AutoBeta(AutoBeta.net)11/01 Report--

Today, BYD shares announced that it will issue 50 million new H shares with a face value of 1 yuan each in the company's registered capital. The placing price of each placing share is HK $276.0, which said that if all the shares issued were to be placed, the amount raised would be about HK $13.8 billion, with a net financing of HK $13.744 billion.

As for the use of the financing, BYD said that the purpose of raising HK $29.925 billion in January was the same, and that the funds raised would mainly be used to supplement working capital, repay interest-bearing debt, invest in research and development, and general corporate uses. In addition, BYD also said that this placement will provide the company with a good opportunity to optimize its capital structure and financial structure in its business opportunities, and further expand its shareholder base by attracting a number of high-quality institutional investors to participate in the placement. In its announcement, it pointed out that electrification and intelligence are the future development direction of the automobile industry, and the company will realize the accelerated replacement of new energy vehicles for fuel vehicles through technological innovation, and through the layout of software and hardware in the field of automobile intelligence, realize the leap from traditional cars to intelligent cars.

With the rapid development of new energy vehicles, the competition among car enterprises is becoming more and more fierce, which brings a lot of pressure to traditional car companies, resulting in many traditional car companies are also accelerating the layout of electric models. In this context, BYD is also increasing the layout of the new energy vehicle business sector. According to the September car sales figures released by BYD, car sales in September were 79037, of which 70022 were new energy passenger vehicles, up 276.4% from a year earlier, accounting for 88.6% of BYD's total September sales. Sales of fuel vehicles were 9015, down 59.6 per cent from a year earlier. In terms of sales volume, new energy vehicles have gradually become dominant by BYD cars. In January this year, BYD launched the self-developed "DM-i Super plug-in" system, while announcing the pre-sale and launch of three models, including Qin PLUS DM-i, Song PLUS DM-i and Tang DM-i. BYD's DM-i model has been sought after by consumers since its launch.

It is worth noting that on October 28, BYD released its third-quarter results. According to its financial report, the operating income during the reporting period was 54.307 billion yuan, an increase of 21.98% over the same period last year. The net profit belonging to shareholders of listed companies was 1.27 billion yuan, down 27.50% from the same period last year. BYD said it was mainly affected by revenue and cost growth.

For the performance of BYD, Anxin Securities said that it maintained the "buy-A" rating of 002594.SZ, and expected its return net profit in 2022-23 to be 112.8 / 13.63 billion yuan respectively. Corresponding to the current market capitalization, PE in 2021-23 was respectively times that of 208-78-65, with a six-month target price of 360 yuan per share. It also pointed out that as BYD (Super Hybrid Technology) accelerated volume expansion in the fourth quarter, the prices of some raw materials stabilized. BYD's auto business is expected to accelerate and improve in the fourth quarter, and the profits of the auto business are also expected to accelerate. In addition, with the alleviation of the overseas epidemic and the stabilization of raw material prices, BYD's electronic business is also expected to improve in the fourth quarter.

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