\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
After years of accumulation, it has finally become a trendsetter of new energy vehicles. Founded in 1995, the company started with mobile phone OEM business and gradually grew into a leading enterprise in Shanxi Guoxin Energy Corporation Limited(600617) automobile industry. In 2021, automobile, mobile phone parts and rechargeable battery business accounted for 52%, 40% and 8% respectively Byd Company Limited(002594) auto officially announced to stop the production of fuel vehicles from March 2022. It is the first auto enterprise in the world to officially announce to stop the production of fuel vehicles.
Focus on automotive and battery business. 1) Automobile business: from 2003 to 2007, Byd Company Limited(002594) launched the self-developed fuel vehicle F3; From 2008 to 2015, S6, S7, M6 and other models were launched, and the market segmentation layout of models was continuously improved. Qin, Tang and other models are launched, and the hybrid technology is gradually mature; From 2016 to 2020, we launched song pro, song maxev, Tang EV and other models, launched e-platform solutions, and accelerated electrification and integration; Since 2020, the blade battery scheme and the fourth generation DM hybrid platform have been released. 2) Battery and electronic business: power battery business from closed operation to comprehensive external supply; In the future, the upgrading of 5g models and the rise of domestic products will drive the development of mobile phone assembly industry; The company is the largest IGBT chip enterprise of vehicle specification level in China. The Byd Company Limited(002594) semiconductor business is to be split and listed, and the chip capacity is expected to accelerate the external supply.
The car is fashionable and technologically advanced. 1) Vehicle intelligence: its intelligent networking system dilink has been upgraded to 4.0, bringing a more humanized experience; 2) Deep cultivation of iron lithium to develop blade battery: launch “blade battery” in 2020 to improve energy density. The power battery of the company has established an independent brand ferdi battery, and the external supply strategy has been continuously promoted. 3) Integrated construction of industrial chain Ecology: Byd Company Limited(002594) master the whole set of “three electricity” technology, and use the unique E platform to realize standardized and modular design, which greatly improves the vehicle performance and reduces the cost. 4) Highly creative model development and rich product matrix: famous design masters have been introduced and Byd Company Limited(002594) global design center has been built to create a multi-level product matrix of Dynasty and Ocean series. 5) It is expected to subvert the fuel vehicle market with leading hybrid technology: DM4 will be released in January 2021 0 technology, with multiple advantages such as fast, economical, quiet, smooth and green, is expected to subvert the traditional fuel vehicle market.
Profit forecast and investment rating: we expect the company to achieve revenue of 375.6 billion yuan, 482.8 billion yuan and 586 billion yuan from 2022 to 2024, with a year-on-year increase of 74%, 29% and 21%, and the net profit attributable to the parent company is 7.33 billion yuan, 12.76 billion yuan and 19.47 billion yuan respectively, with a year-on-year increase of 141%, 74% and 53%. EPS were 2.52, 4.38 and 6.69 yuan / share respectively. By summing up the segment valuation, the reasonable market value of the company in 2022 is 963658 billion yuan, which has a large room for improvement compared with the current one. Taking into account the high growth rate and good competitiveness of the company’s performance, it is covered for the first time and given a “buy” rating.
Risk factors: the production capacity launch process is less than expected, the price of raw materials fluctuates sharply, and the sales volume of new energy vehicles is less than expected
