华龙证券研究所 投资评级：买入（维持） 最近一年走势 证券研究报告 汽车 报告日期：2025 年 12 月 03 日 出口销量环比+57.2%，看好出海带动盈利能力修复 ——比亚迪（002594.SZ）2025 年 11 月销量点评报告 | 当前价格（元） | 96.62 | | --- | --- | | 52 周价格区间（元） | 91.70-416.98 | | 总市值（百万元） | 880,903.63 | | 流通市值（百万元） | 692,827.41 | | 总股本（万股） | 911,719.76 | | 流通股（万股） | 717,064.18 | | 近一月换手（%） | 22.90 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：李浩洋 执业证书编号：S0230525080001 邮箱：lihy@hlzq.com 《 归 母 净 利 润 中 枢 值 预 计 同 比 +102.46%，海外市场拓展顺利—比亚迪 （002594.SZ）2025 年一季报业绩预告 点评报告》2025.04.11 《业绩同比高增，高端化&全球化持续 —比亚 ...

Core Insights - The company has launched two new models, the Leopard 5 Long Range Edition and the Leopard 8 Large Five-Seater, with prices ranging from 269,800 to 329,800 yuan and 379,800 to 407,800 yuan respectively [1][4] - The brand's cumulative sales are approaching 200,000 units, with the Leopard 5 model alone nearing 100,000 units sold [1][4] Product Features - Both new models are built on the upgraded DMO+ platform, which enhances torque control precision and wheel grip across various terrains [3] - The Leopard 5 Long Range Edition boasts a CLTC pure electric range of 210 kilometers and a comprehensive range exceeding 1,310 kilometers, utilizing a CTC integrated battery design [3] - The Leopard 8 features improved rear legroom and storage capacity, along with advanced safety features including the "Heavenly Eye" driver assistance system and a five-star C-NCAP safety rating [5] Technological Advancements - The Leopard 5 and Leopard 8 will incorporate Huawei's Qian Kun Intelligent Driving ADS4 system, which includes cloud-based autonomous learning capabilities and a full collision avoidance system [3][5] - Users can control vehicle functions through voice commands or the BYD Smart IoT app, with future updates expected to enhance connectivity features [3] Market Position - The Leopard 5 has consistently ranked as the best-selling off-road vehicle, while the Leopard 8 is positioned as a high-end new energy SUV in the 400,000 yuan segment [4] - The brand achieved a sales milestone of 100,000 to 200,000 units in just five months, indicating strong market demand [4]

Core Insights - The article highlights the ambitious launch of new electric off-road vehicles by Fangcheng Leopard, showcasing its commitment to the new energy off-road sector with the introduction of the Leopard 5 Long Range and Leopard 8 models at competitive price points [1][11]. Product Expansion - The Leopard 5 Long Range is priced between 269,800 to 329,800 yuan, while the Leopard 8 five-seater version is priced between 379,800 to 407,800 yuan, marking a significant expansion of the product lineup [1]. - The launch reflects the brand's philosophy of making off-road experiences accessible to a broader audience, moving from technical exploration to mainstream adoption [1]. Technological Advancements - The DMO+ platform upgrade introduces advanced driving capabilities, allowing for precise control of traction and power output across various terrains, thus lowering the operational threshold for off-road experiences [3]. - The vehicles are equipped with Huawei's Qian Kun intelligent driving system, which enhances user experience through autonomous learning and a comprehensive collision avoidance system [5][10]. Product Features - The Leopard 5 is positioned as a "new king of off-road," featuring an integrated battery structure that boosts its pure electric range to 210 km and a total range of 1,310 km, alleviating range anxiety for users [7]. - The Leopard 8 is designed as a luxury flagship, focusing on spaciousness and comfort, with features like multi-directional leg rests and a high-pressure refrigerator, catering to high-end user preferences [9]. Safety Measures - Both models incorporate a comprehensive safety system, including high water wading depth, robust body structure, and advanced collision protection features, achieving a five-star safety rating from C-NCAP for the Leopard 8 [10]. - The vehicles are designed to minimize risks in extreme conditions, with features like a high-speed tire blowout assistance system [10]. Market Positioning - The Leopard 5 has nearly reached 100,000 units in cumulative sales, establishing itself as a leader in the rugged off-road segment, while the Leopard 8 is solidifying its position in the high-end SUV market [11]. - The brand is on track to achieve a global sales milestone of 200,000 units by the end of October, reflecting the success of its product strategy and the transition of off-road vehicles from niche to mainstream [11][13]. Conclusion - Fangcheng Leopard's recent product launches represent a strategic blend of technology and market positioning, indicating a shift towards electric off-road vehicles as a viable lifestyle choice for consumers [13].