| | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增減 | | 营业收入(元) | 371, 280, 948, 000. 00 | 301, 126, 713, 000. 00 | 23. 30% | | 归属于上市公司股东的净利润(元) | 15, 510, 533, 000. 00 | 13, 631, 257, 000. 00 | 13.79% | | 归属于上市公司股东的扣除非经常性损益的 净利润(元) | 13.599.741.000.00 | 12. 315. 414. 000. 00 | 10. 43% | | 经营活动产生的现金流量净额(元) | 31, 833, 471, 000. 00 | 14, 178, 310, 000. 00 | 124.52% | | 基本每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 稀释每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 加权平均净资产收益率 | 7. 43% | 9.67% | -2. 24% | | | 本报告期末 | ...

7月28日下午，比亚迪（002594）在深圳总部举行了一场媒体深度交流会。会上，比亚迪集团高级副总 裁、汽车新技术研究院院长杨冬生在接受新京报贝壳财经记者采访时表示，电动化是比亚迪的"基本 盘"，通过"智电融合"比亚迪构建技术护城河，目标成为智能电动技术平权的推动者。 当天，与杨冬生一起接受采访的，还有汽车新技术研究院副院长、智能化平台及交付中心主任韩冰，智 能化软件开发中心主任李锋，电动化平台、交付中心主任陆国祥，电动化开发中心主任周升辉，以及比 亚迪集团品牌及公关处副总经理杜国忠。这是自去年初比亚迪发布新能源汽车智能化发展全新战略以 来，汽车新技术研究院核心管理团队首次围绕"电动化和智能化"领域的技术突破与未来规划接受媒体采 访。 从2024年初推出行业首个智电融合的智能化架构"璇玑架构"打通电动化与智能化底层逻辑，到2025年发 布"天神之眼"辅助驾驶系统进一步推动电动化与智能化的深度融合，技术的相继落地，让比亚迪在智能 化领域以"智电融合"为核心的发展战略日益清晰。 杨冬生表示，类比电动化普及路径，智能化普及也需要一个过程。对于辅助驾驶，比亚迪将其定义 为"安全功能"，坚持安全基因来推动实现技术推广和 ...

7月28日下午，比亚迪在深圳总部举行了一场媒体深度交流会。会上，比亚迪集团高级副总裁、汽车新技术研究院院长杨冬生在接受新京报贝壳财经记者采 访时表示，电动化是比亚迪的"基本盘"，通过"智电融合"比亚迪构建技术护城河，目标成为智能电动技术平权的推动者。 当天，与杨冬生一起接受采访的，还有汽车新技术研究院副院长、智能化平台及交付中心主任韩冰，智能化软件开发中心主任李锋，电动化平台、交付中心 主任陆国祥，电动化开发中心主任周升辉，以及比亚迪集团品牌及公关处副总经理杜国忠。这是自去年初比亚迪发布新能源汽车智能化发展全新战略以来， 汽车新技术研究院核心管理团队首次围绕"电动化和智能化"领域的技术突破与未来规划接受媒体采访。 从2024年初推出行业首个智电融合的智能化架构"璇玑架构"打通电动化与智能化底层逻辑，到2025年发布"天神之眼"辅助驾驶系统进一步推动电动化与智能 化的深度融合，技术的相继落地，让比亚迪在智能化领域以"智电融合"为核心的发展战略日益清晰。 杨冬生表示，类比电动化普及路径，智能化普及也需要一个过程。对于辅助驾驶，比亚迪将其定义为"安全功能"，坚持安全基因来推动实现技术推广和普 及。在组织架构上，研究 ...

Core Insights - The core discussion at BYD's 2024 annual shareholder meeting focused on the company's core strategies and future development, particularly in smart driving and international expansion [1] Group 1: Smart Driving and Safety - Wang Chuanfu emphasized the importance of safety in the development of smart driving technologies, aligning with recent national regulations that support the long-term health of the automotive industry [3] - BYD has launched several advanced technologies this year, including the "Tianshen Eye" smart driving assistance system and the "Lingyuan" smart vehicle-mounted drone system, indicating a strong focus on both electrification and smart technology [3] - The company plans to leverage its workforce of 130,000 engineers to address technical pain points and introduce new technologies in the coming years [3] Group 2: Internationalization and Brand Premiumization - Wang Chuanfu outlined the internationalization strategy, noting that BYD's products and technologies are well-received in various overseas markets, with expectations for continued monthly sales growth [3] - In May, BYD's overseas sales of new energy passenger vehicles and pickups reached 89,000 units, reflecting a year-on-year increase of 133.6% [3] - The premiumization strategy is highlighted by the importance of the Tengshi brand, which aims to integrate advanced technology with emotional value, marking a critical battle for BYD [4] Group 3: Long-term Vision and Commitment - Wang Chuanfu expressed a commitment to long-termism, stating that BYD aims to use green technology for sustainable development and will focus on self-promotion rather than disparaging competitors [4] - The company acknowledges short-term pressures but remains dedicated to innovation and positive contributions to the industry [4]

Core Viewpoint - BYD has reported strong financial results for Q1 2025, showcasing significant growth in revenue and net profit amidst increasing competition in the global electric vehicle market [1][3]. Financial Performance - In Q1 2025, BYD achieved a revenue of 170.36 billion yuan, representing a year-on-year increase of 36.35% [2]. - The net profit attributable to shareholders reached 9.15 billion yuan, marking a substantial growth of 100.38% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was 8.17 billion yuan, up 117.80% year-on-year [2]. - Basic and diluted earnings per share were both 3.12 yuan, reflecting a 98.73% increase from the previous year [2]. Sales and Market Expansion - BYD's sales volume in Q1 2025 reached 1,000,800 units, a remarkable year-on-year growth of 60% [3]. - The company continues to focus on technological innovation as a core driver for growth, with R&D expenses amounting to 14.22 billion yuan, exceeding the net profit for the same period [3]. Financial Management and Risk Control - BYD's asset-liability ratio has decreased from 77% at the end of Q4 2024 to 70% by the end of Q1 2025, indicating improved financial stability [5]. - The company has demonstrated strong cash flow management, with a recent placement of 129.8 million H-shares raising approximately 5.6 billion USD, attracting significant long-term investment [5][6]. - These financial strategies enhance BYD's ability to withstand external risks and support sustainable development in an uncertain economic environment [6].

Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD announced a placement agreement to issue nearly 130 million new H shares, expected to raise approximately HKD 43.5 billion, which will be used for R&D, overseas business development, working capital, and general corporate purposes [4][14] - The placement attracted significant interest from global long-term investors, indicating strong confidence in BYD's growth prospects [4][14] - The funds raised will support BYD's accelerated globalization efforts, enhancing its international presence in the electric vehicle market [15][16] Summary by Sections Financial Data and Valuation - BYD's projected revenues for 2024-2026 are estimated at CNY 813.06 billion, CNY 952.98 billion, and CNY 1,162.64 billion, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [17] - The net profit attributable to shareholders is expected to reach CNY 40.51 billion, CNY 51.38 billion, and CNY 63.92 billion for the same period, with growth rates of 34.8%, 26.8%, and 24.4% respectively [17] - Earnings per share (EPS) are projected to be CNY 13.92, CNY 17.66, and CNY 21.97 for 2024-2026 [17] Business Strategy - BYD's "Smart Driving for All" strategy aims to enhance its technological capabilities and product offerings, catering to diverse consumer needs [16] - The company is focusing on international expansion, with its electric vehicles already present in over 100 countries and regions [15][16] - The recent financing is expected to significantly strengthen BYD's capital position, enhancing operational stability [16]