24晚间，伴随年报的发布，"史上最强" 比亚迪 (002594.SZ) 持续冲击市场热度。 在商业世界早已证明，在一个充分竞争的领域，一家企业的崛起与没落，都有迹可循。 笔者分析财报后发现，比亚迪在 "市场、盈利、投资、研发、一体化、资本" 等6个方面的持续突 破，造就了比亚迪这份史上最强年报。 首先看市场突破力。 根据中国汽车工业协会的数据，中国新能源汽车全年产销分别达1,288.8万 辆和1,286.6万辆，同比分别大幅增长34.4%和35.5%，连续十年位居全球第1。 而据财报披露，比亚迪24年产销分别为430.41万辆 （同比增长125.52%） 和427.22万辆 （同比 增长41.265） ，市场占有率超33%，即市场每投入一辆新能源汽车，有一辆就是比亚迪。 另据24潮产业研究院 (TTIR) 统计，2020-2024年这五年间，比亚迪乘用车和商用车销量分别增长 了26.21倍、2.25倍，增长势头非常强劲。 | स्ट (२) | 乘用车销量 | 商用车销量 | | --- | --- | --- | | 2024年 | 425.04 | 2.18 | | 2023年 | 301.29 | 1. ...

Core Viewpoint - BYD's supply chain cost reduction capabilities have significantly improved, leading to impressive financial results and a competitive edge in the automotive industry [2][4]. Financial Performance - In 2024, BYD reported a revenue of 777.1 billion yuan, a year-on-year increase of 29.02%, and a net profit of 40.25 billion yuan, up 34.00% [2]. - BYD's automotive segment contributed 79.45% of total revenue, with a growth of 27.70% compared to 2023 [2]. - The company achieved a record sales volume of 4.27 million vehicles in 2024, a 41.26% increase year-on-year, and reached the milestone of producing its 10 millionth electric vehicle [2][3]. Supply Chain Transformation - In 2024, BYD undertook a major supply chain overhaul, eliminating intermediaries and allowing direct procurement from suppliers, resulting in lower costs and increased profit margins for suppliers [6][7]. - The new procurement process requires strict approvals, enhancing transparency and reducing corruption risks [8][9]. - BYD's focus on larger suppliers has improved efficiency, while smaller suppliers face challenges in meeting stringent quality demands [7][10]. Management and Workforce Changes - BYD has implemented a younger management structure, with a significant portion of its R&D staff under 30 years old, promoting innovation and efficiency [10]. - The company has promoted engineers to procurement roles, integrating technical expertise into supply chain management [10]. R&D and Technological Advancements - BYD's R&D investment reached approximately 54.2 billion yuan in 2024, a 35.68% increase, surpassing competitors like Tesla and NIO [13]. - The company launched the "Tian Shen Zhi Yan" smart driving project, reflecting its commitment to technological advancement and market competitiveness [15][17]. Market Strategy and Future Outlook - BYD aims to increase its presence in the high-end market while maintaining strong sales in its mainstream brands, with a target of 5.5 million total vehicle sales in 2025 [20][21]. - The company plans to expand its overseas market presence, with a goal of exporting 800,000 vehicles in 2025, a 91.8% increase from 2024 [20][21]. - BYD's strategy includes enhancing its technological capabilities to build a competitive edge in the evolving automotive landscape [17][19].

比亚迪汉家族智驾版 2025年开年，比亚迪延续了2024年在全球新能源市场的强势表现。凭借超427万辆的年销量，这家中国 车企不仅蝉联中国汽车市场销冠，还登顶全球新能源车销量榜首。 销售成绩背后，是技术、产能与策略的多重释放。而其中最值得关注的一股力量，来自其在智能驾驶领 域的持续投入与战略升级。在2025年初的智能化战略发布会上，比亚迪高调提出"智驾平权"的口号，意 在推动高阶智能驾驶技术的普及化。 这一理念的首次产品化体现，落地于全新推出的汉家族智驾版车型。该车系将"天神之眼"高阶智能驾驶 系统作为全系标配，意图打破技术门槛、加速智能驾驶从"特权"向"常规体验"转变的路径。 近日，钛媒体App试驾了比亚迪汉家族智驾版，那么在行业普遍将NOA（领航辅助）作为高端车型卖点 的当下，比亚迪汉家族智驾版能否称得上智能驾驶的第一梯队？ "天神之眼"聚焦三大能力模块 汉家族智驾版全系标配的"天神之眼"系统基于比亚迪自研的车载计算平台，融合激光雷达、毫米波雷 达、摄像头等多传感器组合，具备三大核心功能能力：智能领航、智能泊车与主动安全。 其中，智能领航又分为高快领航HNOA和城市领航CNOA两个大场景模块，覆盖城市、快 ...

