招银国际：比亚迪（002594）-2Q26earningssignalenhancedcostdiscipline

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2026-08-31

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招银国际：比亚迪（002594）-2Q26earningssignalenhancedcostdiscipline.pdf

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比亚迪(002594) MaintainBUY.WeviewBYD’s2Q26earningsasresilientdespitebottom-lineperformancemissingbyrevenuedragandhigherimpairmentlosses.Webelievetighteningcostcontrol,markedbystabilizing1H26R&DspendandslowingD&Agrowth,underscoreslong-termmarginresilienceanchoredbysuperiorscaleandverticalintegration. 2Q26GPMbeat;netprofitmissedonrevenueandimpairment.BYD’s2Q26revenuefell3.2%YoYtoRMB195bn,or8.6%lowerthanourpriorforecast.GPMexpanded0.1pptsQoQto18.9%in2Q26,thehighestsince2Q25,and0.5pptshigherthanourproj

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