BYD COMPANY(01211.HK):SALES PERFORMANCE IN-LINE WITH EXPECTATIONS; HIGH-END BRANDS AND OVERSEAS MARKETS ARE BEARING FRUIT MAINTAIN "BUY"
BYD COMPANY(01211.HK):SALES PERFORMANCE IN-LINE WITH EXPECTATIONS; HIGH-END BRANDS AND OVERSEAS MARKETS ARE BEARING FRUIT MAINTAIN "BUY"
Maintain "Buy" and the TP of HK$300.00. Considering that the price war in the NEV industry is still continuing, we revise downward BYD's (the "Company") EPS for 2024-2025 to RMB11.94 (-0.71)/ RMB15.31 (-0.55), and the newly added EPS for 2026 is RMB18.93. In the process of industry clearing, the certainty of the leading position has become more outstanding; taking into consideration of the reference to the industry valuation in 2024, we give the Company a PE of 23x in 2024, and maintain "Buy" rating with TP of HK$300.00.
維持 “買入” 和300.00港元的目標價。考慮到新能源汽車行業的價格戰仍在繼續，我們將比亞迪（“公司”）2024-2025年的每股收益下調至11.94元人民幣（-0.71）/15.31元人民幣（-0.55），2026年新增的每股收益爲人民幣18.93元。在行業清算過程中，領先地位的確定性變得更加突出；考慮到2024年的行業估值，我們給公司2024年的市盈率爲23倍，並維持 “買入” 評級，目標價爲300.00港元。
Sales performance was in line with expectations. In 2023, the Company achieved revenue of RMB602.315 bn, with a yoy increase of 42.0%; net profit attributable to shareholders reached RMB30.041 bn, a yoy increase of 80.7%; net profit excluding extraordinary profit and loss to shareholders was RMB28.462 bn, a yoy increase of 82.0%. In 1Q2024, net profit attributable to shareholders reached RMB4.569 bn, a yoy increase of 10.6%; net profit excluding extraordinary profit and loss to shareholders was RMB3.752 bn, a yoy increase of 5.24%.
銷售業績符合預期。2023年，公司實現收入6023.15億元人民幣，同比增長42.0％；歸屬於股東的淨利潤達到人民幣30.41億元，同比增長80.7％；不計股東特別損益的淨利潤爲人民幣284.62億元，同比增長82.0％。在 1Q2024 中，歸屬於股東的淨利潤達到人民幣45.69億元，同比增長10.6％；不計股東特別損益的淨利潤爲人民幣37.52億元，同比增長5.24％。
Sales volume continued to be strong, with strong profitability. The Company sold 3.024 mn vehicles in 2023, a yoy increase of 61.9%. The Company exported 243,000 NEVs, a yoy increase of 333.9%. In 1Q2024, the Company sold 626,300 vehicles, a yoy increase of 13.4%. Excluding BYD Electronics' revenue contribution, we estimate that the Company's net profit per vehicle in 1Q2024 was around RMB5,000-6,000, witnessed a decline qoq, mainly due to the Company's introduction of end-market sales discounts and lower off-season production capacity utilization. Thanks to factors such as a rich product matrix, good economy of scale and industrial supply chain integration, the Company's overall GPM in 2023 and 1Q2024 recorded 20.21% and 21.88%, respectively.
銷量繼續保持強勁，盈利能力強勁。該公司在2023年售出了302.4萬輛汽車，同比增長61.9％。該公司出口了24.3萬輛新能源汽車，同比增長333.9％。在 1Q2024 中，該公司售出了626,300輛汽車，同比增長13.4％。不包括比亞迪電子的收入貢獻，我們估計，該公司在 1Q2024 中每輛車的淨利潤約爲人民幣5,000-6,000元，環比下降，這主要是由於該公司引入了終端市場銷售折扣和淡季產能利用率降低。得益於豐富的產品矩陣、良好的規模經濟和工業供應鏈整合等因素，公司2023年和 1Q2024 的整體GPM分別錄得20.21％和21.88％。
Focusing on high-end brands and overseas markets simultaneously to further enhance the Company's industry advantages. In 1Q2024, the Company's Denza, Formula Leopard, Yangwang and other high-end brands achieved sales of 38,500 units, increasing the penetration rate of mid-to-high-end price bands; the export sales of passenger vehicles reached 97,900 units, increasing significantly yoy. The Company's overseas strategy promoted itself to grow in both sales volume and profitability. The Company released the "Xuanji" Architecture (璇玑架构), and plans to invest RMB100 bn to help build an intelligent vehicle system.
同時聚焦高端品牌和海外市場，進一步增強公司的行業優勢。在 1Q2024 中，該公司的騰勢、方程式豹、陽旺等高端品牌實現了38,500輛的銷量，提高了中高端價格段的滲透率；乘用車的出口銷量達到97,900輛，同比大幅增長。該公司的海外戰略促進了銷量和盈利能力的增長。該公司發佈了 “玄機” 架構（Xuanjice），並計劃投資 RMB100 億美元來幫助構建智能汽車系統。
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）對新能源汽車的需求可能低於預期；2）新能源汽車行業的價格戰可能會繼續加劇。
譯文內容由第三人軟體翻譯。