随着新能源汽车动力电池的大规模退役到来，一个千亿级的回收市场正加速开启。退役电池并非"一废了之"，而是依据健康状态，分流至"梯次利用"与"再 生利用"两条路径：在对性能要求稍低的场景中发挥余热，或被提取为珍贵的金属原料，重新回归产业链。 这是一门千亿规模的生意，也是对"城市矿山"的战略开发。 动力电池从退役到再生的全过程主要分 梯次利用 ETC: 针对容量介于 年下 60%-80%的电池 低于60% 2.如何检测 梯次利用 对退役电池进行健康状态 检测与分拣 阻、容量等电芯性能评估。 将性能相近的电芯重新组织 重组与系统集成 景。 智能管理 进过能源矩阵方案,头坝) 的混用、统一调配与寿命€ 電生利用 自动化拆解，通过涡电流 铜、铝等金属，回收率可过 湿法冶金 采用酸浸－沉淀等工艺，/ 度提取锂、钻、镍等有价: 的定向循环技术可实现 99.6%，锂回收率96.5% 3.应用场景 再生黑粉（锂、钻、镍等 ）、再生铜粉、再 造新动力电池。 4 44 HE EN 70 FEB 2000 For 时间轴与市场规培 我国新能源汽车产销量自2016年起飞速增长 企为动力电池提供的质保期是8年或15万公里 装车的电池正陆续 ...

比亚迪2025年10月产销快报要点解读 •出口业务：10月出口8.39万辆 •电池装机：10月装机27.362GWh，前10月累计230.613GWh 关键观察点 • 10月单月销量同比下滑，但全年累计仍保持双位数增长 • 纯电动业务增长强劲，插混业务承压 • 商用 车业务实现爆发式增长 注：上述数据未经审核，以最终财务业绩为准 核心数据表现 •月度销量：10月新能源汽车销量44.17万辆，同比下降12.13% •累计销量：前10月累计销量370.19万 辆，同比增长13.88% 细分市场表现 •纯电动：前10月累计销量182.85万辆，同比大幅增长34.53% •插混：累计销量182.73万辆，同比下降 2.69% •商用车：累计销量4.61万辆，同比激增239.10% 其他关键指标 ...

交银国际研究 公司更新 | 汽车 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 11 月 3 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 104.20 | 港元 | 133.00↓ | +27.6% | | | 比亚迪股份 (1211 HK) | | | | | | | 4Q25 销量和利润端或仍承压，出口潜力或在 2026 年集中释放 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 602,315 | 777,102 | 838,705 | 974,290 | 1,097,816 | | 同比增长 (%) | 42.0 | 29.0 | 7.9 | 16.2 | 12.7 | | 净利润 (百万人民币) | 30,041 | 40,254 | 35,148 | 46,494 | 54,291 | | 每股盈利 (人民币) ...

Core Viewpoint - Huachuang Securities reports that BYD Electronics (00285) is a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and AI terminal upgrades, while automotive electronics continue to accelerate product development [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1] - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1] Group 2: Business Segments - The company operates three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics (assembly + components) segment generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment achieved revenue of 7.206 billion yuan (YoY -4.18%) [2] - The launch of the iPhone Air on October 22, 2025, has delayed the revenue and profit performance in Q3 compared to the previous year [2] Group 3: Future Growth Potential - The automotive electronics segment is expected to grow as BYD Electronics continues to expand its product categories, including smart cockpits, thermal management, and intelligent driving assistance, with smart suspension products being integrated into more vehicle models [3] - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion liquid cooling solutions, becoming a partner of NVIDIA in the data center field, leading to strong growth in AI server shipments [3] - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's business marking a breakthrough in the largest product category for major customers, particularly in the iPhone 15 Pro titanium frame [3]

Core Viewpoint - BYD Electronics is recognized as a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and upgrades in AI terminals, while its automotive electronics continue to accelerate product development [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1]. - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1]. Business Segments - The company operates in three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics segment (assembly + components) generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment reported revenue of 7.206 billion yuan (YoY -4.18%) [2]. - The launch of the iPhone Air in October 2025 has delayed the revenue and profit performance in Q3 compared to the previous year [2]. Future Growth Potential - The automotive electronics segment is expected to maintain growth in product shipments, supported by the parent company's continuous expansion of product categories, including smart cockpits and intelligent driving assistance [3]. - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion cooling solutions, becoming a partner of NVIDIA in the data center field, which has led to strong growth in AI server shipments [3]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's operations marking a significant breakthrough in the largest product category for major clients [3].

