研報掘金丨國聯民生:比亞迪中長期盈利水平有望持續提升,維持“買入”評級
國聯民生證券研報指出,“天神之眼”賦能車型產品力,多因素助力銷量向上總量來看,2025年4月比亞迪(002594.SZ)實現新能源汽車銷量38.0萬輛,同比增長21.3%,環比增長0.7%。公司攜手衆多全球優質經銷商,加速海外渠道佈局;推進本地化生產進程,烏茲別克斯坦和泰國工廠陸續投產,4月柬埔寨工廠成功奠基,出海船隊先後投入使用,公司海外競爭力有望持續增強,海外銷量增長加速。比亞迪技術進步帶動銷量增長飛輪持續演繹,“全民智駕”智能化戰略有望助力公司實現量價齊升。全球化進程加速,高端化受益智能化+大車型戰略,有望打開營收和利潤空間,中長期盈利水平有望持續提升。維持“買入”評級。
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