金吾财讯 | 华泰证券表示，25Q1以旧换新政策快速衔接，刺激终端需求同比向好，乘用车板块营收/归母净利润分别同比+8%/+19%。板块内表现分化：1) 新能源渗透率提升，规模效应增强下自主品牌盈利能力同比改善；2）合资持续承压，以价换量策略收效有限，销量同比继续下滑；3）受汇兑收益影响，汽车及乘用车财务费用率同比大幅下降。展望后市，该行看好Q2各省市促消费政策和自主品牌智能化新车协同发力下，乘用车板块维持高景气，业绩水平进一步向好。
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