[Ta比ble亚_Sto迪ckN（ameRptType] 002594） 公司点评 二代刀片电池及闪充发布，先进技术引领行业 | | | | 收盘价（元） | 102.87 | | --- | --- | | 近 12 个月最高/最低（元） | 416.98/85.88 | | 总股本（百万股） | 9,117 | | 流通股本（百万股） | 3,487 | | 流通股比例（%） | 38.25 | | 总市值（亿元） | 9,379 | | 流通市值（亿元） | 3,587 | 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 2025-08-13 主要观点： 邮箱：liuqianlin@hazq.com 2 月，比亚迪旗下高端新能源汽车品牌腾势在菲律宾马尼拉举行上市发布 会，宣布其正式进入菲律宾市场，旗舰级豪华 MPV——全新腾势 D9 惊艳 亮相。3 月初，比亚迪在智利首都圣地亚哥隆重推出两款全新 SUV 车型— —中型智电 SUV 海狮 07EV 与旗舰 SUV 唐 L，以 ...

日前，比亚迪宣布旗下宋Ultra EV正式开启预售，预售价区间为15.5万至18.5万元。新车定位B级纯电 SUV，全系搭载第二代刀片电池及闪充技术，并提供18个月免费闪充权益。 宋Ultra EV正式开启预售 比亚迪 从产品策略来看，宋Ultra EV的核心卖点并不复杂——通过更快的补能能力，降低纯电车型在长途使用 场景中的不确定性。 导读：第二代刀片电池及闪充技术在主流价位车型上完成下放，比亚迪证明该技术将不是高端车专属。 根据官方数据，新车在闪充技术支持下，可实现电量从10%充至70%约5分钟、从10%充至97%约9分 钟。在低温环境下（-30℃），充电时间也仅增加约3分钟。相比传统纯电车型，这种补能效率更接 近"加油式体验"。 【文/观察者网 周盛明 编辑/高莘】 随着第二代刀片电池及闪充技术正式发布，比亚迪开始回应纯电市场面临的"补能焦虑"问题。在强调续 航里程之外，也用充电效率来提升技术对于消费者的价值。 值得注意的是，随着该技术在宋Ultra EV这样的主流价位车型上完成下放，比亚迪证明了其成本可以实 现在中低端车型上大规模普及。对于竞争极其激烈的15万元级别新能源汽车市场，这样的核心差异点成 ...

比亚迪王朝B级闪充SUV宋Ultra EV正式开启预售，全系搭载比亚迪第二代刀片电池及闪充技术，新车预售价15.5万—18.5万元。同时，预订用户还将享受整 整18个月免费闪充权益。新车预计3月底正式上市。 宋Ultra EV预 「全系搭载第二代刀片电池和闪充 宋Ultra EV全系标配闪充技术，5分钟就能从10%充到70%，9分钟能从10%充到97%，即使在零下30摄氏度的环境下，充电时间也仅多花3分钟。其搭载的比 亚迪第二代刀片电池，具有更高的能量密度、更长的寿命、更高的安全标准，使得宋Ultra EV纯电续航达710公里，在270千瓦电机驱动下最高时速可达210 公里/小时。 宋Ultra EV带来了火岩灰、雪山白、烟岚紫、星河米、棕榈绿、曜石黑六种外观配色，以及海盐灰、暮云灰两款内饰颜色。新车整体设计时尚轻奢，配置清 单上包括敲击解锁前备箱、女王副驾、前排座椅通风+加热+按摩、多功能拓展接口等，并全系标配15.6英寸中控大屏、四音区语音交互、手机无线充电等 20+项核心配置。此外，宋Ultra EV全系标配云辇-C智能阻尼车身控制系统，搭配前麦弗逊+后五连杆独立悬架，TBC高速爆胎稳行系统则在140公 ...

