本次监测周期内，比亚迪、丰田和大众分别以1.84、1.83和1.78的综合热度位列榜单前三名。 源：世研大消费指数 图 车企技术迭代与服务保障双轮驱动，需求精准适配重构增长范式 高热度值品牌比亚迪与大众均以"精准需求适配+全矩阵覆盖"策略应对市场变化，核心共性在于"保基本 盘+拓增量"的双轨驱动。 比亚迪精准洞察国内三四线市场和海外新兴市场，一方面通过阶梯式降价，海豹最高直降5.3万，刺激 国内需求，另一方面配合海外本地化生产如泰国、巴西，实现海外销量的新增长；大众则以"一口价 +终身质保"政策消除用户顾虑，覆盖8-30万SUV价格带，推动销量同比上升。两者均构建全势能产品矩 阵：比亚迪从海鸥到汉L/唐L覆盖A0至高端市场，DM-i、刀片电池等技术支撑竞争力；大众以"油电同 进"战略保持燃油车基本盘，同步推进ID.家族系列的品牌电动化布局。 其共性在于：策略上价格调整与产品矩阵协同；需求上精准洞察不同市场；技术政策上则以技术迭代或 服务保障强化竞争力，最终实现用户需求与品牌增长的双向驱动。 智能技术赋能多维出行场景，差异化定位破解细分场景用户焦虑痛点 从新上榜品牌来看，鸿蒙智行、理想汽车与零跑汽车虽定位各异， ...

Core Viewpoint - The company reported its July production and sales figures, indicating a slight year-on-year increase in wholesale sales of new energy vehicles, while facing a month-on-month decline due to seasonal factors and inventory adjustments [1][2]. Group 1: Sales Performance - In July, the company sold 344,000 new energy vehicles, a year-on-year increase of 0.6% but a month-on-month decrease of 10.0% [1]. - The wholesale sales of new energy passenger vehicles reached 341,000 units in July, reflecting a year-on-year increase of 0.1% and a month-on-month decrease of 9.7% [1]. - Cumulative wholesale sales from January to July reached 2.454 million units, representing a year-on-year growth of 26.0% [1]. Group 2: Export Growth - The company achieved 81,000 units in new energy vehicle exports in July, marking a significant year-on-year increase of 169.0%, although it experienced a month-on-month decline of 10.3% [2]. - The decline in month-on-month exports was attributed to increased import tariffs in Brazil, which took effect on July 1 [2]. - The company plans to enhance its overseas market presence, with new factories being established in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia [2]. Group 3: Technological Advancements and Product Strategy - The company is focusing on high-end product development, with flagship models like Han L and Tang L already launched, featuring advanced charging technology [3]. - The upcoming Fangchengbao Titanium 7 SUV is designed to meet family needs with spaciousness and advanced technology, expected to launch in Q4 2025 [3]. - Revenue projections for 2025-2027 are estimated at 990.81 billion, 1,188.97 billion, and 1,397.04 billion yuan, with net profits of 55.20 billion, 65.81 billion, and 75.33 billion yuan respectively [3].

01 事件概述 公司发布4月产销快报，4月新能源汽车批发销售38.0万辆，同比+21.3%，环比+0.7%；新能源乘用车批发销售37.3万辆，同比+19.4%，环比 +0.3%。分品牌看，4月王朝海洋、腾势、方程豹、仰望销量分别34.7万辆、15,388辆、10,039辆、135辆。 02 分析判断 2025年为公司的高端化产品大年，腾势N9已于2025年3月上市，定位六座大型SUV，售价38.98-44.98万元，全系标配易三方技术，舒适度、 豪华属性强，有望带动整体盈利向上。王朝旗舰车型汉L/唐L于4月上市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城 市 NOA 等智能驾驶功能，其兆瓦闪充技术依托全域 1000V 高压架构与自研 "闪充电池"，实现 1000kW 峰值充电功率，5 分钟补能 400 公里 续航，有望带动主品牌高端化。 03 投资建议 我 们 看 好 公 司 技 术 驱 动 产 品 力 与 品 牌 力 向 上 ， 引 领 智 驾 平 权 ， 加 速 出 海 ， 同 时 高 端 化 稳 步 推 进 ， 预 计 2025-2027 年 营 收 为 10,1 ...

