智通财经6月10日电，为了积极响应落实国务院《保障中小企业款项支付条例》和中国汽车工业协会 《关于维护公平竞争秩序促进行业健康发展的倡议》，吉利汽车集团宣布，将供应商支付账期统一至60 天内，以加速产业链资金周转效率，保障产业链供应链稳定，发挥领军企业担当，促进汽车产业高质量 发展。 吉利汽车集团承诺账期统一为60天内 共建高质量可持续产业生态 ...

Core Viewpoint - The automotive industry in China is facing severe internal competition, and industry self-discipline is essential for healthy development [3][4]. Group 1: Importance of Industry Self-Discipline - Industry self-discipline is crucial for the healthy development of the Chinese automotive sector, as emphasized by the need for fair competition and adherence to market regulations [3][4]. - Despite the signing of the "Commitment to Maintain Fair Competition in the Automotive Industry," there are inconsistencies in adherence among signatories, highlighting the need for stronger self-regulation [3][4]. - Companies must operate in compliance with laws and regulations, fostering a transparent competitive environment through mutual respect and supervision [3][4]. Group 2: Dangers of Internal Competition - The phenomenon of "involution" is described as a form of self-destructive competition that threatens the integrity of the automotive industry [4]. - Some companies are adopting "involution" strategies, distorting market mechanisms and disrupting fair competition, which could undermine the industry ecosystem supported by government funding [4]. - As a leading company, Geely firmly opposes involution and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [4][5]. Group 3: Call for Unity and Progress - The industry is urged to cherish its achievements and avoid self-destructive competition for individual gain, emphasizing the importance of collective effort [5]. - The success of the Chinese automotive industry is attributed to wise government policies and substantial financial support, particularly since the 18th National Congress of the Communist Party [5]. - A message of goodwill is extended to all industry peers and consumers, promoting unity and high-quality development in the automotive sector [5].

Core Viewpoint - The report indicates a positive outlook for Geely Automobile's sales and financial performance, driven by the launch of several new models and the implementation of the "Smart Geely 2025" strategy [1][2] Sales Performance - In May 2025, Geely's total sales reached 235,000 units, a year-on-year increase of 46%, with new energy vehicle (NEV) sales at 138,000 units, including 95,000 pure electric vehicles (EVs) and 43,000 plug-in hybrids, representing year-on-year growth of 178% and 76% respectively [1] - From January to May 2025, Geely's total sales amounted to 1.173 million units, up 49% year-on-year, with NEV sales at 603,000 units, including 426,000 EVs and 177,000 plug-in hybrids, showing year-on-year increases of 184% and 70% respectively [2] Brand Performance - In May 2025, sales by brand included 189,000 units for the Geely brand (up 57% year-on-year), 28,000 units for the Lynk & Co brand (up 27%), and 19,000 units for the Zeekr brand (up 2%) [1] - For the first five months of 2025, the Geely brand sold 971,000 units (up 57% year-on-year), Lynk & Co sold 128,000 units (up 26%), and Zeekr sold 74,000 units (up 9%) [2] Export Performance - In May 2025, overseas exports totaled 30,000 units, a year-on-year decline of 20% [1] - For the first five months of 2025, overseas exports reached 144,000 units, down 12% year-on-year [2] Future Outlook - Geely plans to launch 10 new NEV models in 2025, with a sales target of 2.71 million units for the year, including 1.5 million NEVs [2] - The Geely brand aims for a sales target of 2 million units, with plans to introduce 5 new NEV models and several refreshed models [2] - The Zeekr Technology Group targets sales of 710,000 units, including 320,000 units for the Zeekr brand and 390,000 units for the Lynk & Co brand, with plans for 5 new NEV models and multiple refreshed models [2] Financial Projections - The company expects net profit attributable to shareholders to grow, with projections of 16.3 billion yuan, 18.2 billion yuan, and 23.7 billion yuan for 2025, 2026, and 2027 respectively, and corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - A target price of 29.31 HKD is set for 2025, based on a PE ratio of 16.6 times [1]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1][8] Core Views - In May 2025, Geely's new energy vehicle sales reached a record high of over 138,000 units, with optimistic expectations for annual sales and operating performance due to the launch of several key models [3][8] - The report anticipates Geely's net profit attributable to shareholders for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [8][10] - The report highlights a 46% year-on-year increase in May sales, with total sales reaching 235,000 units, including 138,000 new energy vehicles, which represents a 178% increase in pure electric vehicle sales and a 76% increase in plug-in hybrid sales [8][10] Financial Summary - Revenue is projected to grow from 147.965 billion RMB in 2022 to 321.801 billion RMB in 2025, reflecting a growth rate of 34% [7][10] - Gross profit is expected to increase from 20.896 billion RMB in 2022 to 51.810 billion RMB in 2025 [7] - Net profit is forecasted to rise significantly from 5.123 billion RMB in 2022 to 16.299 billion RMB in 2025, marking a 222% increase [7][10] - The report provides a PE ratio forecast of 22 for 2024, decreasing to 12 for 2025, and further to 11 for 2026 [7][10] Sales Performance - For the first five months of 2025, Geely's total sales reached 1.173 million units, a 49% year-on-year increase, with new energy vehicle sales accounting for 603,000 units [8][10] - The report outlines a sales target of 2.71 million units for 2025, with a specific target of 1.5 million new energy vehicles [8][10] - Geely plans to launch 10 new energy models in 2025, which is expected to enhance sales growth certainty [8][10]

