Byd Company Limited(002594) dynamic comments: CTB seizes the high point of technology and is the world's leading renewal industry

\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )

Events

Byd Company Limited(002594) release CTB technology and seal pre-sale conference.

Key investment points

CTB heavy attack, multi platform, multi product matrix in-depth development

The company released CTB (battery body integration) technology, which adopts the body floor integrated battery upper cover → binder → cell → binder → tray structure, which has evolved from the original battery "sandwich" structure to the whole vehicle "sandwich" structure. CTB technology adopts high safety blade battery, which can easily pass the needle test without open fire and smoke, and the surface temperature is only 30-60 ℃. The closely arranged blade batteries, upper cover sector and bottom sector form a honeycomb "sandwich" structure, which can withstand the rolling of 50 tons of heavy trucks and achieve a breakthrough in the structural strength of the battery system. CTB technology significantly optimizes the performance and safety of the whole vehicle. The volume utilization rate of the battery system is increased to 66%, the torsional stiffness of the whole vehicle is doubled, and the structural safety of front impact and side impact is increased by 50% and 45% respectively.

The company continues to increase the research and development of technology and the in-depth layout of multi platform and multi product matrix. At present, it has formed two sales systems: DMI platform and E platform 3.0, Ocean network and Dynasty network. It has formed joint forces in various fields such as battery technology, body design, system integration and sales, creating a series of popular models represented by "Han".

Seals take advantage of the situation, carry CTB to strengthen their competitive advantage, and pre-sale is the most popular model

The company released the seal pre-sale. The seal is an e-platform 3.0 model equipped with CTB technology, which has achieved new breakthroughs in safety, handling, efficiency and aesthetics. The seal adopts iron lithium blade battery, which can accelerate up to 3.8s at 100km, the power consumption at 100km is as low as 12.6kwh, the endurance is 550 / 650 / 700km, the charged capacity is 61.4 / 82.5kwh, and 80% of the power can be charged in 30 minutes. The pre price range is 21 Shenzhen Special Economic Zone Real Estate&Properties (Group).Co.Ltd(000029) 000 yuan.

On the whole, compared with comparable models, seals are cost-effective in terms of price and performance. As of 22:00 on May 20, the pre-sale order volume of seals has reached 22600. The pre-sale is explosive. The market reputation is good. The best-selling products of seals are expected to further improve the brand strength of the company.

Production and marketing continue to lead, and the supply chain / technology / products have entered a virtuous circle

The company continues to take the lead in production and sales. In April 2022, the sales volume of electric vehicles reached 106000 / yoy + 136%, ranking first. Although the epidemic in April caused serious interference to the production and supply chain of the electric vehicle industry, the company still achieved very excellent results, further highlighting the company's anti risk ability in an adverse environment. In April 2022, the installed capacity of the company's power and energy storage batteries exceeded 6gwh, reaching 21gwh from January to April, with strong performance.

On the whole, the company's position in the field of electric vehicles has been continuously strengthened, with rich technology and product matrix, strong supply chain, independent and controllable core links, multi-dimensional strengthening, and the company's product power is in the accelerated rising channel. In addition, in addition to continuously consolidating the basic sector of self supply of power battery, the company continues to explore international and Chinese customers. It continues to make efforts in the two major tracks of energy storage and electric vehicles, and the external supply of battery opens the ceiling. At the same time, the company's speed-up intelligent driving layout focuses on the intellectualization of laser radar, high-precision map, chip, algorithm and so on. We believe that the company's products, technology and supply chain have entered a virtuous cycle stage, the industrial status has been continuously consolidated, and the leap of "quality" and "quantity" has been realized.

Profit forecast

It is estimated that the net profit attributable to the parent company in 2022, 2023 and 2024 will be 7.21 billion yuan and 17.3 billion yuan respectively, EPS will be 2.48/4.04/5.95 yuan, and the corresponding PE will be 116 / 71 / 48 times respectively. At present, the company has abundant orders, strong product power and rising volume and price. We are optimistic about the medium and long-term upward development opportunities of the company and give a "recommended" rating.

Risk tips

Policy fluctuation risk; Downstream demand is lower than expected; The product price is lower than expected; Risk of deterioration of competition pattern; Capacity expansion and digestion were less than expected.

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