BYD (002594) 2019 Third Quarterly Report Review-Short-term performance under pressure and long-term value unchanged
The company achieved net profit attributable to its mother in the third quarter of 20191.
2 ppm, -89% previously, was in the forecast hub, in line with market expectations.
In the short term, the company’s Q3 performance is under pressure due to the industry’s supplementary decline. However, in the medium and long term, the company is a leader in electric vehicles and has the ability to “explode new energy vehicles.”Opening up to a new level, the value is expected to appear, continue to recommend, maintain the “Buy” rating.
The company’s single-quarter performance in 2019Q3 reached -89%, and the company’s forecast center was in line with expectations.
The company achieved revenue of 62.2 billion in the first three quarters of 2019, +14 in ten years.
8%; net profit attributable to mother 14.
500 million, ten years +3.
1%, located in the center of performance forecast 1-3%.
In terms of quarters, in the third quarter of 2019, a single quarter of revenue reached 31.6 billion, and thereafter -9.
2%; net profit attributable to mother 1.
2 ‰, -89% at the beginning of the year, -83% month-on-month, a significant decrease from the previous month (Q1 and Q2 return to the mother’s net profit were 7, respectively.
500 million and 7.
0 ‰); Q3 deducts non-returned net interest rate 1.
500 million, a decade -130%.
In addition, the company expects a preliminary net profit for the mother of 15 in 2019.
70,000 yuan, -43% to -36% at the beginning of the year, corresponding to the net profit attributable to the mother in the fourth quarter of 0.
1 to 2.
0 billion, lower than market expectations.
The gross profit margin has gradually decreased, and the increase in expenses during the period has been stable.
In a single quarter, the gross profit margin for a single quarter of 2019Q3 was 13.
9% per year -3.
3pcts, -1 ring.
5pcts (Q1 and Q2 gross margins are 19 respectively.
0% and 15.
In Q3, the cost during a single quarter is maximized and stable, and the rate during the period is 12.
6%, -0 per year.
9pcts, +0 from the previous month.
8pcts (Q1 and Q2 are 15 respectively.
0% and 11.
The selling expense ratio is 3.
3% a year -1.
1 piece; administrative expenses 3.
4%, ten years +0.
8 pieces; R & D expenses 4.
2%, ten years +0.2pcts, related to the company’s continued expenditure in the field of new energy vehicles; financial expense ratio1.
6%, -0 per year.
9pcts, mainly due to the pressure of new energy financial supplementary rehabilitation funds received.
In the second half of the year, electric passenger cars were dragged down by the downturn in the industry and the profitability of the electronics business improved significantly.
The domestic new energy passenger car industry sales volume of Q1-Q3 was 25/32/220 thousand units, a period of +98% / + 41% /-19%, a slight decrease in the third quarter, mainly due to subsidy refunds from the second half of 2019The impact of steep discounts on slopes and fuel vehicle terminals.
Company Q1-Q3 electric passenger car sales7.
50,000 vehicles, previously + 150% / + 63% / -30%, while the city’s share in the same period stabilized at 28% / 22% / 22%, the company’s third quarter sales exceeded the industry, except for the industry impact, and the previousHigher bases are also relevant.
BYD Electronics’s single-quarter revenue in 2019Q3 was 15.1 billion yuan, +51 a year.
5%; net profit attributable to mother 4.
500 million, -32 per second.
4%, exceeding market expectations, the gross profit margin of mobile phone structural components increased significantly.
Electric distribution is expected to be maintained, and the supply chain is open to expand new space.
The company is a leader in the new energy vehicle industry. It has ranked first in the world for the sales of new energy vehicles for four consecutive years. Among them, the domestic shares of new energy passenger cars in the first three quarters of 2017/2018/2019 were 19%, 23%, and 24%, respectively.The company’s new energy vehicle layout has formed a rich product matrix, including Tang, Song, Yuan, Qin, etc. of the Dynasty series, e5, e1, s2 of the e-series, and new vehicles such as Song Pro and e2 in the second half of the year, and it is expected to continue.
In addition, the company continues to promote its neutralization strategy. In addition to supporting domestic Changan, it entered overseas Toyota supply chains in June and gradually promoted the continued development of leading European and American car companies. The cooperation with Toyota continued to deepen and the two parties will jointly develop electric vehicles. In terms of intelligence,BYD has recently entered into a long-term strategic cooperation agreement with Huawei to jointly promote the development of automotive innovation and digital transformation.
The company’s business structure has shifted from vertical integration to strategic opening, and the value of the supply chain has gradually realized.
Risk factors: 上海夜网论坛 The company’s new energy vehicle production and sales are less than expected; changes in new energy vehicle policies; cloud rail advancement is less than expected.