民生证券研报指出，比亚迪7月新能源汽车批发销售34.4万辆，同比+0.6%，环比-10.0%；新能源乘用车批发销售34.1万辆，同比+0.1%，环比-9.7%。分品牌看，7月王朝海洋、腾势、方程豹、仰望销量分别31.5万辆、11,365辆、14,180辆、339辆。受益海外车型上量及区域拓展，7月新能源出口销量8.1万辆，同比+169.0%，环比-10.3%。受益海外车型上量及区域拓展，7月新能源出口销量8.1万辆，同比+169.0%，环比-10.3%，总体看今年出海稳步增长。2025年为公司的高端化产品大年，王朝旗舰车型汉L/唐L已上市，其兆瓦闪充技术依托全域1000V高压架构与自研“闪充电池”，实现5分钟补能400公里续航。看好公司技术驱动产品力与品牌力向上，加速出海，同时高端化稳步推进，维持“推荐”评级。
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