消息面上，比亚迪电子公布2025年前三季度业绩，营业额为1232.85亿元，同比增长0.95%；母公司权益 拥有人应占溢利约31.37亿元，同比增长2.4%。美银证券发布研报称，比亚迪电子第三季业绩逊预期， 净利14亿元人民币(下同)，按季增27%，按年减9%，仅达该行和市场全年预估的29%和27%，低于过去 三年同期32-38%的水平。美银证券将比亚迪电子2025至2027年盈利预测下调4至8%，以反映第三季度增 长放缓及前景平淡。 比亚迪（002594）电子(00285)跌近3%，截至发稿，跌2.51%，报36.45港元，成交额8.35亿港元。 ...

| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入(元) | 194.984.598.000.00 | -3. 05% | 566, 265, 546, 000. 00 | 12.75% | | 归属于上市公司股东的净 | 7,822,640,000.00 | -32. 60% | 23, 333, 173, 000. 00 | -7. 55% | | 利润(元) | | | | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 6,890, 751, 000. 00 | -36. 65% | | | | | | | 20, 490, 492, 000, 00 | -11. 65% | | (元) | | | | | | 经营活动产生的现金流量 | | 1 | 40,845, 498, 000, 00 | -27. 42% | | 净额(元) | | | | | | 基本每股收益(元/股) | 0.85 | -36. 09% | 2.56 | ...

里昂发布研报称，予比亚迪（002594）股份(01211)目标价140港元，基于2026年19倍预估每股盈利，此 估值高于历史均值。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链优势，以 及在智能驾驶领域的显著进步，这些要素将推动其转型为"汽车+智能"综合巨擘;评级高度确信跑赢大 市。 比亚迪上季业绩符预期，公布第三季每辆车GAAP(公认会计原则)利润为6,200元人民币(下同)，较第二 季的4,900元有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。 里昂测算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面， 比亚迪第三季毛利率为17.6%，优于第二季度的16.3%。整体结果符合里昂的预期;里昂认为，比亚迪利 润率与纯利在第二季度已见底。 ...

智通财经APP获悉，里昂发布研报称，予比亚迪股份(01211)目标价140港元，基于2026年19倍预估每股 盈利，此估值高于历史均值。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链 优势，以及在智能驾驶领域的显著进步，这些要素将推动其转型为"汽车+智能"综合巨擘;评级高度确信 跑赢大市。 比亚迪上季业绩符预期，公布第三季每辆车GAAP(公认会计原则)利润为6,200元人民币(下同)，较第二 季的4,900元有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。 里昂测算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面， 比亚迪第三季毛利率为17.6%，优于第二季度的16.3%。整体结果符合里昂的预期;里昂认为，比亚迪利 润率与纯利在第二季度已见底。 ...

证券研究报告 比亚迪 (002594 CH) 刘俊 研究员 karlliu@htsc.com +(852) 3658 6000 申建国 研究员 SAC No. S0570522020002 SFC No. BSK177 关注核心技术升级与海外需求共振 2025 年 10 月 31 日│中国内地 乘用车 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 136.93 宋亭亭 研究员 SAC No. S0570522110001 SFC No. BTK945 songtingting021619@htsc.com +(86) 21 2897 2228 收盘价 (人民币 截至 10 月 30 日) 103.61 市值 (人民币百万) 944,633 6 个月平均日成交额 (人民币百万) 5,736 52 周价格范围 (人民币) 103.61-405.00 股价走势图 资料来源：Wind (13) (2) 10 22 33 Oct-24 Feb-25 Jun-25 Oct-25 (%) 比亚迪 沪深300 经营预测指标与估值 | 会计年度 (人民币) | 2024 | 2025E | 2026E | ...

【#比亚迪高管回应三元锂电池起火频发#：比亚迪始终坚持安全的技术路线】在东京车展期间，比亚迪 集团品牌及公关处总经理@比亚迪李云飞 表示，新能源汽车电池最核心的问题是电池安全。 "从2010年至今15年的中国公交电动化发展历程中，这么多城市，这么多电动大巴，基本没有过类似起 火爆炸这样的恶性事件，这是因为中国电动大巴全都搭载磷酸铁锂电池组，这是很不容易的。" 在李云飞看来，基于磷酸铁锂技术在公共交通领域的安全验证，比亚迪在乘用车领域也将始终坚持这一 安全技术路线。（快科技） 他表示，明年、后年很多品牌为了续航里程可能还是使用三元锂电池，但是希望大家慎重一些。 关于近期部分搭载三元锂电池的新能源汽车发生的安全问题，李云飞表示，他并不认为这些事故凸显了 比亚迪的优势，因为这些安全事故会影响消费者对整个新能源行业的认知。 ...

