研報掘金丨開源證券:維持比亞迪“買入”評級,看好公司長期發展
開源證券研報指出,比亞迪(002594.SZ)發佈2025Q業績預告,預計實現歸母淨利潤85-100億元,同比分別增長86.04%-118.88%;經測算歸母淨利潤中值預計爲92.5億元,同比增長102.5%,主要系公司老款車型降價去庫存、智駕平權產品力明顯提升、海外市場明顯放量。2025Q1,公司乘用車銷量達98.61萬輛,同比+57.9%,其中插混、純電車銷量同比分別+75.7%、38.7%,插混車在DM5.0技術加持、終端優惠背景下繼續高增,而純電車在逐步切換新平臺、續航及充電效率明顯提升的背景下銷量有望迎來大幅增長。鑑於公司純電車切換新技術有望快速崛起、智駕密集上車吸引力提升、海外市場持續突破、高端品牌迎來產品大年,看好公司長期發展,維持“買入”評級。
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