【宋Ultra EV开启预售15.5万—18.5万元 全系搭载第二代刀片电池及闪充技术】2026年3月5日，比亚迪 王朝网B级SUV宋Ultra EV正式开启预售。新车预售价为15.5万—18.5万元，全系搭载比亚迪第二代刀片 电池与闪充技术，并提供多项舒适与智能化配置。官方同时宣布，预订用户可享受18个月免费闪充权 益。 在动力与底盘层面，宋Ultra EV同样强调性能与驾乘品质。新车搭载最大功率270kW电机，最高时速可 达210km/h，为高速巡航等场景提供充足动力储备。底盘方面，新车全系标配云辇-C智能阻尼车身控制 系统，并采用前麦弗逊、后五连杆独立悬架结构，以提升整车行驶稳定性与舒适性。 在空间表现上，宋Ultra EV轴距达到2840mm，官方表示其空间表现不仅在同级车型中具有优势，也在 一定程度上接近部分中大型SUV的车内空间水平。整体来看，围绕第二代刀片电池、闪充技术与智能驾 驶系统等核心技术配置，宋Ultra EV试图在补能效率、智能化与驾乘体验等方面形成综合竞争力，三大 颠覆、三大越级，3C护体，宋Ultra EV树立B级纯电SUV新标杆。中经记者 陈靖斌 深圳报道 在补能效率方面，宋Ul ...

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 106 HKD [2][4]. Core Insights - The company has launched a new generation of blade batteries and fast-charging technology, significantly reducing charging times. The battery can charge from 10% to 97% in just 9 minutes. The company plans to establish 20,000 fast-charging stations by the end of the year [6]. - Due to an expected slowdown in the domestic market, overseas markets are projected to become a crucial growth driver, with overseas sales expected to account for 30% of total sales by 2026, up from 23% in 2025 [6][8]. - The company anticipates net profits of 333.8 billion RMB, 395 billion RMB, and 468.8 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year changes of -17%, +18.3%, and +18.7% [6][8]. Company Overview - The company operates primarily in the automotive industry, with 81.5% of its business in automotive and 18.5% in mobile components and assembly [8]. - As of March 5, 2026, the company's H-share price was 92.6 HKD, with a market capitalization of approximately 341.08 billion RMB [3]. Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 333.8 billion RMB, 394.98 billion RMB, and 468.84 billion RMB respectively, with corresponding EPS of 3.66 RMB, 4.33 RMB, and 5.14 RMB [10]. - The H-share P/E ratios are expected to be 25.6, 21.6, and 18.2 for the years 2025, 2026, and 2027 respectively [6][10].

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 106 HKD [2][4]. Core Insights - The company has launched a new generation of blade batteries and fast-charging technology, significantly reducing charging times. The battery can charge from 10% to 97% in just 9 minutes. The company plans to establish 20,000 fast-charging stations by the end of the year [6]. - Due to an expected slowdown in the domestic market, overseas markets are projected to become a crucial growth driver, with overseas sales expected to account for 30% of total sales by 2026, up from 23% in 2025 [6][8]. - The company anticipates net profits of 333.8 billion RMB, 395 billion RMB, and 468.8 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year changes of -17%, +18.3%, and +18.7% [6][8]. Company Overview - The company operates primarily in the automotive industry, with 81.5% of its business derived from automotive sales and 18.5% from mobile components and assembly [8]. - As of March 5, 2026, the company's H-share price was 92.6 HKD, with a market capitalization of approximately 341.08 billion RMB [3]. Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 333.8 billion RMB, 394.98 billion RMB, and 468.84 billion RMB respectively, with corresponding EPS of 3.66 RMB, 4.33 RMB, and 5.14 RMB [10]. - The H-share price-to-earnings (P/E) ratios are expected to be 25.6, 21.6, and 18.2 for the years 2025, 2026, and 2027 respectively [6][10].

