Performance summary: the company released the three-quarter report of 2018, with revenue of 9.79 billion yuan, an increase of 63.2% over the same period last year, and a net profit of 130 million yuan, an increase of 56.1% over the same period last year, deducting 30 million yuan of non-net profit, an increase of 551.2% over the same period last year.
In the third quarter alone, revenue reached 4.172 billion yuan, an increase of 82.2% over the same period last year. The net profit returned to the mother was 46 million yuan, down 31.9% from the same period last year. Non-net profit was 31 million yuan, an increase of 1993.6% over the same period last year.
The adjustment of subsidies puts pressure on the profitability of the company in the short term. The 2018 subsidy is retrograde on the basis of 2017, of which, during the transition period from February 12, 2018 to June 11, 2018, the subsidy for new energy passenger vehicles is 70%. After the transition period, differential subsidies will be carried out according to indicators such as mileage and the energy density of the power battery system. Generally speaking, models with high mileage will have little or no decline in subsidies, while models with low mileage will have a larger decline in subsidies, and subsidies for vehicles with mileage less than 150 kilometers have been cancelled. In the past, the company mainly focused on low-range A00-class models, the subsidy adjustment formed a short-term negative impact, the company increased the development of high-life products, the heavyweight product EX360 small SUV achieved good performance, and the company achieved high revenue growth of more than 60% in the first three quarters.
Backdoor listing, bigger and stronger, strong shareholders, flexible mechanism, leading position in the industry. 100% equity of BAIC New Energy (priced at 28.8 billion yuan) has been injected into listed companies by issuing shares. The total number of non-public issued shares to 35 other parties, including BAIC Group, is 761 million. BAIC New Energy has been listed backdoor, relying on the capital market to become bigger and stronger. The company's shareholders include BAIC Group, Beijing Automobile, Daimler and other vehicle factories, upstream and downstream enterprises such as Guoxuan Hi-Tech, Ningde Times, Dayang Motor, huge Group, 360 Software, Tianxiang Investment and other institutions. And employee shareholding platforms such as Pengying Chuangmeng and Pengying Zhiyuan. The strong shareholder strength and diversified ownership structure help to ensure the company's technological leadership and expand the influence of the company's brand.
Profit forecast and investment advice. It is estimated that the EPS from 2018 to 2020 is 0.06,0.14,0.26 yuan respectively, the corresponding PE valuation is 163,68,36 times, and the corresponding PB valuation is 1.84,1.80,1.73 times.
Risk hints: the risk that the expansion of new brands is not smooth; the decline in profitability caused by subsidies is higher than expected; and the adjustment of product structure is less than expected.
