华安证券研报指出，比亚迪海外扩张加速，DM-i 5.0油耗进一步降低。淡季来临，消化库存，7月销量短期承压。今年以来纯电动车型增速显著高于插电混动车型。7月比亚迪出口8.1万辆，同比大增169%，环比略降10%；1-7月累计出口54.5万辆，同比+133%。环比回落主因巴西关税提高（7月起纯电进口税从18%提至25%，插混从20%提至28%）导致短期运输调整。比亚迪在海外的重点市场是土耳其、英国以及欧洲整体。主要车型是混动车型宋PLUSDM-i等。受益于高端化产品占比提升和海外出口扩张加速，认为公司销量和盈利能力均有望稳步提升，预计2025-2027年实现销量499、572、658万台，归母净利润509、626、744亿元，维持“买入”评级。
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