投資概要
十一月銷量更新：“漢”漸入佳境，高端車型占比持續擴大 最新的數據顯示，比亞迪十一月份共銷售汽車 5.39 萬輛，同比/環比+31%/+13%，其中 新能源乘用車 2.67 萬輛，同比/環比+139.4%/+15.9%；新能源商用車 1137 輛，同比/環 比+109%/-3%；傳統燃油車 2.73 萬輛，同比/環比+11%/-9%。 新能源乘用車銷量增勢迅猛，主要推動力來自于純電車型，同比+128%，增量主要來 自于漢 EV；混動車型大增 174%，增量主要來自于漢 DM 和新款唐 DM。燃油車增量主 要來自于宋 pro。從産品結構來看，高端車型占比持續擴大。 比亞迪新一代旗艦車型漢 7 月上市，10 月銷量爬升到 7545 輛，11 月銷量突破萬輛， 達到 10105 輛，且銷量以高配版本爲主，目前預售訂單的提車周期長達 2 個月以上， 因此我們預計公司的汽車總銷量年底將繼續飈升。 另一款熱門車型新款唐 DM 改善了舊款的油耗、內飾、饋電問題，産品力也進一步加 强。 前十一個月累計銷量，比亞迪的汽車/新能源乘用車/新能源商用車/傳統燃油車的銷量 分別達到 41.8 萬/12.5 萬/8251/18.3 萬輛，同比分別-16%/-36%/+14%/+6.3%。考慮到去 年同期基數較低，車展效應，以及臨近年底沖關，我們預計四季度强勁的增長勢頭仍 將持續。 明年比亞迪的王朝系列車型將開啓全面升級換代，搭載刀片電池和全新 DM 平臺技術 的新車型將進一步降本增效，引領技術創新，全面提升産品的核心競爭力。
第三季度盈利創歷史新高 公司的三季報顯示，2020 年前三個季度比亞迪分別實現營收 196.8/408.2/445.2 億元， 同比分別下降 35.1%、增長 28.1%和增長 40.7%。歸母淨利潤 1.13/15.5/17.5 億元，同 比增幅達到-85%/120%/1362.7%。第三季度盈利創歷史新高。 盈利能力上，前三季度的毛利率分別達到 17.7%/20.5%/22.3%，同比-1.4/+5.2/+8.5 個百 分點，第三季度的毛利率水平同樣創了公司的歷史新高。毛利率的大幅增加除了去年 同期較低的基數原因外，主要源于汽車板塊的高端車型占比擴大和比亞迪電子貢獻增 加（比亞迪電子 Q3 淨利錄得 18.6 億，+312%）。 公司預計四季度淨利位于 7.86-11.86 億區間，以中位數計同比/環比分別+2356%/43%，主要基于對四季度行業景氣的預期，和充足的在手訂單。我們認爲公司的指引 偏保守，四季度有望超預期
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Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.
