As the earnings intensive disclosure season is approaching, seller research institutions continue to have new understanding of the performance of listed companies. Choice data show that since January 1st, research institutions have raised 115 companies’ performance forecasts for 2022, of which 13 companies have gained more than 5 institutions to increase their earnings forecasts, and some new energy, banking and liquor related targets have been uniformly optimistic.
Byd Company Limited(002594) obtained a market value forecast of 1.3 trillion yuan
Although the new energy sector has retreated continuously since the beginning of 2022, the profit expectation of some leading new energy stocks is still rising.
On January 10, Tianfeng Securities Co.Ltd(601162) released its first coverage report on Byd Company Limited(002594) . It is estimated that from 2021 to 2023, Byd Company Limited(002594) will have operating revenue of RMB 1945 billion, RMB 326.9 billion and RMB 429.6 billion respectively, net profit of RMB 3.60 billion, RMB 9.66 billion and RMB 14.65 billion respectively, and corresponding EPS (earnings per share) of RMB 1.26/share, RMB 3.38/share and RMB 5.12/share.
Using segment valuation, based on segment revenue in 2022, the corresponding market value is RMB 1337.6 billion, and the “buy” rating is given. The target price in 2022 is RMB 459 / share.
As of the closing on January 12, Byd Company Limited(002594) reported 256 yuan / share, with a total market value of 745.3 billion yuan.
Specifically, Tianfeng Securities Co.Ltd(601162) divides the business of Byd Company Limited(002594) into different sectors and makes performance forecasts respectively.
In terms of automobile business, Tianfeng Securities Co.Ltd(601162) said that the new energy vehicle business is developing rapidly and has not been fully profitable, so the PS valuation method (market sales rate valuation) is applicable. Comparing the market sales rate of Great Wall Motor Company Limited(601633) , Xiaopeng automobile and ideal automobile, the market sales rate of Byd Company Limited(002594) automobile business is 5.5 times, and the corresponding market value is 1106.9 billion yuan.
In terms of secondary battery business, considering that there are still losses in small battery and photovoltaic battery business, and the power battery business has just started, the PS valuation method is also applicable. With reference to Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) and Gotion High-Tech Co.Ltd(002074) , it gives the company a market sales rate of 6.4 times, corresponding to a market value of 195.2 billion yuan.
In terms of semiconductor business, Byd Company Limited(002594) semiconductor business has a small scale and unclear profit. PS valuation method is also used to give the company 5 times the market sales rate, corresponding to a market value of 7.5 billion yuan.
In terms of electronic business, Byd Company Limited(002594) electronic business operates stably. Using PE (price earnings ratio) valuation method and referring to the leaders of the electronic industry, it is valued at 10 times the price earnings ratio, corresponding to the market value of 28.2 billion yuan.
In addition to Tianfeng Securities Co.Ltd(601162) , China Industrial Securities Co.Ltd(601377) and Minsheng securities also raised their profit expectations for Byd Company Limited(002594) 2022. Among them, the net profit forecast of China Industrial Securities Co.Ltd(601377) for Byd Company Limited(002594) 2022 was raised from 7.156 billion yuan to 9.295 billion yuan; Minsheng securities increased from 7.257 billion yuan to 8.748 billion yuan.
these companies were reported to raise their profit forecast
According to choice statistics, since 2022, in addition to Byd Company Limited(002594) , lithium iron phosphate leader Shenzhen Dynanonic Co.Ltd(300769) has obtained Citic Securities Company Limited(600030) , Soochow Securities Co.Ltd(601555) , China International Capital Corporation Limited(601995) and Everbright Securities Company Limited(601788) to raise the profit forecast in the new energy industry chain.
Among them, Everbright Securities Company Limited(601788) raised the net profit of Shenzhen Dynanonic Co.Ltd(300769) in 2022 from 814 million yuan to 1.45 billion yuan, and the earnings per share from 9.13 yuan to 16.25 yuan; Soochow Securities Co.Ltd(601555) raised the net profit of Shenzhen Dynanonic Co.Ltd(300769) in 2022 from 859 million yuan to 1.528 billion yuan, and the earnings per share from 9.63 yuan to 17.13 yuan.
In addition, Tongwei Co.Ltd(600438) received a centralized increase in profit forecasts from six securities companies, including Citic Securities Company Limited(600030) , Soochow Securities Co.Ltd(601555) , Sinolink Securities Co.Ltd(600109) , open source securities, Everbright Securities Company Limited(601788) , Southwest Securities Co.Ltd(600369) . Among them, the net profit forecast for 2022 given by Everbright Securities Company Limited(601788) , Southwest Securities Co.Ltd(600369) and Citic Securities Company Limited(600030) increased by more than 30%.
It is worth noting that apart from the new energy industry chain, the two major sectors of banks and Baijiu also receive close attention from sellers. Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) won Zhongtai Securities Co.Ltd(600918) , Zheshang Securities Co.Ltd(601878) and other 9 seller organizations to raise the profit forecast for 2022; Bank Of Jiangsu Co.Ltd(600919) and Industrial Bank Co.Ltd(601166) were raised by 8 and 5 institutions respectively.
Baijiu shares, Kweichow Moutai Co.Ltd(600519) since the beginning of the year, 17 institutions have raised their 2022 profit forecasts. Among them, Sealand Securities Co.Ltd(000750) gives a forecast of net profit of 63.14 billion yuan in 2022, with an increase of more than 5%; Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) was also raised by 11 institutions.
The following table shows the companies whose profit expectations have been raised by five (or more) institutions since 2022, and the companies whose net profit forecast in 2022 has been adjusted by more than 30%.
