乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 25Q2 盈利承压，全球化智能化发展空间 广阔 ——比亚迪(002594)中报点评 证券研究报告-中报点评 买入(维持) 《比亚迪(002594)年报点评：业绩稳步向上， 全球化智能化持续推进》 2025-03-31 联系人：李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 市场数据(2025-09-02) | 收盘价(元) | 110.02 | | --- | --- | | 一年内最高/最低(元) | 405.00/103.93 | | 沪深 300 指数 | 4,490.45 | | 市净率(倍) | 1.59 | | 流通市值(亿元) | 7,889.14 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 69.25 | | --- | --- | | 每股经营现金流(元) | 10.47 11790 | | 毛利率(%) | 18.01 | | 净资产收 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 52.0 HKD, representing a potential upside of 20.2% from the recent closing price of 43.26 HKD [7]. Core Insights - The company has demonstrated strong revenue and profit growth despite a challenging global economic environment, driven by its diversified business layout and core technological advantages [1]. - The electric vehicle (EV) segment has shown remarkable growth, with revenue increasing by 60.5% year-on-year, now accounting for 15.5% of total revenue [3]. - The AI data center segment has also emerged as a highlight, with significant growth in AI server business due to the global demand for AI infrastructure [4]. - The company is well-positioned to benefit from industry trends such as the push for consumption in China, the expansion of EVs into rural areas, and the ongoing demand for AI computing power [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 806.1 billion RMB, a year-on-year increase of 2.6%, with a net profit attributable to shareholders of 17.3 billion RMB, up 14.0% [1]. - The consumer electronics segment reported a revenue of 609.5 billion RMB, down 3.7% year-on-year, primarily due to weak global demand for smartphones [2]. Business Segments - The EV business generated 124.5 billion RMB in revenue, marking a significant year-on-year growth of 60.5%, benefiting from China's leading position in the global EV market [3]. - The AI data center segment recorded approximately 72.1 billion RMB in revenue, despite a slight decline of 4.15% year-on-year, driven by the surge in demand for AI servers [4]. Future Outlook - The company is expected to continue benefiting from its strong position in the consumer electronics market, rapid growth in the EV sector, and the potential of new intelligent products [5]. - Projected net profits for 2025 and 2026 are estimated at 47.4 billion RMB and 59.5 billion RMB, respectively, with a reference valuation based on industry peers [5].

证券之星消息，9月3日乘用车板块较上一交易日下跌0.96%，比亚迪领跌。当日上证指数报收于3813.56，下跌1.16%。深证成指报收于12472.0， 下跌0.65%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000572 | 海马汽车 | 4.95 | 2.48% | 140.96万 | 6.99亿 | | 600104 | 上汽集团 | 19.05 | 0.53% | 79.63万 | 15.16亿 | | 601127 | 赛力斯 | 147.66 | 0.49% | 49.77万 | 74.57 Z | | 601238 | 广汽集团 | 7.67 | -0.78% | - 32.64万 | 2.51亿 | | 000625 | 长安汽车 | 12.32 | -0.88% | 94.33万 | 11.67亿 | | 601633 | 长城汽车 | 25.98 | -1.14% | 25.87万 | 6.72亿 | | 600733 | 北汽蓝谷 | 8 ...

历时两年有余，比亚迪起诉自媒体"龙猪-集车等"侵权案，获终审胜诉，超201万元赔偿金已执行到账。 比亚迪法务部9月2日发文称，自媒体"龙猪-集车"及其相关账号因长期发布大量有关比亚迪的不实及侮 辱诋毁信息，一审判决认定其构成侵权，判令被告：赔礼道歉、删除侵权言论，并赔偿比亚迪经济损失 等共计201.87万元；二审维持原判。 近期，经法院强制执行，判赔金额201.87万元已执行到账，同时自媒体"龙猪-集车"及相关账号的实控人 向比亚迪予以书面致歉。 猪-集车"，要求其删除相关侵权言论、公开道歉并赔偿500万元人民币。之后，"龙猪-集车"微博账号被 禁言。 2024年12月27日，比亚迪法务部称，公司收到法院一审判决。判决认定"龙猪-集车"构成名誉侵权，需 删除侵权内容、公开道歉并赔偿201.87万元。 比亚迪集团品牌及公关处总经理李云飞9月2日发文表示，对于黑公关、黑媒体，为了黑而黑，长期针对 比亚迪，诋毁比亚迪，绝不容忍。李云飞透露，本周还有一批"黑媒体"将被起诉。 近年来，网络黑公关屡禁不止，对汽车行业正常市场竞争造成了一定的负面影响。为此，比亚迪、理 想、极氪、深蓝汽车等都曾重拳打击黑公关。 2023年7 ...