Investment Rating - The report maintains a "Highly Confident to Outperform the Market" rating for Geely Automobile (00175) with a target price of HKD 23 [1] Core Viewpoints - The recent launch of the plug-in hybrid model (PHEV) Galaxy A7 is expected to drive strong sales growth and enhance profitability for Geely Automobile [1] - The actual price reduction in the current competitive landscape is milder than market expectations, approximately between RMB 1,000 to 2,000 [1] - The increasing penetration of the new GEA platform and the growing sales mix of new energy vehicles (NEV) are anticipated to improve per-vehicle profitability [1] - Geely Automobile is projected to have a robust product lineup in the fiscal year 2025 [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 26.0, indicating a potential upside of 47% based on the forecasted P/E ratio of 17.9 times for 2025 [1][4]. Core Insights - In May, the total sales of the company reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Among these, the sales of new energy vehicles were 138,000 units, showing a significant year-on-year growth of 135.2% and a month-on-month increase of 9.9% [2][4]. - The company launched new models that have quickly gained popularity in their respective segments. The Galaxy Star 8 was launched at a price range of RMB 115,800 to RMB 155,800, and it became the best-selling B-class plug-in hybrid sedan within a week of its launch. The Lynk & Co 900 was also introduced, featuring advanced technology and competitive pricing [3][4]. Sales Performance - The company reported cumulative sales of 1.173 million passenger vehicles from January to May, which is a year-on-year increase of 48.6%. The cumulative sales of new energy vehicles during the same period reached 603,000 units, reflecting a year-on-year growth of 137.1% [2][4]. Market Dynamics - The automotive price war may ease as regulatory bodies express opposition to excessive price cuts. The Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers have indicated a need for fair competition in the market, which could impact future pricing strategies [4]. Financial Projections - The company is projected to achieve sales revenue of RMB 179.2 billion in FY2023, with a growth rate of 21%. By FY2025, the revenue is expected to reach RMB 310.2 billion, reflecting a growth rate of 29% [5][10]. - Net profit is forecasted to be RMB 5.3 billion in FY2023, with a significant increase to RMB 16.6 billion in FY2024, followed by a slight decline to RMB 13.7 billion in FY2025 [5][10]. Stock Performance - The company's stock has shown positive relative returns of 1.88% over one month, 2.61% over three months, and an impressive 61.60% over twelve months [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 26.0, indicating a potential upside of 47% based on the forecasted P/E ratio of 17.9 times for 2025 [1][4][7]. Core Insights - In May, the total sales of the company reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Among these, the sales of new energy vehicles were 138,000 units, showing a significant year-on-year growth of 135.2% and a month-on-month growth of 9.9% [2][4]. - The company has launched new models that have quickly gained popularity in their respective segments. The Galaxy Starry 8 was launched at a price range of HKD 115,800 to HKD 155,800 and has become the best-selling B-class plug-in hybrid sedan within a week of its launch [3][4]. - The automotive price war may ease as industry associations and the Ministry of Industry and Information Technology express opposition to excessive price cuts, promoting fair competition in the market [4]. Sales Performance - In May, the company sold 235,000 vehicles, with 138,000 being new energy vehicles, marking a year-on-year increase of 46.4% and 135.2% respectively. Cumulative sales from January to May reached 1.173 million units, up 48.6% year-on-year, while new energy vehicle sales totaled 603,000 units, up 137.1% year-on-year [2][4][7]. New Product Launches - The Galaxy Starry 8 and Lynk & Co 900 have been launched, with the former achieving over 10,000 pre-orders within six days and the latter breaking 10,000 pre-orders within one hour of its launch. Both models are positioned to compete with established brands in their segments [3][4]. Market Dynamics - The report highlights that the automotive industry is experiencing a shift in pricing strategies, with major players like BYD initiating price cuts, prompting other manufacturers, including the company, to follow suit. Regulatory bodies are expected to intervene to maintain a balanced competitive environment [4].

