BYD (002594): Q2 performance is in line with expectations. Compensation. The downturn has dragged contradictions in the second half of the year.

BYD (002594): Q2 performance is in line with expectations. Compensation. The downturn has dragged down contradictions in the second half of the year.

Key points of the report Description On August 21, BYD released its 2019 Interim Report and achieved operating income of 621.

84 ppm, an increase of 14 years.

8%, net profit attributable to mother 14.

55 ppm, an increase of 203 in ten years.

6%; Q2 achieved operating income of 318 in a single quarter.

8 ‰, an increase of 8 per year.

4%, net profit attributable to mother 7.

50,000 yuan, an increase of 87 in ten years.

1%.

At the same time, the company expects the net profit attributable to the mother to be 15 from January to September 2019.

5.5 billion to 17.

55 ppm, an increase of ten years.

83% to 14.

93%, that is, the net profit attributable to the parent in 2019Q3 is USD 100 to 300 million, which is extended by 71% -90% each year.

  Event comments benefited from the full volume of new energy passenger cars, and revenue continued to grow in the second quarter.

Against the backdrop of a downturn in the auto market, the company’s sales volume was 11 in the second quarter.

500,000 vehicles, the past ten years 2.

0%, of which new energy passenger car sales were 6.

950,000 vehicles, an annual increase of 62.

6%, sales of gasoline passenger cars3.

800,000, which was temporarily 43.

7%.

The significant increase in high-priced new energy passenger cars helped the company’s Q2 achieve revenue of 318.

8 ‰, an increase of 8 per year.

4%.

New energy passenger car sales helped boost profitability, and the company returned to its net profit in the second quarter.

50,000 yuan, an increase of 87 in ten years.

1%, in the lower end of the budget performance forecast range, basically in line with expectations, mainly due to the gradual increase in the profit of the mobile phone component business.

  In the first half of the year, the market share continued to increase, and cost reduction + contribution from dump trucks led to an increase in gross profit margin.

1) The company’s sales of new energy passenger cars in the first half of the year14.

10,000 vehicles, an increase of 97 in ten years.

5%, the market share increased to 24.

4%.

2) The company’s gross profit margin for the first half of the year was 17.

1%, a ten-year increase 1 in the context of a backslope.

2pct is mainly due to the benefit of cost reduction and the contribution of dump trucks to increase the gross profit margin of the automotive business4.

5 points.

3) The company’s sales expense ratio in the first half of the year 3.70%, falling by 1 every year.

2pct, mainly to benefit from scale growth.

  Looking into the third quarter, the volume of new energy passenger cars will be under pressure and the performance will decline.

The official period began on June 26, and the sales in the third quarter improved under pressure due to overdraft effects; the national subsidy further declined and the land subsidy was cancelled, which obviously dragged down the profit of new energy passenger vehicle bicycles.

In terms of new energy commercial vehicles, dump trucks will continue to contribute incrementally.

The company expects Q3 performance to be 1 to 3 trillion, a continuous increase from the previous quarter.

  BYD is a leader in new energy vehicles, with short-term performance under pressure and long-term growth.

1) New energy passenger cars: In 2019, the company will expand 上海夜网论坛 and retreat. The short-term profit scale will increase, and the long-term expansion of scale effect and cost reduction will increase the company’s profit.

2) Power battery: Leading technology and cost advantages, huge development space after opening external supply.

Taking into account that the impact of supplementary declines on earnings is more than expected, we will change the EPS for 19/20/21 from 1.

42/1.

71/1.

96 yuan down to 0.

93/1.

19/1.

41 yuan (down 35% in 19 years), corresponding to 55 for PE.

6X, 43.

4X and 36.

5 times.

  Risk Warning: 1.

Increased competition has led to lower-than-expected sales of new energy vehicles; 2.

Complementing the excellent downhill has resulted in a bicycle profit expansion exceeding expectations.

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