BYD (002594): It is expected that the subsequent launch of new cars is expected to slow the impact of subsidy decline on sales

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BYD (002594): It is expected that the subsequent launch of new cars is expected to slow the impact of subsidy decline on sales

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BYD (002北京夜生活网594): It is expected that the subsequent launch of new cars is expected to slow the impact of subsidy decline on sales

Core point of view The sales of new energy vehicles have increased, and the size of fuel vehicles has narrowed.

Overall company sales in July 3.

100,000 vehicles, 17 over the past decade.

0%; cumulative sales from January to July 25.

910,000 vehicles, gradually extending the first level1.

1%.

New energy vehicle sales in July 1.

660,000, 11 in ten years.

8%; sales of traditional fuel vehicles1.

440,000 vehicles, at least 22 per year.

2%, the excess narrowed by 18.

5 units.

Affected by the subsidized decline, BYD’s new energy vehicle sales in July had a negative year-on-year growth.

BYD sales of new energy vehicles in July1.

660,000, 11 in ten years.

8%, which is expected to 杭州桑拿 be mainly affected by the decline of national subsidies and the cancellation of land subsidies; cumulative sales from January to July 16.
.

220,000 vehicles, an average increase of 73 in ten years.

2%.

From a specific model point of view, new energy passenger car sales in July1.

600,000, accounting for 96 of new energy vehicle sales.

6%, sales may increase by 12.

0%; new energy commercial vehicle sales were 557 units, with each 5 sales volume extension.

6%.

Sales of pure electric passenger cars were 9,515, an increase of 16.
.

4%; 6,495 plug-in hybrid passenger cars sold, 35 replaced each time.

2%.

In July, the Dynasty series includes Yuan EV, Tang DM, Song MAX DM, Song Pro DM, Song Pro EV, and Qin Pro DM. The 2019 new models are listed in the market; the e2 will be launched in August.

The launch of new models is expected to mitigate the impact of new energy vehicle replenishment declines, and promote BYD new energy vehicle sales to maintain positive growth.

Sales of traditional fuel vehicles have gradually increased and continue to narrow.

BYD’s July sales of conventional fuel cars1.

440,000 vehicles, at least 22 per year.

2%, the excess narrowed by 18.

5 averages; cumulative sales from January to July 9.

680,000 vehicles, gradually extended to 42 years.

4%.

In terms of specific models, 2,227 cars are sold, another 29 per year.
8%, the range narrowed by 9.

1 unit; 8,091 SUVs sold, an annual increase of 63.
8%, the first positive growth this year; MPV sales of 4,100 units, each 60 units.

6%.

In July, BYD Tang, Song MAX and Song Pro launched a number of new national six models, which gradually changed the bottom of the industry and gradually stabilized.

Financial Forecast and Investment Suggestions: Forecast EPS for 2019-2021 is 1.

53,1.

79, 2.

01 yuan, comparable companies for new energy vehicles, power batteries and other related companies, comparable companies in 19 years PE average evaluation 39 times, target price of 59.

67 yuan to maintain the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile phone parts business is lower than expected risks.