智通财经记者 | 贾璐 智通财经编辑 | 崔宇 史国伟 智通财经连续第九年推出超级CEO系列榜单。除「年度超级CEO」主榜单外，今年的系列子榜单全面映 射中国经济发展多元动能。 智通财经「年度超级CEO」系列榜单，关注各行业中带领企业稳步向强，不断取得财务成长，为长短期 股东带来回报，并兼顾个人声誉的优秀管理者。 在2025年度汽车行业CEO榜单上，有25位CEO上榜，其中比亚迪董事长兼总裁王传福列榜首，宁德时代 董事长兼总经理曾毓群排第二，吉利汽车行政总裁桂生悦第三。 智通财经定义的汽车行业包括整车、配件配套、汽车售前售后、汽车共享、汽车资讯等细分行业。 中汽协最新统计显示，2024年，我国汽车产销分别完成3128.2万辆和3143.6万辆，同比增长3.7%和 4.5%，且产销总量连续16年稳居全球第一，印证了国内汽车市场在消费升级与产业升级双重驱动下的 深厚发展潜力。即便身处外部环境压力重重的挑战中，我国汽车市场依旧展现出"逆风前行"的强劲势 头，整体发展向好。在海外市场的拓展上，同样成果斐然——2024年我国汽车出口量达585.9万辆，同 比增长19.3%。面对全球贸易环境的不确定性，中国汽车产业展现出 ...

Core Insights - BYD showcased its latest models at the 2025 Guangzhou Auto Show, focusing on vehicles priced at 200,000 yuan and above, including the Han L and Tang L with new colors and OTA upgrades [1] - The Han L EV and Tang L EV feature the Super e-platform with a capability of charging for 400 kilometers in just 5 minutes, while the Han L DM and Tang L DM have fuel consumption rates of 3.9L and 4.9L per 100 kilometers respectively [1] - The U9 Xtreme from the Yangwang brand set a new record for production electric vehicles at the Nürburgring with a time of 6 minutes and 59 seconds [1] Technology Highlights - BYD emphasized its "Megawatt Flash Charge" high-voltage platform, aiming for a charging time of 5 minutes for 400 kilometers of range [2] - The "Tian Shen Zhi Yan" intelligent driving system has been installed in over 2 million vehicles, generating an average of 130 million kilometers of driving data daily [2] Market Performance - In October, BYD achieved a monthly sales figure of 441,700 vehicles, bringing the total sales for the year to 3,701,900 units, with cumulative sales of over 14.2 million electric vehicles [2] - The high-end brands Tengshi, Fangchengbao, and Yangwang are also performing well, with Fangchengbao delivering 31,000 new vehicles in October, Tengshi exceeding 10,000 units, and Yangwang delivering 654 new vehicles [2]

Core Viewpoint - The 23rd Guangzhou International Auto Show marks a historic turning point for the Chinese automotive industry, with the penetration rate of new energy vehicles (NEVs) surpassing 50% for the first time in October, indicating a shift towards a new era dominated by NEVs in the Chinese market [2][8]. Group 1: BYD's Product Showcase - BYD's booth became the focal point of the exhibition, showcasing multiple brands including Yangwang, Tengshi, and the Dynasty series, highlighting models like the Yangwang U9 Xtreme supercar and Tengshi N8L, which demonstrate BYD's technological prowess in the NEV sector [2][3]. - The Yangwang U9 Xtreme set a record lap time of 6 minutes and 59 seconds at the Nürburgring Nordschleife and achieved a top speed of 496.22 km/h, establishing new benchmarks for production cars [3]. - The Tengshi N8L features a 2000MPa hot-formed steel body structure and innovative hybrid CTB technology, enhancing safety performance significantly [5]. Group 2: Technological Advancements - The flagship model, Tang L, incorporates the world's first mass-produced passenger vehicle with a high-voltage architecture, achieving a peak charging power of 1000 kW, allowing for a 370 km range boost in just 5 minutes [7]. - BYD's "Heavenly Eye" intelligent driving system has been installed in over 2 million vehicles, generating an average of 130 million kilometers of driving data daily, fostering a positive feedback loop for technology iteration [9]. Group 3: Market Performance and Strategy - In October, BYD's sales reached 441,700 units, a record high for the year, with cumulative sales from January to October reaching 3.7019 million units, reflecting a year-on-year growth of 13.9% [8]. - BYD's R&D investment for the first three quarters of the year amounted to 43.75 billion yuan, a 31% increase year-on-year, positioning the company among the top in A-share listed companies [8]. - The Fangchengbao brand achieved over 30,000 units sold in October, a staggering 415% increase year-on-year, while the new model, Titanium 7, sold over 20,000 units in its first month, indicating strong demand in the mid-to-high-end market [9]. Group 4: Ecosystem Development - BYD is actively building a broader smart mobility ecosystem, recently partnering with Midea Group to enhance the "smart home" experience, allowing users to control home devices via the vehicle's system [11]. - The company has also collaborated with various partners to launch smart child safety seats and in-car smart devices, enriching the smart mobility ecosystem and creating additional value for users [11]. - BYD's cumulative mileage for its NEVs has surpassed 300 billion kilometers, underscoring its significant role in promoting green mobility [12].

