| | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增減 | | 营业收入(元) | 371, 280, 948, 000. 00 | 301, 126, 713, 000. 00 | 23. 30% | | 归属于上市公司股东的净利润(元) | 15, 510, 533, 000. 00 | 13, 631, 257, 000. 00 | 13.79% | | 归属于上市公司股东的扣除非经常性损益的 净利润(元) | 13.599.741.000.00 | 12. 315. 414. 000. 00 | 10. 43% | | 经营活动产生的现金流量净额(元) | 31, 833, 471, 000. 00 | 14, 178, 310, 000. 00 | 124.52% | | 基本每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 稀释每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 加权平均净资产收益率 | 7. 43% | 9.67% | -2. 24% | | | 本报告期末 | ...

Core Insights - BYD has secured the top position in three major patent ranking lists related to global automotive new energy technologies, hybrid technologies, and pure electric technologies, showcasing its strong R&D capabilities and deep accumulation in the field of new energy vehicles [1][2] - Chinese automotive companies dominate these rankings, with over half of the positions held by them, indicating a significant technological advancement in the new energy vehicle sector [1] R&D and Technological Advancements - BYD has maintained high R&D investment, exceeding its annual net profit for 13 out of the last 14 years from 2011 to 2024, with over 120,000 technical R&D personnel and an average of 45 patent applications and 20 patent authorizations daily [1][2] - The company has achieved breakthroughs in key areas such as battery technology, electric motors, and electronic control systems, including the blade battery, CTB battery integration technology, fifth-generation DM technology with fuel consumption as low as 2.6L per 100 km, and a fast-charging technology that allows for 400 km of range in just 5 minutes [2] Market Performance - BYD's strong technological foundation has translated into increased market competitiveness, leading to a steady rise in vehicle sales, with the company becoming the global leader in new energy vehicle sales in the first half of 2025 [2] - In the first six months of this year, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, marking a significant year-on-year growth of 128.5% [2]

Sales Performance - In April 2025, BYD sold 380,089 vehicles, with passenger car sales reaching 372,615, marking a year-on-year increase of 19.4% [2] - Overseas sales of passenger cars and pickups reached 78,705 units in April, showing a significant year-on-year growth of 91.9% [2] Overseas Expansion - BYD's first electric vehicle production base in Cambodia was inaugurated on April 28, 2025, with a year-on-year order growth of 521% in Q1 2025 [3] - At the largest automotive exhibition in Cambodia, BYD captured 24% of total orders, becoming the top brand in terms of order volume [3] - Plans are in place to establish 10 brand stores in Cambodia by the end of the year, including a flagship store in Phnom Penh covering 15,000 square meters [3] Market Development in Australia - BYD has established 46 stores across seven major cities in Australia, offering a full product matrix including six models [4] - The brand aims to deepen its localization strategy to support Australia's transition to a zero-carbon future [4] Technological Advancements - BYD introduced the revolutionary Super e-platform, featuring ultra-fast charging batteries and a new generation of vehicle-grade silicon carbide power chips [5] - The charging power reaches 1 megawatt (1000 kW), achieving the fastest mass production charging speed of 1 second for 2 kilometers, and 400 kilometers of range in just 5 minutes [5] - The platform supports a single module single motor power of 580 kW, with a maximum speed exceeding 300 km/h [5] Charging Infrastructure - Plans are underway to build over 4,000 megawatt fast charging stations nationwide [6] - The company has developed a unique "dual-gun charging" technology, allowing supercharging stations to convert into fast charging stations [6]

证券代码：002594 证券简称：比亚迪 答：比亚迪发布划时代的超级 e 平台，推出闪充电池、3 万转电 机和全新一代车规级碳化硅功率芯片，核心三电全维升级，刷新 多项全球之最。在充电速度上，实现充电功率 1 兆瓦（1000kW）， 实现全球量产最高峰值充电速度 1 秒 2 公里，达到全球量产最快 充电速度——闪充 5 分钟，畅行 400 公里；在性能上，达到单模 块单电机功率 580kW，最高车速超 300km/h，定义全球最强专业 纯电平台。 问题四：兆瓦闪充站的意义？ 答：兆瓦闪充站补齐了兆瓦充电生态的最后一环。未来公司将规 划在全国各地建设 4000 多座兆瓦闪充站。除兆瓦闪充站外，公 司独创的"双枪充电"技术，可使超充桩秒变闪充桩，快充桩变 超充桩；全球首创的"智能升压"充电技术，全面兼容公共快充 桩，让用户桩桩都能充。 问题五：公司海外乘用车销售进展？ 答：4 月 1 日至 2 日，比亚迪在瑞士举办品牌上市发布会，正式 进入瑞士市场。比亚迪为当地用户带来的首批车型有海豹（BYD SEAL）、海狮 07EV（BYD SEALION 7）和宋 PLUS DM-i（SEAL U DM-i），覆盖了纯电动 ...

