【方正汽车】点评｜比亚迪：全年销量收官迎2026，提质增效蓄势待发

研车文集文姬团队01-13

本文来自方正证券研究所于2026年1月10日发布的报告《全年销量收官迎2026，提质增效蓄势待发》，欲了解具体内容，请阅读报告原文分析师：文姬 SAC S1220523120002报告摘要事件：2026年1月8日，比亚迪秦家族迎来重磅加推，2026款秦L DM-i /2026款秦PLUS DM-i 210KM长续航版双车同步上市，售价8.98-12.28万元。其中，2026款秦L DM-i ...

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DM-i售价8.98-9.98万。续航方面，26款电池分别扩容至26.6kWh（L）/25.28kWh（PLUS），CLTC纯电续航达210km，实现翻倍，综合续航2100km。入门级价格随电池增配有所提升，而智驾版本价格较25款优惠0.3-0.4万元，性价比进一步提升，同时秦L顶配还搭载云辇C以及预瞄系统等豪华配置，有望通过智驾/空悬下放、长续航增配显著提升车型同级别竞争力。回顾2025，2026销量启航：高端化、出海战略持续推进。2025年公司销量符合460万辆目标，结构存变化：（1）高端化趋势明显：12月总销量42.0万辆，王朝海洋/方程豹/腾势/仰望销量为34.4/5.1/1.8/0.1万辆，环比-18.7%/+36.0%/+36.8%/+31.3%，方程豹贡献主要增量；全年王朝海洋微增2.7%，方程豹/腾势累计销量23.5/15.7万辆，同比+316.1%/+24.7%，高端品牌销量39.7万辆，占整体销量约8.6%，同比+4.2pct。（2）出口跨越式增长：12月实现对伊拉克市场的突破，海外销量达13.32万辆，同比+133.0%，占比首次突破30%；全年累计销量104.6万辆，同比+150.7%，占比提升至22.7%。（3）纯电表现亮眼：全年纯电销量达225.7万辆，占比近50%。技术落地、出海加速兑现，2026年蓄势待发。2026年，技术端公司有望推动长续航混动、兆瓦闪充、智驾下沉等落地，强化车型竞争力；出海端，公司泰国、乌兹别克斯坦、巴西工厂已投产，匈牙利工厂即将运行，本土化产能释放、新兴市场上量有望支撑完成150万辆出海目标，贡献显著利润增量。在经历持续回调后，我们建议关注公司股价筑底蓄势后的上行机会。投资建议：预计2025-2027年实现营收8981.5/9965.4/11012.9亿元，同比+15.6%/+11.0%/+10.5%，实现归母净利润368.2/462.8/550.2亿元，同比-8.5%/+25.7%/+18.9%，维持“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":"dataReport","news_rank":0,"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 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