机构：光大证券 研究员：付天姿/王贇 2）25 年新能源汽车业务收入规模下调，26 年高阶智驾及悬架产品放量将驱动单车价值量提升：由于近 期母公司比亚迪将25 全年汽车销量目标由年初的550 万下调至460 万辆，公司25 全年汽车业务收入规模 亦较年初展望有所下调。展望26 年，伴随比亚迪高阶智驾渗透提升，公司高阶智驾及悬架产品有望进 一步放量，驱动单车价值量提升。 3）25 年AI 数据中心液冷&电源产品交付推迟，公司布局多产品线及系统级能力，关注客户拓展及订单 交付进展：根据公司业绩会，1）25 年服务器组装业务收入体量受英伟达GPU 供给受限影响，公司正加 速国产卡适配。2）液冷&电源产品在手订单预计推迟至26 年交付，客户数量则较年中有所增加。 公司积极布局多产品线，包括光模块、储能等，构建系统级能力。 盈利预测、估值与评级：考虑到25 全年汽车业务收入规模预期下调，我们下调25 年净利润预测11%至 43.19 亿元；考虑到北美大客户利润率提升低于预期、汽车业务或将面临价格竞争，我们分别下调26/27 年净利润预测18%/17%至52.41/62.03 亿元。公司当前市值分别对应25-27 年17 ...

Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 123.3 billion yuan, a year-on-year increase of 0.95%, and a net profit attributable to shareholders of 3.14 billion yuan, up 2.4% year-on-year [1] - The company is focusing on AI data centers and AI robotics to expand its capabilities, with expectations for accelerated growth in these areas [2] Financial Performance - Q3 2025 revenue was 42.68 billion yuan, down 2% year-on-year and quarter-on-quarter; net profit for the quarter was 1.41 billion yuan, down 9% year-on-year but up 27% quarter-on-quarter [1] - The gross margin for Q3 2025 was 6.9%, a decrease of 1.6 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, attributed to a decline in the proportion of high-margin component business [1] Business Trends - The mobile component business is expected to decline slightly, primarily due to delays in the shipment schedule of new devices from major clients; the assembly business remains stable [1] - The company is enhancing the per-vehicle value in the new energy vehicle sector, with ongoing development in cockpit, thermal management, suspension, and intelligent driving areas [1] - The AI data center business is anticipated to grow rapidly, supported by the launch of AI servers and the increasing demand for liquid cooling and power products [2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 12% and 6% to 4.323 billion yuan and 5.798 billion yuan, respectively [2] - The current stock price corresponds to a P/E ratio of 17x for 2025 and 13x for 2026, with a target price of 50.0 yuan, implying a potential upside of 37% [2]

