BYD (002594) June sales review: none of the four major families has fallen behind in the second half of the year

BYD (002594) June sales review: none of the four major families has fallen behind in the second half of the year

[Precautions]BYD released June sales, which sold 26,571 new energy vehicles in a single month in June, YOY + 55.

5%, sales of new energy vehicles gradually from January to June14.

60,000 vehicles, an increase of 95% year-on-year.

Among them, January-June pure electric sales9.

60,000 vehicles, a year-on-year increase of 302%, mixed sales4.

50,000 vehicles, -5% compared to the same period last year.

Fuel cars are gradually sold 8.

20,000 vehicles, -45% year-on-year.

[Comment]The sales of new energy vehicles rose month-on-month, and the main models were steadily sold.

June is the last month of the transition period to supplement the downhill. With the effect of rush installation, the company’s new energy vehicle sales climbed 21% from the previous month.

33%, of which the Tang family sold 6,197 vehicles, a cumulative sales of 49,361 vehicles from January to June; the Qin family sold 7,397 vehicles, from January to June gradually sold 30,420 vehicles, the Song family sold 9,283 vehicles, cumulative56,796 units were sold, 6566 units were sold by the Yuan family, and 43,484 units were gradually sold from January to June.

The dynasty series of models have a clear positioning, a clear division of families, and the performance of each family’s products is balanced, without leaving behind, which reflects the company’s excellent product system building ability.

Sales of the e-series models continued to climb, and the sales of the S2 were dazzling in the first month of listing.

The company is selling new e-series products on the e-net this year, focusing on economical models. It currently has two models, e1 and S2. E1 is a small A00-class electric vehicle.Climbing up, 4168 四川耍耍网 vehicles were sold from April to June.

The S2 is a compact all-electric SUV, which was launched in June. It sold 2061 units in the month of listing and performed well.

In the second half of the year, the company will continuously launch new models of the Dynasty series and the e-series, 7.

11 will launch five SUV Song Pro, divided into fuel version and plug-in version, the smallest are 11-13 thousand, 180,000-200,000.

The crossover e2 hatchback will be launched in August, and the model system will be further enriched.

We estimate that the company’s operating income for the years 19, 20 and 21 will be 1553, 1797, and 192.9 billion US dollars, respectively, and the net profit attributable to the parent will be 28.

58, 30.

81, 31.

4.4 billion yuan, with EPS of 1.

05, 1.

13, 1.

15 yuan, corresponding 杭州桑拿网 to 50 for PE.

8, 47.

2.46.

2 times, maintaining the “overweight” level.

[Risk reminder]The market demand for new energy passenger cars is less than expected, and the company’s production and sales are disrupted; the impact of supplementary declines on market disturbances is greater than expected;