Core Viewpoint - The company reported strong growth in March 2025, with wholesale sales of new energy vehicles reaching 377,000 units, a year-on-year increase of 24.8% and a month-on-month increase of 16.9% [2][4]. Group 1: Sales Performance - In March, the wholesale sales of new energy passenger vehicles reached 371,000 units, up 23.1% year-on-year and 16.7% month-on-month. Cumulatively, sales from January to March totaled 986,000 units, reflecting a 59.3% year-on-year growth [2][4]. - The export performance was notable, with February's export sales reaching 73,000 units, a new high. The company disclosed export sales of 66,000, 67,000, and 73,000 units for January, February, and March respectively, indicating steady growth in overseas demand [4]. Group 2: Strategic Developments - The company launched the Dynasty Ocean series of intelligent driving models in February, making high-level intelligent driving technology accessible at a price point of 70,000 yuan. Orders for these models account for 25%-30% of total orders nationwide [5]. - The company plans to enhance its overseas market presence by investing in factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, aiming for rapid growth in Europe, Southeast Asia, and Australia/New Zealand [4]. Group 3: Product and Profitability Outlook - 2025 is expected to be a significant year for high-end products, with the Tengshi N9 SUV launched in March, priced between 389,800 and 449,800 yuan. This model is anticipated to boost overall profitability [6]. - The flagship models, Han L and Tang L, are set to launch in April, featuring advanced intelligent driving systems and fast-charging technology, which are expected to enhance the brand's high-end positioning [6]. Group 4: Financial Projections - The company forecasts revenues of 1,014.1 billion yuan, 1,237.2 billion yuan, and 1,477.2 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 58.1 billion yuan, 67.1 billion yuan, and 74.2 billion yuan for the same years [7]. - The earnings per share (EPS) are projected to be 19.12 yuan, 22.08 yuan, and 24.41 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19, 17, and 15 [7].

比亚迪（002594.SZ） 汽车/乘用车 2025 年 03 月 26 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 369.59 | | 一年最高最低(元) | 403.40/201.17 | | 总市值(亿元) | 11,232.08 | | 流通市值(亿元) | 4,296.17 | | 总股本(亿股) | 30.39 | | 流通股本(亿股) | 11.62 | | 近 3 个月换手率(%) | 75.68 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-03 2024-07 2024-11 比亚迪 沪深300 相关研究报告 《闪电配售破浪前行，全球化及智能 化进程再提速—公司信息更新报告》 -2025.3.5 xujianfeng@kysec.cn 证书编号：S0790123070014 Q4 旺季销量同环比高增，营收/归母净利润再创新高 公司发布 2024 年年报，实现营收 7771.0 亿元，同比+29.0%；归母净利 402.5 亿 元，同比+34.0%，主要系全年销量同比+41.3%、 ...

Investment Rating - The report maintains a "Recommended" rating for BYD [6] Core Views - The report highlights BYD's successful H-share placement, raising approximately HKD 43.5 billion, which reflects global investor confidence in the company's growth prospects and the electric vehicle industry's trends [1] - BYD's overseas sales are projected to reach 800,000 units in 2025, driven by increasing demand in markets like Turkey, Brazil, and Europe, along with enhanced shipping capacity [2] - The launch of smart driving models is expected to accelerate the adoption of advanced driving technologies, with a significant portion of orders for these models already captured [3] - The financial forecast indicates strong revenue growth, with expected revenues of CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion for 2024, 2025, and 2026 respectively [4] Summary by Sections H-Share Placement - BYD announced an H-share placement of 129.8 million shares at HKD 335.2 per share, raising approximately HKD 43.5 billion, with a discount of 7.8% from the previous closing price [1] - The funds will be used for R&D, overseas expansion, and general corporate purposes [1] Overseas Expansion - BYD's export volumes are expected to grow significantly, with 80,000 units projected for 2025, supported by increased demand and new shipping capabilities [2] - The company is actively establishing factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia to enhance its global footprint [2][8] Smart Driving Technology - The introduction of smart driving models aims to democratize advanced driving features, with a notable order share of 25%-30% for these models [3] - High-end models like the Han L and Tang L are set to launch in March 2025, featuring advanced driving systems [3] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion respectively, with net profits expected to be CNY 39.9 billion, CNY 55.4 billion, and CNY 65.6 billion [4][11] - The report anticipates a steady increase in earnings per share (EPS) from CNY 13.71 in 2024 to CNY 22.55 in 2026 [4][11]