证券研究报告 | 公司点评报告 2026 年 02 月 03 日 比亚迪（002594.SZ） 2026M1 国内外销量显著分化，关注新品周期 中游制造/汽车 2026 年 1 月，由于春节前终端去库存、购置税补贴退坡后的需求透支等行业因 素，国内新能源汽车市场呈现"同比分化、环比普降"的格局。公司作为全球新 能源龙头，当月销量呈现明显的结构性特征，整体受国内市场拖累出现同比下 滑，但海外市场延续高增。 ❑ 风险提示：1、新品需求不及预期；2、海外布局不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 602315 | 777102 | 854813 | 923198 | 969358 | | 同比增长 | 42% | 29% | 10% | 8% | 5% | | 营业利润(百万元) | 38103 | 50486 | 43564 | 45799 | 48764 | | 同比增长 | 77% | 32% | -14% | 5% | 6 ...

Core Viewpoint - The recent initiative by the Ministry of Industry and Information Technology and five other departments to address online chaos in the automotive industry has been positively received by BYD, which sees it as a solid foundation for stable development amidst increasing malicious online attacks [2][3] Group 1: Online Chaos and Company Response - BYD has faced a rise in malicious online attacks as its market share in the electric vehicle sector grows, including false information and targeted smear campaigns [2] - A specific incident involved a viral video claiming a BYD vehicle experienced "brake failure," which was later debunked as a personal driver error, highlighting the extent of misinformation [2] - The company acknowledges the difference between constructive criticism and malicious defamation, maintaining an open attitude towards media and public feedback [3] Group 2: Communication and Feedback Mechanisms - BYD actively engages with various media, industry organizations, and consumers to establish communication channels, encouraging objective reporting and constructive criticism [3] - The company has implemented an internal feedback mechanism to address reasonable suggestions and criticisms, particularly in areas like product quality and after-sales service [3] Group 3: Legal Actions and Industry Recommendations - In response to malicious attacks, BYD has taken legal action to protect its rights, sending a clear message that online platforms are not lawless [3] - A notable legal case involved a self-media account that was found guilty of spreading false and defamatory information about BYD, resulting in a court order for an apology and content removal [3] - BYD has proposed recommendations to improve the online environment in the automotive industry, emphasizing the need for platforms to verify the authenticity of negative information before allowing its dissemination [3]