Byd Company Limited(002594) automobile officially announced that according to its strategic development needs, the whole vehicle production of fuel vehicles will be stopped from March 2022. In the future, Byd Company Limited(002594) will focus on pure electric and plug-in hybrid vehicles in the automotive sector Byd Company Limited(002594) also said that it would continue to provide perfect service and after-sales guarantee for existing fuel vehicle customers, as well as the supply of spare parts in the whole life cycle
Byd Company Limited(002594) : the output of new energy vehicles in March was 106658, with a year-on-year increase of 416.96%
Byd Company Limited(002594) shares announced in the Hong Kong stock exchange that the output of new energy vehicles in March was 106658, a year-on-year increase of 416.96%; The sales volume was 104878, with a year-on-year increase of 422.97%. (source: First Finance)
Byd Company Limited(002594) why increase income but not profit? Wang Chuanfu responded to several hot issues
Soaring prices of raw materials, Byd Company Limited(002594) semiconductor IPO suspension, when will automatic driving catch up with Tesla
Recently, hot events related to Byd Company Limited(002594) have continued. On the afternoon of April 1, Byd Company Limited(002594) held an online briefing on the 2021 annual report, and Wang Chuanfu, chairman of Byd Company Limited(002594) gave a response one after another.
Why is the third IPO suspended
On the afternoon of April 1, 2022, several investors asked at the online performance briefing: “what is the reason for the expiration of the financial data of Byd Company Limited(002594) semiconductor? Can you disclose the IPO plan again? What is the impact on the development strategy of Byd Company Limited(002594) semiconductor this year and later?”
According to the official website of Shenzhen Stock Exchange, on March 31, 2022, Byd Company Limited(002594) semiconductor IPO pressed the pause button.
Wang Chuanfu responded many times to this. The financial information recorded in the listing application documents previously submitted by Byd Company Limited(002594) semiconductor has expired. According to the relevant provisions of the Shenzhen Stock Exchange gem stock issuance and listing review rules, it is necessary to supplement and submit updated information. Therefore, Shenzhen Stock Exchange temporarily suspended the IPO audit of Byd Company Limited(002594) semiconductor.
In retrospect, this is the third suspension of Byd Company Limited(002594) semiconductor’s IPO application. Previously, Byd Company Limited(002594) semiconductors were investigated by the CSRC and the financial data recorded in the IPO application documents expired one after another because of the hired Beijing Tianyuan law firm.
Byd Company Limited(002594) semiconductor has been suspended and restarted since it applied for IPO. Source: Official Website of Shenzhen Stock Exchange
At present, Byd Company Limited(002594) semiconductor is actively promoting relevant work, and will submit the listing application document with updated financial data to Shenzhen Stock Exchange as soon as possible and resume the listing audit. Wang Chuanfu stressed that the suspension of the audit of Byd Company Limited(002594) semiconductor IPO is a normal operation in the listing audit process and has no adverse impact on the work related to the proposed listing.
Byd Company Limited(002594) semiconductor was founded in 2004. Its main business covers the R & D, production and sales of power semiconductor, intelligent control IC, intelligent sensor and photoelectric semiconductor. It has an integrated operation whole industry chain including chip design, wafer manufacturing, packaging testing and downstream applications.
On January 20, 2022, the prospectus of Byd Company Limited(002594) semiconductor (the first draft) disclosed some financial data
Before applying for IPO, Byd Company Limited(002594) semiconductor introduced a group of well-known strategic investors: Sequoia Capital China fund, CICC capital, SDIC innovation, aiskai (China) Enterprise Management Co., Ltd., Hubei Xiaomi Changjiang industry fund partnership (limited partnership), etc.
Wang Chuanfu said: “in the future, Byd Company Limited(002594) semiconductors will focus on vehicle specification semiconductors, simultaneously promote the development of semiconductors in industries, consumption and other fields, and strive to grow into a new type of efficient, intelligent and integrated semiconductor supplier.”
lack of core and material is an industry problem, which has been reserved in advance
Back to business, several investors asked, Byd Company Limited(002594) is there any reserve for lithium extraction from lithium mines or salt lakes?
