Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1][3] Core Views - In July, Geely's wholesale sales reached 150,782 units, showing a month-on-month increase of 9.16% and a year-on-year increase of 8.97% [2] - The company has launched multiple new models, enhancing its product matrix and improving user experience through upgrades [2] - The forecast for total revenue from 2024 to 2026 is set at 213.5 billion, 258.1 billion, and 300.1 billion yuan respectively, with year-on-year growth rates of 19%, 21%, and 16% [3] Summary by Sections Sales Performance - In July, Geely's brand sales included 113,855 units for Geely brand, 16,704 units for Galaxy, 15,655 units for Zeekr, and 21,272 units for Lynk & Co [2] - The total sales of new energy vehicles in July were 59,051 units, with a penetration rate of 39% [2] New Product Launches - New models include the Zeekr X starting at 179,000 yuan, the luxury MPV Zeekr 009 starting at 439,000 yuan, and the 2025 model of Jiaji starting at 109,700 yuan [2] - The OS 5.2 upgrade enhances driving safety and introduces new features like drift mode and launch control [2] Financial Forecast - The projected net profit for 2024 to 2026 is 7.9 billion, 11.5 billion, and 13.8 billion yuan respectively, with year-on-year growth rates of 49%, 45%, and 21% [3] - The expected EPS for the same period is 0.79, 1.14, and 1.37 yuan, with corresponding P/E ratios of 9, 6, and 5 [3]

证券研究报告 港股公司|公司点评|吉利汽车（00175） 新品周期开启，出海进程加速 诗券必闻读核李末页的支委声明 2024年08月03日 .报告 | 报告委总 2024 年 8 月 1 日，古利汽车发布 2024 年 7 月产领技报，公司 7 月失现汽车领圣 15.1 万辆， 网比+12.8%，环比-9.2%。2024 年 1-7 月汽车基计简查 110.7 万辆，网比+36.3%。7 月公司多 款新品陆续上市，金加送期以旧装新补贴力度装升，下半年公司简圣市望集特尚建增长态势。 | 分析师及联系人 态会 点点役 SAC: $0590523110004 请券必闻读核查未真的支卖声明 1 / 5 港宸公司点环 2024年08月03日 吉利汽车 (00175) 新品周期开启，出海进程加速 汽车/东周车达ओ 赵京评述：买入（贷村） 7. 72 毛え3 2 是 本 數 地 $1R$/文庫取名(百万取) 10, 063. 38/10, 063. 38 过境 李位 (官方考文) 77, 689. 31 永良才女户 ( 問 7. 63 定员员员员 53. 90 11. 08/7. 24 ~ ~ 內 ~ 為 / 最低 ( 冬 ...

出口表现稳健 银河 E5 即将上市 2024 年 08 月 02 日 ➢ 事件概述：公司发布 2024 年 7 月销量公告，7 月批发总销量 15.1 万辆， 同比+9.2%，环比-9.2%；1-7 月累计 110.7 万辆，同比+33.6%。其中，7 月新 能源销量 59,051 辆，同比+44.0%，环比-10.5%，渗透率 39.2%；1-7 月新能 源销售 37.9 万辆，同比+90.7%。 分品牌看：吉利品牌 7 月销量 11.4 万辆（银河 16,704 辆），1-7 月累计 85.6 万 辆（银河 9.8 万辆），同比+30.1%；极氪 7 月销量 15,655 辆，1-7 月累计 103,525 辆，同比+89.4%；领克 7 月销量 21,272 辆，1-7 月销售 147,272 辆，同比 +48.4%。 ➢ 7 月批发同比增长 新能源表现亮眼。受 7 月淡季影响，公司整体批发销量 环比略有下降，批发总销量 15.1 万辆，同比+9.2%，环比-9.2%。受益银河销量 提升及领克 07 emp 新车型上量，新能源销量表现强劲，7 月公司新能源销量 59,051 辆，同比+44.0%，环比- ...

