\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Events
Byd Company Limited(002594) released the first quarterly report, and 1q22 achieved an operating revenue of 66.83 billion yuan, a year-on-year increase of 63.0%; The net profit attributable to the parent company was 810 million yuan, a year-on-year increase of 240.6%, a month on month increase of 34.3%, and the net profit after deducting non profits was 510 million yuan, turning losses into profits year-on-year.
Comments
Orders are increasing quarter by quarter. In the first quarter, the company’s main businesses such as automobile & battery (excluding Electronics) achieved a revenue of 45.89 billion yuan, a year-on-year increase of 117.5%, thanks to the company’s new energy vehicle sales reaching a new high in the first quarter and the rapid growth of market share. The gross profit of 1q22 Automobile & battery and other main businesses was 7.14 billion yuan, a year-on-year increase of 84.0%; The gross profit margin was 15.6%, down 0.9 percentage points from 4q21 month on month. Under the background of continuous price rise of key raw materials in the upstream, the performance was brilliant. The company sold 286000 new energy vehicles in the first quarter, a year-on-year increase of 423%; Among them, the cumulative sales volume of new energy passenger vehicles was 285000, with a significant year-on-year increase of 433% and a market share of 24%. The company has stopped production of fuel vehicles since March 2022, focusing on the R & D and sales of EV + PHEV new energy vehicles. At present, the cumulative number of orders on hand is 400000, and with the continuous enrichment of product matrix, the undelivered orders are still increasing month by month.
Bicycle profits are expected to continue to improve. We estimate that the company’s 1q22 single vehicle net profit is about 2368 yuan, an increase of about 623 yuan / 26% compared with 4q21. The company raised the model price twice on February 1 and March 16 this year. Considering that the company currently has many orders on hand, the positive impact of the price increase on profits is expected to be gradually reflected from the second quarter. In April, the company released a new Han family series of products, and Han DM-I fully benchmarked fuel vehicles, which is expected to accelerate the penetration in the second tier and lower new energy vehicle market and drive the outbreak of China’s hybrid power market; At the same time, many models are based on E3 0 platform’s Ocean series new cars will be on the market soon, and we believe that the profit of bicycle is expected to continue to improve.
SKYWORTH’s new car launch opens the era of Byd Company Limited(002594) dm-i external supply. According to OFweek, Skyworth automobile released the hybrid SUV Skyworth HT-I on April 27, with a pre-sale price of 149800198800 yuan. In terms of power, Skyworth HT-I will be equipped with Byd Company Limited(002594) dm-i hybrid system for the first time, including Byd Company Limited(002594) self-developed Xiaoyun plug-in hybrid 1.5L high-efficiency engine and EHS electric hybrid system powertrain. Equipped with 33kwh super hybrid special battery, the pure electric endurance mileage reaches 200km, the comprehensive endurance mileage is 1267km, and the power loss and fuel consumption of 100km is as low as 5.3l. Previously, Byd Company Limited(002594) has started the external supply of blade batteries through Freddy batteries and opened e-platform 3.0 to the industry. We believe that the launch of Skyworth’s new car officially opened the curtain of external supply of DM-I technology, which will further consolidate the market influence and leading advantage of Byd Company Limited(002594) hybrid technology.
Profit forecast and investment rating: we are optimistic about the company for a long time. Due to the company’s comprehensive transformation of new energy, 202224eps was given 2.53/4.41/6.54 yuan per share (basically the same). Using sotp valuation method and referring to the valuation of comparable companies, we respectively valued the market value of automobile / mobile phone / battery / semiconductor division at 668.7/236685/32.5 billion yuan in 2022. The total reasonable market value is 793.3 billion yuan, corresponding to a reasonable target price of 272.5 yuan (down 4%), maintaining the rating of “better than the market”.
Risk tip: there is a risk of price rise of raw materials such as power batteries, the progress of new business development is less than expected, and the prosperity of new energy vehicle industry is less than expected.
