\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
The company is the leading independent brand of new energy vehicles, with significant advantages in the layout of the whole industrial chain. The company has formed a whole industrial chain layout in the upstream, middle and downstream of the new energy vehicle industry, forming a complete closed loop from battery raw materials to the three electricity system of new energy vehicles and then to the recycling of power batteries, with significant industrial chain synergy. In the field of upstream raw materials, the company has mastered the battery raw materials from the source, and has Qinghai Salt Lake Lithium Resources and Tibet salt lake lithium resources; In the field of midstream parts, the company can independently develop and manufacture batteries, motors, electronic controls and other core parts of new energy vehicles; In the downstream vehicle field, the company has completed the vehicle manufacturing and R & D system, and the sales volume of new energy vehicles ranks first among China’s independent brands, with a significant leading position.
Take the lead in transforming the manufacturing of pure new energy vehicles, and have the dual advantages of traditional car factory manufacturing experience + new power products and strategic positioning
1. Hybrid and pure electric two wheel drive, full force in the strong cycle of pure new energy Byd Company Limited(002594) hybrid platform DM4 0 release, DM-I and dm-p platform strategies focus on economic and high-performance technical routes respectively. The price has advantages over hybrid and fuel vehicles of the same level, and the driving comfort and power performance are improved, directly hitting the pain point of hybrid consumption. E platform 3.0 focuses on the research and production of pure electric products, further integrates and standardizes the core parts, and constructs a new body structure, electronic and electrical architecture and vehicle operating system bydos, which is expected to achieve more powerful automatic driving function and faster product iteration speed. The company announced that it would stop producing fuel vehicles from March 2022 and focus on new energy vehicle business. Hybrid and pure electric technologies will be continuously updated and iterated, which is expected to continuously improve the competitiveness of new energy products and comprehensively start the strong cycle of the company’s products.
2. The company’s product matrix is constantly enriched, and the breakthrough of medium and high-end market is in parallel with the downward exploration of young trend consumption. The company is market-oriented and customer-centered, and constantly enriches the product matrix. High end products have successfully broken through the 200000 price range. Haiyang.com focuses on the young trend consumer market with sinking prices. At present, the company has 29 models on sale, including 25 Dynasty series, 2 ocean series, 2 E-Net and other models. The monthly sales volume has exceeded the 100000 mark and continues to rise. In the future, with the company’s new platform improving the product iteration speed, the upward trend of sales is expected to continue.
3. The underlying technology of new energy “three electricity” is independent and controllable, and the advantages of semiconductor industry chain are obvious. It continues to enable the company’s automobile intelligent development Byd Company Limited(002594) blade battery technology is becoming more and more mature. The overall volume energy density reaches the same level as that of ternary lithium battery, with both safety and economy. The installed capacity ranks first in the industry Byd Company Limited(002594) microelectronics is rising rapidly in the vehicle IGBT market, and ranks among the top three suppliers in China with a market share of more than 20% by virtue of terminal advantages. The independent listing of Byd Company Limited(002594) semiconductor will bring more possibilities for financing development and business extension; “Ferdi” is a company that covers a wide range of new energy auto parts and continues to enable the electric and intelligent development of the company’s products.
Investment suggestion: we expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 6.918/11.334/15.379 billion, corresponding to EPS of RMB 2.38/3.89/5.28, corresponding to PE of 121 / 74 / 55 times, maintaining the “recommended” rating.
Risk tips: 1. Risks caused by covid-19 epidemic. 2. Industrial chain risk of shortage of automobile chips. 3. The risk of rising costs caused by rising raw material prices. 4. Risk of product sales falling short of expectations.
