证券研究报告 汽车 年报及 Q1 总结：智能加码，出口强劲 华泰研究 2025 年 5 月 11 日│中国内地 专题研究 25Q1 以旧换新政策延续+智驾平权，乘用车业绩同比改善 25Q1 以旧换新政策快速衔接，刺激终端需求同比向好，乘用车板块营收/ 归母净利润分别同比+8%/+19%。板块内表现分化：1) 新能源渗透率提升， 规模效应增强下自主品牌盈利能力同比改善。比亚迪推进"智驾平权"，月 销量维持在 30 万辆，利润兑现度较高；2）合资持续承压，以价换量策略收 效有限，销量同比继续下滑；3）受汇兑收益影响，汽车及乘用车财务费用 率同比大幅下降。展望后市，我们看好 Q2 各省市促消费政策和自主品牌智 能化新车协同发力下，乘用车板块维持高景气，业绩水平进一步向好。 奇瑞/吉利/小米链表现强势，智能化/底盘板块营收同比增速跑赢平均 具体看零部件板块：1）奇瑞/吉利/小米 24Q4/25Q1 产销表现强势，带动核 心供应商如伯特利/瑞鹄模具/无锡振华/保隆科技/华阳集团等营收和利润实 现较快增长。特斯拉产销波动使得部分供应商如旭升股份/新泉股份/福赛科 技等业绩受一定影响。2）24Q4/25Q1 智能化板块收入 ...

Core Viewpoint - BYD reported impressive financial results for Q1 2025, with significant growth in revenue and profit, primarily driven by its electric vehicle (EV) business [1][3][28] Financial Performance - Total revenue for Q1 reached 170.36 billion yuan, a year-on-year increase of 36.35% [2][4] - Net profit attributable to shareholders was 9.155 billion yuan, up 100.38% year-on-year, making it three times that of Tesla's Q1 profit [3][4] - The net profit excluding non-recurring items was 8.172 billion yuan, with a remarkable growth rate of 117.8% [3][4] - Basic and diluted earnings per share were both 3.12 yuan, reflecting a 98.73% increase compared to the previous year [2] Sales and Market Performance - BYD sold 1,000,800 vehicles in Q1, marking a 59.81% increase year-on-year, with passenger vehicles accounting for 986,100 units, up 57.93% [4][6] - The overall passenger car market in China saw a production and sales increase of 16.1% and 12.9%, respectively, indicating BYD's strong performance relative to the market [4][6] Strategic Initiatives - BYD launched 21 models with advanced driver assistance features in February, enhancing its competitive edge [6][10] - The introduction of the 1000V charging platform in March positioned BYD as a leader in electric vehicle technology [10] High-End and Overseas Market Growth - Sales of BYD's high-end brands (Fangchengbao, Tengshi, and Yangwang) reached 52,600 units in Q1, a 36.5% increase [12][13] - BYD exported approximately 214,000 vehicles in Q1, doubling year-on-year and accounting for nearly half of China's total EV exports [20][22] - The company aims to sell 800,000 to 1 million vehicles overseas this year, doubling its previous year's exports [25] Cost Control and Efficiency - BYD's combined sales, management, and financial expenses were 9.179 billion yuan, remaining stable while revenue surged, leading to a 24.42% decrease in these expenses as a percentage of revenue [26][27] - The company's operational efficiency is highlighted by its ability to maintain cost levels while significantly increasing revenue, demonstrating effective scale management [26][28]

Core Insights - A-share companies reported stable growth in 2024, with total revenue reaching 71.92 trillion yuan and net profit at 5.21 trillion yuan, with 75% of companies profitable and 48% showing year-on-year profit growth [1] Group 1: Industry Performance - The agriculture, forestry, animal husbandry, and fishery sectors saw significant profit growth, with a net profit increase of 1447%, primarily due to falling feed prices benefiting livestock companies [1] - The electronic and non-bank financial sectors led revenue growth, each with approximately 17% increase [1] Group 2: Company Highlights - 117 companies achieved revenue exceeding 100 billion yuan, marking a historical high, with 7 companies surpassing 1 trillion yuan in revenue [1] - BYD's revenue reached 777.1 billion yuan in 2024, a 29% increase, surpassing Tesla's annual revenue for the first time [2] - 65 companies doubled their revenue in 2024, with Zhixiang Jintai leading at a 2384.1% increase due to a newly approved drug [3] Group 3: Profitability - 77 companies reported net profits exceeding 10 billion yuan, with 10 companies surpassing 100 billion yuan, mainly in the banking and insurance sectors [6] - Zhengdan Co. achieved a net profit growth rate of nearly 120 times, driven by soaring prices of its main product [6][7] Group 4: R&D Investment - A-share companies collectively invested 1.6 trillion yuan in R&D in 2024, with 22 companies exceeding 10 billion yuan in R&D spending [8] - BYD led R&D investment with 54.16 billion yuan, contributing to significant technological advancements [8]

