> 数据图表怎样理解奇瑞公布2025年四季度业绩2026-3-1奇瑞公布2025年四季度业绩◆ 公告要点：公司2025Q4单季度营收854.5亿元，同环比分别-3%/+17%；归母净利润46.5亿元，同环比+60%/-0.1%。整体表现符合我们预期。◆ 1）营收：公司Q4实现总销量75.2万台，同环比分别-5%/+9%；单车ASP为11.4万元，同环比分别+3%/+7%，ASP同比上涨主要原因为海外出口销量占比同比+14pct。2）毛利率：2025Q4毛利率为14.0%，同环比分别+3/-1pct；同比改善主要原因为出口销量占比提升。3）费用率：25Q4销售/研发/管理费用率分别为3.1%/4.2%/2.4%，同比分别+0.1/+1.1/+0.9pct，环比分别-0.4/+0.5/+0.4pct。4）净利润：25Q4净利润约为46.5亿元，公司整体单车盈利为0.6万元，同环比分别+69%/-8%，公司单车盈利能力同比改善显著。图：奇瑞业绩拆分单位：亿元2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4同比-3%3pct2.2pct0.1pct0.9pct1.1pct0.0pct60%-5%-1%-15%-28%31%-10%3pct-2pct-1pct1pct0pct28%14pct30%11pct3%69%环比17%-1pct0.5pct-0.4pct0.4pct0.5pct0.0pct-0.1%9%4%2%28%59%155%-3pct-1pct1pct1pct2pct6%-1pct47%10pct7%-8%11营业总收入销售毛利率(%)费用率合计归母净利润批发销量/万辆奇瑞捷途星途iCARLUXEED549.114.9%12.0%销售费用率 3.3%管理费用率 3.4%研发费用率 4.1%财务费用率 1.3%27.149.234.910.72.40.80.5奇瑞占比 71%捷途占比 22%5%星途占比2%iCAR占比1%LUXEED占比24.4出口占比 50%4.79%11.20.6新能源占比出口销量新能源销量单车收入近似/万元单车净利/万元数据来源：公司官网，东吴证券研究所572.115.1%8.5%2.9%2.4%2.4%0.9%51.153.235.311.63.12.01.266%22%6%4%2%27.351%10.420%10.81.0700.314.6%10.8%3.4%2.1%4.2%1.1%34.061.139.515.34.11.70.465%25%7%3%1%29.348%13.121%11.50.6877.410.6%7.8%2.9%1.4%3.1%0.4%29.179.449.819.24.52.33.763%24%6%3%5%30.639%22.729%11.00.4682.212.4%9.5%3.2%1.7%3.3%1.3%46.558.936.015.42.02.13.361%26%3%4%6%24.642%14.725%11.60.8733.813.6%12.0%5.2%2.1%4.0%0.8%50.659.838.714.53.12.41.265%24%5%4%2%28.347%17.529%12.30.8732.315.1%9.5%3.4%2.0%3.7%0.4%46.669.147.416.02.51.91.369%23%4%3%2%37.054%20.029%10.60.7854.514.0%10.0%3.1%2.4%4.2%0.4%46.575.249.316.33.23.03.366%22%4%4%4%39.352%29.439%11.40.6东吴证券综合其他
