2025年及2026年一季报总结

••••••••2••••••3•••表：年及重点车企销量、营业收入、及同比增速车企20252026Q1销量（万台）销量YOY营收（亿元）营收YOYASPASPYOY销量（万台）销量YOY营收（亿元）营收YOYASPASPYOY比亚迪460.27.78039.63.517.5-4.070.0-30.01502.3-182426.0长城汽车132.47.32228.210.216.82.726.94.845112.716.87.6长安汽车2938.51640.02.75.6-5.455.8-20.9327.1-4.35.921上汽集团450.812.36465.214.3-6.397.33.01385.20.614.2-2.3赛力斯574.01650.513.7399.38.829.4257.534.529.13.9广汽集团172.1-14.1956.6-10.45.64.238.02.4200.42.05.3-0.4江淮汽车38.4-4.7464.810.412.115.88.4-15.5114.616.913.638.4北汽蓝谷2084.1279.492.513.34.62.94.9408.714.13.5吉利汽车302.539.03452.325.114-10.070.90.8837.815.21814.3奇瑞汽车280.67.83002.91310.73.260.2-3.0658.7-3.410.9-0.5合计220010.028175.98.112.8-8439.3-8.55775.50.413.19.6公司公告、国金证券研究所4•表：年及重点车企毛利、毛利率及同比增速车企20252026Q1毛利（亿元）YOY毛利率YOY（pct）毛利（亿元）YOY

毛利率（pct）比亚迪1426.6-5.617.7-7282.5-17.418.8-3长城汽车402.0918.0-583.216.618.50.6长安汽车254.96.815.50.646.0-2.814.10.2上汽集团652.113.210.10.7177.758.812.84.7赛力斯48026.729.13.067.627.726.2-4广汽集团-12.7-120.5-3-7.1-8-527.6-0.9-1江淮汽车57.129.312.3813.032.5143北汽蓝谷2107.10.412.12143.93.010.5吉利汽车573.550.116.62.8146.628.217.58奇瑞汽车414.414.113.80.3105.624.916.03.6合计4250.08.015.10.092810.816.05公司公告、国金证券研究所5••表：年及重点车企归母净利润、归母净利率车企20252026Q1归母净利润（亿元）YOY归母净利率YOY（pct）归母净利润（亿元）YOY归母净利率YOY（pct）还原汇兑后/核心归母净利润（亿元）YOY（pct）比亚迪326.2-19.04.1-140.8-55.42.7-2.7326.2-19.0长城汽车98.7-22.34.4-89.5-46.02.1-2.398.7-22.3长安汽车40.8-44.32.5-2.13.5-74.11-2.940.8-44.3上汽集团101506.56330.30.12.20.0101506.5赛力斯59.60.23.6-0.57.50.92.9-059.60.2广汽集团-87.8-1166.5-9.2-10.0-6.610.3-3.30.4-87.8-1166.5江淮汽车-17.04.6-3.70.6-6.1-177-5.3-3.0-17.04.6北汽蓝谷-45.634.3-16.335-8.78.7-224.0-45.634.3吉利汽车168.50.24.9-247-26.65.0-2.8168.50.2奇瑞汽车190.232.76.3047-10.36.3-0.5190.232.7合计834.4-8.43.0-0.5153.6-37.12.7-6834.4-8.4公司公告、国金证券研究所6•表：年

月至年

月重点车企销量（万辆）公司25M125M225M325M425M525M625M725M825M925M1025M1125M1226M126M226M33月同比13-月3月环比累计同比比亚迪（乘用车）29.63837.137.337.737.834.137.239.343.747.54520.618.829.6-20.457.568.9-30.1分地区：国内23.025.129.929.428.828.826.129.132.235.334.328.210.68.817.6-4110036.9-52.7海外6.66.77.27.98.99.08.08.07.18.413.213.310.010.012.065.219.432.055.4出口占比22.42

