BYD (002594) Annual Report 2018 Review: New Energy Vehicles High-growth New Product Cycle Continues to Advance
Company dynamics The company released its 2018 annual report and achieved a total operating income of 1,300.
5.5 billion, an annual increase of 22.
79%, net profit attributable to shareholders of listed companies.
8 billion, down 31 each year.
Matters commented that the decline in performance narrowed quarter by quarter, the revenue from the automotive business increased by 34%, and the company achieved total operating revenue of 410 in 18Q4.
73 ppm, an increase of 28 in ten years.
43%, a growth rate higher than 17 in the first three quarters.
54%, net profit attributable to mothers12.
5.3 billion, down 1 year.
72%, a decrease smaller than -83 in the first three quarters.
Initial automotive business achieved revenue of 760.
07 trillion, a growth rate of 34.
23%, including 524 of new energy vehicle revenue.
220,000 yuan, an increase of 34.
21%; the mobile phone and photovoltaic business was affected by the downturn in the downstream market and the growth rate was broken down to achieve revenue of 422.
3 billion, 89.
500,000 yuan, an increase of 4.
06%; sales income from other main businesses 28.
68 ppm, an increase of 5576.
Due to the decline in gross profit margins of automobiles, photovoltaics and other businesses, the annual gross profit margin in 2016 was 16.
40%, down 2.
The reduction in the sales expense ratio improved the period expense ratio by zero.
57pct to 12.
The world’s new energy vehicle sales champion, the new product cycle continues ahead of time. The company adopted the new design language “Dragon Face”, and continued to launch the Yuan EV360, a new generation of Tang DM, a new generation of Song, Qin Pro and other models.Reached 52.
07 thousand vehicles.
The new generation of Tang DM, the new generation of Song DM, the Qin DM and other plug-in models and e5, Yuan EV and other pure electric models can sell new energy models, replacing new energy vehicle sales of 24.
The sales volume of 780,000 vehicles in the first 17 years has more than doubled, and the domestic new energy vehicle market share has been close to 北京桑拿会所 20%, and has been the world’s new energy vehicle sales champion for four consecutive years.
This year, the company will launch a new generation of Yuan EV, a new generation of Tang EV and Song Max DM, and the new product cycle continues. IGBT technology breaks through the overseas technology monopoly, and actively researches and develops SiC MOSFET companies. Since 2005, it has been laying out the IGBT industry. At present, it has become the first domestic auto company to achieve mass production of automotive-grade IGBTs.
At the end of 18, the company released IGBT4.
0 technology, compared with the mainstream IGBT in the market, IGBT4.
0 The current output capacity is increased by 15%, the comprehensive loss is reduced by 20%, and the temperature cycle life is increased by more than 10 times.
At the same time, the 重庆耍耍网 company is deploying SiC MOSFETs developed by the third-generation semiconductor material SiC. In the future, each electric vehicle will gradually install SiC electronic control, and the overall vehicle performance will be improved by 10% on the existing basis.
IGBT is the core component of the electric vehicle drive system, accounting for about 5% of the total vehicle cost, but 90% of the share is monopolized by foreign manufacturers such as Infineon, Siemens, and Mitsubishi.
The release of 0 marks the company’s further competition in the field of new energy vehicles.
The main business of the separated seat business is to promote the continuous open supply system of power battery external supply companies. It will establish a joint venture with Faurecia to separate the seat business, while promoting the external sales of power batteries, expanding customers such as Dongfeng, and signing with Changan Automobile.Strategic cooperation agreement, the two parties will jointly establish a battery factory with an annual output of 10GWh to supply power batteries for Changan.
According to the data of the power battery application branch, the company’s new energy vehicle power battery installed capacity in 2018 was 11.
43GWh, with a market share of 20.
1%, the second in the country.
The external supply of power batteries will effectively promote the company’s power battery business development.
The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company from 2019 to 2021 will be 40.
7.3 billion, 49.
2.5 billion, 58.
5.6 billion yuan, corresponding to an EPS of 1.
49 yuan, 1.
81 yuan, 2.
15 yuan, the corresponding PE is 37 times, 30 times, 25 times, the first coverage, given the “overweight” rating.
Risks indicate that car sales are less than expected; risks from changes in industry policies.