比亚迪 20250617 摘要 比亚迪近期国内市场表现正常，调价后新增订单逐渐恢复至每周 8 万以 上水平，库存情况整体正常偏好，未出现悲观状态。上半年销量达成度 符合往年 30%-40%的比例，下半年销量预计将有显著提升。 比亚迪库存系数高的问题源于计算方式，淡季零售量下降导致系数提高， 一线城市经销商提车意愿强库存较高，但四五线城市受政策拉动库存良 好，自媒体报道存在样本偏差。 比亚迪单车盈利能力优于其他自主品牌新能源子品牌，得益于规模效应 和产业链垂直整合，即使不考虑价格战因素，仍具有显著优势。 比亚迪海外市场表现超预期，上半年出口量达 8.9 万辆，同比增长显著， 尤其在欧洲市场，插电混动和混动车型需求增加，欧洲、东南亚和拉美 是主要出口地区。 比亚迪通过本地化生产（如泰国、巴西、匈牙利工厂）规避关税影响， 采用成本定价模式，确保单车利润稳定，关税增加最终由当地消费者或 经销商承担，不影响比亚迪需求。 Q&A 比亚迪近期股价和整体汽车板块表现承压的原因是什么？ 今年第一季度，比亚迪及整个汽车板块表现承压主要是由于国家层面的补贴、 地方购置税政策以及以旧换新等政策提前释放。此外，春节期间 Deepsee ...

Core Viewpoint - The article discusses the sales performance and customer preferences for the BYD Song PLUS DMI, highlighting its competitive pricing and market challenges faced against other models like Song L and Galaxy Starship 7 [1][10]. Sales Performance - In a local three-tier city, the dealership sold approximately 130 vehicles last month, with 21 units of Song PLUS sold, indicating a significant interest in this model [2]. - The most popular configuration is the non-intelligent 112KM Honor version, primarily in gray, accounting for about 50% of the sales [2][11]. - Discounts for the non-intelligent version are around 25,000, while the intelligent version sees discounts of about 20,000, reflecting a trend of decreasing prices over the past two months [9]. Customer Demographics - Buyers of the Song PLUS are diverse, primarily using the vehicle for family purposes, with no distinct demographic trends observed [3][18]. - The article mentions a case where a customer initially interested in Song PLUS ended up purchasing from a competing dealership, indicating the competitive nature of the market [5]. Competitive Landscape - The Song PLUS faces stiff competition from models like Song L DMI and Galaxy Starship 7, with the latter gaining more traction among consumers [10]. - The dealership is experiencing intense competition, with sales teams under pressure to outperform each other, leading to a "cutthroat" environment [10]. Customer Preferences and Feedback - The most sought-after configurations are the 112 Honor type, with gray and white being the preferred colors [11]. - The least popular model is the 160KM flagship version, which struggles to sell even with significant discounts [12]. - Customers have expressed dissatisfaction regarding fuel efficiency and tire noise, indicating areas for improvement in the vehicle's performance [18]. Financial Aspects - Maintenance costs for the Song PLUS are estimated to be between 400-500, with the first service required at 5,000 hybrid kilometers or six months [19]. - The article notes that there are various financing options available, including high-interest bank loans with incentives [14]. Additional Considerations - The article mentions that trade-in subsidies are available, with 10,000 for the model and 8,000 for non-model vehicles, which can be combined with national and provincial subsidies [20].

比亚迪股份于北京时间 4 月 25 日晚，港股盘后发布了 2025 年第一季度业绩。要点如下： 1. 再次交出惊艳的汽车毛利率答卷，比亚迪强降本能力毋庸置疑： 在一季度卖车周期底部，比亚迪仍然实现了非常不错的卖车毛利率水平（一季度汽车毛利率 24%，超市场预期 22.3%）。 而从历史可比性的毛销差角度来看（会计调整将质保金从销售费用端拉到销售成本端，天然拉低毛利率），一季度毛销差达到了 16.4%，竟然做到了去年一季度大 超市场预期的毛利率水平，背后仍然体现的是强供应链溢价能力 + 高垂直整合能力 + 出海高毛利三重优势的释放。 2. 卖车收入端不及预期，但在清库存周期中海豚君认为问题不大： 一季度卖车收入端看似不及预期，但海豚君认为市场对比亚迪卖车收入单价预期过高，虽然一 季度由于出海放量，出海销量占比达到新高，对单价端有正向的拉动作用（可能也是市场预期本季度单价还在环比上行的核心原因），但其实海豚君了解到，比 亚迪一季度仍然在以清老款车库存为主，且降价幅度很大，而智驾版车型的实际上市时间较晚，所以这样的卖车单价是在海豚君意料之内的。 3. 单车净利端表现不错，略超预期中枢： 对于投资者同样关注的单车净利 ...