研報掘金丨民生證券:比亞迪2月批發同比增長 維持“推薦”評級
民生證券研報指出,比亞迪(002594.SZ)2月新能源汽車批發銷售32.3萬輛,同比+164.0%,環比+7.4%;新能源乘用車批發銷售31.8萬輛,同比+ 161.4%,環比+7.3%。出海穩步增長,一方面是由於海外真實需求逐步提升,受益土耳其、巴西、歐洲等地銷量快速增長,主要車型是seal U 混動;一方面是受益滾裝船投入:比亞迪2024年1月、11月,2025年1月分別投入1、1、2搜滾裝船,自建運力提升帶動銷量提升,到2026年1月前,船隊規模將擴展至8艘。此外,2025年,公司將加大海外市場投入,積極佈局巴西、烏茲別克、匈牙利、土耳其、印尼佈局工廠,同時加速出口,出海有望在歐洲、東南亞、澳新迎來快速發展,出海亦有望提振盈利。另外,智駕版車型發佈2025智駕平權加速。騰勢N9將於2025Q1上市,定位六座大型SUV,內飾採用由17.3英寸中控屏、13.2英寸全液晶儀表和13.2英寸副駕娛樂屏組成的三屏顯示,動力上將會搭載2.0T插混系統,全系標配易三方技術,舒適度、豪華屬性強,有望帶動整體盈利向上。看好公司技術驅動產品力與品牌力向上,加速出海,維持盈利預測,維持“推薦”評級。
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