16 people invested and took 3 months to disassemble a BYD for a research report in Haitong International Research Team

Recently, BYD (SZ002594, stock price 351.05 yuan, market value 1021.957 billion yuan) has performed well, and there are many related special research reports.

On the morning of June 27th, Haitong International (HK00665, HK $ 1.160, a market value of HK $ 7.704 billion) released a report entitled "Haitong Automobile Research Office -BYD" Refined Disassembly ", which caused the industry to heat in the industry Discussion.

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What is different from the report of Haitong International is that in order to study the components of BYD's "Yuan", the members of Haitong International Metal+Auto Team (the main research areas are metal and automobiles). In order to disassemble this car, 16 team members took 3 months before and after. It is understood that this Thursday Haitong Securities related team will also hold a telephone meeting for this research report to introduce each part of the dismantling.

Some people in the industry believe that disassembling cars, like past analysts, dismantling Apple mobile phones, is to study the supply chain. Essence There are also opinions that the current "point seasons" are now available, and the release of this "hard core" report is also relatively view, reflecting the competitive intensity of the current seller industry from one side. In addition, the chief of the automotive industry of a securities firm put forward questions about the purpose and logic of Haitong International's research.

The report is more than 80 pages

"Daily Economic News" reporter found that the report of Haitong International was more than 80 pages, and the content generally focused on the disassembly process of a BYD "Yuan" EV360. The report first introduced the various technical characteristics of the model for nearly 10 pages.

According to the report, as of April 2022, the cumulative sales volume of BYD's "Yuan" EV models had exceeded 174,000 units.

Judging from the report, the "Yuan" demolished this time is not a new car. The manufacturing of the car was September 2018. It was originally purchased to meet the daily commuting needs, and the mileage has reached 78,000 kilometers. A car owner in Hangzhou told reporters: "Run 78,000 kilometers in 4 years, which is a normal usage."

The main lengths of the subsequent reports are all around the disassembly process of "Yuan", and the picture and text describing almost every removed parts. Related descriptions include information such as size, weight, working principle, dealer quotation, and even manufacturers of each component. The biggest space is the detailed dismantling of the battery system.

From the perspective of the overall development, a large number of components of this "meta" are made by BYD, such as battery systems, electrical drive assembly core components, air conditioning, etc. However, some chips come from external procurement.

After the report was released, the chief of Haitong Securities' metal+automobile team thanked the team members for their hard work in the circle of friends. According to him, the report was completed by 16 team members, and it took 3 months before and after the disassembly. The parts of the report are filmed by the team members on the spot, and the detailed details of the car parts are displayed with one -handed data.

Judging from the statement of Haitong Securities Metal+Auto Team, the above report is the first dismantling of the car removal series. This means that there may be more reports of car demolition in the future.

However, in the interview, the chief of the automotive industry of a large securities firm (a few times has obtained the best analyst of the new wealth) questioned the purpose and logic of Haitong International's research.

Judging from the above research report, in the length of more than 80 pages, although the process of disassembling the "Yuan" is described in detail, the content of the analysis and summary is relatively small, and the core point of view is not clear. Go up a little "flowing account".

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In this regard, the chief of the construction industry in the construction industry in the circle of friends stated: "Write such a report on a waste car, there are said that there is a demolition of Tesla. Can the military industry analysts be dismantled? You can also make liquor by yourself. Can the architectural researchers also build a house by themselves? "

In addition, there are also opinions that at the end of the quarter, the seller's research industry is a "point season", and now it is the "point season". From the time of the release, this "hard core" report Compared with the scenery.

"Daily Economic News" reporter found that although this report has some controversy in the industry, its attention is still high.

Mr. Xu, an investor who had experienced experience in large -scale securities firms for many years, told reporters: "Today, I saw a number of reports from investment related to investment. The dismantling of cars, like past analysts, disassembled Apple mobile phones, is to study the supply chain of popular industries.

However, compared to a mobile phone with a maximum of about 10,000 yuan, a car, even low -end models, the price is much higher than the mobile phone. In addition, the costs, time, and venue costs spent by the disassembly of the car are incomparable to disassembling mobile phones. Therefore, for the research institutes and analysts of some small and medium -sized securities firms, to obtain the first -hand information of the supply chain, it is necessary to face the question of whether it is "affordable".

It is worth mentioning that the Haitong Securities Metal+Auto Team was demolished by BYD a relatively older model. If you want to disassemble new models, it will definitely cost higher.

After reading the above report, the dean of a small and medium -sized brokerage research institute said that in the era of competing commission points, sellers were not easy to do.

In recent years, as public funds have continued to grow, the cakes of the securities firm seller have become larger, but more and more people cut cakes.The research content is increasingly difficult to "out of the circle".According to CHOICE statistics, in 2015, there were a total of 20 brokerage firms with more than 200 million yuan in commissioned commission, most of which were old -fashioned institutions in the domestic securities industry.In 2021, there were a total of 30 brokerage firms with more than 200 million yuan in commissioned commission income. In addition to some old -fashioned institutions, many sellers studied the newly rising brokerage firms also joined the ranks of market share.

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