\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Event overview: on May 3, 2022, the company released the production and sales data of April, Byd Company Limited(002594) vehicles sold 106000 new energy vehicles in April, with a year-on-year increase of + 313.22% / month on month increase of + 1.11%.
The sales volume of new energy passenger vehicles increased against the trend, with a year-on-year increase of 321.33%. Affected by the epidemic, the production capacity of parts suppliers is limited. The sum of the sales volume of the seven new forces in April is – 39.86% month on month. Even in the face of factors such as raw material price rise and terminal price adjustment, the sales volume of the company’s new energy passenger vehicles in April reached 105500, with a year-on-year increase of + 321.33% / month on month increase of + 1.09%, significantly exceeding the market. The cumulative sales volume from January to April was 390200, with a year-on-year increase of + 397.63%. Mainly 1) production side: supply chain advantages guarantee production capacity; 2) Sales side: the demand toughness and brand premium ability under strong product strength are prominent, and the sales volume of the company in Shanghai and Jilin accounts for a relatively low proportion. In terms of power, the sales volume of pure electric vehicles was 57400, with a year-on-year increase of + 256.23% / month on month increase of + 6.97%. The cumulative sales volume from January to April was 20600, with a year-on-year increase of + 266.69%; The sales volume of plug-in and hybrid vehicles was 48100, with a year-on-year increase of + 438.92% / month on month increase of – 5.13%. The cumulative sales volume from January to April was 189600, with a year-on-year increase of + 699.91%. Pure electric and hybrid two wheel drive maintained a high year-on-year growth rate. After the company announced the shutdown of fuel vehicles, it made every effort to attack the field of new energy, and the market share is expected to further increase. We expect that the demand for DM is expected to continue to be strong this year, and the company’s car sales are expected to reach the target of 1.5 million vehicles.
Pure electric + hybrid strong product strength continues to be verified, and Dynasty + Ocean network model matrix continues to be improved. In April, the sales volume of dynasty series was 87300, with a month on month increase of + 1.1%. Among them, the sales volume of flagship model Han Series in April was 13400, with a month on month increase of + 8.6%, leading the independent medium and high-end medium and large car market. In April, Han EV genesis, Han dm-p and Han DMI were listed, and their strong product strength attracted widespread attention; The Tang series SUV with a positioning of 20 Fawer Automotive Parts Limited Company(000030) 0000 yuan sold 10100 vehicles in April, with a month on month increase of + 5.26%, and the new generation of Tang EV increased by + 263.70 year on year; The sales volume of song / Qin / yuan Series in April was 25100 / 2.3515200, with a month on month ratio of – 6.1% / – 5.1% / + 17.8%. Dolphin sales reached 12000 in April, with a month on month increase of + 14.70%. Since its listing, sales have continued to climb. The destroyer 05, the first model of the warship series listed on April 17, entered the hybrid market of 1 Ping An Bank Co.Ltd(000001) 50000 yuan, contributing 2040 sales. In 2022, many models such as frigate 07, seal, seagull and sea lion are expected to be gradually listed, and the differentiated positioning promotes the continuous growth of the company’s sales.
Electric technology leads the industry, and intelligent layout is accelerated. Disruptive technologies such as blade battery / DM-I Super Hybrid / E platform 3.0 have boosted the company’s new energy vehicle sales to record highs, the three electricity technology ensures the stability of the supply chain, highlights the cost advantage, and further digests the pressure of rising prices of upstream raw materials. Among them, 1) with the advantages of safety and high energy, the core component blade battery continues to be supplied to Changan / BAIC / FAW and other vehicle enterprises; 2) The leading position of DM in the field of energy saving; 3）E3. 0 platform is equipped with blade battery and fast charging technology to start the strong cycle of pure electric products, and E3 0 platform domain controllers are centralized, laying the foundation for intelligent software and hardware layout. Since the end of 2021, the company has successively reached cooperation with momenta, Suteng juchuang, Baidu, NVIDIA and horizon to accelerate the intelligent layout. The company’s long-term logic continues to be fulfilled, and the turning point of secondary growth has come.
Investment suggestion: affected by the battery cost, we expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 78.83/165.73/22.295 billion, corresponding to 90 / 43 / 32 times of the current share price PE respectively. The company has made full efforts in the hybrid and pure electric markets and maintained the “recommended” rating.
Risk tip: the mitigation of chip supply is less than expected, the recovery of passenger cars is less than expected, and the product landing is less than expected.
