► 智驾版车型发布 2025智驾平权加速 2月，公司发布王朝海洋全系智驾版车型，首次将高阶智驾下放到7万元。根据新闻，目前在全国范围内，比亚迪智驾版车型的订单占比已达到25%-30%。我们认 为，公司拥有数据优势，以"规模化"与"普惠性"为底层逻辑，有望加速智驾平权，鲶鱼效应或将带动其他车企追赶，正式开启中国汽车的智驾平权时代，带动产业链 协同发展。 0 1 事 件 概 述 公司发布2025Q1业绩预告，2025Q1公司预计实现归母净利85-100亿元，同比+86.0%至+118.9%；环比-43.4%至-33.4%。以中枢值计算，2025Q1公司归母 净利92.5亿元，同比+102.5%，环比-38.4%。 0 2 分 析 判 断 ► 出口占比提升+规模效应加强 业绩表现亮眼 2025Q1公司预计实现归母净利85-100亿元，同比+86.0%至+118.9%；环比-43.4%至-33.4%。以中枢值计算，2025Q1公司归母净利92.5亿元，同比+102.5%，环 比-38.4%。2025Q1，公司汽车销量100.1万辆，同比+59.8%，环比-34.3%，盈利增速高于销量增速，预计主要受益出口销量占比提升 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 85-100 billion yuan in Q1 2025, representing a year-on-year increase of 86.0% to 118.9% [2][4]. - The company's vehicle sales reached 1,001,000 units in Q1 2025, a year-on-year increase of 59.8%, with export sales significantly contributing to profit growth [2][3]. - The company is accelerating its overseas expansion, with plans to establish factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, which is expected to enhance profitability [3][4]. - The launch of high-end models is anticipated to drive sales and profitability, with the Tengshi N9 and flagship models equipped with advanced driving systems [4]. Summary by Sections Financial Performance - The company forecasts a net profit of 92.5 billion yuan for Q1 2025, a year-on-year increase of 102.5% and a quarter-on-quarter decrease of 38.4% [2][4]. - The projected revenue for 2025-2027 is 1,014.12 billion yuan, 1,237.23 billion yuan, and 1,477.25 billion yuan respectively, with net profits of 581.2 billion yuan, 670.9 billion yuan, and 741.7 billion yuan [4][6]. Sales and Market Expansion - The company’s export volume reached 206,000 units in Q1 2025, a year-on-year increase of 110.5%, contributing to a 20.6% share of total sales [2][3]. - The introduction of smart driving models is expected to enhance market competitiveness, with orders for these models accounting for 25%-30% of total orders [3][4]. Product Development - 2025 is identified as a significant year for high-end product launches, with models like the Tengshi N9 and flagship vehicles featuring advanced technology [4]. - The company is leveraging its data advantages to promote smart driving accessibility, potentially transforming the automotive landscape in China [3][4].

0 1 事 件 概 述 公司发布3月产销快报，3月新能源汽车批发销售37.7万辆，同比+24.8%，环比+16.9%；新能源乘用车批发销售 37.1万辆，同比+23.1%，环比+16.7%。分品牌看，3月王朝海洋、腾势、方程豹、仰望销量分别35.1万辆、 12,620辆、8,051辆、133辆。 0 2 分 析 判 断 0 4 风 险 提 示 车市下行，新车型销量不及预期，欧盟关税影响出海销量利润。 ► 智驾版车型发布 2025智驾平权加速 2月，公司发布王朝海洋全系智驾版车型，首次将高阶智驾下放到7万元。根据新闻，目前在全国范围内，比亚迪智 驾版车型的订单占比已达到25%-30%。我们认为，公司拥有巨大的数据优势，目前累计销售超过 440 万台搭载 L2 及以上驾驶辅助的车辆，以"规模化"与"普惠性"为底层逻辑，有望加速智驾平权，促进智驾功能成为买车重要考虑 因素，鲶鱼效应或将带动其他车企追赶，正式开启中国汽车的智驾平权时代，带动产业链协同发展。 ► 高端化产品大年 销量、盈利向上 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 ...

