\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
Event overview
On May 20, the company released CTB battery body integration technology and the first vehicle model adopting this technology – Byd Company Limited(002594) seal.
On May 16, the company officially released the first MPV model of Tengshi brand – Tengshi D9.
Analysis and judgment:
CTB comprehensively breaks through the bright spot of seal pre-sale
Seal shock release, pre-sale performance is brilliant. The model with CTB technology for the first time is the first class B coupe of E platform 3.0. Four versions have been launched. The pre price after comprehensive subsidy is RMB 2128 Sailong Pharmaceutical Group Co.Ltd(002898) 00, the price of 550km standard rear drive version is RMB 212800, and the price of 650km 4WD performance version is RMB 289800. As of 22:00 on May 20, the number of pre-sale orders had reached 23000.
CTB technology has achieved new breakthroughs in safety, handling, efficiency and aesthetics through the high integration of battery pack and vehicle body:
Safety: the CTB honeycomb “sandwich” structure improves the strength and realizes lightweight at the same time, so that the battery is both an energy body and a structural part. The torsional stiffness of the whole vehicle is doubled, the safety of the front impact structure is increased by 50%, and the safety of the side column structure is increased by 45%;
Handling: CTB brings E platform 3.0 architecture improvement. The seal adopts the chassis suspension of front double wishbone + rear five link, with a 50:50 golden axle load ratio, and the acceleration of 100 kilometers is only 3.8 seconds; ITAC intelligent torque control system further improves the control and response at the software level;
High efficiency: the energy consumption of seal 4WD for 100 kilometers is 12.7kwh, which truly realizes the power of 4WD and the energy consumption of 2WD; Efficient high-voltage charging architecture, charging for 15 minutes to achieve a range of 300km, which is fully compatible with all public charging piles; The integration of the body floor and the battery upper cover increases the utilization rate of the power battery volume system by 66%. Similarly, the height of the body sags to the space by 10mm;
Aesthetics: the overall appearance of the seal is relatively sporty, the shape is low lying, the body size is 4800 / 1875 / 1460mm, the wheelbase is 2920mm, and a large number of marine elements are integrated into the interior and exterior decoration, which is both beautiful and sporty.
Tengshi’s positioning is clear and high-end is a connecting link between the past and the future
Tengshi defines the luxury route, carries the upward trend of compatible dynasty / Ocean series brands, and connects with more high-end brands that have not yet been released. Tengshi’s high-end luxury image continues to deepen, and Byd Company Limited(002594) will lead technology research and development and product planning in the future. The company said that within one year, Tengshi brand will launch three models and several models within three years. With the blessing of DM-I and E platform 3.0, Tengshi power configuration has been greatly upgraded, with the “face” and “lining” of luxury brands, which is expected to accelerate its take-off.
Tengshi D9 released, positioning luxury MPV. Tengshi D9 has launched 6 configuration versions of DM-I super hybrid and pure electric based on E platform 3.0, and the pre-sale price range is 335000 yuan – 460000 yuan; In addition, it also launched a founding model with a pre-sale price of 660000 yuan and a limited sale of 99 sets. According to the company’s official website, Tengshi D9 had ordered 7288 vehicles as of 24:00 on May 17.
Cut into the needs of multi child families and business vehicles, the new energy luxury MPV market has great potential. We believe that the MPV market has great growth potential in the context of multiple children. Luxury MPV is in the stage of product expansion and accelerating consumer education, and the market space is expected. Compared with GL8 and Toyota senna, Tengshi D9 has obvious advantages in body size and luxury attributes. The main competitive products also include lantu dreamer, which has been listed recently. The product expansion is expected to accelerate the opening of the luxury new energy MPV market.
Technology driven product upgrading and high-end brand acceleration
The company continues to cultivate technology and help the platform to expand its advantages. On the basis of DM-I and E platform 3.0, the company released CTB and ITAC technology, realized the comprehensive upgrading of hardware and software, and continuously expanded its advantages in safety, handling, efficiency and aesthetics. Compared with competitors, the company further builds barriers to core technology.
The continuous introduction of high-end products has helped increase the volume and price of products. The company’s Dynasty + Ocean network brand continues to rise. The long-term hot sales of Han have established the dominant position of the company’s domestic luxury. Han DMP further increased the brand price to more than 300000 yuan. At the same time, the introduction of seals has also enriched the matrix of high-end products; Tengshi connects the past and the future, and is mainly positioned in the luxury new energy market of 3 Shenzhen Fountain Corporation(000005) 00000 yuan; The new high-end brand is expected to be released at the end of the year, and its positioning is expected to reach 5 Ping An Bank Co.Ltd(000001) million yuan. We expect that with the accelerated introduction of high-end products, the company’s overall ASP is expected to rise rapidly.
Investment advice
The company relies on DM-I and E3 0 two advanced technology platforms, technology driven, product volume and price rise together, and the high-end path is clear. At the same time, the company’s vertically integrated supply chain advantage maximizes the resistance to the impact of force majeure in the industry. We are optimistic about the company’s technology driven product strength and brand strength, and raise the profit forecast. The company’s revenue in 20222024 was adjusted from 3147.4/3774.5/428.34 billion yuan to 3485.2/4595.0/595.65 billion yuan, the corresponding net profit attributable to the parent company was adjusted from 74.6/132.6/17.93 billion yuan to 82.7/137.4/19.56 billion yuan, the corresponding EPS was adjusted from 2.56/4.56/6.16 yuan to 2.84/4.72/6.72 yuan, the corresponding closing price of 287.7 yuan / share on May 20, 2022, and the PE was 101 / 61 / 43 times respectively, which was raised to the “buy” rating.
Risk tips
Capacity expansion is lower than expected; Downside risk of auto market; Sales of new models fell short of expectations.
