研報掘金丨國投證券:比亞迪4月銷量符合預期,維持“買入-A”評級
國投證券研報指出,比亞迪(002594.SZ)2025年4月共銷售乘用車37.1萬輛,37.3萬臺、同比+19%、環比基本持平;其中純電銷售19.6萬臺、同比+46%、環比+18%,插混銷售17.7萬臺、同比基本持平、環比-14%。認爲公司4月銷量符合預期,同比增長預計主要受到新車型拉動,環比基本持平,預計雖老款清庫、促銷力度較大,但仍受整體終端需求較平淡以及智駕版尚未大範圍優惠等影響。王朝海洋網基本盤表現穩健,高端品牌增長亮眼,出海持續創新高。基本盤再上臺階、智能化普及提升產品競爭力: 2025年公司規模及成本優勢有望持續凸顯,智駕下放到10萬級車型上強化產品競爭力,有望驅動量利齊升。維持6個月目標價454.25元/股,對應2025年25xPE,維持“買入-A”評級。
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