\u3000\u3 China Vanke Co.Ltd(000002) 594 Byd Company Limited(002594) )
\u3000\u3000E3. 0 platform, and the four “first builds” witnessed the overall improvement of product power
On May 20, 2022, Byd Company Limited(002594) held the seal & CTB technology conference, launched the new product seal, positioned the B-class coupe, which is equipped with E3 0 platform. The seal is equipped with CTB battery body integration technology, ITAC technology, rear drive / 4WD power structure, front double wishbone and rear five link chassis suspension for the first time. The four “first builds” enable the seal to achieve comprehensive improvement in safety, efficient handling and aesthetics, and highlight the product power. We maintain the previous profit forecast. It is expected that the net profit attributable to the parent company in 20222024 is expected to reach RMB 9.619139.44/18.366 billion, EPS is 3.30/4.79/6.31 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 87.1/60.1/45.6 times respectively, maintaining the “buy” rating.
Equipped with new CTB technology, it significantly improves safety and driving experience
CTB technology evolves the battery sandwich structure into the whole vehicle sandwich structure. The power battery system acts as the energy body and structural part at the same time, simplifying the body structure and production process. The honeycomb aluminum core structure is formed through the close arrangement of electric cells, and then the sandwich structure of honeycomb aluminum sector is formed through the upper cover sector floor, which comprehensively improves the structural strength and can still operate normally after 50t rolling test. Safety improvement: CTB technology participates in the force transmission of the whole vehicle through the battery pack as a structural part, and the safety of the front impact structure is improved by 50%, and the safety of the side impact structure is improved by 45%; Improved driving experience: (1) the torsional stiffness of the whole vehicle doubled, exceeding 40000 torsional meters per degree, effectively restraining the vibration of the body; (2) Realize 50:50 golden axle load of the whole vehicle. High integration enables the vehicle to have sports car level low mass center and improve the stability of the whole vehicle; (3) The shape of the whole vehicle is lower, the aerodynamic performance is improved, and the wind resistance is as low as 0.219.
Chassis upgrade superimposed with high-voltage platform, with equal emphasis on handling performance and energy efficiency
High performance: through the combination of high-performance suspension equipped with double wishbone and five connecting rods, the handling performance and comfort are comprehensively improved in the transverse, longitudinal and vertical directions; Through the development of ITAC intelligent torque distribution function, the vehicle state recognition is advanced by 50 ~ 200 milliseconds to improve the response speed of extreme working conditions, maintain the best grip and improve the upper limit of handling; The high-efficiency 4WD architecture of front asynchronous motor and rear synchronous motor is adopted, and the acceleration of 4WD version is as fast as 3.8 seconds. High efficiency: the energy consumption per hundred kilometers is as low as 12.7 kwh. Through thermal management, the driving energy consumption is reduced and the waste heat utilization efficiency is improved; Based on E3 The high-voltage electric drive boost charging scheme of 0 platform improves the charging power, with a charging mileage of more than 300 kilometers in 15 minutes. The charging is faster and compatible with all public charging piles to alleviate “mileage anxiety”.
Risk warning: the upstream price continues to rise, the downstream demand is less than expected, and the company’s vehicle sales are less than expected