Group 1 - BYD's stock price closed at 111.42 yuan on July 29, 2025, with an increase of 0.41 yuan, representing a 0.37% rise compared to the previous trading day [1] - The company ranked 91st in the 2025 Fortune Global 500 list, climbing 52 positions from the previous year and surpassing Tesla in the rankings [1] - BYD has outlined a technology development path that deeply integrates electrification and intelligence, recently upgrading its "Tian Shen Zhi Yan" intelligent driving system and launching a safety commitment for smart parking scenarios [1] Group 2 - On July 29, 2025, the net outflow of main funds for BYD was 259 million yuan, accounting for 0.07% of its circulating market value [2]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, reflecting a year-on-year increase of 16.4% to 40.0% [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, with projections of 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, indicating year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is expected to improve from 18.6% in 2023 to 20.8% by 2027 [3] - The return on equity (ROE) is projected to remain stable around 24.5% from 2025 to 2027 [3]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [1][2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, up 16.4% to 40.0% year-on-year [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, expected to rise to 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, with year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is projected to improve from 18.6% in 2023 to 20.8% in 2027 [3] - The return on equity (ROE) is expected to remain stable around 24.5% from 2025 to 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 146.00, indicating a potential upside of 4% from the current price of RMB 140.88 [1][5]. Core Insights - The report highlights the potential revenue growth for the company's automotive CIS (CMOS Image Sensor) business in 2025-2026, driven by the increasing adoption of intelligent driving cameras in mid-to-low-end vehicle models [3][4]. - The introduction of new mobile CIS products is expected to boost revenue in 2026, as the company plans to launch several high-pixel and low-power consumption products [5]. Financial Summary - Revenue projections show a steady increase from RMB 20,078 million in 2022 to RMB 37,539 million in 2026, reflecting a compound annual growth rate [6]. - Earnings per share are expected to rise from RMB 0.84 in 2022 to RMB 4.81 in 2026, indicating strong profitability growth [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 142.2 in 2022 to 29.3 in 2026, suggesting improved valuation over time [6].

另一方面，智驾技术日新月异，现阶段的功能未必是终点。如果预算有限或更注重性价比，等技术 更成熟再入手或许是更理性的选择。新款海鸥智驾版在外观和内饰上与老款非智驾版相比变化不 大，主要升级仅体现在前后保险杠设计和换挡机构。因此，如果预算有限或对智驾需求没有那么迫 切，或许选购一辆二手海鸥才是更具性价比的方案。 02 二手海鸥价格比年前再降5% 比亚迪去年凭借秦PLUS DM-i"798"的定价横扫市场后，今年又放大招——全系搭 载"天神之眼"智能驾驶系统，甚至将高阶智驾功能下沉到7万级的量产车型海鸥。这 款车原本就凭借亲民的价格受到不少消费者青睐，如今搭载了高阶智驾，在小型车中 的竞争力更是与日俱增。 然而，汽车作为大宗耐用品，买车并不能一味地追求新潮，如何在预算和需求间找到最佳平衡点尤 为关键。瓜子二手车综合平台大数据，帮你看清比亚迪海鸥的二手车市场现状，让你能找到最适合 的购车方案。 01 想要低价体验"天神之眼"，新款海鸥记得要选中配以上版本 比亚迪海鸥的最新款车型虽然都以"智驾版"命名，但实际上"天神之眼C"的智驾系统并非全系标 配，目前只有中配以上车型才具备该系统，而指导价6.98万元的2025款智驾 ...