丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2026 年 1 月销量点评：海外表现优异国 内持续去库，蓄势待发迎接新周期 报告要点 [Table_Summary] 比亚迪发布 1 月产销。公司 1 月整体销量 21.0 万辆，同比-30.1%，环比-50.0%，乘用车销量 20.6 万辆，同比-30.7%，环比-50.5%。分品牌来看，1 月海洋王朝/方程豹/腾势销量分别为 17.8/2.2/0.6 万辆，同比分别-36.2%/+247.0%/-48.8%，环比分别-48.4%/-57.6%/-66.9%。出海 销量维持高位，1 月出口销量 10.0 万辆，同比+43.3%。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 事件评论 丨证券研究报告丨 2026-02-10 公司研究丨点评报告 research.95579.com 1 [Table_sco ...

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Insights - In October, BYD's total sales reached 442,000 units, a year-on-year decrease of 12.1% but an increase of 11.5% month-on-month. Passenger vehicle sales were 437,000 units, down 12.7% year-on-year and up 11.1% month-on-month [2][4][10]. - The export sales in October were 84,000 units, showing a significant year-on-year increase of 167.8% and a month-on-month increase of 17.9% [2][10]. - Cumulatively, from January to October 2025, BYD's total sales reached 3.702 million units, up 13.9% year-on-year, with cumulative export sales of 778,000 units, up 136.4% year-on-year [2][10]. Summary by Sections Sales Performance - October total sales: 442,000 units, YoY -12.1%, MoM +11.5% - Passenger vehicle sales: 437,000 units, YoY -12.7%, MoM +11.1% - Brand performance: Ocean series sales at 395,000 units, Equation Leopard at 31,000 units, and Tengshi at 10,000 units [2][10]. Export Growth - October export sales: 84,000 units, YoY +167.8%, MoM +17.9% - Cumulative export sales from January to October: 778,000 units, YoY +136.4% [2][10]. Strategic Developments - Continued focus on overseas market expansion and high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [10]. - The launch of new high-end models is expected to enhance performance, with a projected net profit of 35 billion yuan for 2025, corresponding to a PE ratio of 26X [10].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD's overall sales in August reached 374,000 units, showing a year-on-year increase of 0.1% and a month-on-month increase of 8.5%. Passenger car sales were 372,000 units, with a year-on-year increase of 0.2% and a month-on-month increase of 8.9% [2][4]. - The company's export sales remained high, with August exports at 80,000 units, a year-on-year increase of 155.8% and a month-on-month increase of 0.4%. Cumulatively, from January to August 2025, total sales reached 2.864 million units, up 23.0% year-on-year, while cumulative export sales were 623,000 units, up 135.4% year-on-year [2][9]. - The company is focusing on overseas market expansion and high-end product offerings, with significant growth in sales from models like Ocean Series, Fangchengbao, and Tengshi. The introduction of new models is expected to enhance performance further [9]. Summary by Sections Sales Performance - In August, BYD's total sales were 374,000 units, with a breakdown showing Ocean Series at 343,000 units, Fangchengbao at 16,000 units, and Tengshi at 12,000 units. Year-on-year changes were -3.6%, +233.6%, and +20.1% respectively, while month-on-month changes were +8.8%, +14.7%, and +5.4% [2][9]. Export and Market Expansion - The company has established four overseas factories in Thailand, Uzbekistan, Brazil, and Hungary, and is expanding into Vietnam, Pakistan, and Tunisia. This local production is expected to support global electric vehicle transitions and enhance export volumes [9]. Financial Projections - BYD's projected net profit for 2025 is 44.6 billion yuan, reflecting the anticipated benefits from overseas expansion and high-end product launches [9].