撰 文 / 玖 零 设 计 / shelly 2025年伊始，比亚迪、吉利、奇瑞（简称"迪吉瑞"）三大自主车企相继发布了重磅智能驾驶方案， 不仅在技术上取得了显著突破，更将智驾价格平民化，大幅降低了成本，将智驾从高端体验，变成 日常出行的标配。 3月17日，比亚迪秦PLUS智驾版以11.98万元起售价登陆市场，其搭载的"天神之眼C"系统让县城青 年第一次用上高速NOA；三天后，吉利银河星耀8 EM以15万元价格标配"车位到车位"全场景智 驾；而奇瑞的小蚂蚁智驾版，则用6.38万元实现了自动泊车与车道居中。 自此，智能驾驶不再是北上广精英的专属玩具，而是中国2800个县域市场里，快递员、小店主、乡 镇教师都能负担的出行伙伴。 "迪吉瑞"的智驾方案解读 比亚迪、吉利、奇瑞重磅发布的智能驾驶方案，不仅是技术层面的迭代，也是对产业链的深度整 合，更是对市场的巨大冲击。 1.1 技术层面 比亚迪的"天神之眼"高阶智能驾驶方案涵盖了三个级别，分别为"天神之眼C"、"天神之眼B"和"天 神之眼A"。 其中，"天神之眼 C"，即DiPilot 100，采用前视三目的纯视觉方案，配备12 个摄像头、5 颗毫米波 雷达，使用算力 ...

证券研究报告 汽车 报告日期：2025 年 03 月 26 日 业绩同比高增，高端化&全球化持续 ——比亚迪（002594.SZ）2024 年年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 369.59 | | --- | --- | | 52 周价格区间（元） | 201.17-403.40 | | 总市值（百万元） | 1,123,208.35 | | 流通市值（百万元） | 429,632.67 | | 总股本（万股） | 303,906.59 | | 流通股（万股） | 116,245.75 | | 近一月换手（%） | 28.58 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 销量点评报告》2024.12.06 《单车净利润环比改善明显，看好高端 2024 年三季报点评报告》2024.11.03 请认真阅读文后免责条款 事件： 比亚迪发布 2024 年年报：2024 年公司实现营收 7771.02 亿元， 同比+ ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [2] Core Views - BYD's 2024 annual report shows a revenue of 777.10 billion yuan, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.00% year-on-year [4][6] - The company achieved a sales volume of 4.27 million vehicles in 2024, representing a year-on-year growth of 41.26% [6] - The gross profit margin for 2024 was 19.44%, an increase of 0.86 percentage points year-on-year [6] - The company is focusing on high-end models, with a notable increase in the sales of premium brands, which accounted for 4.1% of total sales in Q4 2024 [6] Financial Performance Summary - In Q4 2024, BYD's revenue reached 274.85 billion yuan, a year-on-year increase of 52.66%, with a net profit of 15.02 billion yuan, up 73.12% year-on-year [4] - The R&D expenses for 2024 were 53.20 billion yuan, reflecting a year-on-year increase of 34.42% [6] - The average selling price per vehicle in 2024 was 140,400 yuan, down 10.00% year-on-year, but increased to 144,100 yuan in Q4 2024, showing a quarter-on-quarter growth of 3.34% [6] Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 55.93 billion yuan, 68.29 billion yuan, and 81.03 billion yuan respectively, indicating a strong growth trajectory [7] - The current stock price corresponds to a PE ratio of 20.1 for 2025, which is higher than comparable companies, reflecting BYD's position as a leading player in the global electric vehicle market [7]

比亚迪（002594.SZ） 汽车/乘用车 2025 年 03 月 26 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 369.59 | | 一年最高最低(元) | 403.40/201.17 | | 总市值(亿元) | 11,232.08 | | 流通市值(亿元) | 4,296.17 | | 总股本(亿股) | 30.39 | | 流通股本(亿股) | 11.62 | | 近 3 个月换手率(%) | 75.68 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-03 2024-07 2024-11 比亚迪 沪深300 相关研究报告 《闪电配售破浪前行，全球化及智能 化进程再提速—公司信息更新报告》 -2025.3.5 xujianfeng@kysec.cn 证书编号：S0790123070014 Q4 旺季销量同环比高增，营收/归母净利润再创新高 公司发布 2024 年年报，实现营收 7771.0 亿元，同比+29.0%；归母净利 402.5 亿 元，同比+34.0%，主要系全年销量同比+41.3%、 ...

