Just now, the “first brother” of new energy vehicles predicted the results of the first quarter.
Byd Company Limited(002594) announced that in the first quarter, it is expected to achieve a net profit of 650950 million yuan, a year-on-year increase of 174% – 300%.
Source: company announcement
As for the reasons for performance changes, Byd Company Limited(002594) said that during the reporting period, the company’s new energy vehicle sales reached a record high, the market share continued to rise, which led to a significant improvement in profits, and hedged the profit pressure caused by the rise in the price of upstream raw materials to a certain extent.
As soon as the company’s performance forecast for the first quarter came out, the investors in the stock bar were not calm. Many investors said that they “exceeded expectations”. Someone directly asked, “can we have a daily limit tomorrow?”
Source: stock bar
It is worth noting that the stock price of Byd Company Limited(002594) has been relatively depressed in the past six months, and has fallen by more than 27% since its high in November last yearP align = “center” new energy vehicle sales increase
Byd Company Limited(002594) said that in the first quarter, despite the adverse effects of macroeconomic downturn, epidemic spread and other factors, the new energy vehicle industry generally continued the momentum of rapid growth. The company’s sales of new energy vehicles hit a record high. However, in terms of mobile phone parts and assembly business, due to the weak demand of the industry, the capacity utilization rate is low, and the profitability of this business segment is under pressure.
The substantial growth of the company’s performance mainly benefits from the high-profile atmosphere of the new energy vehicle industry. According to the data of the passenger Association, the car sales volume in March was 2.234 million, a year-on-year decrease of 11.7%, and the new energy commercial vehicles were 24000, a year-on-year increase of 69.6%, with a penetration rate of 6.5%, a record high.
From January to March, the sales volume of automobiles was 6.509 million, with a year-on-year increase of 0.2%, that of commercial vehicles was 965000, with a year-on-year decrease of 31.7%, that of new energy commercial vehicles was 49000, with a year-on-year increase of 97.9%, and the penetration rate was 5.1%.
Affected by the high outlook of the industry, the “good news” of Byd Company Limited(002594) sales has been frequent since this year. In March, Byd Company Limited(002594) new energy vehicle sales reached 104878, breaking 100000 for the first time, with a year-on-year increase of 422.97%; The output was 106658 vehicles, a year-on-year increase of 416.96%.
It should be noted that Byd Company Limited(002594) net profit is expected to increase significantly, which is also related to the low base in the same period last year. In the first quarter of 2021, Byd Company Limited(002594) realized a net profit of 237 million yuan; In the fourth quarter of 2021, Byd Company Limited(002594) net profit was 602 million yuanP align = “center” supply chain value highlights
For the current new energy vehicle industry, the sales volume is not worried, but there is capacity anxiety. Earlier, some people in the auto industry said that if Shanghai and surrounding supply chain enterprises can not find a suitable way to resume production, vehicle manufacturers across China may face shutdown in May.
On April 15, the person in charge of Byd Company Limited(002594) responded to Zhong Zhengjun about the impact of the epidemic in Shanghai and other places on the automobile supply chain, saying that the epidemic has been repeated and many automobile enterprises have been affected to varying degrees Byd Company Limited(002594) the situation is relatively better. The epidemic situation in Xi’an at the beginning of the year has an impact on production, and the impact in other places is small.
Industry insiders believe that the value of Byd Company Limited(002594) supply chain has become increasingly prominent under the disturbance of the epidemic. According to the analysis of Haitong international, Byd Company Limited(002594) has profound technology accumulation and industrial layout in the industrial chain, and master IGBT chip, SiC chip, three power technology, Cecep Solar Energy Co.Ltd(000591) power generation and energy storage and other related technologies. The company independently controls the R & D and production of the core three electricity system and gives full play to the collaborative advantages of the upstream and downstream industrial chain, which makes the company less dependent on suppliers and more flexible in technology and production.
Minsheng Securities pointed out that the company’s core components, blade batteries, continue to be supplied to car enterprises such as Chang’an, BAIC and FAW. The company has set up an industry technical benchmark, built a stable supply chain with batteries and mastered the upstream voice. Under the power of parts expansion + multiple acceleration of vehicle strong product cycle, the company’s long-term logic continues to be fulfilled, and the inflection point of secondary growth has comeP align = “center” price increase and high-end or boost profits
Industry insiders believe that Byd Company Limited(002594) has announced product price increases twice since this year. Subsequently, the price increases and high-end dividend effects of products continue to be released, which is expected to help improve Byd Company Limited(002594) profitability.
On March 15, Byd Company Limited(002594) once issued a price increase notice, saying that affected by the continuous sharp rise in the price of raw materials, Byd Company Limited(002594) automobile will adjust the official guidance price of new energy models related to dynasty.com and ocean.com by 3 Jointo Energy Investment Co.Ltd.Hebei(000600) 0 yuan.
In January this year, Byd Company Limited(002594) adjusted the official guidance prices of new energy models related to dynasty.com and ocean.com by 1 Jiangnan Mould & Plastic Technology Co.Ltd(000700) 0 yuan.
In terms of high-end products, Byd Company Limited(002594) previously disclosed that in 2022, the company will further expand the high-end market and launch high-end brands, and the price is expected to be more than 500000 yuan.
In terms of annual sales volume, Wang Chuanfu, chairman and President of Byd Company Limited(002594) previously disclosed that the company’s total undelivered orders have reached 400000, which is still increasing month by month. It is conservatively estimated that the sales volume this year is about 1.5 million vehicles. If the supply chain and delivery are done well, the company is willing to hit the annual target of 2 million vehicles.
