比亚迪，业绩低于预期？筹资净现金流首次超千亿，发生了什么？

市场资讯03-30

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　来源：基本面力场　　周五晚间，比亚迪（002594.SZ）重磅发布了2025年年报，营业收入同比增长3.46%至8000亿元以上，归母净利润则下滑18.97%至326亿元。同时，每股派息0.358元，只相当于2024年派息的十分之一。　　要说比亚迪的技术实力，力场君也是要给它竖大拇指的，就说第二代刀片电池，千公里实测...

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The net cash flow of fundraising exceeded 100 billion for the first time. What happened?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"01211":1.98,"EVS.SI":0.6,"BYDDY":1.98,"HYDD.SI":0.6,"002594":1.98},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　来源：基本面力场\n　　周五晚间，比亚迪（002594.SZ）重磅发布了2025年年报，营业收入同比增长3.46%至8000亿元以上，归母净利润则下滑18.97%至326亿元。同时，每股派息0.358元，只相当于2024年派息的十分之一。\n　　要说比亚迪的技术实力，力场君也是要给它竖大拇指的，就说第二代刀片电池，千公里实测续航、9分钟快充、零下30度低温充电仅慢3分钟，这都是在行业内一骑绝尘的表现，让同行望其项背。王传福所言的“没人比我们更懂电池”，还真不是吹牛。\n\n　　要说比亚迪的卷，这也是客观事实。就在前两天，力场君还发了一篇小文章《永励精密IPO，业绩压力陡增，平安证券一名保代曾收深交所监管函》，描述了正在申请上市的一家小公司，对比亚迪的销售款，过了半年多没收回来。\n　　但也应当看到，在高层出台保障中小企业款项支付条例的背景下，比亚迪对上游付款情况是在好转的，充分体现在应付款项的数据变动上，2024年末、2025年上半年末、2025年年末，分别为2440亿元、2367亿元和2092亿元。\n　　对上游来说，这是乐观的数据趋势，不知道永励精密也能从中受益？而这种压力，比亚迪是自己扛了，全年经营性净现金流只有不到600亿，上一次不到600亿还是在2020年；同时，长短期借款同步大增，推动筹资净现金流入了上千亿，这还是比亚迪有财报数据以来的头一回。\n　　比亚迪的卷也不止是卷上游，对自家的销售端同样卷，2025年营业收入同比增长3.46%，而销量则同比增长了7.73%，对应着单车均价的下降。体现在毛利率上就是，2023年到2025年分别为20.21%、19.44%和17.74%，这也是在营收小幅增长的同时，净利却出现不小的下滑的原因了。\n　　数据就是这样，好与不好，力场君说了不算，市场说了才算。但是也不妨与近一段时间，券商发布的研究报告做个对比，全当是饭后茶余的谈资了。\n　　截至迪王公布年报之前，力场君在Wind里查询到的最近的5份研报，都是3月份发布的，分别出自开源证券、交银国际、东吴证券、方正证券、爱建证券，具体来看：\n　　开源证券在3月2日发布研报，鉴于公司海外市场持续表现亮眼、新技术/新车型有望密集推出，上调了2025-2027年业绩预测，并具体预计比亚迪2025年营收为8149亿元、归母净利为349亿元。\n　　交银国际在3月9日发布的研报中，没有给出数据预测数据，只是定性地分析提出，尽管在中国内地市场比亚迪面临一定销量压力，但公司海外业务持续强劲增长，尤其在东南亚、拉美及欧洲市场表现亮眼。预计随着2026年海外销量占比持续提升，公司利润空间有望进一步增厚。\n\n　　东吴证券在3月16日发布研报认为，电动化领域持续的技术创新有望提升公司市占率水平，预计比亚迪2025年营收为8394亿元、归母净利为350亿元。\n　　方正证券在3月17日发布研报中提到，新品起售价提升2万元，在盈利端依旧有望维持较高的表现，并预计比亚迪2025年营收为8924亿元、归母净利为352亿元。\n　　爱建证券在3月18日发布研报也提出，高端化突破与全球化布局有望使公司逐步超越传统汽车制造商的定位，打开长期盈利上行空间，并预计比亚迪2025年营收为8516亿元、归母净利为343亿元。\n　　这都是有公开数据可查的，力场君没有任何臆测，最终的结果是，比亚迪报出来的2025年营收为8040亿元，比预测值最低的开源证券，也少了一百亿，比预测最乐观的方正证券更是少了900亿元、差出去10%了。\n　　利润方面同样低于超出券商预期，326亿元的实际金额，比预测值最低的爱建证券给出的343亿元也少了17个亿，比最乐观的方正证券给出的352亿元少了26亿元。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：高佳","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2623366801","isCrawlerRequest":true}