vehicles was 270000, a year-on-year increase of 467.62%.
Dolphins are rapidly in large quantities. The intensive launch of new models in 22 years has spawned demand, and the sales volume is expected to exceed 1.5 million. In terms of models, Existing models "Maintain strong growth, and the sales volume reached 87000 vehicles in 2021, with a year-on-year increase of 203%. In the plug-in hybrid field, Qin plus, song plus and Tang were launched in 2021, and song Pro was launched in December. Orders were hot, and the sales volume increased month by month. We expect that with the continuous release of DM-I orders, Byd Company Limited(002594) plug-in hybrid vehicle sales will continue to increase. In the pure electric field, the company's first model dolphin based on E platform 3.0 was launched in August 2021, and the sales volume of Q4 reached 24800 vehicles. With the gradual increase of new models, we expect the sales volume of Byd Company Limited(002594) electric vehicles to exceed 1.5 million in 2022, an increase of 150% +.
The capacity of blade battery is released smoothly, and the external supply of battery is accelerated. The blade battery of the company has significant advantages. After the second generation blades are grouped, the energy density will reach 150wh / kg. The company expects that the energy density will be greater than 180wh / kg in 2025. By the first half of 2021, Byd Company Limited(002594) pure electric has been replaced with blade batteries. In terms of production capacity, the company also increased the construction of blade capacity. In 2021, the company expanded Chongqing base, added Changsha, Guiyang, Bengbu and other bases, and switched the original battery capacity in Qinghai to success rate blade battery. We expect that the blade battery capacity will be close to 60gwh by the end of 2021.
Profit forecast and investment rating: due to the rise in the price of upstream materials, which affects the gross profit margin of the company's automobile and photovoltaic business, we adjusted the net profit attributable to the parent company from 2022 to 2024 to RMB 6.382111.46/18.505 billion (previously expected to be RMB 10.397/15.407 billion from 2022 to 2023), with a year-on-year increase of 109.58% / 74.65% / 66.02%, corresponding to 108 / 62 / 37xpe, maintaining the "buy" rating.
Risk tip: the sales volume of electric vehicles is lower than market expectations, the price of raw materials fluctuates, competition intensifies, etc.
