According to a research report released by Anxin International, maintaining the "buy" rating of BYD shares (01211), optimistic about the company's strong technological and scale advantages, is accelerating to become the world's leading new energy car company with a target price of HK $300. The company sold 31% of new energy vehicles in AprilCtrnitrofueledps5.30,000 vehicles, an increase of 49% over the same period last year and 3.6% month-on-month. Of these, 41000 were exported, up 208 percent from the same period last year and 6.7 percent from the previous month.
The main points of the report are as followsCtrnitrofueledps5:
The first-quarter results were in line with expectations.
BYD (002594) achieved revenue of 124.9 billion yuan in the first quarter of 2024, up 4% from a year earlier and down 31% from a month earlier. The net profit returned to the mother was 4.6 billion yuan, an increase of 11% over the same period last year and a decrease of 47% from the previous month. The gross profit margin was 21.9%, an increase of 4 percentage points over the same period last year and 0.7 percentage points higher than the previous year. The net interest rate was 3.7%, an increase of 0.2 percentage points over the same period last year and a decrease of 1.2 percentage points from the previous month. In the first quarter, under the background of BYD's price reduction of many models of its dynasty and ocean brands and the launch of glorious models, gross profit margin remained high. The main reasons are: 1, the scale effect of cars has increased; 2, the prices of major raw materials are still low. 3. Export sales have increased.
Sales increased in April compared with the previous month.
BYD sold 313000 new energy vehicles in April, up 49% from a year earlier and 3.6% from a month earlier, of which exports were 41000, up 208% from a year earlier and 6.7% from a month earlier. A total of 940000 vehicles were sold from January to April, an increase of 23.2% over the same period last year. Exports totaled about 139000 vehicles, an increase of 159 per cent over the same period last year. BYD sold 178000 passenger cars in April, up 69% from a year earlier and 10% from a month earlier, accounting for 57% of BYD's cumulative sales of 502000 vehicles from January to April, up 29% from a year earlier. Sales of pure electric passenger cars in April were 134000, up 29 per cent from a year earlier, down 4 per cent from a month earlier, accounting for 43 per cent. Cumulative sales from January to April were 370000 vehicles, an increase of 18% over the same period last year. In the second quarter, BYD will launch a large number of new models and the landing of the fifth-generation DM-i hybrid technology, which will help boost sales.
BYD is the biggest beneficiary of the trade-in policy.
Recently, the Ministry of Commerce, the Ministry of Finance and other seven departments jointly issued the "rules for the implementation of Automobile Trade-in subsidies", defining the automobile trade-in fund subsidy policy. The bank expects the policy to boost consumption of millions of cars. Considering the purchasing power of trade-in users, which is more beneficial to middle and low-end car sales, it is believed that BYD will be the biggest beneficiary of this policy.
Risk hint: the competition in the industry intensifies; the price is lower than expected.
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