Group 1 - Weiming Environmental has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project [1] - Great Wall Motors reported a 22.5% year-on-year increase in October vehicle sales, totaling 143,100 units [1] - Jingye Intelligent won a bid for a process equipment project worth 134 million yuan [1][2] Group 2 - Tianmo Technology's shareholder plans to reduce its stake by up to 3% of the company's total shares [3] - ST Yifei signed a procurement order worth approximately 190 million yuan, accounting for 27.46% of its audited revenue for 2024 [4] - Lanjian Intelligent signed a daily operational contract worth 138 million yuan [5] Group 3 - Rongqi Technology's shareholder plans to reduce its stake by up to 1.32% of the company's total shares [6] - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2% of the company's total shares [7] - Jinli Permanent Magnet's directors and executives plan to reduce their holdings by up to 0.15% of the company's total shares [9] Group 4 - Seres reported a 42.89% year-on-year increase in October sales of new energy vehicles, totaling 51,456 units [10] - Betta Pharmaceutical entered into a strategic cooperation with Shengsi Bio, enhancing its product matrix [11] - Nenghui Technology established a joint venture with Zhejiang Lisan to capitalize on opportunities in the "computing power + new energy" sector [12] Group 5 - Taotao Vehicle submitted an application for H-share listing on the Hong Kong Stock Exchange [13] - BYD's October sales of new energy vehicles reached 441,700 units, a decrease of approximately 12.13% year-on-year [14] - Daye Intelligent's subsidiary signed a charter contract for two vessels, with total expected rental income of approximately 48.73 million USD [15] Group 6 - Changan Automobile reported a 36.14% year-on-year increase in October sales of new energy vehicles, totaling 119,200 units [16] - Vanke A signed a framework agreement for a loan of up to 22 billion yuan from its major shareholder [18] - BAIC Blue Valley's subsidiary reported a 112.02% year-on-year increase in October vehicle sales, totaling 30,542 units [20] Group 7 - Yongzhen Co. announced plans for shareholders to reduce their stake by up to 3% of the company's total shares [21]

10月29日于日本东京开幕的2025日本移动出行展（前身是东京车展）上，出现了有趣的一幕：作为"东道主"的日本本土车企，大谈特谈电动化和未来移动出 行，而电动化水平已领先全球的中国车企，仅有比亚迪一家前来参展。 日本本土车企的声势浩大，发布的产品也十分多元。丰田带来了卡罗拉概念车等多款未来移动出行产品，本田带来了其电动化"0系列"的多款车型，日产展 出了全新LEAF，更将其在中国的合资公司东风日产的电动车N7带到了现场。马自达、斯巴鲁、铃木、三菱等其他日本车企，也都有电动化产品亮相。就连 摩托车品牌，如雅马哈、Kawasaki等，也展出了电动、氢能动力产品。 在日本本土车企之外的国际车企中，奔驰亮相了CLA纯电版、GLC纯电版、AMG GTXXX电动概念车，宝马带来新世代iX3、iX5氢燃料电池车等车型。现 代汽车带来NEXO氢燃料电池车，起亚展出了PV5电动多功能厢式车。比亚迪作为中国车企唯一的代表，推出了一款专门为日本市场开发的电动K-Car车型 （PACCO），同时亮相了Sealion6 DM-i。 自东京车展改名日本移动出行展之后，这一展会的内涵便超出了汽车的边界，参展的企业不仅发布电动化、自动化的汽 ...

Investment Rating - The report maintains a strong buy recommendation for BYD [5] Core Views - BYD adheres to the development philosophy of "technology as king, innovation as fundamental," aiming to lead independent innovation of Chinese brands and reshape the global market landscape [1] - The company is expanding its global footprint, with plans to establish a CKD assembly plant in Malaysia by 2026 and has officially entered the Argentine market [2] - Despite a significant rebound in Q3 2025 performance, there remains pressure on profitability [10] Financial Data and Valuation - Total revenue for 2023 is projected at 602.315 billion, with a year-on-year growth of 42%, and expected to reach 969.358 billion by 2027 [4][14] - Operating profit for 2023 is estimated at 38.103 billion, with a projected decline in 2025 to 43.564 billion [4][11] - The net profit attributable to shareholders is expected to be 30.041 billion in 2023, with a forecasted decrease to 34.698 billion in 2025 [11][14] - The company’s total market capitalization is approximately 918.9 billion, with a current stock price of 100.79 yuan [5] Performance Metrics - The sales gross margin for Q3 2025 is reported at 17.61%, with a net profit margin of 4.20% [9] - The company plans to enhance collaboration across the supply chain to optimize management and create a win-win situation with suppliers and distributors [10] - The projected PE ratios for 2025, 2026, and 2027 are 26.5, 25.2, and 23.6 respectively [11][15]