Core Viewpoint - The Hang Seng Technology Index experienced a decline, with significant drops in technology stocks, semiconductor sector, and automotive stocks, particularly affecting major companies like BYD, Alibaba, and Tencent [1] Company Performance - BYD reported its Q3 2025 earnings, showing a revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, down 32.60% [1] - For the first three quarters of 2025, BYD's revenue reached 566.266 billion yuan, reflecting a year-on-year growth of 12.75%, while net profit was 23.333 billion yuan, a decline of 7.55% [1] Market Sentiment - Despite the earnings report, several institutions remain optimistic about BYD's future development. Huatai Securities maintains a "buy" rating, citing the company's core competitiveness in the three-electric field and potential performance improvements from the Super e-platform upgrade and globalization [1] - Guotou Securities believes BYD's fundamentals are set for volume and profit recovery, highlighting three key areas: 1) Anticipated volume and profit recovery due to the traditional sales peak in Q4 and the introduction of long-range versions of multiple models [1] 2) Continuous breakthroughs in high-end offerings with new models like the Titanium 7 and Tengshi N8L expected to enhance sales structure and profitability [1] 3) Accelerated overseas expansion with an increasing variety of models and improved production capacity, projecting high export growth from 2025 to 2026, benefiting from higher pricing and profitability in international markets [1]

Core Insights - BYD's high-end brand Tengshi officially launched the N8L model, priced at 299,800 yuan and 329,800 yuan for the two variants, which is a reduction of 20,000 yuan from the pre-sale price announced in late September, targeting the 300,000 yuan segment of the new energy large six-seat SUV market [2][3] Group 1: Product Positioning and Features - The N8L is a strategic model for Tengshi, complementing the N9 to form a flagship dual-star matrix, with the N8L focusing on the mainstream family market while the N9 targets the high-end business segment [3] - The N8L features a "Yisanfang" three-motor system, weighs 3 tons, and boasts performance enhancements such as a turning radius of only 4.58 meters due to its dual-chamber air suspension and intelligent road preview system [3] - The vehicle is equipped with the DiPilot300 advanced driver-assistance system and has a pure electric range of 230 km with a dedicated blade battery for plug-in hybrids [3] Group 2: Sales Performance and Market Challenges - Tengshi's sales heavily rely on the D9 model, which has contributed over 68% of the total sales of 108,800 units in 2023, indicating a lack of performance from other models [4][5] - The N7 model launched in 2023 has seen a drastic decline in sales, with only 98 units sold in September 2025, a 95% drop from its initial peak [7] - The N9 model also experienced a decline in sales after an initial strong performance, indicating a potential issue with sustaining momentum in the market [7] Group 3: Future Outlook and Production Plans - The launch of the N8L is part of Tengshi's strategy to strengthen its market position and diversify its product lineup, with plans for new models and a facelift for the D9 in the coming year [8][9] - The company has reported strong initial order interest for the N8L, leading to increased production efforts to meet demand [8][9]

10月28日，比亚迪旗下高端品牌腾势新车N8L正式上市，新车有尊荣型与旗舰型两款，官方指导价分别 为29.98万元和32.98万元。这一价格较9月底公布的预售起步价降低2万元，直接切入30万级新能源大六 座SUV市场。 作为腾势今年最重要的战略车型，N8L将和N9一起构成旗舰双子星矩阵。不同于N9覆盖39万元至45万 元的高端商务市场，N8L则补位主流家庭刚需市场，形成全价格带覆盖体系。腾势汽车总经理李慧在上 市中明确产品定位："腾势N9是科技安全旗舰SUV，而腾势N8L则是聚焦家庭的安全豪华SUV。" N8L全系标配"易三方"三电机系统，受三电机布局影响，新车整备重量达3吨，但换取了多项性能突 破：配合云辇-A双腔空气悬架与智能路面预瞄2.0系统，转弯半径仅为4.58米。 辅助驾驶方面，腾势N8L搭载天神之眼B—辅助驾驶激光版（DiPilot300），天神之眼B辅助驾驶系统则 是采用了一段式端到端大模型。续航方面，腾势N8L搭载插混专用刀片电池，CLTC纯电续航里程 230km。 安全性上，腾势N8L的笼式车身，关键区域采用2000MPa材质，强度是高铁轨道钢的2倍，单边车顶最 大承压达到14.3吨。配合全 ...

Investment Rating - The investment rating for BYD is "Buy-A" with a 6-month target price of 135.70 CNY per share [5][8]. Core Views - The report indicates that BYD's Q3 2025 performance shows a slight decline in revenue but an improvement in profitability, with expectations for continued recovery in sales volume and profit margins [1][5]. - The company is expected to benefit from a traditional sales peak in Q4, new model launches, and an improved sales structure, which should enhance profitability [5][8]. Revenue Summary - In Q3 2025, BYD achieved automotive revenue of 152.3 billion CNY, down 3% year-on-year and quarter-on-quarter, primarily due to a decline in sales volume and changes in sales structure [2]. - The total vehicle sales for Q3 2025 were 1.106 million units, reflecting a decrease of 2.1% year-on-year and 1.9% quarter-on-quarter [2]. Profit Summary - The automotive gross margin for Q3 2025 was 20.6%, a decrease of 2.7 percentage points year-on-year but an increase of 1.9 percentage points quarter-on-quarter, attributed to the recovery of terminal discounts and decreasing costs [3]. - The net profit for Q3 2025 was 7.8 billion CNY, down 33% year-on-year but up 23% quarter-on-quarter [1][3]. Cash Position - As of the end of Q3 2025, BYD had cash and cash equivalents totaling 117.5 billion CNY, significantly up from 65.8 billion CNY at the end of Q3 2024, indicating a strong cash reserve [4]. Outlook Summary - The company anticipates a recovery in both sales volume and profit margins, driven by new model launches and adjustments in pricing strategies [5]. - The high-end product line and international expansion are expected to contribute positively to sales and profitability in the coming years [5].