In-depth-Company-BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

Depth * Company * BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

The company recently announced an agreement with Toyota Motor on July 19, 2019. The two parties will jointly develop pure electric models of cars and low chassis SUVs, as well as jointly develop the power batteries required for the above models.

The company is a domestic leader in new energy vehicles, with an average market share of new energy vehicles and power batteries exceeding 20%.

New cars have been launched successively, and high-priced models such as the Tang DM have continued to sell well. The high growth in production and sales is expected to bring great performance flexibility.

The company streamlined the business of parts and components, and gradually supplied externally advantageous businesses such as power batteries and IGBTs with huge development potential.

This announcement in cooperation with Toyota Motor is a powerful endorsement of the company’s new energy vehicle technology and battery technology, and promotes the rapid development of new energy vehicle sales and power battery external supply.

We expect the company’s estimated earnings for 2019-2021 to be 1.

69 yuan, 2.

15 yuan and 2.

At 41 yuan, the company’s new energy vehicle sales overlapped with an operating inflection point, and the outlook is bright. We maintain our Buy rating.

  Key points of the official rating New energy vehicle technology is leading domestically, and Toyota cooperates to enhance brand value.

The company has obvious competitive advantages in the fields of new energy vehicle technology, supply chain, and brand. It has long ranked first in domestic new energy production and sales. Tang EV / DM and other models have exceeded the price limit of 250,000 yuan and have continued to sell.

  The company has already cooperated with Mercedes-Benz in the field of new energy vehicles. The cooperation with Toyota to develop cars and low-chassis SUV pure electric vehicles is another proof of the company’s new energy vehicle technology leadership and is expected to further enhance the company’s new energy vehicles.Brand value helps sales continue to grow.

In addition, Toyota has invested heavily in electric vehicles, further consolidating the development direction of electric vehicles, and the company’s new energy prospects will have a long-term layout.

  Toyota’s endorsement of power batteries, etc., the prospect of external supply is expected.

The sales of new energy vehicles at home and abroad continue to grow at a high speed, but the supply of high-quality batteries is scarce. At present, the company in Ningde era is the largest, but the long-term layout may change.

The company’s power battery has extremely strong competitiveness in the fields of performance, cost, safety, consistency, etc., and its market share reached 24 in the first half of the year.

8% (real lithium research data), but mainly self-supplied.

Pioneer’s power battery capacity is expanding rapidly, and it actively explores external customers. At present, cooperation with Changan and Dongfeng continues to advance, and it is expected to explore more customers in the future.

This announcement of the company’s cooperation with Toyota in the field of power batteries is a powerful endorsement of the company’s power battery products, trying to help open up more external customers.

Toyota Motor proposed at the June 2019 electrification strategy conference to advance the original goal of achieving 1 million BEV / FCEV sales by 2030 to 2025. The company’s power batteries are also expected to receive some orders, and future development prospects are expected.

  New energy sales continue to grow rapidly, and performance is expected to increase steadily.

According to data from the China Automobile Association, domestic sales of new energy vehicles from January to June 2019 were 61.

70,000 vehicles, an increase of 49 per year.

6%; the company’s sales of new energy vehicles from January to June reached 14.
.

60,000 vehicles, an increase of 94 in ten years.

5%, the market share is as high as 23.

6%, up 3 by 2018.

9 points.

The company’s air force foresees a net profit of about 14 attributable to mothers in the first half of the year.

5?
16.

5 ppm, an increase of 202 in ten years.

65%?
244.

40%.

With the successive listing of Song Pro DM / EV and e-series new cars, the company’s new energy sales are expected to maintain rapid growth, and through measures such as cost reduction, it will actively respond to the decline in compensation, and the company’s performance will promote rapid growth.

  We estimate that the company’s earnings for 2019-2021 will be 1.
69 yuan, 2.

15 yuan and 2.

At 41 yuan, new energy vehicle sales exploded and overlapped operating inflection points, and the development prospects are bright. 杭州桑拿网 We maintain our Buy rating.
  The main risks facing the rating 1) New energy vehicle sales are lower than expected; 2) External supply of power batteries is lower than expected.