\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Performance meets expectations
Byd Company Limited(002594) and Byd Company Limited(002594) electronically released 2022q1 performance forecast, and Byd Company Limited(002594) is expected to realize a net profit attributable to the parent company of about 650 ~ 950 million yuan, a year-on-year increase of + 174% ~ + 300% Byd Company Limited(002594) electronics is expected to realize a net profit attributable to the parent company of about 120200 million yuan, a year-on-year increase of - 85% - 75% Byd Company Limited(002594) overall performance meets expectations.
Under adverse circumstances, the market share will be further consolidated and allin new energy vehicles in the future
Although the epidemic prevention and control in Xi'an, Shenzhen and other places had a certain impact on the company's automobile production during 22q1, the sales side still maintained positive growth. 22q1 company sold 291000 vehicles, with a year-on-year increase of + 180% and a month on month increase of + 1%; New energy passenger vehicles accounted for about 21%, with a year-on-year increase of + 9.6pct and a month on month increase of + 0.2pct. The technology cycle resonates with the model cycle. The company has sufficient orders for new energy vehicles. From March, the company will stop the production of fuel vehicles and focus on the business of new energy vehicles.
Profit improvement driven by scale effect
Byd Company Limited(002594) electronics, due to weak downstream demand, epidemic prevention and control and other factors, the profitability decreased significantly. After deducting Byd Company Limited(002594) electronics, including automobiles, secondary batteries and photovoltaic sectors, it is expected to realize a net profit attributable to the parent company of about 570 ~ 820 million yuan, turning losses into profits year-on-year, with a chain ratio of + 14% ~ + 63%. This is mainly due to the substantial increase in sales of new energy vehicles, which has greatly improved profits and hedged the profit pressure caused by the rise of upstream raw materials to a certain extent.
Profitability is expected to improve in 22 years
The company relies on E3 0 and DM-I technology accelerate the iteration of models, and the sales volume is in a period of rapid growth. The annual sales volume in 22 years is expected to exceed 1.5 million. Affected by the rising price of raw materials, the company's short-term profitability is under pressure. We expect that with the expansion of automobile sales and the return of raw material prices to normal, the profit inflection point is expected to come. In February 22 years ago, the company raised the price of bicycles twice, and the profit of complete vehicles is expected to continue to improve. At the same time, relying on the profound accumulation of battery technology, the company speeds up the construction of battery capacity, and is expected to realize the large-scale external supply of power batteries and energy storage batteries in the future.
Profit forecast and investment suggestions
We are optimistic about the future development of the company. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 10 billion yuan, 15.7 billion yuan and 22.3 billion yuan respectively, with a year-on-year increase of + 230%, + 57% and + 42%, and the corresponding PE will be 74, 47 and 33 times respectively, maintaining the "buy" rating.
Risk tips
Raw material prices rose, the RMB exchange rate fluctuated, and the impact of the epidemic exceeded expectations
