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研報掘金丨民生證券:維持比亞迪“推薦”評級,海外銷量再創新高

民生證券研報指出,比亞迪6月新能源汽車批發銷售38.3萬輛,同比+12.0%,環比+0.03%;新能源乘用車批發銷售37.8萬輛,同比+11.0%,環比+0.2%。分品牌看,6月王朝海洋、騰勢、方程豹、仰望銷量分別34.3萬輛、15,783 輛、18,903 輛、205輛。出海表現亮眼,海外建廠加速推進。受益海外車型上量及區域拓展,6月新能源出口銷量9.0萬輛,再創新高。2025年爲公司的高端化產品大年,王朝旗艦車型漢L/唐L 於4月上市,均搭載 DiPilot 300“天神之眼” 高階智駕系統,支持高速NOA和城市NOA等智能駕駛功能,其兆瓦閃充技術依託全域1000V高壓架構與自研 “閃充電池”,實現5 分鐘補能400公里續航;方程豹鈦7定位爲城市家用中大型SUV,預計2025Q4上市。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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