9月2日，比亚迪法务部发文称，自媒体"龙猪-集车"及其相关账号因长期发布大量有关比亚迪的不实及侮辱诋毁信息，一审判决认定其构成侵权，判令被 告：赔礼道歉、删除侵权言论，并赔偿比亚迪经济损失等共计201.87万元；二审维持原判。 近期，经法院强制执行，判赔金额201.87万元已执行到账，同时自媒体"龙猪-集车"及相关账号的实控人向比亚迪予以书面致歉。 我们始终尊重并接受社会各界的建议和监督，但网络不是法外之地，对以任何形式的侮辱、造谣、抹黑等侵权行为，我们将持续以法律手段维护企业的合 法权益。 感谢大家一直以来对比亚迪的关注和支持！ 随后，比亚迪集团品牌及公关处总经理李云飞转发并发文称："比亚迪到了现在的位置和体量，如果有媒体就客观事实进行报道批评，都没问题！有些媒 体不了解情况，有些误解性的发布，我们也能接受！但对于黑公关、黑媒体，为了黑而黑，长期针对比亚迪，诋毁比亚迪，我们绝不容忍！本周，还将有 一批"黑媒体"将被起诉！" 据悉，比亚迪法务部在微博发布的首条博文，就和自媒体"龙猪-集车"有关。2023年7月4日，比亚迪法务部首条博文表示，将起诉微博用户@龙猪-集车 长 期发布不实信息、恶意诋毁品牌，要求其删 ...

国盛证券研报指出，比亚迪上半年归母净利润155亿元，同比+13.8%；2025Q2归母净利润63.6亿元，同 比-30%，环比-31%。销量端，公司2025Q2受益于汉L、唐L、海狮07、海豹06EV、方程豹钛3等重磅新 车上市，销量表现强势，实现销售整车114.5万辆，同比+16%，环比+14%。对应单车净利润0.56万元， 同比-40%，环比-39%，预计主要受行业竞争影响所致。截止2025H1，公司出口46.4万辆，目前已遍布 全球6大洲、110多个国家和地区，并进入英国、巴西、新加坡等地销量排行前列。技术快速迭代，公司 有望保持领先优势。公司销量仍保持强势，短期盈利能力受行业竞争影响，后续有望逐步修复，预计公 司2025-2027年归母净利润454/561/668亿元，对应PE分别为22/18/15倍，维持"买入"评级。 ...

国盛证券研报指出，比亚迪上半年归母净利润155亿元，同比+13.8%；2025Q2归母净利润63.6亿元，同 比-30%，环比-31%。销量端，公司2025Q2受益于汉L、唐L、海狮07、海豹06EV、方程豹钛3等重磅新 车上市，销量表现强势，实现销售整车114.5万辆，同比+16%，环比+14%。对应单车净利润0.56万元， 同比-40%，环比-39%，预计主要受行业竞争影响所致。截止2025H1，公司出口46.4万辆，目前已遍布 全球6大洲、110多个国家和地区，并进入英国、巴西、新加坡等地销量排行前列。技术快速迭代，公司 有望保持领先优势。公司销量仍保持强势，短期盈利能力受行业竞争影响，后续有望逐步修复，预计公 司2025-2027年归母净利润454/561/668亿元，对应PE分别为22/18/15倍，维持"买入"评级。 ...

