On August 2, BYD ah shares performed well under the double positive support of policy and high prosperity.
In terms of a shares, BYD closed the board in the afternoon, and its share price hit another record high, with a total market value of more than 830 billion. It is already an absolute leader in China’s automobile industry. Today’s turnover exceeded 17 billion.
In terms of Hong Kong stocks, BYD rose in shock. As of press time (14:56), the increase expanded to 8.70%.
On the news side, the latest July sales data released by ideal automobile and Xiaopeng automobile show that both set a new record for monthly delivery, indicating an ultra-high boom in the new energy automobile industry.
In terms of policy, the Political Bureau of the CPC Central Committee held a meeting on July 30, which called for tapping the potential of the domestic market and supporting the accelerated development of new energy vehicles.
Many institutions are optimistic
Goldman Sachs: maintain BYD’s “buy” rating
Goldman Sachs released a research report saying that it held an investor meeting with the company’s sales manager and quoted its sales manager as saying that the order delivery of blade battery business has been strong recently. Since the company launched its DM-I super hybrid technology system in January and the first relevant platform vehicle in March, the relevant backlog of orders has been increasing rapidly. Generally speaking, dealers’ customers need to wait three months after placing an order, while BYD expects to start relevant shipments in August this year, which is expected to accelerate.
The bank said that the company’s sales manager estimated that DM-I super hybrid technology system products will account for more than 60% of the total orders of dealers in the second half of this year. It is expected that the production capacity will increase from 20gwh by the end of 2020 to 70gwh by the end of 2021. It is estimated that it can benefit from DM-I super hybrid technology system and external sales business.
Citigroup: increase the target price of BYD A and H shares, and the shipment of external lithium iron phosphate battery will be started
Citigroup said it would raise BYD’s H-share target price by 25% and A-share target price by 18%. It is expected that the company will announce a large-scale external lithium iron phosphate battery shipment plan in the third quarter.
Analysts Jeff Chung and others pointed out in the report that the gross profit of electric vehicle business in the second half of the year is expected to rise sharply compared with the first half of the year, raising BYD’s H-share target price from HK $327 to HK $410 and A-share target price from RMB 299 to RMB 352.
GF Securities: lithium iron phosphate technology drives a new round of model cycle, with H shares reaching HK $284
GF Securities recently released a research report that BYD accounted for 14.0% of the market in the field of power battery in 2020, second only to Ningde era. The blade battery developed has the characteristics of high safety, long life and long endurance. With the expansion and production of new bases such as Changsha / Bengbu / Changchun, the capacity expansion of blade batteries has been accelerated and the progress of external supply has been accelerated.
The dolphin to be released in 2021 is expected to penetrate the parity market. The fuel consumption of DM-I model released in March is as low as 3.8l/100km under power loss, so as to accurately penetrate the class a hybrid market with strong cost performance advantages. In 2021, the company’s pure electric models will fully switch blade batteries, and lithium iron phosphate technology will help create a popular model cycle.
GF expects that BYD’s vehicle sales increase, the expansion of battery production and the acceleration of external supply, and the split listing of semiconductors are expected to improve the valuation, giving 150 times PE in 2021, corresponding to a shares with a reasonable value of 319.22 yuan / share, and corresponding to H shares with a reasonable value of 284.56 Hong Kong dollars / share according to the current ah premium ratio.
CITIC Securities: highlights the value of motorized supply chain
CITIC Securities previously released a research report that BYD is technologically leading in the field of new energy vehicles, and the popular model “Han” has significantly improved its brand strength. The fourth generation DM-I plug-in hybrid platform has the characteristics of low fuel consumption and low cost, which is expected to promote the company’s electric vehicle sales to a new level.
At present, the supply chain neutralization strategy is advancing steadily, and the advanced electric parts business such as BYD semiconductor and power battery is expected to gradually realize its intrinsic value; Recently, the additional issuance of H shares has been completed and the capital has been continuously enabled. BYD’s electronic fundamentals also continued to improve. ” The value of “vehicle brand” + “electrification technology supplier” continues to appear.