汽车行业：2025年及2026年一季报总结

2026/5/512••••••••3••••••4•••表：年及重点车企销量、营业收入、及同比增速资料来源：公司公告、国金证券研究所车企20252026Q1销量（万台） 销量YOY 营收（亿元） 营收YOYASPASP YOY 销量（万台） 销量YOY 营收（亿元） 营收YOYASPASP YOY比亚迪460.27.7%8039.63.5%17.5-4.0%70.0-30.0%1502.3-11.8%21.426.0%长城汽车132.47.3%2228.210.2%16.82.7%26.94.8%451.112.7%16.87.6%长安汽车291.38.5%1640.02.7%5.6-5.4%55.8-20.9%327.1-4.3%5.921.1%上汽集团450.812.3%6461.55.2%14.3-6.3%97.33.0%1385.20.6%14.2-2.3%赛力斯51.74.0%1650.513.7%31.99.3%8.829.4%257.534.5%29.13.9%广汽集团172.1-14.1%956.6-10.4%5.64.2%38.02.4%200.42.0%5.3-0.4%江淮汽车38.4-4.7%464.810.4%12.115.8%8.4-15.5%114.616.9%13.638.4%北汽蓝谷21.084.1%279.492.5%13.34.6%2.94.9%41.08.7%14.13.5%吉利汽车302.539.0%3452.325.1%11.4-10.0%70.90.8%837.815.2%11.814.3%奇瑞汽车280.67.8%3002.911.3%10.73.2%60.2-3.0%658.7-3.4%10.9-0.5%合计2201.010.0%28175.98.1%12.8-1.8%439.3-8.5%5775.50.4%13.19.6%5•表：年及重点车企毛利、毛利率及同比增速资料来源：公司公告、国金证券研究所车企20252026Q1毛利（亿元）YOY毛利率YOY（pct） 毛利（亿元）YOY 毛利率YOY（pct）比亚迪1426.6-5.6%17.7%-1.7282.5-17.4%18.8%-1.3长城汽车402.01.9%18.0%-1.583.216.6%18.5%0.6长安汽车254.96.8%15.5%0.646.0-2.8%14.1%0.2上汽集团652.113.2%10.1%0.7177.758.8%12.8%4.7赛力斯481.026.7%29.1%3.067.627.7%26.2%-1.4广汽集团-12.7-120.5%-1.3%-7.1-1.8-527.6%-0.9%-1.1江淮汽车57.129.3%12.3%1.813.032.5%11.4%1.3北汽蓝谷1.2107.1%0.4%12.11.2143.9%3.0%10.5吉利汽车573.550.1%16.6%2.8146.628.2%17.5%1.8奇瑞汽车414.414.1%13.8%0.3105.624.9%16.0%3.6合计4250.08.0%15.1%0.0921.810.8%16.0%1.56••表：年及重点车企归母净利润、归母净利率资料来源：公司公告、国金证券研究所车企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326.2-19.0%4.1%-1.140.8-55.4%2.7%-2.7326.2-19.0%长城汽车98.7-22.3%4.4%-1.89.5-46.0%2.1%-2.398.7-22.3%长安汽车40.8-44.3%2.5%-2.13.5-74.1%1.1%-2.940.8-44.3%上汽集团101.1506.5%1.6%1.330.30.1%2.2%0.0101.1506.5%赛力斯59.60.2%3.6%-0.57.50.9%2.9%-1.059.60.2%广汽集团-87.8-1166.5%-9.2%-10.0-6.610.3%-3.3%0.4-87.8-1166.5%江淮汽车-17.04.6%-3.7%0.6-6.1-171.7%-5.3%-3.0-17.04.6%北汽蓝谷-45.634.3%-16.3%31.5-8.78.7%-21.2%4.0-45.634.3%吉利汽车168.50.2%4.9%-1.241.7-26.6%5.0%-2.8168.50.2%奇瑞汽车190.232.7%6.3%1.041.7-10.3%6.3%-0.5190.232.7%合计834.4-8.4%3.0%-0.5153.6-37.1%2.7%-1.6834.4-8.4%7•表：年 月至年 月重点车企销量（万辆）资料来源：公司公告、国金证券研究所公司25M125M225M325M425M525M625M725M825M925M1025M1125M1226M126M226M33月同比 3月环比1-3月累计同比比亚迪（乘用车）29.6 31.8 37.1 37.3 37.7 37.8 34.1 37.2 39.3 43.7 47.5 41.5 20.6 18.8 29.6 -20.4%57.5%68.9 -30.1%分地区：国内23.0 25.1 29.9 29.4 28.8 28.8 26.1 29.1 32.2 35.3 34.3 28.2 10.6 8.8 17.6 -41.1%101.0%36.9 -52.7%海外6.6 6.7 7.2 7.9 8.9 9.0 8.0 8.0 7.1 8.4 13.2 13.3 10.0 10.0 12.0 65.2%19.4%32.0 55.4%出口占比22.4%21.1%19.5%21.1%23.5%23.8%23.5%21.7%18.0%19.1%27.8%32.1%48.7%53.3%40.4%//46.4%/长城汽车8.1 7.8 9.8 10.0 10.2 11.1 10.4 11.6 13.4 14.3 13.3 12.4 9.0 7.3 10.6 8.4%46.3%26.9 4.8%分地区：国内5.3 4.7 6.6 6.8 6.8 7.1 6.3 7.0 8.3 8.6 7.6 6.7 5.0 3.0 5.9 -10.8%97.4%13.9 -16.2%海外2.8 3.1 3.2 3.2 3.5 4.0 4.1 4.5 5.0 5.7 5.7 5.7 4.0 4.3 4.7 48.2%10.5%13.0 43.1%出口占比34.6%39.9%32.5%32.1%33.8%36.2%39.4%39.1%37.6%39.9%43.0%46.3%44.6%58.8%44.4%//48.3%/吉利汽车26.7 20.5 23.2 23.4 23.5 23.6 23.8 25.0 27.3 30.7 31.0 23.7 27.0 20.6 23.3 0.4%13.0%70.9 0.8%分地区：国内23.9 17.9 19.5 21.0 20.5 19.6 20.2 21.4 23.2 26