端+出海打开成长新空间 证券研究报告|公司深度报告 比亚迪：DMI5.0技术进一步强化品牌优势，高 华西证券汽车团队 2024年9月9日 分析师：白宇 SAC NO：S1120524020001 分析师：赵水平 SAC NO：S1120524050002 请仔细阅读在本报告尾部的重要法律声明 投资建议 1 核心观点： 1）多品牌多层级产品矩阵雏形已现，垂直产业链打造成本领先优势。公司持续完善品牌矩阵，形成由【比亚迪】、【腾势】、 【仰望】及【方程豹】所构建的多品牌梯度布局，多品牌策略初见成效。公司全方位布局垂直产业链，兼具成本与技术转型灵 活优势，随销量规模不断提升，规模优势不断强化。 2）超级混动技术不断迭代升级，DMI5.0再次强化领先优势。公司是新能源混动技术先行者，技术历经多次迭代升级，2024年 发布DMI5.混动技术，百公里亏电油耗做到2.9L/100km。DMI强化了在插混市场的领先地位，2023年在20万以下的插混市场占有 率66%。 3）高端化成效初显，海外战略布局加速。腾势、方程豹、仰望为比亚迪旗下高端品牌，目前在所处细分领域表现良好，高端 化初显成效。比亚迪全球化战略驶入新的阶段，基于自 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2024 年 8 月销量点评：DM5 产能释放 助力销量进入上行期，8 月销量同环比提升 | --- | --- | --- | |----------|-------|-------| | | | | | 报告要点 | | | 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 比亚迪（002594.SZ） cjzqdt11111 资料来源：Wind 相关研究 [Table_Title 比亚迪 20242]年 8 月销量点评：DM5 产能释放 助力销量进入上行期，8 月销量同环比提升 [Table_Summary2] 事件描述 比亚迪发布 8 月产销。公司 8 月整体销量 37.31 万辆，同比增长 36.0%，环比增长 9.0%，乘 用车销量 37.09 万辆，同比增长 35.3%，环比增长 8.8%。 事件评论 新车及新技术周期下，8 月销量同环比提升，再 ...

深度研究报 售 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 汽车行业 ＃investSuggestion＃ ＃市场ma数rk据etData＃ 日期 2024-09-06 收盘价（元） 251.60 总股本（百万股） 2909.27 流通股本（百万股） 1162.46 净资产（百万元） 142787.20 总资产（百万元） 686244.71 每股净资产（元） 49.08 来源：WIND，兴业证券经济与金融研究院整理 S0190520080001 刘馨遥 liuxinyao@xyzq.com.cn S0190524070005 投资要点 ＃sum空ma间ry：＃乘用车出海空间广阔，全球新能源渗透率提升带来历史机遇。（1）乘用车出 海空间超 5000 万辆，单一企业的海外潜在销量规模可达到 400 万辆。考虑贸易保护 影响后，我们认为全球乘用车市场销量剔除各国本土品牌在当地的销量后，为中国乘 用车在海外销售的潜在市场空间，2023 年各国本土品牌在当地的销量 2967 万辆，全 球乘用车总销量剔除各国本土品牌在当地的销量后约 5210 万辆。我们根据市场规模 将海外的销售区域分成三类，将三类区 ...

证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2024-37 | --- | --- | --- | |-----------------------|-------------------------------------|----------------------------------------------------------| | | | | | 投资者关系 | □特定对象调研 | □分析师会议 | | 活动类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | ☑ 其他 （电话会议） | | | 参与单位名 | 大和证券、分析师、 | Kelvin Lau 等 40 人 | | 称及人员姓 | | | | 名 | | | | 时间 | 2024-09-09 14:00-15:00 | | | | 地点 比亚迪六角大楼 | | | 上市公司接 待人员姓名 | 吴越、常恩铭 | | | | 问题一：公司第五代 | DM 技术有何技术亮点？ | | | 答：公司第五代 DM | 技术得益 ...

