The market value exceeds trillion, BYD's "throne" is unstable?

At the moment, the word is to describe BYD must not be too much.

Since the beginning of May, BYD's stock price has risen more than 40%. As of June 10, BYD's close reported 348.8 yuan, with a total market value of 1015.407 billion yuan.

According to the world's latest car companies' market value rankings, BYD once again surpassed Volkswagen Group, becoming the third car company in the world, and the only Chinese car company with the top ten.

Interestingly, under the momentum of the soaring stock price, BYD's current stock price has exceeded the previously original repurchase company's share price limit. In order to ensure the smooth implementation of their repurchase share plan in 2022, BYD had to issue an announcement on the evening of June 8 that the upper limit of the repurchase price was adjusted from no more than RMB 300/share to no more than RMB 400/share.

It is no wonder that some investors commented: "In a few days, BYD's stock price surpassed the" King Ning ", and it will become the" Di Wang ", which will hold the GEM to death."

BYD, as soon as possible?

01 Sales Guan BYD

Looking back at the past five months of 2022, it must not be too good for domestic new energy manufacturers. Affected by the Black Swan incidents such as the Russian and Ukraine War and the domestic epidemic, both Tesla and a domestic car company were under tremendous pressure from the supply chain and production capacity.

One player's performance is very strong, it is BYD.

From the perspective of the overall market, BYD's sales have exceeded 100,000 units in the past three months. According to its latest May production and sales express report, BYD's new energy vehicle output in May reached 118,100, an increase of nearly 10%month -on -month, an increase of 270.24%year -on -year. Among them, DM hybrid models have sold 60,800 vehicles, and EV pure trains have sold 53,300 vehicles.

Compared with the data of the peers, in addition to the affected Tesla, which is seriously affected by the epidemic, the ideal car sales in May were 11,496, the Nezha car was 11009, the Xiaopeng car was 10125, and the zero -run car was 10069 The sales of Weilai cars are 7024 vehicles, and even if they add their sales, they are quite different from BYD.

According to Pang Junwen analyzed by Guotai Junan, BYD's subsequent monthly sales will continue to increase a month -on -month increase. New energy sales throughout the year are expected to reach more than 1.6 million vehicles.

From the perspective of specific market segments, BYD's dynasty and marine system established almost all the needs of the mass markets of less than 300,000 yuan.

Looking at BYD's May data, the Song family sold as a pillar model was 31989 units, of which the Song DM series that focused on men's first purchased increased by 779.4%year-on-year; The sales volume of the Han family was 23,934, a year -on -year increase of 359%; the sales of pure electric dolphins focusing on the purchase were 6,430 units; the BYD Yuan family sales were 13,333 units ...

Relying on the best -selling models, BYD ranks first in BYD.

The new models launched by BYD this year also continued BYD's strong performance during the pre -sale stage. The BYD SEAC, which is considered by the industry to marked the Model 3 of the Tesla Model 3, received an order of 20,000 vehicles within 6 hours of the pre -sale; the pre -sale of the joint venture brand D9 positioned as a high -end MPV of the high -end MPV came to 3,000 vehicles within 30 minutes of sale to 3,000 vehicles. Essence

There is also a small story very interesting. Since the beginning of this year, the government has launched many policies to promote car consumption. It is said that in the consumer coupon car shopping festival held by a second -tier city at the end of May, although nearly 20 car brands have participated in the event, they are in Of the 780 people who received consumer vouchers, 600 people chose BYD.

BYD is gradually becoming the first choice for consumers.

02 BYD's core competitiveness

In 2020, BYD's share in the new energy vehicle market was only 11.9%. In 2021, the number soared to 17.1%. In the first quarter of this year, BYD's market share came to 24.66%.

There are two key points that promote this change. One is the release of the super hybrid technology-the release of DM-I, and the other is BYD's entire industrial chain layout.

According to data from Huaxi Securities, 2021H1 China New Energy Vehicle achieved sales of 1.206 million units, a year -on -year increase of 201.5%, driving the penetration rate of new energy vehicles to steadily increased. 2021H1 reached 9.3%, an increase of 4.1PCT from 5.2%in 2020.

It is not difficult to see from the sales and penetration rate that users have increasingly recognized new energy vehicles, and the entire industry is moving from policy -driven to market -driven.

It was at this key stall that BYD launched the fourth-generation hybrid technology DM-I.

What is DM-I? Simply put, it is a hybrid technology that is mainly electricity and oil -supplemented. During the driving process, the vehicle mainly relies on high -power motors to drive, and the main function of the gasoline engine is to charge the battery. Only when more power is needed.

