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比亚迪(002594):系列点评三十:海外销量再创新高,全球化稳步推进
Minsheng Securities· 2025-07-03 05:51
比亚迪(002594.SZ)系列点评三十 海外销量再创新高 全球化稳步推进 2025 年 07 月 03 日 ➢ 事件概述:公司发布 6 月产销快报,6 月新能源汽车批发销售 38.3 万辆, 同比+12.0%,环比+0.03%;新能源乘用车批发销售 37.8 万辆,同比+11.0%, 环比+0.2%。分品牌看,6 月王朝海洋、腾势、方程豹、仰望销量分别 34.3 万 辆、15,783 辆、18,903 辆、205 辆。 ➢ 6 月批发同比增长 出口表现亮眼。公司 6 月新能源乘用车批发销售 37.8 万 辆,同比+11.0%,环比+0.2%,海外销量 9.0 万辆,再创新高。新能源乘用车 批发中,其中插混乘用车销售 17.3 万辆,同比-11.5%,环比-1.1%。纯电乘用 车销售 20.7 万辆,同比+42.5%,环比+1.2%。分品牌看,王朝海洋销量 34.3 万辆,秦 PLUS DM-i 5.0、海豹 06 等新车型贡献核心增量;腾势/仰望/方程豹 销量 3.49 万辆,占比 9.1%,高端化加速突破。 ➢ 出海表现亮眼 海外建厂加速推进。受益海外车型上量及区域拓展,6 月新 能源出口销量 9.0 万 ...
比亚迪:系列点评二十八:出海再创新高 智驾、高端化多重成长-20250505
Minsheng Securities· 2025-05-05 06:23
Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - The cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales in April reached 79,000 units, setting a new record, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [2][3]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the democratization of intelligent driving technology [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models featuring advanced intelligent driving systems [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with net profit estimates of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13, 22.09, and 24.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4][5].