BYD (002594): The first quarter revenue exceeded expectations and the new energy model significantly increased
Investment Inc. announced its first quarterly report for 2019.
The company achieved total operating income of 303.
40,000 yuan, an increase of 22 in ten years.
50%; net profit attributable to parent company 7.
500,000 yuan, an increase of 631 in ten years.
98%; net profit attributable to parent company after deduction is 4.
12 ppm, an increase of 225 in ten years.
Our Analysis and Judgment (1) Going up against the trend, sales volume reported rapid growth, and the company’s total revenue increased.
50%, reaching 303.
4.0 billion; net profit attributable to mothers increased by 631 per year.
98%, reaching 7.
50 ppm, mainly because the net profit attributable to mothers was negative in the same period last year, and government subsidies had been reduced from 6 in the same period last year.
39 to ten to three percent.
31 ppm; In Q1 19, the sales volume of the automotive industry decreased by 14%, and the company’s sales volume bucked the trend, increasing by 5 per year.
19% reached 11.
760,000 of which, 62 are new energy vehicles.
23%, a year-on-year growth rate of 146.
Net cash flow from operating activities reached 4.
08 million yuan, an increase of 349 in ten years.
(2) Gross profit margin increased and profitability improved The company’s overall gross profit margin in 2019Q1 was 19.
05%, a year up by 1.
90 pct, which is mainly the volume of new energy vehicles, and the scale effect is gradually reflected; the cost during Q1 increased by 10.
76%, a decrease of 1 per year.
39%, of which the sales expense ratio dropped 0.
36 pct, which is 3.
51%, management expenses and financial expenses rose by 0.
63 and 1.
12 pcts, reaching 3.
45% and 3.
Overall profitability improved slightly.
(3) New energy vehicle product line is gradually improved The company’s sales volume in the first quarter was 11.
760,000 of which 62 are new energy vehicles.
23%, the total installed capacity of new energy power batteries and cars is 3.
966GWh; the company released 9 dynasty series products at the end of March, including 6 new energy sources; the company’s new energy vehicle product line layout has been gradually improved, with two complete lines of pure electricity and plug-in hybrids; Dynasty series models have been comprehensiveCovering the mid-to-low-end to mid-to-high-end range, in addition, the E-net car series cuts into the market below 10 mm, which impacts millions of sales through low-cost policies.
The company’s products currently have breakthrough competitive advantages in terms of 杭州桑拿 range, energy density, and power consumption per 100 kilometers. The battery self-supply model can ensure that conflicts are avoided during policy changes, and market opportunities are better seized.
The investment proposal estimates that the net profit attributable to mothers will be 37 in 19-20.
03 billion / 46.
68 ppm, an increase of 33 in ten years.
20% / 26.
06%, the corresponding EPS is 1.
36 yuan / 1.
71 yuan, corresponding to PE is 41/32.
52 times, from the perspective of historical estimates, the company’s current PE is about 54.
32 times, although higher than the historical estimate of the hub (about 39 since listing).
4 times), but the company ‘s future sales volume will continue to strengthen and the performance is flexible. We are optimistic about the company ‘s development for a long time and maintain the company ‘s “recommended” level.
4. Risk warnings (1) The sales volume of the automobile industry is less than expected (2) The downstream order volume is lower than expected