吉利汽车(00175) 公 司 报 告│ 港 股 - 公 司 深 度 研 究 新能源转型加速,新车周期有望开启新一轮成长 投资要点: 吉利汽车作为国内优质自主品牌,2020 年至今新能源转型持续加速,极氪 001、星越等优质车型上市加速品牌革新。2024 年吉利汽车有望迎来全方面 的提升:1)内销燃油车中,博系列、星系列车型有望保持销量稳定,对应 市场份额的提升;2)新能源车中,极氪、领克、银河等品牌/系列车型有望 带动整体销量的提升;3)出口全面升级,出口市场及车型销量有望持续扩 张。所以我们认为,吉利汽车有望迎来销量和份额的快速提升。 燃油车:CMA 架构竞争力强,销量份额有望逆势增长 吉利 CMA 架构在动力性能、安全性、智能化程度方面均领先传统燃油车竞 品,星越 L、博越 L、领克 03 等 CMA 架构车型有望保持竞争优势,强大产 品力有望助力公司燃油车销量向上,8-20 万价格带区间内优势明显。考虑 到政策端加码以及新品陆续推出的背景下,星系、博系有望贡献主要增长 动能,我们预计 2024 年吉利燃油车销量有望达到 122.7 万辆,同比+3.6%。 新能源:多品牌策略领跑,车型迭代有望带动销量 ...

证券研究报告 (优于大市,维持) 《智能吉利》 王 猛 SAC号码:S0850517090004 刘一鸣 SAC号码:S0850522120003 房乔华 SAC号码:S0850522030001 张觉尹 SAC号码:S0850523020001 联系人:石佳艺 2024年7月22日 概要 1. 销量增长势头强劲 2. 技术平台持续迭代 3. 智能化成果开始落地 4. 盈利预测与投资建议 2 请务必阅读正文之后的信息披露和法律声明 1. 销量增长势头强劲 吉利汽车2023年实现销量超过168万辆,同比增长17.7%,其中新能源汽车销量 48.7万辆,占比28.9%,2024年前5月实现销量近79万辆,同比增长45%,延续 强劲的增长势头,其中新能源汽车销量25.4万辆,占比32.2%。 图:吉利汽车2023年销量结构(辆,分能 源形式) 图:吉利汽车2024年前5月销量结构(辆, 分能源形式) 487461 1199055 新能源销量 汽油车销量 254226 535419 新能源销量 汽油车销量 资料来源:吉利汽车月度销量公告,海通证券研究所 3 请务必阅读正文之后的信息披露和法律声明 1. 销量增长势头强 ...

吉利汽车(00175.HK) 一季度营收表现亮眼,下半年或有多款新车型发布 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | |--------------------|------------|------------|------------|------------|------------| | 营业收入(百万元) | 147,964.65 | 179,203.59 | 225,957.63 | 277,159.63 | 328,545.02 | | 增长率 yoy ( % ) | | | | | | | 归母净利润(百万元) | 5,260.35 | 5,308.41 | 6,221.11 | 7,751.84 | 9,506.78 | | 增长率 yoy ( % ) | | | | | | | ROE ( % ) | | | | | | | EPS 最新摊薄(元) | | | | | | | P/E (倍) | | | | | | | P/B (倍) | | | | | | 资料来源:公司财报,长城证券产业金融研究院 事件:6月 28 日,公司发布 ...

公司研究/汽车与零配件 证券研究报告 上调 2024 年销量目标 投资评级 优于大市 维持 | 股票数据 | | |--------------------------------------------------|-------------| | 7 [ Table_StockInfo 月 2 日收盘价(港 元) ] | 8.48 | | 52 周股价波动(元) | 7.08-11.38 | | 总股本 / 流通 A 股(百万股) | 10063/10063 | | 总市值 / 流通市值(百万港元) | 85337/85337 | | 相关研究 | | | 《 2023 年经营全面向好》 | 2024.03.30 | 《吉利汽车销量高歌猛进》2024.01.09 市场表现 吉利汽车 恒生指数 -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 2023/7/3 2023/11/13 2024/3/25 | 沪深 300 对比 | 2M | 3M | |-------------------------|----- ...

公司研究 1Q24 业绩同比显著增长,子品牌势能持续进阶 ——吉利汽车(0175.HK)2024 年一季度业绩点评 要点 1Q24 公司业绩显著增长:1Q24 总收入同比+56.1%至人民币 523.2 亿元,归 母净利润同比+118.6%至人民币 15.6 亿元,剔除极氪亏损后 1Q24 归母净利 润为同比+43.7%至 25.9 亿元。我们测算,公司 1Q24 单车 ASP 同比+4.4%至 11.0 万元,单车盈利同比+46.2%至 0.3 万元,剔除极氪亏损后的单车盈利同 比-1.7%至 0.8 万元。1Q24 公司毛利率同比-0.5pcts 至 13.7%,SG&A 费用 率同比-1.1pcts 至 12.3%。我们认为,一季度业绩同比显著增长主要受益于, 1)销量提升及产品结构优化;2)极氪同比减亏;3)经营费用率管控良好。 极氪实现美股上市,单车显著减亏:5/10 极氪正式以"ZK"为代码在纽交所 挂牌上市,IPO 发行定价为 21 美元,累计发行 2100 万股美国存托股票(高 于前期计划的 1750 万股),募资约 4.41 亿美元。我们认为,1)传统车企 通常通过混改/子公司分拆上市等方式 ...