“The company actively distributes lithium resource reserves through various ways.” Wang Chuanfu introduced that at present, the soaring price of upstream raw materials is a challenge that the industry needs to overcome Byd Company Limited(002594) it is suggested to comprehensively sort out the layout and production capacity of lithium carbonate resources, increase China’s mining volume and foreign imports, maintain market supply and demand, stabilize price expectations, and promote the healthy and safe development of the industry.
Previously, Byd Company Limited(002594) repeatedly established joint ventures with upstream partners to ensure the stability of the supply chain. Tianyancha shows that Sichuan Ludi Mining Co., Ltd. was established on March 30, with the legal representative Zhu Jin, the registered capital of 20 million yuan and the shareholders Sichuan Road & Bridge Co.Ltd(600039) , Byd Company Limited(002594) Automobile Industry Co., Ltd.
Sichuan Ludi Mining Co., Ltd. covers mining of mineral resources (non coal mines), geological exploration of metal and non-metal mineral resources, research and development of emerging energy technologies, etc
Wang Chuanfu said that from a global perspective, it is a global consensus to deal with climate change and achieve the goals of carbon peak and carbon neutralization. However, behind the explosive growth of the new energy vehicle market, the industry is facing severe challenges such as epidemic situation, soaring raw material prices and unstable supply chain.
This is also an important reason for the high cost and the decline of net profit in Byd Company Limited(002594) 2021. In 2021, Byd Company Limited(002594) achieved an operating revenue of 216142 billion yuan, a year-on-year increase of 38.02%; The main business cost was 183154 billion yuan, a year-on-year increase of 48.51%; The net profit attributable to shareholders of listed companies was 3.045 billion yuan, a year-on-year decrease of 28.08%;
Byd Company Limited(002594) some financial data in recent three years
Byd Company Limited(002594) 2021 and 2021 operating income and cost related data
Byd Company Limited(002594) vice president and chief financial officer Zhou Yalin introduced that the increase of the company’s operating costs in 2021 was mainly affected by factors such as the rise in the prices of raw materials and bulk commodities.
“Safety is the cornerstone of the development of new energy vehicles, and cost is an important indicator that we must face.” Wang Fu thinks that the cost of some things will be reduced as long as they are more expensive at the beginning.
When the performance of new energy vehicles has crossed a certain threshold, the importance of power battery energy density is decreasing. Instead, the most important indicators are safety, cost, cycle life and so on.
“Lithium iron phosphate does not contain rare metals, which better matches the tolerance of social resources.” Wang Chuanfu said that it is impossible for China to change from being stuck by oil in the era of fuel vehicles to being stuck by metals such as cobalt and nickel in the era of electric vehicles.
At the same time, the global new energy vehicles are facing difficulties in chip supply. Wang Chuanfu responded that Byd Company Limited(002594) while adhering to the independent control of core semiconductors, made risk reserves in advance according to the 2022 business plan and locked the production capacity. At present, Byd Company Limited(002594) has actively maintained frequent communication with upstream suppliers and reached a consensus on the importance of automotive semiconductor, a rapidly growing market, so as to improve the priority of production capacity.
how to fight Tesla? Wang Chuanfu emphasizes technology leading
Several investors asked Wang Chuanfu: “when can Byd Company Limited(002594) ‘s autopilot catch up with or surpass Tesla?” “How will the company plan the direction of automatic driving in the future?”
Wang Chuanfu stressed that Byd Company Limited(002594) through years of accumulation of new energy vehicle technology, continuously promote electrification and realize the natural advantage of carrying intelligence. In the future, the company will continue to strengthen the development of automobile intellectualization, actively explore cooperation with international partners in different professional fields from the three aspects of perception, decision-making and implementation, integrate the strong potential energy of scientific and technological innovation, jointly build the ecology of intelligent automobile industry, promote the intelligent development of automobile industry to the fast lane, and carry out technology research and development and on-board application at the right time.
On March 19, Byd Company Limited(002594) announced that the company plans to sign a capital increase agreement with Shanghai taorun Semiconductor Co., Ltd. (hereinafter referred to as “taorun semiconductor”) and its existing shareholders. The company will increase the capital of taorun semiconductor by 49.5 million yuan with its own funds. After the capital increase is completed, the company will hold 2.475% equity of taorun semiconductor.