Core Insights - BYD showcased its "Tian Shen Zhi Yan" system and "Megawatt Flash Charging" technology at the 2025 Chengdu Auto Show, launching the new Qin L EV model priced at 139,800 yuan, which includes high-end features previously reserved for premium models [1] - The strategy of "technology downscaling" is central to BYD's product approach this year, aiming to redefine technical standards across different market segments by making advanced technologies more accessible [1] - BYD's rapid deployment of intelligent systems is evident, with 1.2 million vehicles equipped with the "Tian Shen Zhi Yan" system as of early August, and over 4 million vehicles already featuring L2-level driver assistance [1] Sales Performance - In the first eight months of this year, BYD sold approximately 2.86 million new energy vehicles in the domestic market, with August sales reaching 372,000 units, including 80,500 units sold overseas, marking a significant year-on-year increase of 146.4% [2] - The Dynasty and Ocean series remain the main sales drivers for BYD, balancing volume and market share amidst a competitive landscape where new energy penetration rates have consistently exceeded 50% [2] - BYD's overseas sales have also shown remarkable growth, with 630,000 units sold in international markets by August, surpassing the total sales for the previous year [2] Global Expansion - BYD's overseas business has seen three significant breakthroughs since its inception, with a consistent upward trend in sales since 2022, and an expectation to double its overseas sales compared to the first half of the year [3][4] - The company has established a presence in over 112 countries and regions, with local production bases in various markets, enhancing its global supply chain [2] - BYD faces challenges in global markets, including competition from major players like Toyota and Volkswagen, as well as geopolitical and cultural barriers, indicating that its global expansion is still in the early stages [3] Historical Context - BYD's first overseas venture began in 1998 with the establishment of a subsidiary in the Netherlands, focusing on consumer electronics [4] - The second phase of international expansion occurred in 2012 with the introduction of electric buses to the global market [4] - The third wave of expansion started in 2021, focusing on the passenger vehicle sector, which was fully launched in 2022 [4]

Core Viewpoint - BYD Electronics (0285.HK) reported a revenue of 80.606 billion RMB for the first half of the year, representing a year-on-year growth of 2.58%, and a net profit attributable to shareholders of 1.73 billion RMB, reflecting a year-on-year increase of 13.97%, which aligns with expectations [1] Group 1: Financial Performance - The revenue for the first half of the year was 80.606 billion RMB, showing a growth of 2.58% year-on-year [1] - The net profit attributable to shareholders was 1.73 billion RMB, with a year-on-year growth of 13.97% [1] Group 2: Future Outlook - The company is optimistic about its business layout in AI data centers and robotics [1] - The profit forecasts for the next two years remain unchanged at 4.935 billion RMB and 6.184 billion RMB respectively [1] Group 3: Valuation and Target Price - The current stock price corresponds to a price-to-earnings ratio of 18.4 times for this year and 14.5 times for next year [1] - The target price has been raised by 7.5% to 50 HKD, which corresponds to a price-to-earnings ratio of 20.9 times and 16.4 times for the next two years, indicating a potential upside of 13.4% from the current stock price [1]

Core Insights - The automotive industry is rapidly transitioning from electrification to intelligence, with companies increasingly focusing on technological capabilities as their core competitive advantage [1] - BYD's latest semi-annual report shows a revenue of 371.3 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 15.5 billion yuan, up 14% year-on-year, setting new historical records for key operational indicators [1] - BYD's significant investment in research and development (R&D) is noteworthy, with R&D expenditure reaching 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is more than double its net profit for the same period [1] R&D Investment - BYD is recognized as the "King of R&D" in A-shares, with planned R&D investment for 2024 reaching 54.2 billion yuan, a 36% increase year-on-year, marking its first position in the annual R&D investment ranking among A-share companies [1] - In the first half of 2025, BYD's R&D investment is close to the combined R&D expenditures of Geely Holding (14.7 billion yuan), Great Wall (6 billion yuan), Li Auto (5.3 billion yuan), and Xpeng (4.2 billion yuan) [4] - Over the past 14 years from 2011 to 2024, BYD has spent over 210 billion yuan on R&D, with R&D expenditures exceeding net profits in 13 of those years, demonstrating a commitment to "cost-unconscious" R&D investment [4] Technological Advancements - BYD's substantial R&D investment has led to the development of several disruptive technologies, including the Tian Shen Eye driver assistance system, Super e-platform megawatt fast charging, and the Yuan drone system [9] - In July, BYD became the first globally to achieve near Level 4 autonomous parking technology, offering a "safety net" commitment where any safety issues or losses in smart parking scenarios would be covered by BYD, showcasing confidence in its technology and responsibility to consumers [9] - The Tian Shen Eye system has achieved sales of over 1.2 million units within six months of the "全民智驾" strategy launch, making BYD the top seller of intelligent driving vehicles in China, creating a positive cycle of "technology - sales - reputation" [9] Patent and Market Position - BYD's R&D capabilities are further validated by its leading position in patent authorization for automotive new energy, hybrid, and pure electric technologies in China, as reported by the China Automotive Technology and Research Center [9] - The substantial number of patents forms a core technological barrier for BYD, ensuring long-term development and competitiveness in the global automotive industry [9]