BYD (002594): Rapid growth of new energy vehicles with performance in line with expectations

BYD (002594): Rapid growth of new energy vehicles with performance in line with expectations

The core view performance is in line with expectations.

The company achieved operating income of 1,300 in 2018.

55 ppm, an increase of 22 in ten years.

8%, net profit attributable to mother 27.

80 ‰, 31 years ago.

6%, deducting non-net profit 5.

8.6 billion, 80 in the previous decade.

4%, EPS0.

93 yuan.

It is planned to distribute cash dividends to all shareholders for every 10 shares2.

04 yuan (including tax).

Affected by the expansion of subsidies, gross profit margin declined.

Gross profit margin in 2018 was 16.

4%, a decline of 2 per year.

6 grades, of which the gross profit margin of the car is 19.

8%, ten years ago 4.

5 units.

The company’s 武汉夜生活网 gross profit margins for the four quarters of 2018 were 17 respectively.

1%, 14.

9%, 17.

2% and 16.

3%, the period fee is 12.

7%, down by 0 every year.

6 units.

Net cash flow from operating activities in 2018 was 125.

20,000 yuan, an increase of 90 in ten years.

4%, the improvement is obvious.

The ending inventory was 263.

30,000 yuan, an annual increase of 32.

5%, mainly due to increased demand for automotive business.

The rapid growth of new energy vehicle sales has driven revenue growth.

The automotive business achieved revenue of 760.

07 million yuan, an increase of 34 in ten years.

2%, of which new energy vehicle business income was 524.

22 ppm, an increase of 34 in ten years.

2%, the company’s new energy vehicle sales in 2018 were 24.

80,000 vehicles, an increase of 125 in ten years.

5%, of which new energy passenger car sales reached 22.70,000 vehicles.

In 2019, a number of pure electric vehicles including the new Tang EV, Song EV, and Qin EV will be launched, as well as the built-in plug-in hybrids including the new Song MAX DM, Tang DM, Song DM, and Qin DM.Sales will increase by more than 70%.

The company made an important breakthrough in new energy vehicle technology in 2018 and released IGBT4 in the field of automotive regulations.

0 technology to help the rapid development of new energy vehicle business.

The company continued to promote the external supply of power batteries to create new profit growth points.

In 2018, it signed a cooperation agreement with Changan Automobile to jointly establish a battery factory with an annual output of 10GWH to supply batteries for Changan Automobile.

With the company’s Qinghai base’s ternary lithium battery production capacity fully put into production in 2019, the company will have all 40GWh of power battery capacity, replacing the second internal position, the export of power batteries will gradually become the company’s new profit growth point.

Financial Forecast and Investment Suggestion: Slightly adjust the gross profit margin, and forecast EPS for 2019-2021.


79, 2.

01 yuan (original 19-20 years 1).


81 yuan), comparable companies are new energy vehicles, power batteries and other related companies. Comparable companies have an average PE evaluation of 39 times in 19 years, with a target price of 59.

67 yuan to maintain the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile 合肥夜网 phone parts business is lower than expected risks.