汽车行业2026年中报总结：出口驱动盈利增长，高端化、产品力加速内销分化

2026/9/112•••净利润：还原汇兑影响Q2整体净利润同比小幅下滑，车企间分化明显。•••3•资料来源：ifind，公司公告、国金证券研究所注：比亚迪所有财务指标均剔除了比亚迪电子，下同车企26Q226H1营收YOYQOQ销量YOYQOQASPYOYQOQ营收YOY销量YOYASPYOY比亚迪1,505-4%34%111-3%58%13.6-0.1-2.42626-10%181-16% 14.51.0长城汽车5709%26%311%17%18.11.41.3102111%582%17.51.3长安汽车329-15%1%56-14%1%5.9-0.10.0656-10%112-17%5.90.5上汽集团 1,5820%16%107-3%10%14.80.40.729500%2050%14.40.1赛力斯317-27%23%11-17%22%29.4-3.90.2575-8%20-1%29.2 -2.2广汽集团26316%32%392%3%6.70.81.54619%772%6.00.4江淮汽车10712%-6%9-3%5%12.11.6-1.422114%17-10% 12.82.7北汽蓝谷7531%83%777%140% 10.7-3.8-3.411622%1047%11.7 -2.4吉利汽车89814%7%711%1%12.61.40.8173615%1421%12.21.5奇瑞汽车7745%18%7119%25%10.9-1.4-0.714331%1288%11.2 -0.8理想汽车257-15%12%10-11%3%26.1-1.11.9486-13%19-5%25.1 -2.4小鹏集团1978%51%100%65%19.11.4-1.7328-4%17-16% 19.72.5零跑汽车27392%152%2584%124% 11.10.51.338157%3661%10.7 -0.3合计7,1482%22%5591%21%12.80.00.2129911%1021-3%12.70.5••表：重点车企营收（亿元）、销量（万台）、（万元）及同环比增速4••表：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26Q226H1毛利 毛利率 毛利率同比 毛利率环比 毛利 毛利率 毛利率同比比亚迪34723.0%4.3%-0.4%61023.2%2.1%长城汽车10418.3%-0.5%-0.1%18818.4%0.0%长安汽车4914.9%-0.3%0.8%9514.5%-0.1%上汽集团16810.6%2.3%-2.4%34611.7%3.4%赛力斯6620.9%-8.6%-5.3%13423.3%-5.6%广汽集团-3-1.3%2.1%-0.4%-5-1.1%0.6%江淮汽车1210.9%3.0%-0.5%2511.1%2.2%北汽蓝谷44.8%9.0%1.8%54.2%9.7%吉利汽车16518.4%1.4%0.9%31217.9%1.6%奇瑞汽车12516.1%2.5%0.1%23016.1%3.1%理想汽车2811.0%-9.0%3.2%469.5%-10.7%小鹏集团4120.7%3.4%0.1%6820.6%4.1%零跑汽车3412.6%-1.0%3.2%4411.7%-2.5%合计114015.9%0.9%-0.4%209716.1%1.0%5•表：重点车企归母净利润、还原后归母净利润、单车净利及同环比增速资料来源：公司公告、国金证券研究所车企归母净利润（亿元）YOYQOQ归母净利率单车净利（万元） YOYQOQ 还原汇兑后/核心归母净利润（亿元）YOYQOQ还原后单车净利（万元）YOYQOQ比亚迪8042%96%5.3%0.70.20.1104 125%78%0.90.50.1长城汽车15-67%61%2.7%0.5-1.0 0.117 -10%76%0.5-0.10.2长安汽车5-50%33%1.4%0.1-0.1 0.05 -32%8%0.10.00.0上汽集团21-29%-30%1.3%0.2-0.1 -0.127 76%-35%0.20.1-0.2赛力斯-25-213%-428%-7.8%-2.3-4.0 -3.1-23 -204%-314%-2.1-3.8-3.3广汽集团-38亏损扩大 亏损扩大 -14.5%-1.0-0.5 -0.8-37 亏损扩大 亏损扩大-0.9-0.4-0.8江淮汽车-1亏损收窄 亏损收窄 -1.3%-0.20.40.6-1 亏损收窄 亏损收窄-0.10.50.5北汽蓝谷-11亏损收窄 亏损收窄 -14.2%-1.51.91.5-11 亏损收窄 亏损收窄-1.51.91.4吉利汽车4937%18%5.5%0.70.20.151 63%12%0.70.30.1奇瑞汽车44-13%5%5.7%0.6-0.2 -0.155 38%65%0.80.10.2理想汽车-17-256%亏损收窄 -6.6%-1.7-2.7 0.7-17 -256%亏损收窄-1.7-2.70.7小鹏集团-13亏损扩大 亏损收窄 -6.8%-1.3-0.8 1.6-13 亏损扩大 亏损收窄-1.3-0.81.6零跑汽车6扭亏为盈 扭亏为盈2.2%0.20.40.66 扭亏为盈 扭亏为盈0.20.40.6合计115-47%5%1.6%0.2-0.2 0.0163 12%16%0.30.00.06•注（上一页表同此注释）：1）长城汽车汇兑收益按照2026年中报业绩预告所披露进行还原、同时还原了25Q2收到的报废税22.7亿元；2）吉利汽车、奇瑞汽车核心归母净利润按照公司公告或公开业绩交流会口径进行还原；3）其余A股车企均按照财务费用、利息收入、利息支出、所得税率对汇兑损益税后影响进行估算；车企归母净利润（亿元）YOY归母净利率YOY单车净利（万元）YOY还原汇兑后/核心归母净利润（亿元）YOY还原后单车净利（万元）YOY比亚迪120-16%4.6%-0.4%0.70.0 162 38%0.90.3长城汽车25-61%2.4%-4.4%0.4-0.7 26 -3%0.50.0长安汽车8-64%1.2%-1.9%0.1-0.1 10 -15%0.10.0上汽集团52-14%1.7%-0.3%0.30.0 68 75%0.30.1赛力斯-17-158%-3.0%-7.7%-0.9-2.4 -12 -141%-0.6-2.1广汽集团-45亏损扩大-9.7% 亏损扩大-0.6-0.2 -42 亏损扩大-0.5-0.1江淮汽车-7亏损收窄-3.4% 亏损收窄-0.40.0 -6 亏损收窄-0.40.2北汽蓝谷-19亏损收窄 -16.7% 亏损收窄-2.01.5 -19 亏损收窄-2.01.5吉利汽车91-2%5.2%-0.9%0.60.0 97 46%0.70.2奇瑞汽车86-12%6.0%-0.9%0.7-0.2 89 43%0.70.2理想汽车-40-329%-8.2%-11.3%-2.1-2.9 -40 -329%-2.1-2.9小鹏集团-31173%-9.5%-6.2%-1.9-1.3 -31 173%-1.9-1.3零跑汽车2531%0.5%0.