编号：2025-14 | 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名 | 华泰保兴基金、研究员、蔡煜 | | 称及人员姓 | 人保养老、研究员、黄一凡 | | 名 | 融通基金、研究员、唐皓 | | 时间 | 2025-04-09 9:30-10:30 | | 地点 | 比亚迪六角大楼 | | 上市公司接 | 吴越、黄悦 | | 待人员姓名 | | | | 问题一：公司超级 e 平台技术有哪些亮点？ | | | 答：2025 年 3 月 17 日，公司发布划时代超级 e 平台技术，推出 | | | 闪充电池、3 万转电机和全新一代车规级碳化硅功率芯片，核心 | | 投资者关系 | 三电全维升级。在充电速度上，实现充电功率 1 兆瓦（1000kW）， | | 活动主要内 | 实现全球量产最高峰值充电速度 1 秒 2 公里，达到全球量产最快 | | 容介绍 | 充电速度——闪充 5 分钟，畅行 400 公里；在性能上，达到 ...

一、摘要： 比亚迪发布超级e 平台，实现全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空调 等都做到了1000 伏，将电动车带入千伏时代。奇瑞汽车发布猎鹰智驾方案，分别为猎鹰500、700 和900 方案，功能定位方面与比亚迪、吉利汽车的智驾方案类似，基础版将实现高速NOA 和记忆泊车，高阶 版实现城市NOA 和代客泊车等功能，截至目前头部大厂均发布智驾方案，并于2025 年开启大规模量产 落地。 二、行业观点更新: 1、基本面动态：上周奇瑞汽车召开智能化战略发布会，重磅发布了"猎鹰智驾"智能化方案，并宣称 2025 年全品牌全系车型搭载。根据规划，奇瑞2025 年将推出30 余款高阶智驾新车，覆盖奇瑞全品牌全 系车型，涵盖燃油、混动、增程、纯电全动力形式，并在全球市场同步推进。 猎鹰智驾分为三大系列，猎鹰500 主打端到端大模型行泊一体智驾系统，支持高速NOA、城市记忆领 航、记忆泊车等高阶功能，轻松通勤、出行无忧；猎鹰700 在前者的基础上算力大幅提升，支持高速 NOA、城市NOA、代客泊车及车位到车位的全场景无缝融合，全域畅行、通行无界；猎鹰900 采用 VLA+世界模型新一代智驾系统， ...

Core Viewpoint - Guangdong is accelerating its high-quality development by becoming a global stage for the latest achievements in technology and innovation, showcasing a "first-release economy" that reflects the vitality and potential of its tech industry [2][4][15]. Group 1: Technological Innovations - Guangdong has seen significant technological advancements, including the world's first operational qualification for a manned autonomous aerial vehicle issued to EHang, and the launch of the first 30-inch dynamic electronic paper display [2][4]. - The province's robotics sector has introduced groundbreaking products, such as the world's first humanoid robot capable of performing a front flip and the first humanoid robot equipped with 5G-A technology [3][9]. - The production of key technologies in various sectors has surged, with the output of new energy vehicles, industrial robots, service robots, and civilian drones increasing by 50.9%, 31.1%, 26.0%, and 92.7% respectively in the first two months of the year [4]. Group 2: Economic Impact and Trends - The "first-release economy" is gaining attention across various sectors, driven by innovation in new products, business models, and services [6][15]. - Guangdong's innovation ecosystem is characterized by a rapid transformation from technology breakthroughs to market applications, enhancing the province's industrial development [4][16]. - The province's manufacturing capabilities are highlighted by its ability to quickly transition from concept to production, exemplified by the rapid market introduction of new products like the electronic paper display [19][20]. Group 3: Market Dynamics and Ecosystem - The province's unique market dynamics, including a large population and a well-established industrial chain, facilitate the rapid iteration and deployment of new technologies [18][22]. - Guangdong's manufacturing sector is robust, with significant contributions from various industries, including a quarter of the nation's new energy vehicle production and a leading position in industrial robot output [22]. - The province's innovation strategy includes the establishment of application scenario innovation pilot zones, aiming to introduce over 100 new technologies and products annually by 2027 [25]. Group 4: Long-term Strategy and Talent Pool - Guangdong's long-term strategy emphasizes a balance between rapid innovation and sustainable development, allowing for the nurturing of "slow technology" alongside fast-paced advancements [23][25]. - The province boasts a strong talent pool, with over 150 academicians and more than 5000 high-level professionals contributing to its innovation landscape [25]. - The collaboration between scientists, engineers, and entrepreneurs forms a "super network" that accelerates the transformation of technological breakthroughs into industrial applications [25].

