怎样理解比亚迪：新品周期叠加海外高景气，1Q25归母净利同比翻番

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怎样理解比亚迪：新品周期叠加海外高景气，1Q25归母净利同比翻番

2025-5-2

比亚迪：新品周期叠加海外高景气，1Q25归母净利同比翻番 Q1点评：Q1销量同比+59.8%，其中海外销量同比+117.3%，Q1实现归母净利润91.6亿元，同比+100.4%。单车利润层面，剔除比亚迪电子影响，实现单车净利润0.87万元，同比+31.3%。当前国内市场公司仍处于一轮非常强势的产品周期过程中，此前2月智驾发布会、3月超级纯电平台发布会均伴随较多重磅车型推出，叠加海外市场随着公司滚装船下水交付、运能提升以及欧洲、拉美等地需求高增长，我们认为基本面维度公司销量、业绩将随着国内、海外放量持续向上。图表：比亚迪核心财务数据总营收（亿元）YOY剔除比亚迪电子收入YOY销量（万辆）YOY单车ASP（万元/辆）毛利率剔除比亚迪电子毛利率销售费用率管理费用率研发费用率财务费用率四费用率合计归母净利润单车利润-剔除比电后（万元/2023Q11201.7479.8%937.99 104.4%55.289.5%16.9917.86%20.72%3.87%2.80%5.19%0.00%11.86%Feb/002023Q21399.5167.0%1101.46 80.5%70.498.2%15.6618.72%19.79%4.42%2.47%5.43%-0.79%11.53%Mar/002023Q32023Q42024Q12024Q22024Q32024Q42025Q11621.511800.411249.441761.822011.252748.511703.6038.5%1261.87 40.8%82.453.0%15.3122.12%27.27%3.94%2.14%6.85%-0.10%12.82%15.1%1422.28 18.2%94.538.5%15.0521.22%25.08%4.43%1.77%8.13%-0.11%14.22%4.0%884.64 -5.7%62.613.4%14.1321.88%28.04%5.45%3.02%8.49%-0.16%16.80%25.9%1340.82 21.7%98.740.2%13.5918.69%22.43%4.26%2.23%5.11%0.15%11.76%24.0%1575.79 24.9%113.537.7%13.8821.89%25.60%4.77%2.34%6.81%0.48%14.41%52.7%2196.73 54.5%152.461.3%14.4117.01%19.81%0.06%2.27%7.23%0.07%9.63%36.3%1334.80 50.9%100.159.8%13.3420.07%23.87%3.63%2.88%8.35%-1.12%13.74%104.1386.7445.6990.62116.07150.1691.55辆）0.690.871.140.850.670.860.930.930.87来源：WIND、中泰证券研究所13

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