Core Viewpoint - The article highlights significant developments in the electric vehicle (EV) sector, focusing on new product launches and advancements in battery technology, particularly BYD's second-generation blade battery, which enhances charging efficiency and performance in extreme conditions [2][4][9]. Group 1: BYD Developments - BYD officially launched its second-generation blade battery on March 5, which significantly improves charging efficiency for electric vehicles [2]. - The new battery allows for rapid charging, with tests showing that charging from 10% to 70% takes only 5 minutes, and from 20% to 97% in just 12 minutes even in extreme cold conditions [4]. - BYD plans to establish 2,000 fast-charging stations nationwide by the end of 2016 and will offer one year of free fast-charging rights to owners of vehicles equipped with the new battery [7]. Group 2: New Vehicle Launches - Toyota's new model, the Prius 7, has started pre-sales with a price range of 179,800 to 239,800 yuan, featuring a design consistent with the Toyota electric vehicle family and advanced technology [5][9]. - The Lotus For Me, a high-performance hybrid SUV, was officially launched, boasting a power output of 952 horsepower and a 0-100 km/h acceleration time of 3.3 seconds [18][20]. - The new Tengshi Z9 GT was launched with a price range of 269,800 to 369,800 yuan, offering both electric and hybrid versions with impressive performance metrics [22][24]. - The Song Ultra EV has begun pre-sales with a price range of 155,000 to 185,000 yuan, featuring a larger size and advanced interior technology [26][28]. - The new Sea Lion 06 EV was launched with a price range of 159,900 to 179,900 yuan, maintaining a familiar design while enhancing interior features and performance [37][39].

Core Viewpoint - BYD has launched its second-generation blade battery and fast-charging technology, aiming to regain its market leadership in the competitive electric vehicle sector, particularly after losing its top position to Geely in recent months [1][10]. Group 1: Product Launch and Technology - The second-generation blade battery features a system energy density of 190–210 Wh/kg, representing a 40% improvement over the first generation [3]. - The new battery maintains a low-temperature performance with a capacity retention rate of over 85% at -20°C, significantly better than traditional ternary lithium batteries [3]. - The 2026 model Yangwang U7 will be the first to use a 150 kWh battery pack, achieving a pure electric range of 1006 kilometers, marking a significant milestone for lithium iron phosphate technology [3]. - The newly introduced megawatt fast charging technology can reach peak power levels of 1500 kW, allowing for rapid charging times, such as charging from 10% to 70% in just 5 minutes [4]. Group 2: Market Strategy and Positioning - BYD's strategy involves a comprehensive rollout of its second-generation blade battery and fast-charging technology across all brands and price segments, aiming to disrupt the market by offering high-end features at lower price points [6][11]. - The company plans to establish 20,000 fast-charging stations and 2,000 fast-charging highway stations by the end of 2026, covering nearly one-third of highway service areas [5]. - The release of 10 new models, including the Yangwang U7 and Tengshi Z9 GT, demonstrates BYD's commitment to rapid product deployment and market penetration [5]. Group 3: Competitive Landscape - The recent policy changes regarding the reduction of new energy vehicle purchase tax have impacted BYD more severely than competitors like Geely, which has maintained a balanced product structure with both electric and fuel vehicles [7][8]. - The competition in the electric vehicle market is shifting from price-based competition to a focus on technological capabilities, with companies needing to provide robust technology in mainstream price ranges [8][11]. - BYD's ability to leverage its technological advancements will be crucial in determining its future market position, especially as competitors like Geely and others continue to innovate [11][12].

Core Insights - BYD's March 5th event is expected to deliver a significant amount of information regarding new products and technologies [1][5] - The company will introduce the second-generation blade battery and new fast-charging technology, alongside multiple new vehicle models across its four brands [4][9] Product Launches - The new models include the Dynasty series's Tang, the Song Ultra EV, the Ocean series's Seal, the Dolphin, the Tengshi's new Z9GT, and the Yangwang's refreshed U7/U8/U8L for 2026, as well as the Fangcheng's Titanium 3/Titanium 7 EV fast-charging versions [4][9] - The range of vehicles covers various segments from family commuting to high-end flagship models and rugged off-road vehicles, appealing to a broad audience [5][10]

Group 1 - The interior of the Song Ultra EV is designed to be simple and atmospheric, appealing to a younger demographic, featuring a straight-line design on the central console for a spacious visual effect [3] - The cabin includes a dual-spoke multifunction steering wheel, an embedded full LCD instrument panel, a large floating central control screen, wireless phone charging slot, dual cup holders, and multimedia knob [3] - The vehicle supports a "big bed mode" due to its 2840mm wheelbase, allowing the front and rear seats to connect, catering to various usage scenarios [6] Group 2 - The Song Ultra EV is powered by a single motor with a maximum power of 270kW, offering two battery capacities of 75.616kWh and 82.732kWh [6] - The CLTC range for the two battery options is 620km and 710km respectively, indicating a strong performance in terms of electric vehicle range [6]