Core Viewpoint - BYD's electric vehicle sales have surpassed one million units in the first three months of the year, indicating strong growth in the market for new energy vehicles [1][2]. Group 1: BYD's Sales Performance - In March, BYD's new energy vehicle sales reached 377,400 units, a year-on-year increase of 24.8%, with passenger car sales at 371,400 units, up 23.1% [1]. - For the first three months of the year, BYD's new energy vehicle sales totaled 1,000,800 units, reflecting a year-on-year growth of 59.81% [1]. - BYD is experiencing a "two-headed" growth trend, capturing both the 100,000 to 200,000 yuan market with its Dynasty and Ocean series, and the luxury market above 400,000 yuan with brands like Tengshi and Fangchengbao [3]. Group 2: Product and Technology Innovations - BYD launched the groundbreaking Super e-platform, featuring a 1000V high-voltage architecture and the world's first mass-produced 10C charging rate electric platform [3]. - The company has introduced limited-time pricing policies for certain models, with the Qin LDM-i starting at 89,800 yuan and the Song LDM-i at 119,800 yuan [3]. - The launch of the Yangwang U7, a flagship electric sedan, marks a significant advancement in electric vehicle technology, featuring a fully electric suspension system [4]. Group 3: Market Expansion and Future Goals - BYD aims to achieve a sales target of 5.5 million units by 2025, with expectations of over 90% growth in overseas markets [5]. - The company is also set to mass-produce its self-developed "end-to-end urban intelligent driving" technology within the year [5]. Group 4: Performance of New Car Manufacturers - Other new energy vehicle manufacturers have also reported significant sales growth, with XPeng Motors delivering 33,200 vehicles in March, a year-on-year increase of 268% [7]. - Xiaomi Motors delivered over 29,000 vehicles in March, with a target of 350,000 units for the year [9]. - Li Auto and NIO reported year-on-year increases of 26.5% and 26.7% in March deliveries, respectively, with NIO's total deliveries for the first quarter reaching 42,100 units, up 40.1% [9].

[Table_ReportType] 公司点评报告 军比亚迪(002594.SZ) 证券研究报告 公司研究 投资评级 买入 上次评级 买入 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 比亚迪(002594.SZ)：24 年业绩同比高增， 智能化、高端化、全球化全面提速 [Table_ReportDate] 2025 年 3 月 28 日 | [Table_Profit 重要财务指标 | ] 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

Company Performance - BYD's total revenue for Q1 2024 is projected to reach 1,800 million, showing a 15.1% year-on-year increase [1] - Gross profit for Q1 2024 is expected to be 382.1 million, with a gross margin of 21.2% [1] - R&D expenses are anticipated to be 106.1 million, representing 8.5% of total revenue [1] - Net profit for Q1 2024 is forecasted at 47.7 million, with a net profit margin of 3.8% [1] Sales Targets - BYD aims to achieve a sales target of 5.5 million units by 2025, with 800,000 units targeted for overseas markets and 4.7 million units for domestic markets [2] - The company plans to enhance its overseas presence in Europe, Southeast Asia, and South America, including the establishment of new factories [2] Strategic Focus - The company is focusing on electrification, with the introduction of core technologies such as the "super platform" and fast-charging batteries [2] - BYD is advancing its smart vehicle strategy, aiming to launch high-level autonomous driving technologies globally by 2027 [2] - The company is also targeting the high-end market through brands like Yangwang and Tengshi, leveraging technological differentiation [2] Competitive Landscape - The domestic market remains competitive, but BYD is capitalizing on high-margin overseas markets [2] - The company is expected to maintain its market share through a combination of technological advancements and cost advantages [2]