Compared with pure electric, the most intuitive benefit of DM-I is the increase in battery life. When the official introduced, BYD even said that the maximum battery life reached 1200 kilometers: compared to the traditional hybrids mainly oil-based hybrids, most of them were identified as the blue card. , Cars equipped with DM-I technology are not only green, but also inherited the characteristics of direct drive of electric vehicle motors to speed up faster; compared with the ideal extended process, due to the direct drive capabilities of the engine, DM-is equipped with DM- I technology has less fuel consumption. In the case of high oil prices and unable to solve mileage anxiety, DM-I technology "fast", "green", "province" and sufficient features have become the strongest arms.

If DM-I is the key to BYD's rapid opening of the market and maintain its advantages, then BYD's entire industrial chain layout is the biggest reliance on the Diaoyutai when facing various external risks.

BYD is not only the only car company in the world that has the core technology of new energy vehicles such as battery, motor, electrical control, and MCU chip at the same time, but also the only car company in China with the IGBT complete industrial chain.

From the perspective of the battery, BYD not only controls the raw materials through the investment of lithium resource manufacturers and purchase mining rights, but also develops a more secure blade battery. According to the April data, BYD's battery installed capacity was 4.3GWh, an increase of 233%year -on -year, and the market share was 15.9%, ranking second in the world.

BYD also has eight branches across the country and a Shenzhen headquarters factory, which can fill the factories and distribute to maintain its own production capacity.

The supply chain of "everything is not required" allows BYD to calmly face pressures such as the shortage of chip chip and rising raw materials: when the peers are reduced or even discontinued, BYD can maintain production capacity. The amplitude is maintained within 7000.

With the separation and independence of BYD's various businesses, BYD is no longer just a player of new energy vehicles and has become a supplier of car companies. BYD semiconductors have repeatedly reported the news of listing, and Fudi Battery has just been rumored to be supplied to Tesla. Industrial chain companies including BYD semiconductor and Fudi batteries support BYD's trillion market value with the driving car business.

03 The second half of the new energy vehicle

BYD Chairman Wang Chuanfu said at the shareholders meeting on June 8 that the second half of the new energy vehicle was intelligent. What is worrying is that in this field, BYD's challenges are still a lot.

On the one hand, it lies in technology. Intelligence is mainly reflected in two aspects, one is intelligent driving, and the other is smart cockpit. As the earliest players who entered the new energy vehicle, BYD's advantages accumulated in these two aspects are really lacking.

Since its development in 2008, BYD's smart cockpit Dilink has iterated to Dilink4.0. However, the Dilink interactive experience relying on the underlying Android ecology is too bad to meet the needs of consumers in the intelligent era.

In terms of intelligent driving, BYD's current DIPILOT is a standard L2 level. In the future, demand will definitely go to L3 and L4. Although there have been news before, BYD, Baidu, Huawei and other companies in smart driving have also invested in related production companies including horizontal lines (autonomous driving chips) and "Sagitar Junchuang" (laser radar). However, as mentioned by the famous "Soul Soul theory" of the chairman of SAIC Group, if it cooperates with the supplier of third -party driving systems such as Huawei, Huawei is the soul, and SAIC becomes the body. This result is difficult to accept it. of. In the long run, the whole stack is the best choice for car companies.

On the other hand, new players including Baidu, Apple, and Xiaomi will end in the second half of the game. Some of them have been working in intelligent driving for many years, and they have rich technical reserves; while while they have a large number of fans, they also have sufficient funds for research and development. It is conceivable that the future market competition will become more and more intense. It is not known whether BYD can continue to maintain its advantages.

The hidden concerns of intelligence are reflected at the other level, which is the insufficient profitability caused by the difficulty of high -end layout.

According to BYD's first quarter of this year's financial report, while net income increased by 240%compared with last year, gross profit has declined. Compared with Tesla, it is also selling a car. The net profit of Tesla can reach 70,000 yuan, while BYD's net profit is only between 450-1510 yuan.

According to the public information, BYD has the idea of ​​impacting high -end this year. It not only restarts the joint venture brand with Mercedes -Benz, but also plans to launch a higher -end starry sky brand.

However, the industry believes that the entry point of domestic high -end electric vehicle brands lies in the experience of traditional luxury. This simple understanding is that the core of the high -end is the intelligent experience full of technology and futuristic, which is exactly what BYD lacks.

In the first half of the new energy vehicle, BYD achieved a leading position by relying on unremitting R & D investment and the layout of the entire industry chain. In the future, whether you can make breakthroughs in intelligence will be the key to whether BYD can continue to maintain the lead.

Reference source:

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2. In the hybrid year, BYD's wind review really reverses? Zinc scale

3. How does BYD sell for 1 million? Tiger

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