撰 文 / 牛 跟尚 设 计 / s h e l l y "要踏踏实实做好保障智能驾驶汽车安全性的系统工作，少造概念，避免误导消费者，同时要承担 起向消费者普及智驾操作原则的责任。" 曾任东风汽车公司总经理、武汉市委书记、工业和信息化部（简称工信部）部长的苗圩在其新书 《志在超车：智能网联汽车的中国方案》发布上呼吁企业谨慎宣传。该书的第五个小标题就是《智 能网联汽车安全先行》。 苗圩，可能是对"智驾"吹哨的第一位专家型高官。 这一天，是3月20日，春分，昼夜均分之时，或许正是万物拔节之时，也或是中国汽车换道超车中 新拐点。 9天后的3月29日晚，一辆小米SU7在安徽高速路上发生车祸，导致车内3个年轻生命不幸离世。公 开信息披露，事故发生前车辆处于NOA智能辅助驾驶状态，车辆检测出障碍物后进入人驾状态，3 秒后与隔离带水泥桩发生碰撞，引发严重车祸。 这起事故，犹如睛天霹雳，撕破车企都在鼓吹的"智能驾驶新装"。 此前，中国部分车型在高速公路领航辅助驾驶、城区领航辅助驾驶以及"代客泊车"等智驾功能上被 夸大宣传。 一是功能效果方面，一些车企将L2级辅助驾驶包装为"L2.9级""全场景智驾""城市领航"等模糊概 念， ...

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 - The recent trend of "free intelligent driving" services among various automotive companies has sparked significant discussion and competition in the industry, with companies like Leap Motor leading the charge by offering free intelligent driving software and refunds for previous payments [2][3][4]. Group 1: Company Initiatives - Leap Motor announced that from April 10, all intelligent driving software in its models will be free, including the high-speed intelligent navigation assistance (NAP) feature, and will refund fees to users who previously paid for NAP [3][4]. - BYD has also adopted a similar strategy, offering its high-level intelligent driving system, "Tianshen Eye," as standard across all models [3]. - Chery announced that its intelligent driving system, "Falcon Intelligent Driving," will be standard across all its brands starting in 2025 [3]. Group 2: Cost Dynamics - The cost of intelligent driving technology has decreased significantly, with the hardware cost for high-speed NAP now below 1,000 yuan, allowing companies to offer these features without additional charges [5]. - According to reports, the hardware cost for BYD's Tianshen Eye system has fallen to below 4,000 yuan [5]. Group 3: Market Reactions - Despite the push for free intelligent driving features, some companies like NIO and Tesla continue to charge for their services, with Tesla's enhanced autopilot priced at 32,000 yuan and subscription options available [6][7]. - NIO offers varying durations of free intelligent driving services with vehicle purchases, indicating a mixed approach in the market [7]. Group 4: Consumer Perspectives - A significant portion of consumers (90%) are willing to pay extra for advanced intelligent driving services, with 30% willing to pay over 10,000 yuan [10]. - However, consumer sentiment indicates that the usability and effectiveness of intelligent driving systems are more critical than whether they are free, with some expressing concerns over the reliability of these features [9][10].

2024 年报&2025 一季报总结：分化加剧，龙头车企盈利修复。随着行业 价格战进入后半程，车企之间的技术、品牌差距拉大，带动各车企财务表 现分化显著。其中，比亚迪、吉利汽车、小米、长安、小鹏受益新车&平 台的强竞争力，销量大幅增长的同时，盈利能力也持续上行，而合资品牌 则在销量/利润端普遍承压。展望后市，头部车企凭借技术、成本与全球化 布局方面的领先优势，新车竞争力与二三梯队的差距预计进一步拉大，未 来在销量与盈利端有望持续跑赢行业。 证券研究报告 | 行业深度 gszqdatemark 2025 05 05 年 月 日 投资建议。全年内需有保障，北美以外地区出口有望边际改善，中长期看 龙头车企的智能化与全球化逻辑验证，带动市场份额与盈利能力持续提 升。短期关注内需侧以旧换新政策落地与重点新车的上市交付节奏与机器 人落地进展。建议关注：1）强车型：吉利汽车、小鹏汽车、比亚迪、小米 汽车、长安汽车；2）华为系：赛力斯、上汽集团。 乘用车 头部车企重磅新车陆续上市&交付，叠加 2024Q2 行业低基数，板块景气 度有望持续上行。2024Q4 以来，汽车行业迎来新车密集上市潮，比亚迪、 吉利、长安、赛力斯、小鹏 ...

