\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Event:
The company released the sales data of March 2022. In March, the company achieved sales of 104878 vehicles, a year-on-year increase of 157% and a month on month increase of 15%.
The sales performance is beautiful, and the sales of heavy models continue to rise.
In March, the company's sales volume of new energy vehicles was 104878. At the same time, the company announced that it would stop production of fuel vehicles and fully invest in new energy vehicles. Therefore, the sales volume of fuel vehicles in that month was 0. In terms of models, the sales volume of pure electric vehicles is 53664, based on E3 0 platform continued to sell well, and Yuan and dolphin achieved sales of 12881 and 10501, up 122% and 23% month on month, respectively. At the same time, orders for the two models rose month by month, indicating that consumers are interested in E3 0 platform model product force recognition. The sales volume of hybrid models was 50674, and the production and sales of DMI series products continued to be strong. At present, the company has more than 400000 orders on hand. At the same time, the company actively market production capacity, and the production capacity is expected to increase month by month.
Product categories are gradually improved and will continue to develop in 2022.
It is estimated that the company's sales volume will be 1.5-2 million in 2022, maintaining rapid growth. The company builds four product categories: Dynasty, ocean, Tengshi and high-end products. Among them, dynasty.com is positioned as stable and luxurious, ocean.com is positioned as young aesthetics, Tengshi is positioned as luxurious technology, and high-end network products are the sharp weapon for the company's upward breakthrough, which is expected to integrate Byd Company Limited(002594) technology. The company will further improve in 2022, which is also the year of the company's products, based on E3 0 platform and DMI technology are fundamental. Through further subdivision of product categories, it is expected to drive the synchronous improvement of Byd Company Limited(002594) product sales and brand premium.
Investment advice
We expect that the company's EPS from 2022 to 2024 will be 2.80/4.63/6.42 yuan respectively. Maintain the "buy" rating.
Risk tips
Macroeconomic growth slowed down; The implementation and implementation of policies in the automotive industry are uncertain; Risks such as intensified competition in the new energy vehicle market.
