BYD COMPANY(01211.HK):SALES HIT A RECORD HIGH IN AUG. WITH NEW MODELS LAUNCHING AND OVERSEAS EXPANSION MAINTAIN "BUY"
BYD COMPANY(01211.HK):SALES HIT A RECORD HIGH IN AUG. WITH NEW MODELS LAUNCHING AND OVERSEAS EXPANSION MAINTAIN "BUY"
Technological iteration improves competitiveness, and new models empower overseas markets simultaneously. The fifth-generation DMI hybrid technology launched by the Company on 28 May 2024 is expected to enhance the Company's market competitiveness in the hybrid field and better achieve the demand replacement of the main price range of fuel vehicles. The new models launched by the Company recently, such as Xia, Leopard 8, and Sea Lion 05, are expected to expand new selling price ranges for the Company. Overseas, the Company's overseas sales accounted for 8.4% in Aug. Meanwhile, the Uzbekistan factory started production, and the construction of factories in Thailand, Brazil and Hungary also progressed steadily. The Company actively expands the mid-to-high-end and overseas strategies, which is expected to achieve greater growth potential.Maintain "Buy" and the TP of HK$300.00. BYD's (the "Company") EPS for 2024-2026F are maintained at RMB11.95, RMB15.32, and RMB18.94. As the industry leader in the field of NEVs, the Company's earnings performance certainty is one the strongest during the industry consolidation process. We give the Company a PE of 21x in 2024, and maintain "Buy" rating with TP of HK$300.00.
維持"買入"和目標價港元300.00。比亞迪（以下簡稱"公司"）2024-2026F年EPS維持在人民幣11.95、人民幣15.32和人民幣18.94。作爲新能源車領域的行業領導者，公司在行業整合過程中的收益表現最爲穩定。我們在2024年給公司一個市盈率爲21倍，並維持"買入"評級和目標價港元300.00。
2Q2024 results in line, with GPM declined. The Company achieved revenue of RMB301.127 bn 1H2024, a yoy increase of 15.8%; net profit attributable to the Company was RMB13.631 bn, a yoy increase of 24.4%; net profit attributable to the Company after deducting non-recurring items was RMB12.315 bn, a yoy increase of 27.0%. Among them, 2Q2024 achieved revenue of RMB176.183 bn, a yoy increase of 25.9%, and a mom increase of 41.0%; net profit attributable to the Company was RMB9.062 bn, a yoy increase of 32.8%, and a mom increase of 98.3%; net profit attributable to the Company after deducting non-recurring items was RMB8.563 bn, a yoy increase of 39.7%, and a mom increase of 128.2%. The GPM of 2Q2024 was 18.69%, which declined from 21.88% in 1Q2024; the NPM was 5.3%, which increased from 3.82% in 1Q2024. After deducting BYD Electronic's (00285 HK) profits, the estimated profit per vehicle sold in 2Q2024 was RMB8,100, an increase of about RMB2,700 mom, mainly benefiting from the Company's brand power, scale advantages, material price reductions and integrated cost control capabilities of the industrial chain.
2024年第二季度業績符合預期，GPm下降。公司2024年上半年實現營業收入3011.27億元，同比增長15.8%；歸屬於公司的淨利潤爲136.31億元，同比增長24.4%；扣非後的歸屬於公司的淨利潤爲123.15億元，同比增長27.0%。其中，2024年第二季度實現營業收入1761.83億元，同比增長25.9%，環比增長41.0%；歸屬於公司的淨利潤爲90.62億元，同比增長32.8%，環比增長98.3%；扣非後的歸屬於公司的淨利潤爲85.63億元，同比增長39.7%，環比增長128.2%。2024年第二季度GPm爲18.69%，較2024年第一季度的21.88%下降；NPm爲5.3%，較2024年第一季度的3.82%增加。扣除比亞迪電子（00285 HK）的利潤後，2024年第二季度每輛出售的預計利潤爲8100元，環比增加約2700元，主要受益於公司的品牌力量、規模優勢、物價下降和產業鏈的一體化成本控制能力。
Sales in Aug. exceeded market expectations, and the Company is the absolute leader in the PHEV market. In Aug., the Company achieved sales of 373,083 units, up 36.0% yoy and 9.5% mom. The cumulative sales in 1-8M2024 were 2,328,449 units, up 29.9% yoy. Among them, 148,470 BEVs were sold in Aug., up 2.0% yoy and 14.2% mom. The cumulative sales of BEVs in 1-8M2024 were 1,004,623 units, up 12.0% yoy. 222,384 PHEVs were sold in Aug, up 73.1% yoy and 5.5% mom. The cumulative sales of PHEVs in 1-8M2024 were 1,314,175 units, up 48.3% yoy. In Aug., the Company sold a total of 31,451 NEVs overseas, of which 30,451 were exported. According to data from the China Association of Automobile Manufacturers, in 1-7M2024, BEV sales were 3.57 mn units, up 10.1% yoy; PHEV sales were 2.361 mn units, up 84.5% yoy.
8月銷量超過市場預期，公司在PHEV市場的領先地位是絕對的。8月公司實現銷量37.31萬輛，同比增長36.0%，環比增長9.5%。2024年1-8月累計銷量爲232.84萬輛，同比增長29.9%。其中，8月銷售的BEV爲14.47萬輛，同比增長2.0%，環比增長14.2%。2024年1-8月累計銷售的BEV爲100.46萬輛，同比增長12.0%。8月份PHEV銷量爲22.24萬輛，同比增長73.1%，環比增長5.5%。2024年1-8月累計銷售的PHEV爲131.41萬輛，同比增長48.3%。8月公司共銷售海外新能源車31.45萬輛，其中304.51萬輛爲出口。根據中國汽車工業協會的數據，2024年1-7月BEV銷量爲357萬輛，同比增長10.1%；PHEV銷量爲236.1萬輛，同比增長84.5%。
Technological iteration improves competitiveness, and new models empower overseas markets simultaneously. The fifth-generation DMI hybrid technology launched by the Company on 28 May 2024 is expected to enhance the Company's market competitiveness in the hybrid field and better achieve the demand replacement of the main price range of fuel vehicles. The new models launched by the Company recently, such as Xia, Leopard 8, and Sea Lion 05, are expected to expand new selling price ranges for the Company. Overseas, the Company's overseas sales accounted for 8.4% in Aug. Meanwhile, the Uzbekistan factory started production, and the construction of factories in Thailand, Brazil and Hungary also progressed steadily. The Company actively expands the mid-to-high-end and overseas strategies, which is expected to achieve greater growth potential.
科技迭代提升競爭力，新車型同時賦能境外市場。公司於2024年5月28日推出的第五代DMI混動技術有望提升公司在混動領域的市場競爭力，更好地實現燃油車主要價格區間的需求替代。公司最近推出的新車型，如夏、豹8和海獅05，有望爲公司擴大新的售賣價格區間。境外市場方面，公司8月境外銷售佔比爲8.4％。同時，烏茲別克斯坦工廠開工生產，泰國、巴西和匈牙利工廠的建設也穩步進行。公司積極拓展中高端和境外戰略，有望實現更大的增長潛力。
Risks: 1) The demand for NEVs may be lower than expected; 2) the price war in the NEV industry may continue to intensify.
風險：1）新能源汽車需求可能低於預期；2）新能源汽車行業的價格戰可能持續加劇。
譯文內容由第三人軟體翻譯。