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BYD (002594): Market segmentation and supplementary declines drag down performance New energy has long-term advantages

Event: The company released three quarterly reports. The company achieved revenue of 938 in the first three quarters of 2019.

22 ppm, a five-year increase of 5.

44%, net profit attributable to mother 15.

74 ppm, a 10-year increase3.

09%, deducting non-net profit 5.

870,000 yuan, an increase of 209 in ten years.

98%.

Among them, the third quarter achieved net profit1.

20 trillion, deducting non-net profit may be 1.

5.3 billion.

The increase in sales of new energy vehicles supplemented the decline and compensated for short-term performance.

In the third quarter, the company’s new energy vehicles achieved sales of 4.

70,000, a short fall of 31 in a single season.

47%, the full implementation of the 2019 supplementary standard in the third quarter of each year, and the comprehensive range of pure electric vehicle replacement has exceeded 50%.

Under double pressure, the net profit of Q3 increased in a single quarter, and errors in deducting non-net profit occurred.

At the same time, considering that the sales volume in the fourth quarter is still under pressure and continue to implement the new supplementary standards, it is expected that the company’s short-term performance pressure will still apply.

The modeling chassis technology is innovative, and the product power is fully improved.

With the joining of world-renowned styling design masters, the company has made great improvements in car styling and appearance design. The new products have a very high degree of originality and appearance, and the chassis tuning technology has also been completely reformed.

Thanks to the overall improvement of the overall product power, Song Pro has become an explosion model of the same level with its product power and cost performance, and the short board of the fuel car has been improved.

The short-term demand for new energy sources is weak, and the overall industrial chain layout has obvious advantages.

With the gradual withdrawal of supplementation and taking into account the impact of the macroeconomic downturn, the short-term demand for new energy vehicles is still weak.

In the weak market environment, some new energy technologies are lagging 杭州夜网论坛 behind, and enterprises with insufficient funds will be gradually eliminated, and companies with strong technical strength will gradually win.

From upstream raw materials to midstream battery motor electrical control and core components, and then to downstream vehicles, the company’s entire new energy industry chain layout is complete and transformed into cost control capabilities in the industry chain.

At the same time, we focus on technology research and innovation, product layout is rich and complete, and long-term advantages in the field of new energy are obvious.

Investment suggestion: As a leader in the field of new energy vehicles, the company has a long-term effective market reputation and technology accumulation. The entire industrial chain is well-positioned. Although short-term performance is under pressure, its long-term advantages in the new energy field are 西安耍耍网 obvious.

It is expected that the company’s revenue in 19/20 will be 1331.

50ppm 1375.

40,000 yuan, net profit attributable to mothers was 16.

22 ppm / 18.

At 8.3 billion US dollars, the company’s advantage in the field of new energy vehicles is still expected to continue to maintain a “buy” rating.

Risk reminder: New energy vehicle sales are lower than expected, and compensation for decline in slope will be offset in 2020