【方正汽车】比亚迪：底部价量拐点有望来临，旺季板块表现有望乘势

研车文集文姬团队2025-09-14

本文来自方正证券研究所于2025年9月14日发布的报告《底部价量拐点有望来临，旺季板块表现有望乘势》，欲了解具体内容，请阅读报告原文分析师：文姬S1220523120002报告摘要行业与公司拐点上行发力在即，改善驱动明确。公司在2025年4-7月销量环比增长承压，8月环比实现正增长，1-8月实现销量286.4万辆（相对2025年规划的500万辆，完成52.1%），股价进入前期盘整。在当前位置，我们...

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EV车型实现云辇C技术下放，继续维持同价格带性价比优势。2）出海层面，公司2025年5-8月分别海外销售8.9/9.0/8.1/8.1万辆，同比+137%/+234/+169%/+157%。我们预计2025年继续维持150%+增速的乐观表现。近期公司高级副总裁罗红斌、高级副总裁兼财务总监周亚琳等高管进一步增持，坚定对股价信心。投资建议：根据公司1-8月销量，我们预计全年目标可能下修，对应调整盈利预测，预计25-27年实现营收9699.9/10495.3/11263.3亿元，归母净利润为478.9/554.9/611.5亿元，PE为20.2/17.4/15.8，给予“推荐”评级。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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