证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2024-38 | --- | --- | --- | |------------|--------------------------------------|--------------------------------------------------------------| | | | | | 投资者关系 | □特定对象调研 | □分析师会议 | | 活动类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | ☑ 其他 （电话会议） | | | 参与单位名 | CGS International | 、分析师、 Ray KOWOK 等 30 人 | | 称及人员姓 | | | | 名 | | | | | | | | 时间 | 2024-09-09 16:00-17:00 | | | | 地点 比亚迪六角大楼 | | | 上市公司接 | 吴越、常恩铭 | | | 待人员姓名 | 问题一：腾势品牌近期市场表现如何？ | | | | 答：腾势汽车 ...

证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2024-36 | --- | --- | --- | |-----------------------|------------------------------|----------------------------------------------------| | | | | | 投资者关系 | □特定对象调研 | □分析师会议 | | 活动类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | ☑ 其他 （电话会议） | | | 参与单位名 | 摩根士丹利、分析师、 | Tim Hsiao 等 113 人 | | 称及人员姓 | | | | 名 | | | | 时间 | 2024-09-09 10:00-11:00 | | | 地点 | 比亚迪六角大楼 | | | 上市公司接 待人员姓名 | 吴越、常恩铭 | | | | 问题一：比亚迪 8 | 月的销量情况？ | | | 答：比亚迪 8 月销售 | 373083 辆，乘用车 370854 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of BYD, with a target price of RMB 327 for A-shares and HKD 306.76 for H-shares [1][2] Core Views - BYD's revenue for H1 2024 reached RMB 301.127 billion, a YoY increase of 15.76%, with net profit attributable to shareholders rising by 24.44% to RMB 13.631 billion [1] - In Q2 2024, BYD's revenue was RMB 176.182 billion, up 25.89% YoY and 41.01% QoQ, while net profit attributable to shareholders surged 32.8% YoY and 98.36% QoQ to RMB 9.062 billion [1] - BYD's new energy vehicle (NEV) sales in H1 2024 reached 1.613 million units, a YoY increase of 28.46%, driven by the launch of the Honor Edition models and the dual-drive strategy of Dynasty and Ocean series [1] - The company's global expansion is accelerating, with NEVs entering 77 countries and regions, including Brazil, Germany, Japan, and Thailand [1] - BYD's overseas retail sales are expected to exceed 650,000 units by 2026, supported by local production facilities in Thailand, Brazil, and Uzbekistan [1] Business Performance and Strategy - BYD's gross profit margin in H1 2024 was 20.01%, up 1.69 percentage points YoY, while the net profit margin increased by 0.29 percentage points to 4.69% [8] - The company's Q2 2024 gross profit margin was 18.69%, down 3.19 percentage points QoQ, but the net profit margin rose to 5.3%, up 1.48 percentage points QoQ [8] - BYD's NEV sales in Q2 2024 reached 988,000 units, a YoY increase of 40.44%, with export sales accounting for 105,500 units [11] - The company's average revenue per vehicle in Q2 2024 was RMB 136,000, down RMB 20,000 YoY and RMB 5,000 QoQ, primarily due to the launch of lower-priced Honor Edition models [11] - BYD's DM 5.0 technology, with a thermal efficiency of 46.06% and a fuel consumption of 2.6L per 100km, is expected to enhance its competitiveness in the European market [13][14] Global Expansion and Market Outlook - BYD is prioritizing emerging markets such as Southeast Asia, South America, and the Middle East, with local production facilities expected to contribute to overseas growth [1][15] - The company's overseas production capacity is projected to reach 950,000 units by 2027, with factories in Thailand, Brazil, and Uzbekistan leading the expansion [15] - BYD's high pricing strategy in overseas markets, such as Germany, Thailand, and Japan, is expected to offset tariffs and shipping costs, contributing to higher profit margins [16][17] - The company's overseas retail sales are forecasted to account for 11% of total sales by 2026, reaching over 650,000 units [15] Financial Projections - BYD's net profit attributable to shareholders is expected to reach RMB 38.1 billion, RMB 49.2 billion, and RMB 54.8 billion in 2024, 2025, and 2026, respectively [1] - The company's automotive sales are projected to grow to 3.73 million, 4.97 million, and 6.12 million units in 2024, 2025, and 2026, respectively [18] - BYD's automotive business revenue is forecasted to reach RMB 582.9 billion, RMB 783.1 billion, and RMB 943.6 billion in 2024, 2025, and 2026, respectively [18] - The company's secondary rechargeable battery business is expected to grow at a CAGR of 30% from 2024 to 2026, with gross margins stabilizing at 14-15% [19]

