BYD (1211 HK) Entering a result harvest period with multiple catalysts May 14, 2020 115

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD53

Investment Summary
Obvious Characteristic of High in the Beginning and Low at the End regarding Profit in 2019
BYD recorded revenue of RMB121,780 million, basically levelled with the previous year. Net profit attributable to the parent company decreased by 42% to RMB1.6 billion. The EPS was RMB0.5, with a dividend paid of RMB0.06 per share. In the four quarters, the net profit of the Company was RMB750 million, 705 million, 120 million and 40 million, respectively, up by 236.4%, up by 24.5%, down by 80.6% and down by 84% yoy, respectively. Regarding profit, there was obvious characteristic of high in the beginning and low at the end, which was consistent with the fluctuation of domestic new energy vehicle industry which resulting from the retreat of subsidy policy and switch to China VI vehicle emission standards.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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