平安证券研报指出，比亚迪上半年实现归母净利润155.1亿元，同比增长13.8%，单二季度实现归母净利润63.6亿元，同比下滑29.9%。海外市场成为增长新动能，但国内市场增速承压。2025年上半年公司实现整车销量214.6万台（同比+33.0%），其中海外市场销量达到46.4万台，同比增长1.3倍，上半年海外销量占公司总销量的21.6%。国内市场方面，公司上半年国内销量达到168.2万台（同比+19.3%），其中二季度国内销量88.7万台，同比仅微增0.7%。公司国内销量增速暂时承压，结合公司上半年业绩以及公司最新情况，调整公司2025~2027年净利润预测为425亿/558亿/662亿元（此前预测值为511亿/641亿/739亿元）。受国内反内卷影响，公司国内经济型车在短期内仍将面临一定的压力，后续应关注公司海外市场拓展以及高端化进程，考虑到自反内卷实施以来，公司估值已有一定幅度下调，该行维持公司“推荐”评级。
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