BYD (002594): Leading a new global brand of electrification
Global electrification trends, China’s leading new energy company started with batteries, entered the automotive industry in 2003, and returned to its mother net profit in 201827.
80 ‰, 31 years ago.
63%, operating cash flow 125.
23 ‰, an increase of 90 in ten years.
35%, new energy passenger cars achieved sales of 22.
720,000 over-fulfilled the target. In 2019, it will start through the demand for terminal A-class vehicles, and the company will start a new round of growth cycle.
深圳桑拿网 The new version of supplementary implementation was launched, and the industry entered a new stage. The new version of the new energy vehicle supplementary policy was officially launched on March 26. It particularly highlights the encouragement of enterprises to shift from purchasing to using alternatives for safety, consistency, and support.
Driven by the operating market, 2019 is expected to become the first year of heavy-duty A-class cars. It is estimated that the entire industry’s overall certificate sales will reach 1.8 / 2.5 million units in 2019-2020, and the demand for power batteries will be 90.
6GWh, compound growth rate of more than 55%.
Passenger cars: shaping a new brand and deploying the operating market According to the company’s annual report, the company’s global new energy vehicle sales continued to win the four-year championship, and multiple line layouts set a target of 450,000 sales in 2019.
The company scale launched Tang EV, Yuan EV 535 and other new models to explore the brand image, reorganize the proposed grid strategy to sink the A00 / A0 economy market, and join forces with Didi to fully enter the operating market, expand the target market capacity, and form a scale effectAnd cost advantage.
Core components: standard output, technology advancement The company’s release platform has a highly integrated 33111 system and announced open sharing to develop mid- and long-term product competitiveness and global influence.
Among them, the power battery has undergone a reshuffle to form a duopoly structure between the company and the Ningde era, and is expected to usher in an inflection point in profit; according to the company’s product conference announcement, the company, as the only car company in China with an IGBT complete industrial chain, has released IGBT4.
0 technology will continue to lead the transformation of new energy vehicle chips.
Investment suggestion: Give a buy rating company to force a ride-hailing and economic market, increase the cost advantage to support the brand’s strategy.
The EPS is expected to be 1 in 2019-2021.
56 and 1.
96 yuan / share, corresponding to a growth rate of 26%, 22%, 25%. In the past, the company’s PE range was 50-60 times. Neutral was given 55 times PE in 2019. The reasonable value of the stock was 70.
4 yuan / share, according to the current AH premium ratio, the corresponding H share reasonable value is 66.
8 Hong Kong dollars / share, give A shares and H shares buy rating.
Risk warning: terminal sales are lower than expected; prices fall more than expected; technology upgrades are lower than expected.