Investment Rating - Maintained "Buy" rating with a target price of HK$14.00, representing an upside potential of 65% [1][3] Core Views - The company's 2024 Q1 revenue and profit saw significant year-on-year growth, driven by strong sales of mid-to-high-end new energy vehicles and overseas business [1] - The company's 2024 H1 sales volume exceeded expectations, with new energy vehicle penetration increasing by 10.5 percentage points to 33.5% [1] - The high-end brand Zeekr achieved sales of 87,870 units in 2024 H1, a year-on-year increase of 106.1%, solidifying its position in the top tier of new car-making forces [1] - The Galaxy series also performed well, with sales reaching 81,421 units in 2024 H1, establishing itself as a popular mid-to-high-end brand in the domestic market [1] Financial Performance - 2024 Q1 revenue reached RMB 52.3 billion, a year-on-year increase of 56.1% [1] - Gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified domestic competition [1] - Net profit attributable to shareholders surged by 250.1% year-on-year to RMB 1.42 billion in 2024 Q1 [1] Product and Market Strategy - The company plans to launch multiple new models in 2024 H2, including the Galaxy E5, Lynk & Co Z10, Zeekr Mix, and Zeekr CX1E, which are expected to further boost sales [1] - The company continues to strengthen its mid-to-high-end brand strategy and accelerate breakthroughs in intelligent technology, which is expected to drive further growth in vehicle sales in 2024 H2 [1] Overseas Expansion - The company's export sales in 2024 H1 reached 197,428 units, a year-on-year increase of 62.9% [2] - The company is expected to continue expanding its overseas markets, with further growth in export sales anticipated in 2024 H2 [2] Valuation and Forecast - The company is valued at 18x/15x/14x P/E for 2024-2026, with a target price of HK$14.00 [1] - Forecasted revenue for 2024 is RMB 234.8 billion, with net profit expected to reach RMB 7.47 billion [4] - The company's gross profit margin is projected to improve to 16.5% in 2024, up from 15.3% in 2023 [10]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) and slightly raises the target price to HK$14.00, reflecting an upside potential of 65% from the current price of HK$8.480 [2][4]. Core Insights - Geely's sales volume for the first half of 2024 is expected to exceed 2 million units annually, driven by strong performance in mid-to-high-end electric vehicle brands and overseas markets [1][4]. - The company reported a significant year-on-year revenue increase of 56.1% to RMB 52.3 billion in Q1 2024, with net profit soaring by 250.1% to RMB 1.42 billion [1][4]. - The penetration rate of new energy vehicles (NEVs) rose by 10.5 percentage points to 33.5% in the first half of 2024, with high-end brand Zeekr achieving a 106.1% year-on-year sales growth [1][4]. Summary by Sections Financial Performance - In Q1 2024, Geely's revenue reached RMB 52.3 billion, a 56.1% increase year-on-year, while gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified competition [1][4]. - The net profit attributable to shareholders for Q1 2024 was RMB 1.42 billion, marking a substantial increase of 250.1% compared to the previous year [1][4]. Sales and Market Expansion - Geely's NEV sales strategy continues to gain traction, with the Zeekr brand selling 87,870 units in the first half of 2024, a 106.1% increase year-on-year, positioning it among the top new energy vehicle manufacturers [1][4]. - The Galaxy series also performed well, with sales reaching 81,421 units in the first half of 2024, establishing it as a popular mid-to-high-end brand in the domestic market [1][4]. Product Development and Future Outlook - Geely plans to launch several new models in the second half of 2024, including the Galaxy E5 electric SUV and the Lynk & Co Z10, which are expected to further strengthen its mid-to-high-end brand strategy [1][4]. - The company is also focusing on expanding its overseas market presence, with export sales in the first half of 2024 increasing by 62.9% to 197,428 units [1][4].