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比亚迪股份(1211.HK):卓越的战略、研发和产品能力铸就崛起之路

Byd Company Limited (1211.HK): excellent strategy, R & D and product capabilities shape the road to rise

國元國際 ·  May 23, 2022 20:42  · Researches

New energy vehicles: long slopes with thick snow, in a period of rapid development

The penetration rate of new energy passenger vehicles in China entered an accelerated stage in 2020. By January to April 2022, the permeability had reached more than 25%. Every 10 percentage point increase in penetration will increase the market demand for new energy vehicles by 800 billion to 900 billion yuan a year. New energy vehicles cover almost all the most advanced areas of scientific and technological development, and their development has strong growth and extensibility, but also can enjoy long-term policy dividends because of its great strategic significance.

BYD: rising from "electrification" and sublimation to "intelligence"

The company has mastered the core technology of the whole industry chain of new energy vehicles, such as battery, motor, electric control and chip, and the blade battery and DM-i super hybrid technology has solved the pain point of electric vehicle safety, service life and economy. the comprehensive monthly sales volume has exceeded 100000, and the domestic market share of new energy vehicles has exceeded 20%.

"Intelligent" is the second half of new energy vehicles. The company deeply ploughs IGBT in hardware, closely combines design with manufacturing process, packaging process and system-level application through IDM vertical operation mode, and builds a complete automotive specification-level semiconductor application ecology; in software, it launches the world's first open vehicle intelligent network connection system DiLink and self-developed DiPilot intelligent driving assistance system. The technology accumulation overlays the company's scale advantage in experience and investment, which becomes the potential advantage of the company to "intelligent" development.

Self-developed core technology and accurate product strategy promote the brand power to lead the core manufacturing technology to bring a high degree of brand identification, and the "Chinese feelings" in the products resonate with the spiritual demands of today's Chinese people calling for the rise of national brands. Strong consumer identity is the solid foundation for the company's brand strength to make a continuous breakthrough.

Strategic foresight and stability are the guarantee of stability and accumulated strength. Since 2008, the company has put forward the corporate vision of solar energy, energy storage and electric vehicles. The far-sighted strategic positioning and long-term strategic stability enable the company to accumulate ahead of its competitors on a wide track and finally gain a huge lead.

Give a "buy" rating with a target price of HK $393.8

We forecast that the company's turnover in 2022-2024 will be 3780, 5216 and 642.8 billion yuan, with an annual growth rate of 79%, 38% and 23%. The net profit will be 85.9 yuan, 130.7 yuan and 20.08 billion yuan, an annual growth rate of 182%, 52% and 54%. It is valued at HK $1.146458 trillion, corresponding to the target price of HK $393.8, given a "buy" rating.

Risk Tips:

The higher-than-expected fluctuation of the automobile supply chain may cause the company's production to fall short of expectations, and the macroeconomic fluctuation may lead to the company's sales falling short of expectations.

The translation is provided by third-party software.


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