\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Event:
The company announced the first quarter report of 2022. In 2022q1, the company achieved a revenue of 66.8 billion yuan, a year-on-year increase of 63%, and a net profit attributable to the parent company of 800 million yuan, a year-on-year increase of 240%.
The performance is better than expected and is optimistic about the continuous improvement of subsequent profitability.
In 2022q1, the company sold 290000 vehicles, with a year-on-year increase of + 182%, and the automobile ASP was 158000 yuan, with a year-on-year decrease of 47000 yuan and a month on month decrease of 10000 yuan. The main reasons are the change of sales structure (the increase of the sales proportion of Qin DMI, dolphin and other models) and the decline of subsidies. The company adjusted the price in January and March respectively. Considering that the company currently has a large number of orders on hand and an average delivery cycle of about 3 months, the positive impact of the company's price adjustment did not fully appear in the first quarter. The gross profit margin of 2022q1 company was 12.4%, down 0.2 percentage points year-on-year and 0.7 percentage points month on month, mainly due to the rise of raw material prices. We believe that with the gradual confirmation of the company's terminal price increase in 2022q2 and the steady climbing of sales volume, the company's profitability is expected to increase month on month in 2022q2.
Products will be continuously improved 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
