Credit Suisse noted that BYD Company (01211) has established a new business unit named "BYD Semiconductor", which was the second-largest automotive grading IGBT (Insulated Gate Bipolar Transistor) manufacturer in China, with
18% market share in new energy vehicle (NEV) applications in 2019.
According to "New Energy Times" statistics, BYD Semiconductor delivered 194,293 sets of NEV IGBT in 2019. Assuming a per-unit IGBT cost of Rmb3,500/Rmb800/Rmb3,000/Rmb1,800 for large-size EV/small-size EV/PHEV/e-bus, BYD Semiconductor's 2019 revenue is estimated close to Rmb1 billion.
BYD Semiconductor declared it would introduce strategic investors and seek a separate listing in the future. Credit Suisse expects BYD's share price to react positively to this semiconductor asset spin-off effort.
Credit Suisse maintained its "outperform" call on BYD, with a target price of HK$60.
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