证券研究报告 2025年08月22日 行业报告： 行业深度研究 比亚迪赛车场—高端化的新引擎 作者： 分析师 孙潇雅 SAC执业证书编号：S1110520080009 分析师 王彬宇 SAC执业证书编号：S1110523070005 行业评级： 上次评级： 强于大市 强于大市 比亚迪赛车场 比亚迪郑州全地形赛车场 比亚迪赛道：比亚迪郑州全地形赛车场建成并对外开放，全球首批自建全地形赛车场，赛道场景包含沙地攀爬，水陆操控，极限坡度等 比亚迪全地形驾控：赛场是技术落地的最佳舞台布局，关键科技露出：易四方、云辇的极限场景应用 赛场连接：比亚迪打造新能源汽车文化阵地，从赛车场建设到技术研究测试，再到赛道开放，比亚迪正让赛车场成为连接技术与用户的桥梁。 赛道驱动品牌的高端化演进 请务必阅读正文之后的信息披露和免责申明 赛道塑牌，从赛道走上的高端化之路，"以赛塑牌"的路径，在全球汽车产业中已有诸多先例。 1 F1赛场是技术的试炼场无论是百年豪门奔驰，还是以赛为生的法拉利，都在 F1 的胜利中锻造了"技术与豪华并举"的品牌形象，并将这种形象输送到 全球市场。 摘要 奔驰实现了从赛道到销量的系统转化，2014年至2020年间 ...

Core Viewpoint - The article discusses the competitive landscape of the large SUV market in China, focusing on the pre-sale of two significant models: the LeDao L90 and the Li Auto i8, highlighting their strategic importance and the growing demand for large SUVs in the new energy vehicle segment [3][5][12]. Group 1: Product Launches - The LeDao L90 is positioned as a flagship smart large SUV with a starting pre-sale price of 279,900 yuan, while the Li Auto i8 is a family-oriented six-seat pure electric SUV with an expected starting price of 350,000 yuan [3][12]. - Both models are set to officially launch at the end of July, indicating a strategic timing to capture market interest [3][12]. Group 2: Market Trends - The large SUV market is experiencing a surge in interest, particularly in the new energy segment, with several models expected to launch in the second half of the year, including the Tesla Model Y L and the AITO M8 pure electric version [7][12]. - The penetration rate of new energy vehicles in the large SUV market has increased significantly, with Li Auto and AITO establishing a dominant position, while the average price of popular models exceeds 300,000 yuan [8][12]. Group 3: Technological Advancements - Advances in battery and charging technology are alleviating range anxiety for large SUVs, with high-voltage fast charging and new battery technologies being key developments [9][12]. - The article notes that the improvement in charging infrastructure is also enhancing the user experience for electric vehicle owners [9]. Group 4: Consumer Demand - The sustained popularity of new energy large SUVs is attributed to consumer demand, product capabilities, and strategic initiatives from automakers, driven by unique domestic consumption patterns and family travel needs [10][12]. - The spaciousness and intelligent features of these vehicles significantly enhance their competitiveness in the market [10]. Group 5: Competitive Landscape - The large SUV market is transitioning from a blue ocean to a red ocean, with increasing competition as more brands enter the segment, leading to a potential saturation of the market [11][12]. - Companies are adopting various strategies, including high cost-performance ratios, differentiation, and targeted marketing to capture market share in this competitive environment [11][12].