比亚迪营收首超特斯拉！港股汽车ETF(520600)重 仓比亚迪约20%，早盘涨近3% 【比亚迪营收再创历史新高，蝉联全球新能源汽车市场销量冠军】 3月24日，比亚迪公布2024年四季度和全年业绩报告，财报显示，比亚迪2024年全年营收7771亿元 再创新高，同比增长29%，超过市场预期的7660亿元；以美元计，比亚迪去年销售额突破了1000亿美元 大关，为历史首次超过特斯拉（2024年营收为977亿美元）。全年净利润同比增长34%至402.5亿元，超 过预期的395亿元。 2024年，比亚迪全球销量达427.2万辆基本与福特汽车持平，同比增长41%，蝉联中国汽车市场车 企销量冠军和全球新能源汽车市场销量冠军；其中，纯电汽车全年销量为176万辆，略低于特斯拉的179 万辆。比亚迪预计今年汽车销量将达到500万至600万辆。今年前两个月，比亚迪汽车同比增长93%，达 到62.33万辆。 ETF方面，2025年3月26日早盘，港股汽车ETF(520600)一度涨近3%。截至10:03，该基金成交额达 2.50亿元，居可比ETF第一，换手率33.28%，市场交投活跃。权重股方面，比亚迪为该基金跟踪指数第 一大权重股 ...

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The report indicates that the net profit forecast for 2025-2026 has been revised down from 5.6 billion to 5.0 billion and from 6.2 billion to 6.1 billion respectively, with a new forecast for 2027 at 7.5 billion, representing a year-on-year growth of 18%/21%/23% [4] - The current stock price corresponds to a PE ratio of 17.5/14.5/11.8 for 2025-2027 [4] - Key breakthroughs in AI server liquid cooling and copper connections are expected in Q2 2025, with an acceleration in ADAS trends anticipated in Q3 2025 [4] Financial Summary and Valuation Metrics - Revenue for 2024 Q4 was 55.18 billion, a quarter-on-quarter increase of 26.7%, driven mainly by the growth in Android assembly business [5] - Net profit for 2024 Q4 was 1.20 billion, a quarter-on-quarter decline of 22.2%, attributed to a decrease in gross margin [5] - The company projects a revenue growth of approximately 10% for the full year 2025, with net profit growth expected to exceed revenue growth [6] - The financial metrics for 2023A to 2027E include: - Revenue (million): 129,957 (2023A), 177,306 (2024A), 193,212 (2025E), 210,408 (2026E), 226,527 (2027E) - Net Profit (million): 4,041 (2023A), 4,266 (2024A), 5,036 (2025E), 6,081 (2026E), 7,454 (2027E) - EPS (元): 1.8 (2023A), 1.9 (2024A), 2.2 (2025E), 2.7 (2026E), 3.3 (2027E) [7]

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The report indicates that the net profit forecast for 2025-2026 has been revised down from 5.6 billion to 5.0 billion and from 6.2 billion to 6.1 billion, with a new forecast for 2027 at 7.5 billion, representing a year-on-year growth of 18%/21%/23% [4] - The current stock price corresponds to a PE ratio of 17.5/14.5/11.8 for 2025-2027 [4] - Key breakthroughs in AI server liquid cooling and copper connections are expected in Q2 2025, with an acceleration in ADAS trends anticipated in Q3 2025 [4] Financial Summary and Valuation Metrics - Revenue for 2024Q4 was 55.18 billion, a quarter-on-quarter increase of 26.7%, driven mainly by the growth in Android assembly business [5] - Net profit for 2024Q4 was 1.20 billion, a quarter-on-quarter decline of 22.2%, attributed to a decrease in gross margin [5] - The company projects a revenue growth of approximately 10% for the full year 2025, with net profit growth expected to exceed revenue growth [6] - The financial metrics for 2023A to 2027E include: - Revenue (million): 129,957 (2023A), 177,306 (2024A), 193,212 (2025E), 210,408 (2026E), 226,527 (2027E) - Net profit (million): 4,041 (2023A), 4,266 (2024A), 5,036 (2025E), 6,081 (2026E), 7,454 (2027E) - EPS (元): 1.8 (2023A), 1.9 (2024A), 2.2 (2025E), 2.7 (2026E), 3.3 (2027E) [7]