Core Viewpoint - The company reported significant growth in sales, particularly in the new energy vehicle segment, indicating a strong market position and potential for future profitability [1][2][3] Sales Performance - In May, the total wholesale sales reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5% [1][2] - Cumulatively, from January to May, the total wholesale sales amounted to 1.173 million units, up 48.6% year-on-year [1][2] - New energy vehicle sales in May were 138,021 units, showing a year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7% [1][2] Brand Performance - The sales breakdown for May includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk & Co [1][2] - The launch of the Geely Galaxy Star 8, priced between 115,800 to 155,800 CNY, has generated over 10,000 pre-orders within six days [2] New Product Launches - The Lynk & Co 900 was officially launched in May, with four configurations priced between 289,900 to 396,900 CNY, achieving over 30,000 orders by mid-May [2] - The Zeekr 9X luxury SUV, set to launch in Q3 2025, features advanced technology and is expected to be priced over 1 million CNY [2] Technological Advancements - The company is deepening its integration of AI technologies, having announced a comprehensive AI strategy in May that includes various cutting-edge technologies [3] - The Lynk & Co 900 will be among the first vehicles to utilize the NVIDIA Thor chip, enhancing its competitive edge in the market [3] Financial Projections - The company forecasts revenues of 404.78 billion CNY, 489.69 billion CNY, and 572.83 billion CNY for 2025-2027, with net profits of 16.21 billion CNY, 22.09 billion CNY, and 25.98 billion CNY respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve significant growth with a focus on global expansion, particularly through its Galaxy series [1] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.36, 1.54, and 1.94 RMB respectively, with a target price set at 20.40 RMB or 22.26 HKD, based on a 15x PE ratio [2] Financial Information - Revenue is projected to grow from 179,204 million RMB in 2023 to 424,141 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18% [4] - Operating profit is expected to increase significantly from 3,806 million RMB in 2023 to 18,417 million RMB in 2027, with a notable growth rate of 100.8% in 2024 [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 19,553 million RMB in 2027, despite a projected decline in 2025 [4] - The company’s gross margin is expected to improve slightly from 15.3% in 2023 to 16.7% in 2027 [4] - The net profit margin is projected to stabilize around 4.5% to 4.6% from 2025 to 2027 [4] - The return on equity (ROE) is anticipated to increase from 6.6% in 2023 to 13.8% in 2027 [4] Sales Performance - In May 2025, the company’s total sales reached 235,200 units, marking a year-on-year increase of 46.4% [9] - The Galaxy series saw a remarkable sales increase of 273.2% year-on-year in May 2025, with 101,800 units sold [9] - The company is expanding its international presence, with plans to enter new markets in Southeast Asia and Europe [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Star 8 and Lynk & Co 900, is expected to drive sales growth, with the Galaxy Star 8 achieving over 10,000 pre-orders within six days of its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth. The total NEV sales for the first five months reached 603,000 units, marking a 137.1% increase year-on-year [1][2]. New Product Launches - The Galaxy Star 8 was launched in May with a price range of 115,800 to 155,800 RMB, featuring advanced technology and design. The Lynk & Co 900 was also launched, with over 30,000 orders received shortly after its release [2][3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB in 2025, 489.69 billion RMB in 2026, and 572.83 billion RMB in 2027, with net profits expected to be 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB respectively [4][5].