BYD (002594) recently released its production and sales data for February 2024, although the wholesale sales of new energy passenger vehicles have declined due to seasonal factors and active destocking strategies, but the layout of high-end brands, exports and new products has many bright spots
Production and sales overview] The wholesale sales volume of new energy passenger vehicles in February was 1220,000 units, down 368%, down 393%；
Pure electric passenger cars sold 550,000 units, a decrease of 394%, down 479%；
Plug-in hybrids sold 670,000 units, down 338%, down 302%。
Brand & Export Performance].
In terms of brands, Dynasty + Ocean series, Denza, Yangwang, and Equation Leopard sold 1140,000, 4,598, 780, 2,310;
The export business was strong, and overseas sales reached 230,000 units, a year-on-year increase of 553%, down 356%。
New product layout and strategy].
In February, a number of BYD's important models, such as Qin, Han, Tang, Song Pro series and some models of the Ocean series, completed the facelift and update, and adopted a more competitive strategy;
Among them, the main models such as Qin PLUS DM-i, Han DM-i, and Han EV have reduced prices to varying degrees, and the starting price of some models has touched the low price of fuel competitors, and the Dolphin model has launched a version of less than 100,000 yuan to broaden the market coverage.
Intelligent upgrade].
At the beginning of 2024, BYD released the "Xuanji" and "Xuanji AI Large Model" of the intelligent architecture of the whole vehicle, and the Denza N7 8 has taken the lead in carrying the high-speed NOA navigation function, and the city pilot function will also be launched in the first quarter.
It is expected that models with more than 200,000 yuan will be equipped with optional high-end intelligent driving assistance systems, and models with more than 300,000 yuan will be equipped as standard, which indicates that BYD's competition in the field of intelligence will be further strengthened.
Investment Advice] In view of BYD's technology-driven, continuous improvement of product and brand power, as well as its active global layout and intelligent development strategy, analysts expect the company's revenue to reach 6,511800 million yuan, 7,987400 million and 9,793200 million yuan, and the net profit attributable to the parent company was 301500 million yuan, 402700 million and 503600 million yuan, corresponding to earnings per share of 1036 yuan, 13$83 and $1730 yuan. At the ** price of 192 on March 1, 202418 yuan shares, the corresponding P/E ratio levels are 19 times, 14 times and 11 times respectively. To sum up, we are optimistic about BYD's steady development in the future.
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