119.52

123.523.823.52

718.019.127.832.148.753.340.4//46.4/长城汽车8.17.89.810.010.21110.41613.414.313.312.49.07.310.68.446.326.94.8分地区：国内5.34.76.66.86.87.16.37.08.38.67.66.75.03.05.9-10.897.413.9-16.2海外2.83.13.23.23.54.04.14.55.05.75.75.74.04.34.748.210.513.043.1出口占比34.639.932.532.133.836.239.439.137.639.943.046.344.658.844.4//48.3/吉利汽车26.720.523.223.423.523.623.825.027.330.73023.727.020.623.30.413.070.90.8分地区：国内23.917.919.52020.519.620.22423.226.626.819.72014.515.1-22.44.250.6-17.5海外2.72.63.72.43.04.03.53.64.14.24.24.06.16.18.2120.434.120.3125.7出口占比10.312.516.010.312.817.014.814.414.913.513.617.022.429.535.0//28.6/奇瑞集团22.418.12520.120.623.422.424.328.028.127.324.520.016.124.112.149.760.2-3.0分地区：国内14.49.312.81310.512.710.51314.315.513.610.08.13.69.2-28.4156.420.8-42.8海外8.18.88.68.810.110.61912.913.812.613.714.412.012.514.972.219.139.354.0出口占比36.048.840.243.749.045.553.153.349.145.050.259.059.777.76

8//65.4/公司公告、国金证券研究所7我们以申万汽车零部件为基准，统计267家汽车零部件公司25年以及26Q1情况，26Q1零部件总体业绩承压。1）收入：收入增速好于销量增速，上市公司头部集中2025年汽车零部件实现营收15874.9亿元，同比+9

，其中25Q4实现营收4397.4亿元，同比+10.5

；26Q1总收入为3806.5亿元，同比+6

，收入增速好于行业总体销量(26Q1国内汽车销量同比下降6），一方面在竞争中头部企业优势明显，另一方面部分车企如问界、小米特斯拉等Q1同比增速明显，且在上市公司配套单价较高，收入增速好于销量增速。2）利润：汇兑及费用影响，归母净利同比下滑2025年汽车零部件实现归母净利942.6亿元，同比+16

；26Q1归母净利为206.1亿元，同比下降7.6

，26Q1收入增长利润下滑，主要是因为期间费用率增加，前期扩产的折旧费用增加以及一季度人民币升值，汇兑损失增加。3）子板块：小三电领域出海占比提升，盈利同比增长267家公司中，169家公司26Q1收入增长，仅110家公司26Q1归母净利增长，分环节看，小三电环节、座椅环节增速亮眼，主要是因为出口占比提升对利润拉动较大。8267家公司中，169家公司26Q1收入增长，仅110家公司26Q1归母净利增长，分环节看，小三电环节、座椅环节增速亮眼，主要是其中小三电行业增长较好因为出口占比提升对利润拉动较大、座椅行业增速较好因为国产替代提速。表：汽车零部件分板块收入及利润情况（单位：亿元）25年26Q1收入YOY归母净利YOY毛利率YOY收入YOY归母净利YOY毛利率YOY002906.SZ华阳集团130.5287.82018.4-230.9624.466716.5-2·603786.SH科博达69.3168.3725.5-415.301

351-2725.3-2688533.SH上声电子30.298-2220.8-46.878.10.24-1122.12汽车电子230.12217.9853.118.13.4-12301607.SZ富特科技40.91122.212719.7-310.50107.40.7729117.3-1688612.SH威迈斯63.405.64020.9313.640.8313024.06300745.SZ欣锐科技26.719-

2-213.626.2332.50.05-11613.9130068

SZ英搏尔38.759916215.9110.8799.20.5743117.32小三电169.8318.4894

243.42.7178603035.SH常熟汽饰7

1253.5-1912.3-316.7225.00.72-1812.0-3301529.SZ福赛科技17.33033625.703.82-8.70.311026.8260074

SH华域汽车1,840.0972.1812.3040

83-0.512.44-212.11605068.SH明新旭腾14.8260.1-10912.1-83.027.4-0.15-24713.8-10601689.SH拓普集团295.81127.8-719.4-166.2814.95.52-219.3-1603179.SH新泉股份155.2178.2-1718.0-236.393.42.03-520.21内外饰2,394.210113.03528.12.120.9-4300926.SZ博俊科技58.1378.43826.1-210.08-8.329-1325.0-100131

SZ多利科技4

9172.3-4514.0-71

1027.20.68-2914.4-700210

SZ广东鸿图92.0143.6-1314.4-119.60-6.6-0.07-11610.7-2605133.SH嵘泰股份32.33791722.1-29.0036.00.45-723.01605319.SH无锡振华29.6174.72328.436.691

501725.8-2603305.SH旭升集团44.513.7-1220.3012.1916.5253122.92轻量化372.51736.3887.99.26.8-13603997.SH继峰股份227.824.5-16.1262.