11月27日，奇瑞汽车(9973.HK)股价大涨。截至港股收盘，奇瑞汽车股价报收31.900港元，上涨4.66%， 涨幅1.420港元，总市值达1853亿港元。资本市场也看好奇瑞汽车，中泰证券首次覆盖，给出"买入"评 级。 风云A9L 10月份，奇瑞增长依旧强势，销售汽车281161辆，同比增长3.3%。其中，新能源汽车销量为110346 辆，同比增长54.7%，首次实现单月新能源销量超11万辆；出口销量126434辆，同比增长13%。1-10 月，奇瑞集团累计销量达2288929辆，同比增长13%，创历史同期最佳业绩。 中泰证券认为，奇瑞汽车深耕出口市场，先发优势明显，随着国内新能源品牌的有序推进及与华为的深 度合作赋能，有望实现量利齐增。就在不久前，奇瑞汽车刚刚交出了一份亮眼财报，展现出了强劲的发 展势头。 智美大五座SUV风云T9L 财报显示，奇瑞汽车前三季度实现营收2148.33亿元，同比增长17.94%；净利润143.65亿元，同比增长 28.01%。前三季度，奇瑞集团累计销售汽车2007768辆，同比增长14.5%，创历史新高。其中，累计销 售新能源汽车587545辆，同比增长77.1%。 iCA ...

智通财经APP获悉，中泰证券发布研报称，首予奇瑞汽车(09973)"买入"评级，公司深耕出口，先发优势 明显，随着国内新能源品牌的有序推进及华为深度合作赋能，有望实现量利齐增。 中泰证券主要观点如下： 整车厂核心能力探讨及投研方法论转变 由多车型到胜率。自主与合资充分内卷后21年起快速持续提份额，格局变化后"产品周期"将逐渐失效， 需求把控和电动化节奏对中期提份额重要性显现，需求把控能力的核心是跳出"轴距-种类"固有体系重 新研究和规整用户的能力，以及后期推出的产品引起所定义用户的共情程度。 成长复盘 17年后前瞻布局出口+国内多品牌发力，市占率高增。①早期(08-12年)：依赖国内市场，靠低价小型车 迅速扩张，但品质和品牌溢价不足。②转型阵痛期(13-16年)：主动战略调整，追求品质提升，同时出口 开始稳步发展。③复苏与增长期(2017-2021)：产品力提升、子品牌策略成功(捷途)、出口持续发力。④ 爆发期(2022-至今)：技术积累爆发、新能源加速转型、出口跃居中国品牌第一，销量连创历史新高。 油车基本盘支撑，风云系列破局，量利双增长。①油车-奇瑞品牌：艾瑞泽、瑞虎系列口碑良好、持续 热销;②奇瑞子品牌 ...

汽车 自主出口先锋，国内电动、智能化整合初见成效 奇瑞汽车（09973.HK） 证券研究报告/公司深度报告 2025 年 11 月 26 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 163,205 | 269,897 | 289,717 | 325,061 | 359,124 | | | | 增长率 yoy% | | 76% | 65% | 7% | 12% | 10% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | | 11,953 | 14,135 | 17,345 | 21,857 | 24,337 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | | 91% | 18% | 23% | 26% | 11% | | | ...

Core Viewpoint - BYD has initiated a significant price reduction across 22 models, marking the largest discount yet, which signals the beginning of a new price war in the automotive industry [2][4] Group 1: Price Reductions and Market Impact - BYD's price cuts range from 12,000 to 53,000 yuan, and the promotion will last until the end of June [2] - This is the third price reduction since March, indicating a trend of aggressive pricing strategies in the industry [2] - Other manufacturers like Geely and Chery have also followed suit with substantial price cuts, with Chery's reductions nearing 50% for some models [2] - The automotive industry is facing a historical low profit margin of 4.3% in 2024, with cumulative retail losses approaching 200 billion yuan due to the price war [4] Group 2: BYD's Sales Performance - In 2024, BYD sold 4.2722 million vehicles, generating revenue of 617.38 billion yuan, with an average revenue contribution of 144,500 yuan per vehicle [4] - Despite a leading gross margin of 22.31%, the net profit per vehicle is less than 10,000 yuan, indicating lower profitability in the automotive sector [4] - BYD's sales target for 2025 is set at 5.5 million vehicles, with a domestic market goal of 4.7 million [6] Group 3: Competitive Landscape - BYD faces increasing competition in both the low-end and high-end markets, with competitors like Geely gaining market share [8][10] - The sales of BYD's A0-class models have declined, with competitors like Geely's Xingyuan surpassing them in sales [10] - The Han series has seen a significant drop in sales, reflecting challenges in the 200,000 yuan market segment [10][11] Group 4: Financial and Operational Challenges - BYD's asset-liability ratio stands at 74.64%, which is relatively lower compared to other domestic manufacturers [16] - The company has significantly increased its R&D investment, reaching 54.2 billion yuan in 2024, but faces high operational debts [18][19] - Maintaining high sales growth is crucial for BYD to manage its debt levels and support ongoing R&D investments [20] Group 5: Future Outlook - BYD is focusing on low-end models to stabilize its market position while aiming for overseas expansion, targeting over 800,000 units in international sales [22] - The company has sold approximately 290,000 vehicles overseas in the first four months of the year, indicating potential for exceeding its sales target [22]