On the evening of June 8, when the stock price ran above the repurchase price limit for 3 days, BYD (002594) announced that the repurchase price limit would be raised from 300 yuan per share to 400 yuan per share.
On the same day, BYD held its annual general meeting to consider and approve relevant proposals such as the annual report and the annual profit distribution plan. Wang Chuanfu, chairman of the company, said at the meeting that the process of electrification is accelerating, and it is coming much faster than expected. Whoever has more resources, a healthy supply chain and great product advantages can win a larger market; and intelligence is the new In the second half of energy vehicles, the company pays great attention to the development of intelligence, and it is also open, and will cooperate with domestic and foreign partners with excellent resources and capabilities.
Raise the repurchase price ceiling
In April this year, BYD planned to repurchase shares for the implementation of the "0 yuan" employee stock ownership plan, that is, the repurchased shares will be transferred to the employee stock ownership plan at 0 yuan per share, which is equivalent to a free gift to employees. It was reviewed and approved by the general meeting of shareholders on May 28. The repurchase plan shows that the company plans to use 1.8 billion to 1.85 billion yuan of its own funds to repurchase shares, and the repurchase price is capped at 300 yuan per share.
On June 1, the third day after the shareholders' meeting approved the repurchase plan, BYD quickly opened the repurchase curtain. On the same day, it repurchased 1.45 million shares through centralized bidding, accounting for 0.05% of the total share capital, and the transaction price was between 293.37 Between RMB/share and RMB300/share, the total transaction amount was RMB 433 million, and over 20% of the repurchase target was achieved within one day.
Although the repurchase action was rapid, the gradually rising stock price seemed to be a "stumbling block". Since June 6, BYD's share price has been running above the upper limit of the repurchase price of 300 yuan/share, and the latest closing price has reached 327.41 yuan/share, that is, the repurchase cannot be implemented from June 6 to 8. The announcement shows that up to now, the company has accumulated 2.17 million shares repurchased, accounting for 0.075% of the total share capital, with a total transaction value of 649 million yuan, and 35% of the repurchase target has been completed. According to this calculation, after BYD implemented its first repurchase on June 1, it immediately repurchased 720,000 shares on June 2, costing about 216 million yuan, and the stock price on that day was between 295.22 yuan per share and 305 yuan per share. run.
In order to ensure the smooth implementation of the repurchase, BYD convened a board of directors and agreed to adjust the upper limit of the repurchase share price from 300/share to 400 yuan/share, an increase of 33%. The new repurchase price ceiling is 22% higher than the latest closing price. The company stated that the adjusted repurchase price cap did not exceed 150% of the average transaction price for the first 30 trading days of the board meeting.
Wang Chuanfu: The process of electrification
Faster than expected
On June 8, BYD's annual general meeting of shareholders was held as scheduled, and reporters from Securities Times·e Company attended the meeting on the spot. It is reported that this is the shareholders meeting with the largest number of participants in recent years, and the lecture hall with more than 100 people was already full.
"How big we can do depends on how much space the market can give. We feel that the process of electrification is accelerating, much faster than we imagined. Whoever has more resources, healthy supply chain and product advantages can win more. market." Wang Chuanfu said.
At present, BYD has announced that it will stop selling fuel vehicles. In March this year, the company's new energy vehicle production and sales exceeded 100,000 for the first time, and it has been growing steadily since then. Especially in April, when the epidemic spread in various places, logistics were blocked, and the automobile supply chain was affected, automobiles Despite the overall decline in sales in the industry, BYD maintained its growth momentum and won the “Top Sales” among car companies that month; in May, the company’s cars exceeded 110,000 units, and it has been stable on the “100,000+” platform for three consecutive months ; The cumulative sales volume from January to May has exceeded 500,000 units, a year-on-year increase of 348.11%.
Regarding overseas markets, Wang Chuanfu said that the company is currently under great pressure to develop overseas markets, but it still has some scarce resources to promote the global electric vehicle market.
In Wang Chuanfu's view, when the cruising range of electric vehicles reaches 600 kilometers, the market has undergone subtle changes. Consumers' demand for mileage has begun to decline, and the demand for safety and price has continued to rise. "200-300 kilometers of battery life is a The performance threshold is over 600 kilometers, and with the popularization of charging stations, the performance standards of batteries begin to shift.”
Some shareholders are concerned about the progress of BYD's intelligentization. Wang Chuanfu responded that BYD will not give up any core technology and will conduct in-depth research and reserves. Intelligence is the second half of new energy vehicles. The company pays great attention to the development of intelligence, and it is also open. It will cooperate with partners with excellent resources and capabilities at home and abroad. In terms of autonomous driving, Wang Chuanfu said that BYD will insist on complying with regulatory requirements and improving driving safety.
