\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
In 2022, the net profit attributable to the parent company in Q1 was 808 million yuan, with a significant increase of 241% / 34% on a month on month basis, which was in the median value of performance forecast and in line with market expectations. In 2022, Q1 company’s revenue was 66.825 billion yuan, a month on month increase of + 63.02% / – 5.81%; The net profit attributable to the parent company was 808 million yuan, with a month on month ratio of + 240.59% / + 34.27%; Deduct non net profit of 514 million yuan, with a month on month ratio of + 729.44% / + 39.58%; The gross profit margin of Q1 in 2022 was 12.4%, with a month on month ratio of -0.19pct / -0.72pct; The net interest rate attributable to the parent company was 1.21%, with a month on month ratio of + 0.63pct / + 0.36pct.; The net interest rate after deduction of non parent company is 0.77%, with a month on month ratio of + 0.97pct / + 0.25pct. The company previously predicted that the net profit attributable to the parent company in Q1 in 2022 was 650950 million yuan, and the performance was in the median of the forecast, which was in line with market expectations.
In 2022, the company’s production and sales of electric vehicles were strong, and the price of raw materials increased in 2022. According to Byd Company Limited(002594) production and sales express, the sales volume of Q1 Byd Company Limited(002594) vehicles in 2022 was 291400, with a year-on-year increase of 180% and a month on month increase of 1.39%; Among them, new energy vehicles contributed the main increment. In 2022, Q1 sales volume was 286300, with a year-on-year increase of 423% and a month on month increase of 8%, mainly benefiting from the continuous high growth of DM-I models and pure electric song and Yuan models.
The second price increase transmitted the cost pressure, increased the sales volume, increased the cost of hedging part, and significantly increased the profit of single vehicle. Q1 battery, chip, automobile raw materials and other prices rose. In January, the price of the company’s whole series of models was adjusted by Dingli Corp.Ltd(300050) 00 to transfer part of the cost pressure, and the overall profitability exceeded expectations through large-scale cost reduction. The second price increase was started in mid March, with an increase of 400011000 yuan. In April, the company further raised the price for some online car Hailing. We expect the profitability of Q2 company to be further improved.
Battery shipments increased significantly year-on-year. With the opening of external supply and the outbreak of energy storage release, the annual shipments are expected to double. According to Byd Company Limited(002594) production and marketing express, the installed capacity of Q1 power battery and energy storage in 2022 was 14.74gwh, an increase of 280% year-on-year and 10% month on month; Among them, the installed capacity in March was 5.35gwh, with a year-on-year increase of 381% and a month on month increase of 20.2%. According to the certificate data, in 2022, the installed capacity of Q1 Byd Company Limited(002594) battery power battery was 10.4gwh, with a year-on-year increase of 248% and a market share of 20%. In March 2022, the installed capacity of Byd Company Limited(002594) power battery was 4.1gwh, with a year-on-year increase of 268% and a month on month increase of 42%. In March, the installed market share of power battery was 19%.
Profit forecast and investment rating: considering the company’s record sales volume and significant improvement in profits, we maintain the expectation of net profit attributable to the parent company of RMB 6.382111.46/18.505 billion from 2022 to 2024, with a year-on-year increase of 109.58% / 74.65% / 66.02%, corresponding to 106 / 61 / 36xpe, and maintain the “buy” rating.
Risk tip: the sales volume is lower than expected and the profit level is lower than expected.
