Recently, the topic surrounding BYD has never been interrupted.
html On the evening of June 8, BYD (002594.SZ) issued an announcement stating that the board of directors of Company has uniformly adjusted the price limit for the repurchase of the company's shares, and has adjusted the original repurchase price limit from no more than 300 yuan/share to no more than 400 yuan/share. .
One stone stirs up a thousand waves.
According to the consensus forecast of institutions, BYD's net profit in 2022 is expected to be 7.708 billion yuan, or 2.64 yuan per share. In other words, based on the adjusted upper limit of the repurchase price, BYD's repurchase valuation is about 150 times. What is the concept of
? Simply put, the 150-fold valuation assumes that the company's net profit will remain unchanged in the future and it will take 150 years to recover the capital. Generally speaking, when listed companies repurchase shares, it is rare to see a repurchase price-to-earnings ratio of 150 times, even 50 times.
So, what is the purpose of BYD repurchasing the company's shares?
This starts from the previous repurchase.
html On the evening of April 22, BYD disclosed its plan to repurchase the company's shares in 2022. According to the plan, BYD plans to repurchase an amount of 1.8-1.85 billion yuan, which will be used for the employee stock ownership plan and transferred to the company at a price of "0 yuan". 1.2 Thousands of employees. Moreover, in terms of performance evaluation, the company has set a goal of operating income growth of no less than 30%, 20% and 20% respectively in the next three years.Obviously, such a stock incentive plan is equivalent to a free gift.
As of June 8, BYD has repurchased a total of 2.173 million shares through a special securities account through centralized bidding transactions, accounting for 0.075% of the total share capital. The transaction price ranged from 293.37 yuan to 300 yuan, and the total transaction amount was 6.48 billion.
In other words, based on the repurchase limit of 300 yuan/share, BYD will not be able to complete the repurchase target, and there will be no way to advance the employee stock ownership plan.
To put it bluntly, the stock price rose too fast, and the price went up even before the purchase price was enough, so the upper limit of the repurchase price could only be raised.
focuses on the factors driving the rise in stock prices. On June 8, Lian Yubo, executive vice president of BYD and dean of the Automotive Engineering Research Institute, said in an interview with the media that "BYD will provide battery products for Tesla." At this point, the rumors about BYD entering Tesla's supply chain have been finally confirmed.
However, just when the outside world thought that external supply to Tesla was a certainty, some media also made different voices.
In response to BYD's external supply to Tesla, some media consulted relevant Tesla personnel, but the other party said "we have not heard this information" and denied it. However, combined with the rumors over the past year and more, as well as the predictions of relevant research institutions, coupled with the remarks of BYD executives this time, we still tend to believe that this matter has been confirmed.
Otherwise, it is difficult to imagine how BYD will end up.
Some people may ask that upstream suppliers usually play a "supporting role" and will not compete with the OEMs for the limelight, nor will they actively expose the supply of batteries to the OEMs. Moreover, from a business perspective, overly revealing its desire for this order will not be conducive to BYD's taking the initiative in price negotiations.
So, what exactly is BYD’s “high profile”?
In addition to the consideration of maintaining stock prices, BYD batteries urgently need the endorsement of a car company like Tesla in order to better enter the supply chains of other car companies. In addition, as " blade battery " is currently known to the majority of consumers, BYD's batteries are supplied to Tesla, which is also a very good selling point from a marketing perspective, thereby enhancing the reputation and brand influence of BYD's new energy vehicles. force.
can be described as "killing three birds with one stone"!
In other words, let’s put aside whether it makes money or not. For BYD, as long as it can be completed, the impact of external supply to Tesla will be huge. We will talk about other things later. We have to talk about BYD’s abacus. Very shrewd.