Byd Company Limited(002594) said that the capital increase is conducive to promoting the layout of the company’s investment ecological chain in the intelligent automobile industry, strengthening the company’s broader cooperation and innovation in the semiconductor industry chain, and cooperating with the implementation of the company’s technology strategy . According to the company’s official website, taorun semiconductor is committed to becoming a leading analog and analog-to-digital chip hybrid design enterprise in China and the world.
At the performance presentation meeting, Wang Chuanfu pointed out that with the accelerated innovation of the automotive industry and moving from multiple dimensions to electrification, digitization and intelligence, the demand for automotive intelligent systems and the wave of automatic driving will help to expand the business scale of the company’s automotive intelligent systems.
However, Wang Chuanfu believes that on the road of automotive intelligence, it is still inseparable from the further development and progress of electrification architecture. Because the premise of vehicle intelligence is vehicle electrification, excellent electrification architecture can improve the efficiency and level of vehicle intelligence.
predicts that the penetration rate of new energy vehicles will reach 35% by the end of 2022
Recently, Wang Chuanfu predicted that the penetration rate of new energy vehicles in China could reach 35% in 2022. In this regard, investors ask questions, what is the basis of the pre judgment?
According to Wang Chuanfu, according to the transformation speed of Shanxi Guoxin Energy Corporation Limited(600617) automobile in 2021, the penetration rate is expected to reach 35% by the end of 2022, which is based on the current market driven development of Shanxi Guoxin Energy Corporation Limited(600617) automobile. In 2021, the penetration rate of China Shanxi Guoxin Energy Corporation Limited(600617) automobile reached 6% in January and 22% in December, with an average increase of 1.3 percentage points per month. According to third-party data, the penetration rate of new energy vehicles in the first half of March 2022 has exceeded 28%.
Different from home appliances, mobile phones and other industries, new energy vehicles are not only market driven, but also policy driven and national strategic oriented. Ten years ago, the development of China Shanxi Guoxin Energy Corporation Limited(600617) automobile was mainly driven by policies; Three to five years ago, the development of China Shanxi Guoxin Energy Corporation Limited(600617) automobile was “policy + market” two wheel drive; At present, based on the current development of new energy vehicles in China, market driven accounts for 70% and policy driven accounts for 30%.
” Lbx Pharmacy Chain Joint Stock Company(603883) is taking practical actions to support the development of new energy vehicles.” Wang Chuanfu said that over 80% of the penetration growth of Shanxi Guoxin Energy Corporation Limited(600617) cars in 2021 came from the growth of private cars, which is different from the main proportion of online car hailing and taxis three years ago.
In this regard, Zhou Yalin pointed out that since 2021, the penetration rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China has increased significantly. Byd Company Limited(002594) as the leading enterprise in the new energy vehicle industry, with the launch of new models and capacity expansion, it is expected that the sales volume will further expand in the future and improve the profit under the background of both volume and price.
competition emphasizes that technology is king
It is worth noting that Wang Chuanfu emphasizes the importance of technology in the competition in the new energy vehicle market, both in China and abroad.
Wang Chuanfu said that for more than 20 years, the company has maintained its adherence to the green dream and its dedication to technological innovation, which has become the foundation for the company to deal with the competition in the global new energy vehicle market.
In 2021, Byd Company Limited(002594) relying on blade battery, DM-I super hybrid, E platform 3.0 and other technologies, adhering to the “two legs” walking of pure electric and plug-in hybrid, ushered in the explosion of technology, products and market. The annual sales of 740000 vehicles, including Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles, increased by 220% year-on-year, ranking first in China for nine consecutive years.
In 2021, Byd Company Limited(002594) R & D investment was 10.627 billion yuan, with a year-on-year increase of 24.20%; There were about 40400 R & D personnel, with a year-on-year increase of 31.52%. According to Zhou Yalin, the company’s R & D investment increased year-on-year in 2021, and the amount of capitalization increased, mainly due to the company’s increased investment in the development of new models and projects.
Byd Company Limited(002594) r & D investment from 2020 to 2021
According to Wang Chuanfu, Byd Company Limited(002594) has a “fish pond” with various technologies. The company also keeps a continuous track of various battery technologies developed in the industry, and will timely launch commercialization schemes according to market needs. New energy vehicles and rail transit are big fish in the “fish pond”. (source: Shanghai Securities News)
