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BYD (002594): Recognized for its ability to build cars and make breakthroughs in battery supply

BYD (002594): Recognized for its ability to build cars and make breakthroughs in battery supply

Company status On July 19, BYD announced 西安耍耍网 a cooperation with Toyota on joint development of electric vehicles.

The cooperation content is: 1) joint development of cars and low-chassis SUV vehicles and required power batteries; 2) the models will use the Toyota brand, and will be listed before 2025.

Comments on the strength of the car was recognized, and external battery supply broke through again.

We believe that: 1) Toyota’s selection of BYD as a partner for vehicle development is a recognition of BYD’s many years of electric vehicle manufacturing capabilities.

BYD has been deeply involved in the field of new energy vehicles for many years, and has adopted independent development and technological reorganization to achieve full coverage from A00-class cars to full-scale SUV models.

At the same time, BYD is also a leader in pure electric platform building. In 18 years, it has launched a new e-platform. Through integration and standardization, it has achieved weight reduction, shortened development cycles and reduced costs.

2) The external battery supply has made another breakthrough.

Following the cooperation between BYD and Changan Automobile in 2018, the battery has obtained external supply business again.

After obtaining the endorsement from Toyota, we believe that the subsequent BYD battery independence road will be smoother.

Toyota introduced the e-TNGA pure electric platform to accelerate the electrification layout.

According to Toyota’s latest plan, by 2025, its global sales of new energy vehicles will increase to more than 5.5 million, of which 1 million will be pure electric and fuel cell models (18.52 million Toyota global sales in 18 years).

In terms of the pure electric layout, Toyota has launched a new e-TNGA platform with a total of 6 models planned. At present, it has publicly developed with Subaru and Suzuki. We expect that the cooperation between Toyota and BYD may also be launched around eTNGA platform models.

Join forces to share costs and share results.

From the perspective of cooperation, BYD has the world’s leading Sandian core technology, and Toyota has a breakthrough in car manufacturing. The two sides will share their respective advantages.

From the perspective of mutual benefits, Toyota can reduce expansion and extend development cycles.

For a long time, Toyota’s focus has been mainly on the technical route of oil blending and plug-in. At present, pure electric models just launched in the domestic market, through cooperation with BYD, can gradually change the development process and accelerate the electrification strategy.

In addition, during the industry’s huge evolutionary period, cooperation can reduce expenditures and risks.

BYD can realize the benefits through the technology output, while promoting the battery supply business.

It is estimated that BYD A / H corresponds to 52/52 times P / E of 2019 and / 50/50 P / E of 2020; BYD H correspondingly maintains the net profit forecast for 2019/2020 to 28.

300 million and 29.

500 million, maintain BYD A / H outperform industry rating.

A / H target price of 65 RMB / 70 HKD is obtained through segment estimation method, and BYD A corresponds to 19/20 63.

7/61.

3 times P / E, BYD H corresponds to 19/20 58.

9/56.

7 times P / E, BYD A / H are 21% / 46% space respectively.

Risky sales volume was less than expected; compensating for the decline caused a decrease in profitability.

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