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研報掘金丨民生證券:維持比亞迪“推薦”評級,加速出海,高端化穩步推進

民生證券研報指出,比亞迪(002594.SZ)5月新能源汽車批發銷售38.2萬輛,同比+15.3%,環比+0.6%;新能源乘用車批發銷售37.7萬輛,同比+14.1%,環比+1.2%。分品牌看,5月王朝海洋、騰勢、方程豹、仰望銷量分別34.8萬輛、15,806輛、12,592輛、139輛。受益海外車型上量及區域拓展,5月新能源出口銷量8.9萬輛,再創新高;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艘滾裝船,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。看好公司技術驅動產品力與品牌力向上,引領智駕平權,加速出海,同時高端化穩步推進,維持“推薦”評級。

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