证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 2025 年 04 月 30 日 公司点评 买入/维持 比亚迪(002594) 目标价: 昨收盘:355.00 BYD 的全球 SHENZHEN 时刻 ◼ 走势比较 (20%) 2% 24% 46% 68% 90% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 比亚迪 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 30.39/11.62 | | --- | --- | | 总市值/流通(亿元) | 10,788.68/4,1 | | | 26.57 | | 12 个月内最高/最低价 | 403.4/206.58 | | (元) | | 相关研究报告 <<比亚迪：从批量爆款到全面智 能>>--2025-03-26 <<比亚迪时刻：从批量爆款到全面智 能>>--2024-09-01 <<双宋齐发，进入批量打造销冠爆款 车型的比亚迪时刻>>--2024-07-29 事件：公司发布 2025 年一季报，实现营业总收入 ...

BYD真的赚麻了。 前些天，比亚迪公布了今年一季度的财报。就迪子之前卖爆那劲儿，大伙儿也猜到业绩应该挺不错的，但是真没想到，人家挣的是如此之多。 根据财报信息，一季度，比亚迪营收总共 1703.6 亿元，同比增长 36.35%。相比之下，特斯拉在老马各种不上心后，一季度营收大概是 1411.5 亿元，已经 大幅落后迪子。 | | 本報告期 | 上年同期 | 本報告期比上年 同期增減(%) | | --- | --- | --- | --- | | 營業收入(元) | 170.360.448.000.00 | 124,944,397,000.00 | 36.35% | | 歸屬於上市公司股東的淨利潤(元) | 9.154.985,000.00 | 4.568.793.000.00 | 100.38% | | 歸屬於上市公司股東的扣除非經常性損益的淨利潤(元) | 8.171.627.000.00 | 3.751.980.000.00 | 117.80% | | 經營活動產生的現金流量淨額(元) | 8.580.961.000.00 | 10.227.984.000.00 | -16.10% | | 基本每股收益 ...

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]

Investment Rating - The report assigns a "Buy" rating to BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 26.8% from the current closing price of HKD 397.00 [1][10]. Core Insights - BYD's Q1 2025 performance was significantly boosted by strong export growth, with revenue reaching RMB 70.4 billion, a year-on-year increase of 36% [2]. - The company's net profit for Q1 2025 doubled year-on-year to RMB 9.2 billion, with a notable increase in vehicle sales, achieving 1 million units sold, a 60% increase year-on-year [2][7]. - The report highlights BYD's competitive advantage through vertical integration in its supply chain, which has helped maintain a gross margin of 24% despite being in a traditionally weaker sales season [2][7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602.3 billion in 2023, RMB 777.1 billion in 2024, and RMB 977.2 billion in 2025, reflecting a year-on-year growth rate of 42.0%, 29.0%, and 25.8% respectively [6]. - Net profit is expected to grow from RMB 30.0 billion in 2023 to RMB 52.5 billion in 2025, with earnings per share projected to increase from RMB 13.33 to RMB 23.28 over the same period [6]. - The report anticipates that BYD's vehicle sales will reach 5.23 million units in 2025, representing a 23% year-on-year increase, driven by strong export performance and advancements in intelligent driving technology [7]. Market Position and Strategy - BYD is actively expanding its overseas presence, with plans to achieve 800,000 units in overseas sales by 2025, effectively doubling its export volume [7]. - The company is focusing on making advanced driving technology more accessible across its vehicle range, aiming for over 60% of its models to feature high-level autonomous driving systems by 2025 [7]. - The report emphasizes that BYD's strong export growth is expected to enhance its average selling price and gross margin, while its efforts in intelligent driving will solidify its market position in China [7].