BYD (002594): New energy sales growth in line with expectations

BYD (002594): New energy sales growth in line with expectations

Event: The company released the 2018 annual report, and the report was consolidated, and the company achieved 1,300 operating income.

55 ppm, an increase of 22 in ten years.

79%; net profit attributable to mothers27.

80 ppm, a decrease of 31 per year.


New model cycles remain strong, and new energy vehicle sales are growing rapidly.

In 2018, the company intensively launched a number of replacement engines and new models. The new models adopted the family design of Dragon Face, and the product power was significantly enhanced.

In terms of sales volume, driven by a strong new model cycle, the company’s new energy passenger car sales in 2018 reached 230,000, an annual increase of 102%.

In terms of revenue, the company’s automotive business revenue in 2018 was 760.

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

23%, of which the revenue from the new energy vehicle business was 524.

22 ppm, an increase of 34 in ten years.

21%, accounting for 40% of the company’s total revenue.


In 2019, the company will continue to launch a number of new Dynasty series models, and then implement the e-net strategy.

With the completion of the dual layout of and, the company’s product coverage in the market will be further improved, and new energy vehicle sales are expected to continue to maintain rapid growth.

Affected by the decline of new energy subsidies, the company’s profitability was under short-term pressure.

The company’s comprehensive gross profit margin in 2018 was 16.

40%, a decrease of 2 from the previous year.

61 shares; of which 19 are automotive businesses.

78%, a decrease of 4 over the previous year.

53 units.

In 2019, the new energy subsidy policy continues to decline, and the company’s gross profit margin may continue to be under pressure.

But in terms of scale, the company can also appropriately increase model prices by launching upgraded new models and increasing configuration to ensure the company’s profitability.

The capacity of power batteries continued to expand, and the external supply of batteries advanced in an orderly manner.

The company has a total of 16GWh power battery capacity in Shenzhen + Huizhou at the end of 2017; the 10GWh power battery capacity of the first phase of Qinghai Battery Factory was put into production in June 2018; by the end of 2019, after the full production of Qinghai Battery Factory is put into operation, the company’s total power battery capacity is expected40GWh; by the end of 2020, the company plans to have a power battery capacity of 60GWh.

At present, the company is continuously promoting the opening of the power battery supply chain. Last year, a joint venture power battery factory was established with Changan, and it continues to engage with major international customers. Subsequent external supply of power batteries is expected to achieve a major breakthrough.

Profit forecast and rating: It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 34.

3.1 billion, 南京桑拿網 40.

22 billion, 47.

32 billion, with EPS of 1.

26 yuan, 1.

47 yuan, 1.

73 yuan, the price-earnings ratio are 43.

25 times, 36.

90 times, 31.

36 times, maintaining the “overweight” level.

Risk warning: New model promotion is lower than expected, and new energy vehicle sales are lower than expected.