比亚迪(002594) / 乘用车 / 公司点评 / 2024.09.09 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-06 | | 收盘价 ( 元 ) | 251.60 | | 流通股本 ( 亿股 ) | 22.60 | | 每股净资产 ( 元 ) | 49.08 | | 总股本 ( 亿股 ) | 29.09 | | 最近 12 月市场表现 | | -32% -24% -16% -8% 0% 8% 比亚迪 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com ❖ 事件：公司发布 2024 年半年度报告，2024H1 公司实现营业收入 3011.27 亿 元，同比增长 15.76%，实现归母净利润 136.31 亿元，同比增长 24.44%，实现 扣非归母净利润 123.15 亿元，同比增长 27.03%；其中 Q2 实 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.08 | --- | --- | --- | --- | --- | --- | |-------------------------------------|---------------------|---------------------------------------------------------------|--------------------------------|--------------------------------|----------------------------------------------------| | | | 月销量创新高，新车型与海外并举赋能 \n——比亚迪销量与业绩点评 | [Table_Invest] 评级： | 比亚迪 \n资本货物 \n上次评级 : | (002594) \n[Table_I ...

Investment Rating - The report maintains a "Buy" rating for BYD (002594 SZ) [7] Core Views - BYD's 2024 H1 financial performance met expectations with revenue of 3011 3 billion yuan (+15 8% YoY) and net profit of 136 3 billion yuan (+24 4% YoY) [2][5] - The company is entering a new product and technology cycle with DM5 0 and e 4 0 platforms driving product upgrades and market expansion [2][7] - Overseas and high-end market strategies are accelerating with export volume reaching 10 6 million units in Q2 2024 (+196 6% YoY) and high-end models (Fangchengbao Yangwang Denza) contributing 4 5% of sales [6][7] - BYD's market share in the new energy vehicle sector reached 36 1% in Q2 2024 (+4 6pct QoQ) with total sales of 98 7 million units (+40 2% YoY) [5] Financial Performance - Q2 2024 revenue was 1761 8 billion yuan (+25 9% YoY +41 0% QoQ) with net profit of 90 6 billion yuan (+32 8% YoY +98 4% QoQ) [5] - Gross margin remained stable at 18 7% YoY but declined 3 2pct QoQ due to price adjustments and raw material cost increases [6] - Operating cash flow in Q2 2024 was 3 95 billion yuan significantly lower than the previous quarter's 10 2 billion yuan due to increased inventory and payments [6] Product and Technology - The DM5 0 hybrid platform is expected to drive sales growth with capacity constraints currently limiting its full potential [6] - New high-end models including Z9GT Z9L N9 Bao 3 and Bao 8 are scheduled for launch in H2 2024 [6] - The company's R&D expenses accounted for 7% of revenue in 2023 with continued investment in new technologies [12] Market Expansion - BYD's overseas strategy is gaining momentum with exports accounting for 10 7% of sales in Q2 2024 [6] - The company is expanding its product matrix and distribution channels in international markets particularly in Europe [9] Future Outlook - The report forecasts BYD's net profit to reach 385 billion yuan in 2024 511 billion yuan in 2025 and 650 billion yuan in 2026 [7] - The company's PE ratio is expected to be 18 8X in 2024 14 2X in 2025 and 11 2X in 2026 [7]