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report analyzes Toyota's high-end transformation and draws parallels to BYD's potential strategies for success in the high-end market [2][3][4] Summary by Sections Toyota's High-End Transformation - Toyota successfully established the Lexus brand in North America by leveraging low trade barriers and addressing the demand for economical luxury cars during the oil crisis [2] - The company invested $1 billion in R&D for the LS 400, producing 450 prototypes and conducting extensive testing to ensure performance and reliability [2][5] - Marketing strategies included the iconic "highball glass" advertisement, which effectively positioned Lexus as a high-quality luxury brand [2][21] - Lexus quickly became the best-selling imported luxury car in North America, surpassing competitors like BMW and Mercedes-Benz within two years of launch [2][24] BYD's High-End Strategy - BYD aims to replicate Toyota's successful high-end strategy by launching the Tengshi Z9 GT in Western Europe, avoiding saturated SUV markets [3][4] - The company plans to establish over 1,000 service outlets across multiple countries within two years, focusing on smart driving features to address local consumer needs [3] - In the domestic market, BYD is introducing models like the Fangchengbao Titanium 7 and Yangwang U8L, which align with consumer preferences for aesthetics and space [3][55] Market Performance Expectations - If BYD can successfully implement a strategy similar to Toyota's, it could capture a significant share of the European luxury market and improve its domestic market position against established brands [4] - The report highlights the importance of technological innovation and differentiated marketing in achieving high-end brand recognition [4][34]

Group 1 - BYD has announced comprehensive coverage for all users of its "Tian Shen Zhi Yan" vehicles in the intelligent parking scenario, meaning users do not need to go through insurance processes for safety and loss claims [1] - The "Tian Shen Zhi Yan" intelligent driving vehicle has surpassed a total ownership of 1 million units in the market [1] - Pony.ai has officially launched Robotaxi road testing in Luxembourg, marking a significant step in its global deployment [2] Group 2 - The new Aston Martin Vantage S features a 4.0-liter twin-turbo V8 engine, producing a maximum power of 665 horsepower and 800 Nm of torque, with a 0-100 km/h acceleration time of just 3.4 seconds [2] - The Aston Martin Vantage S is set to make its global debut at the 2025 Goodwood Festival of Speed, with deliveries expected to begin in the fourth quarter of 2025 [2] - The interior of the Aston Martin Vantage S is crafted from Alcantara® and leather, complemented by satin-finished 2x2 twill carbon fiber trim [2] Group 3 - After the management reshuffle at BYD, the new general manager of Tengshi, Li Hui, has expressed his commitment to enhancing organizational vitality through diverse management experiences [4] - Li Hui has indicated that the Tengshi N8L, a new generation of safe luxury SUV designed for families, will be launched soon [4]

Group 1 - Aion's cumulative delivery volume reached 700,000 units over 40 months [1] - Tesla announced a price reduction for the Model 3 in Hong Kong, with discounts up to 18%, bringing the entry-level price to 249,000 HKD [2] - Xiaopeng Motors' CEO expressed confidence in achieving profitability in Q4, stating that the G7 model's performance is promising [2] Group 2 - GAC Group's June automobile sales were 150,075 units, a year-on-year decrease of 8.22%, with cumulative sales for the year at 755,300 units, down 12.48% [4] - Geely plans to enter the Italian market, launching two SUV models in Q4, including the pure electric EX5 and a plug-in hybrid SUV [5][6] - Deep Blue Automotive officially entered the European market with the launch of the S07 in Norway, with plans to expand to Germany, the Netherlands, and other countries [7][8]

Key Points - TSMC faces accusations of being a sweatshop, with claims of labor injuries and long working hours, which the chairman Wei Zhejia refutes by emphasizing employee satisfaction and commitment [4] - Baidu's BioMap plans to go public in Hong Kong within the next 18 months, focusing on AI in life sciences and has secured over $200 million in venture capital [10] - NIO's CEO Li Bin states the company opposes price wars and believes the industry's shift away from internal competition is beneficial for NIO's path to profitability [8] - Xiaomi's CEO Lei Jun comments on Apple's struggles in the automotive sector, attributing their challenges to unknown factors while highlighting Xiaomi's strategic approach to car manufacturing [7] - BYD is actively combating black PR and has placed 126 accounts on a watchlist for malicious activities, emphasizing their commitment to protecting the company's reputation [12] - Volkswagen announces a restructuring plan in Germany, with around 20,000 employees agreeing to voluntary departures by 2030 due to rising manufacturing costs and reduced demand [29] - TikTok shifts its advertising strategy in the U.S. by discontinuing free traffic for businesses, requiring them to pay for ad placements to reach audiences [32] - Mercedes-Benz acknowledges the poor sales performance of its electric G-Class model, leading to considerations of reintroducing traditional fuel options [30][31]