Copy Buffett's "homework", and the wooden sister also increased BYD. What is the logic?

BYD's rise in the trend has driven the entire automotive parts industry chain. In the past month, many automotive parts companies have doubled out. Some institutions say that they should reuse BYD's investment logic.

In the context of the rising delivery, BYD has been recognized by the market. A few days ago, CITIC Securities stated in a research report that BYD's reasonable market value space is expected to reach 1.4 trillion yuan. In other words, BYD still has at least 40%of the growth space.

However, it is worth noting that recently, some brokers have reduced BYD's financing conversion rate to 0%. As for the reason, some brokers said that the reason why BYD's financing conversion rate was lowered to 0%because according to the "Rules of the Implementation of Funding Trading Trading Transactions", the static price -earnings ratio of more than 300 times or negative stocks needed to be reduced to the stock conversion rate to a negative number to be reduced to a decline of the stock conversion rate to a negative number to a decline to be reduced to a decline of the stock conversion rate to a negative number to a decline. 0%.

Quietly, BYD's dynamic price -earnings ratio has reached 301 times, which means that some securities firms have not allowed customers to continue to increase leverage, which means that it has reached the time of prompting risks.

So, is BYD tall? How big is the future space?

The question of whether BYD is overestimated can be described as benevolent, and time to de -digesting valuation is also the most common method of the market for some head technology companies.

I think that the market value of BYD in the short term exceeds one trillion yuan, and the high price -earnings ratio is an indisputable fact, that is, BYD did have some risks in the short term. But in the long -term perspective, BYD's delivery volume exceeded 500,000 units in the first five months of this year, with an average of more than 100,000 units per month.

Delivery volume is the most important factor to measure the strength of a new energy vehicle company, and BYD's delivery this year can already be compared to Shoulder Tesla, and as the number of delivery is steadily increasing, the number of new energy vehicles per year should exceed 1 million vehicles. Probability event. Compared with the annual delivery data of about 100,000 vehicles, BYD can indeed look at the front line.

In addition, in fact, the current energy vehicle companies do not have a significant gap. If it is maintained in the number of delivery, then I think the market value gap between BYD and Tesla should not be so large.

It is worth noting that Cathie Wood also increased BYD's ADR this year.

According to the China Fund, Cathie Wood's autonomous driving and robot ETF ARKQ has increased significantly.

Specifically, as of the end of 2021, ARKQ held 309,126 shares in BYD ADR. On April 1, the number of ARKQ shares reached 48,1833 shares, and then the positions decreased.

As we all know, Cathie Wood is a loyal fan of Tesla, because of his betting on Tesla's stock price, making her famous in the first battle. But last year because Tesla's stock price was less than expected, her fund was "re -created." Since the beginning of this year, the net value of Cathie Wood's autonomous driving and robot ETF ARKQ has fallen by more than 30%, about $ 1.2 billion. It is reported that the fund's largest heavy position is Tesla.

In fact, the fund not only bought the BYD ADR, but also built a warehouse on Weilai Automobile since April, and increased its holdings of Xiaopeng Motor's affiliated enterprise Guangzhou Orange Smart Motors. In other words, Cathie Wood and Buffett were "reached" in the incident of increasing BYD, which proves that they are optimistic about BYD's future.

In addition to the blessing of the outside world, BYD's own repurchase also illustrates some problems. On June 14, BYD announced that as of June 13, the company's total repurchase of A shares by concentrated bidding transactions accounted for 0.189%of the company's total share capital, with a maximum transaction price of 358.58 yuan/share, and a minimum transaction price of 293.37 yuan /Share, the total amount of repurchase funds is 1.81 billion yuan (excluding transaction costs). The repurchase plan has been implemented.

综合而言，全球的汽车行业正处在由油车转向新能源的关键时期，且随着新能源渗透率的提高，新能源车企的估值就会被不断地重构，直至新能源汽车The penetration rate exceeds 70%. From the beginning, BYD, as one of the representative companies of China's new energy vehicles, has a lot of space in the future. As a major global power battery company, BYD's status is also very stable, so BYD is indeed valuable from the perspective of investing in the future.

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