賽力斯半年報淨利大增逾八成 7家機構研報給予"買入""推薦"評級
2025年上半年，賽力斯交出了一份令人矚目的成績單。數據顯示，賽力斯上半年實現營收624.02億元，歸屬於上市公司股東的淨利潤29.41億元，同比增長81.03%。對此，東吳證券認爲，整體業績表現符合預期，毛利率表現超預期。問界品牌錨定高端，品牌勢能繼續向上，維持賽力斯"買入"評級。招商證券、東吳證券、民生證券、方正證券、平安證券、國聯民生證券等多家券商也紛紛給予積極評價。
對於賽力斯盈利持續提升的原因，多家研報認爲錨定高端智能電動汽車主航道，堅持高端戰略是推動賽力斯業績增長的核心因素。
民生證券分析認爲，賽力斯上半年利潤端同比大幅改善主要由於高端產品放量下收入結構優化，費用管控提升，規模效應進而加速釋放。此外，平安證券指出，品牌高端化是車企盈利健康的保證，賽力斯在高端SUV領域擁有較強話語權。問界M9、M8兩款高端SUV 奠定了公司在高端新能源領域的領先地位，併成爲公司盈利釋放的基礎。
今年上半年以來，問界新品持續迭代升級。問界新M5 Ultra、問界M9 2025款、問界M8相繼上市，深受市場認可及用戶喜愛。8月底，問界M8純電版上市，2 小時大定即突破7000 臺，樹立40 萬級純電新標杆。9月初，新問界M7也即將上市。
平安證券指出，下半年多款新車上市，全新問界M7 升級力度大，上市後有望成爲公司在30 萬級市場的又一爆款車型，進一步釋放公司的業績潛力。民生證券也認爲，中高端市場擴容下產品結構上移，疊加交付潛力釋放，公司進入"量價雙升"新階段。
對於後市成長，機構研報紛紛看好賽力斯盈利能力顯著增強、核心車型驅動業績高增下的強勁勢頭。招商證券認爲，上半年賽力斯經營指標優異，二季度業績環比大幅提升，是國內頭部的高端車企，看好後續新品放量帶來新增長動能。方正證券指出，賽力斯錨定高端品牌盈利韌性凸顯，M8二季度垂直上量推動盈利能力提升，隨着問界M8/2025款M9搶佔豪華市場，新車週期預計爲業務端帶來增量支撐，公司有望開啓業績上行通道。
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