> 数据图表你知道比亚迪：Q2国内短期承压，重点关注海外表现2025-9-2比亚迪：Q2国内短期承压，重点关注海外表现 Q2点评：25Q2国内销量增速放缓导致单车利润承压。虽然公司二季度经营层面阶段性承压，但仍重视研发投入，2Q25公司研发费用153.7亿元，同比+70.6%，环比+8.1%，维持较高增速，有望为后续新技术储备做铺垫。25H2及向后展望，出口是公司长逻辑最重要支撑，公司进一步加速自建船队+海外工厂建设，7月公司巴西乘用车工厂举行首车下线仪式，8月公司官宣马来西亚工厂项目，预计公司海外产能有望持续向上。图表：比亚迪核心财务数据总营收（亿元）2023Q11201.7479.8%263.75 剔除比亚迪电子收入（亿元） 937.99 104.4%比亚迪电子收入（亿元）YOYYOY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（亿元）55.289.5%16.9917.86%20.72%3.87%2.80%5.19%0.00%11.86%41.302023Q21399.5167.0%298.05 1101.46 80.5%70.498.2%15.6618.72%19.79%4.42%2.47%5.43%-0.79%11.53%68.24YOY411.1%144.9%单车利润-剔除比电后（万元/2023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q21621.511800.411249.441761.822011.252748.511703.602009.2138.5%359.64 1261.87 40.8%82.453.0%15.3122.12%27.27%3.94%2.14%6.85%-0.10%12.82%15.1%378.13 1422.28 18.2%94.538.5%15.0521.22%25.08%4.43%1.77%8.13%-0.11%14.22%4.0%364.80 884.64 -5.7%62.613.4%14.1321.88%28.04%5.45%3.02%8.49%-0.16%16.80%25.9%421.00 1340.82 21.7%98.740.2%13.5918.69%22.43%4.26%2.23%5.11%0.15%11.76%24.0%52.7%36.3%14.0%4355523694371575.79 24.9%113.537.7%13.8821.89%25.60%4.77%2.34%6.81%0.48%14.41%2196.73 54.5%152.461.3%14.4117.01%19.81%0.06%2.27%7.23%0.07%9.63%1334.80 50.9%100.159.8%13.3420.07%23.87%3.63%2.88%8.35%-1.12%13.74%1571.95 17.2%114.516.1%13.7316.27%18.74%3.10%2.73%7.65%-0.67%12.81%104.1382.2%86.7418.6%45.6910.6%90.6232.8%116.0711.5%150.1673.1%91.55100.4%63.56-29.9%辆）YOY0.69193.0%0.8724.3%1.140.850.670.860.930.930.870.4915.6%-16.1%-4.0%-1.5%-18.3%10.0%31.3%-42.7%来源：WIND、中泰证券研究所14中泰证券综合其他