Group 1: R&D Investment Overview - As of April 29, 2024, 5,304 A-share companies disclosed their annual reports, with total R&D expenditure exceeding 1.67 trillion yuan [2] - The computer, defense, machinery, and electronics industries have R&D expenditure accounting for over 5% of their revenue [2] - 42 companies reported R&D spending over 5 billion yuan, while 23 companies exceeded 10 billion yuan; 125 companies had R&D expenditure over 30% of their revenue [2] Group 2: Leading Companies in R&D Investment - BYD's R&D investment reached approximately 54.2 billion yuan in 2024, a 36% increase year-on-year, with cumulative R&D spending exceeding 180 billion yuan [3] - CATL's R&D investment hit a record high of 18.6 billion yuan in 2024, with total R&D spending over 70 billion yuan in the past decade [4] - Major state-owned enterprises like China State Construction and China Mobile reported R&D investments between 20 billion to 45 billion yuan in 2024 [4] Group 3: Emerging Industries and Innovations - New industries are driving innovation, with significant R&D investments in AI and robotics; for instance, Star Ring Technology's R&D expenditure was 70.65% of its revenue in 2024, up from 49.88% [5] - Geke Micro's R&D investment was 9.52 billion yuan, accounting for 14.91% of its revenue, focusing on smart wearable technology [5] - Midea Group has consistently invested over 10 billion yuan annually in R&D, particularly in industrial automation technologies [6] Group 4: R&D as a Growth Driver - High R&D expenditure relative to revenue indicates a strong focus on innovation; for example, Geling Deep Vision's R&D spending was 1.89 billion yuan in 2024, representing 161.18% of its revenue [7] - Heng Rui Pharmaceutical's R&D investment reached 8.228 billion yuan in 2024, with a revenue ratio of 29.40%, contributing to record performance [7] - Seres achieved significant growth with a 70.53 billion yuan R&D investment in 2024, reflecting a 58.9% increase year-on-year [8]

2024年，比亚迪交出了一份史上最强财报，各项核心经营指标均创历史新高。实现营业收入约7771.02 亿元，首次突破7000亿元大关。这一营收规模已远超特斯拉2024全年营收的976.9亿美元(折合人民币约 7094.64亿元)。不仅如此，比亚迪在2024年归属于上市公司股东的净利润高达402.54亿元，盈利能力持 续优化。 值得一提的是，在业绩高增长的同时，比亚迪还积极履行社会责任，在2024年国内纳税总额高达510亿 元，比同期净利润高出了一百多亿元。 汽车业务表现强劲 财报显示，2024年，汽车业务实现营收约6173.82亿元，占集团总收入的比例高达79.45%。在外界看 来，比亚迪汽车业务的稳健增长主要得益于其在全球新能源汽车市场的持续领先地位。官方数据显示， 2024年，比亚迪汽车全球销量累计约427.21万辆，同比增长41.26%。这一成绩使比亚迪蝉联中国汽车市 场销量冠军和全球新能源汽车销量冠军。 进入2025年后，比亚迪继续保持强劲的发展势头。1~2月，比亚迪以62.3万辆的累计销量继续居行业榜 首。 "技术鱼池"形成 技术断层式领先 今年3月初，比亚迪还完成了一项规模达435亿港元的"闪电配 ...

喜茶暂停加盟申请。 去年秋天以来，喜茶三次以加盟商内部信的方式宣布战略调整。它曾是第一个降价的现制茶饮品 牌，去年第一个宣布退出价格战，这次它在内部信里说暂停加盟申请，也是行业首个。 喜茶品牌成立到第六年一直以全直营模式经营。公司自己选原材料、做茶、卖茶，手工做出近 30 元的奶盖茶。 直到消费者开始喝更便宜的茶，增长变难，喜茶 2022 年 11 月开放加盟。为此它提前降价、标准化 流程，门店数量从 2022 年底的 855 家增长至去年底的 4548 家，成了中国门店数量第六多的现制茶 饮品牌。 随着现制茶饮竞争加剧，热门区域门店加密、市场转入存量竞争。行业同店下滑、一些品牌的加盟 商转亏，去年门店总数净减少 1.6 万间。喜茶率先放下门店增长的目标，暂停才开始 2 年多的加 盟。 今年 1 月，喜茶 DP（白日梦）店在成都春熙路开张。DP 店自营，设计精美、面积更大，消费者 还能尝到常规店没有的饮品，但价格往往更高。上一家 DP 店 2018 年 10 月在深圳开业，一年多后 关闭，也是喜茶第一家 DP 店。喜茶在这次的内部信里说要 "聚焦用户和品牌"，DP 店回归或许是 新战略的开端。 比亚迪超 21 ...