比亞迪：全年業績穩步增長電動化優勢鞏固+智能化加速轉型

光大證券股份有...

03-26

全年業績穩步增長：2024 年比亞迪總營業收入同比+29.0%至7,771.0 億元，歸母淨利潤同比+34.0%至402.5 億元，扣非後歸母淨利潤同比+29.9%至369.8 億元；其中，4Q24 營業收入同比+52.7%/環比+36.7%至2,748.5 億元，歸母淨利潤同比+73.1%/環比+29.4%至150.2 億元，扣非歸母淨利潤同比+51.3%/環比+26.8%至137.9 億元（...

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萬輛。1）比亞迪具備極強的自主創新能力，有望憑藉“超級e平台3.0”（搭載全域1,000V 高壓架構/兆瓦閃充/3 萬轉高性能電機等技術實現油電同速）、以及DM5.0 技術（提升續航+油耗、增強插混技術優勢）鞏固電動化優勢地位；此外，“天神之眼”智駕方案（A/B/C 三套方案可覆蓋<10 萬元至100 萬元車型）有望加速公司智能化轉型，提振產品競爭力。2）比亞迪多品牌開啓全新車型週期，騰勢/方程豹經銷商渠道開放或有望衝擊高端細分市場賽道；其中，騰勢：定位高端科技，3/21 騰勢N9 上市，補齊騰勢品牌在中大型SUV領域空白，預計品牌力擴大+燃油需求轉化為後續走量關鍵；方程豹：深耕越野，首款純電車型鈦3 或兼顧城市+越野兩類場景，覆蓋更廣泛城市及家庭用户；仰望：3/27 仰望U7 即將上市，定位百萬級新能源旗艦，將助力品牌再度向上突破。海外銷量持續增長，看好公司中長期海外市場份額抬升趨勢：2024 年比亞迪出口銷量同比+71.9%至41.7 萬輛，2025 年前1-2 月出口銷量同比+124.3%至13.3萬輛。我們認為，比亞迪出口銷量持續高增的原因主要包括：1）新車型密集發佈上市，海獅07EV、元UP、海豹等多款車型陸續投放海外市場；2）與海外優質經銷商深化合作+推行本地化策略，烏茲別克斯坦和泰國工廠陸續投產。我們判斷，公司海外上市車型享有可觀利潤及競爭力，看好海外銷量持續增長提振公司盈利前景。維持“買入”評級：我們看好比亞迪市場份額穩中有進+盈利兑現前景，預計公司2025-2026E 歸母淨利潤為543.8/685.3 億元（vs. 之前預計為472.8/539.2億元），預測2027E 歸母淨利潤為820.3 億元；上調A 股目標價至449.38 元（對應25x 2025E PE），H 股目標價至491.49 港元（對應25x 2025E PE）。維持A/H 股“買入”評級。風險提示：插混滲透率不及預期、行業需求不及預期、海外市場拓展不及預期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}

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