2024年公司营收7,771.0亿元，同比+29.0%；归母净利402.5亿元，同比+34.0%；扣非净利润为369.8亿元，同比+29.9%。2024Q4公司营 收2,748.5亿元，同比+ 52.7%，环比+ 36.7%；归母净利为150.2亿元，同比+ 73.1%，环比+ 29.4%；扣非净利润为137.9亿元，同比 +51.4%，环比+26.8%。 02 分析判断 01 事件概述 ► 营收同环比高增 单车ASP向上 营收端：2024Q4销量152.4万辆，同比+61.7%，环比+34.3%，其中高端车型占比4.1%，环比-0.2pct，出口占比7.8%，环比-0.5pct； 受益整体销量、ASP提升，2024Q4公司营业收入2,748.5亿元，同比+ 52.7%，环比+ 36.7%；2024Q4单车ASP 14.41万元，环比+ 0.53万元（2024Q4 Dmi 5.0版本销量占比继续提升，王朝海洋高端车型占比提升）。 ► 单车毛利提升 研发费用环比大幅增长 单车净利环比持平 毛利端： 2024Q4整体毛利率17.0%，汽车+电池毛利率19.8%，比亚迪电子毛利率5.9%，考虑Q4会计政策调整（销售 ...

Investment Rating - The report maintains a "Recommended" rating for BYD, with a closing price of 369.59 CNY as of March 25, 2025 [5]. Core Insights - BYD's revenue for 2024 reached 777.1 billion CNY, a year-on-year increase of 29.0%, while net profit attributable to shareholders was 40.25 billion CNY, up 34.0% year-on-year [1]. - The company is expected to see significant growth in revenue and profit from 2025 to 2027, with projected revenues of 1,014.1 billion CNY, 1,237.2 billion CNY, and 1,477.2 billion CNY, respectively [4]. - The report highlights the launch of high-end intelligent driving models and an aggressive expansion into overseas markets, with a target of 800,000 units for export in 2025 [3]. Summary by Sections Financial Performance - In Q4 2024, BYD's revenue was 274.85 billion CNY, reflecting a 52.7% year-on-year increase, and net profit was 15.02 billion CNY, up 73.1% year-on-year [1][2]. - The overall gross margin for Q4 2024 was reported at 17.0%, with automotive and battery gross margins at 19.8% [2]. Sales and Production - BYD sold 1.524 million vehicles in Q4 2024, a 61.7% increase year-on-year, with a single vehicle average selling price (ASP) of 144,100 CNY [1][2]. - The report notes a slight decrease in the proportion of high-end models sold, which accounted for 4.1% of total sales [1]. Strategic Initiatives - The introduction of the Dynasty Ocean series intelligent driving models aims to democratize high-level autonomous driving technology [3]. - The company plans to enhance its high-end product offerings in 2025, with the launch of the Tengshi N9, a six-seat large SUV [3]. Future Projections - The report forecasts a net profit of 58.12 billion CNY for 2025, with an expected EPS of 19.12 CNY [4]. - BYD's projected PE ratios for 2025, 2026, and 2027 are 19, 17, and 15, respectively, indicating a favorable valuation trend [4].

01 事件概述 公司24-11/24-12/25-01/25-02公司披露出口销量分别3.1/5.7/6.6/6.7万辆，24-11/24-12/25-01海外上险销量分别2.6/3.5/2.5万辆，出海稳步增长，一方面是由于海外需 求逐步提升，土耳其、巴西、欧洲等地销量快速增长，主要增量车型是seal U 混动；一方面是受益滚装船投入：比亚迪2024年1月、11月，2025年1月分别投入1、 1、2搜滚装船，自建运力提升带动销量提升，到2026年1月前，船队规模将扩展至8艘。2025年，公司将加大海外市场投入，同时加速出口，出海有望在欧洲、东南 亚、澳新迎来快速发展，全年出海展望80万辆，出海亦有望提振盈利。 ► 智驾版车型发布 2025智驾平权加速 智能化 ：2月，公司发布王朝海洋全系智驾版车型，首次将高阶智驾下放到7万元。根据新闻，目前在全国范围内，比亚迪智驾版车型的订单占比已达到 25%-30%，公司以"规模化"与"普惠性"为底层逻辑，正式开启中国汽车的智驾平权时代，带动产业链协同发展。 高端化： 2025年为公司的高端化产品大年，王 朝旗舰车型汉L/唐L也将于3月上市，均搭载 DiPilot 300 ...