\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
The pressure on the cost side is not changing to a good trend, and new technologies lead the development of electric vehicles
The company released its annual report for 2021, achieving a revenue of 216142 billion yuan, a year-on-year increase of + 38.02%; The net profit deducted from non parent company is 1.255 billion yuan, and the cost pressure of raw materials upstream of lithium battery is high in 2021; The gross profit margin is 13.02%, and the net profit attributable to the parent company is 602 million yuan in 2021q4. In the whole year, the net operating cash flow was 65.467 billion yuan, a year-on-year increase of + 44.22%. We believe that the business development momentum of the company is still strong, the short-term upstream cost pressure does not change, and the long-term trend is good. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 9.619 (+ 6.15) / 139.44 (+ 22.12) / 18.366 billion yuan, EPS is 3.30/4.79/6.31 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 71.7/49.5/37.6 times respectively, maintaining the “buy” rating.
Pure electricity and plug-in mixing alternately tamp the basic disk in parallel, accelerate the process of intellectualization, and open up growth space
(1) the company adheres to the strategic concept of “two legs, walking together”: Based on E3 0 platform and DM-I development system have launched Qin plus DM-I, song Pro DM, dolphin and other popular models; The two systems have advantages in safety, operation efficiency, economy and intelligence, and the product power is ahead of the market; (2) The product matrix has been improved: the layout of the company’s pure electric and plug-in hybrid models has been improved. The two major product lines of Dynasty and Ocean series have basically covered the price band of 10 Fawer Automotive Parts Limited Company(000030) 0000, consolidating the basic market of the company’s mainstream market; Tengshi and its own brands are expected to impact the market space of high-end models; (3) Acceleration of intellectualization: we attach great importance to the self-study of intelligent links, actively build an intelligent development team, and increase the intelligent process through strategic cooperation and the establishment of joint ventures. We believe that the company’s intelligent technology is expected to be further demonstrated on new models in 2022 and open up new growth space.
Continue to layout and connect the new energy vehicle industry chain, reduce costs and increase efficiency, and build a provider of three power solutions
(1) battery accumulation: at present, the company is a new energy vehicle enterprise that basically realizes the self supply of three electricity system in China. Relying on its Freddie company and Byd Company Limited(002594) semiconductor, which will be split and listed soon, the company has realized the self-development and self-production of midstream components, forming a deep technical reserve and market share; (2) Deepen the layout of the upstream: arrange the upstream lithium and phosphate resources through joint ventures, actively improve the resource supply capacity, and promote the layout of the whole industrial chain to reduce the cost and increase efficiency of the company; (3) Speed up of external supply: the company has supplied power batteries to FAW, Chang’an and other external suppliers, which is expected to develop new powerful customers such as Weilai and Xiaomi, and develop into the positioning of three power solution providers.
Risk warning: the upstream price continues to rise, the downstream demand is less than expected, and the competition is intensified
