研報掘金丨長江證券:比亞迪出海持續發力,維持“買入”評級
長江證券研報指出,比亞迪出海持續發力,海外渠道與車型矩陣進一步完善,打開增長新空間,其中歐洲市場表現亮眼。比亞迪乘用車出口量從2022年開始快速增長,2025年出海銷量持續超預期。出海車型逐漸豐富,混動加速出海打開新市場,促進銷量增長,同時以騰勢爲代表的高端品牌拓展海外高端市場。從海外銷量結構來看,歐洲、拉美、東南亞是比亞迪當前最大的海外市場,銷量佔比合計超九成,歐洲市場表現亮眼,銷量增長迅速,2025年1-5月比亞迪新能源輕型車在歐洲銷量爲69451輛,佔比達到40.2%。技術與規模構建超越行業競爭力,智能化、出海與高端發力邁向新巔峯。智能化大戰略下,智駕轉型態度堅定。超級e 平臺發佈,純電技術迎來重大革新,持續鞏固電動化技術優勢。騰勢、仰望與方程豹車型儲備豐富,加速佈局高端市場。出海持續發力,海外渠道與車型矩陣將進一步完善。規模效應加持下,隨着出海與高端化放量,盈利能力有望持續提升。預計 2025-2027年公司歸母淨利潤520、653、754億元,維持“買入”評級。
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