Investment Rating - Buy (Maintained) [1] Core Views - Geely Auto aims for a group sales target of 2 million units in 2024, with multiple brands showing continuous growth [1] - Geely Auto's June wholesale sales reached 166,085 units, up 20.44% YoY and 3.38% MoM [3] - The company's new energy vehicle (NEV) sales in June were 65,959 units, up 71.00% YoY and 12.42% MoM, with a NEV penetration rate of 40% [3] - Geely Auto's export sales in June were 35,347 units, up 56.22% YoY, accounting for 21.28% of total group sales [3] - The company's brand matrix is well-developed, with significant achievements in both domestic and overseas markets [4] Financial Forecasts and Valuation - Revenue is expected to grow from RMB 213.465 billion in 2024E to RMB 300.070 billion in 2026E, with YoY growth rates of 19%, 21%, and 16% respectively [2][4] - Net profit attributable to shareholders is projected to increase from RMB 7.929 billion in 2024E to RMB 13.816 billion in 2026E, with YoY growth rates of 49%, 45%, and 21% respectively [2][4] - EPS is forecasted to rise from RMB 0.79 in 2024E to RMB 1.37 in 2026E, with corresponding P/E ratios of 10x, 7x, and 6x [2][4] Market and Financial Data - Closing price: HKD 8.48 [5] - 52-week low/high: HKD 7.24/HKD 11.64 [5] - Price-to-book ratio: 1.08x [5] - Market capitalization: HKD 85.337 billion [5] - Total shares outstanding: 10,063.38 million [6] - Net asset per share: RMB 7.88 [6] - Debt-to-asset ratio: 53.90% [6] Brand Performance - Geely brand sales in June were 121,540 units, up 13.92% YoY and 1.06% MoM, with Galaxy sales at 15,975 units, up 12.56% MoM [3] - Zeekr brand sales in June were 20,106 units, up 89.32% YoY and 8.00% MoM [3] - Lynk & Co brand sales in June were 24,439 units, up 49.25% YoY and 12.22% MoM [3] Overseas Market Strategy - Geely's overseas market strategy has shown significant results, with the Emgrand model selling in 17 countries and cumulative sales exceeding 3.86 million units [4] - The company's export sales accounted for 21.28% of total group sales in June, with a YoY increase of 56.22% [3] Product Matrix and New Launches - Geely's domestic product matrix covers the 100,000-300,000 RMB price range, with models like the Lynk & Co 07 EM-P and Lynk & Co Z10 accelerating the brand's electrification transformation [4] - New launches include the Xingrui Longteng Edition, priced at RMB 99,700, and the new Boyue, priced between RMB 92,800 and RMB 118,800 [4]

吉利汽车(00175) 新能源转型持续加速,上调全年目标彰显增长信心 事件: 2024 年 7 月 1 日,吉利汽车发布 2024 年 6 月产销快报,公司 6 月实现汽车销 量 16.6 万辆,同比+24.2%,环比+3.4%。2024H1 汽车累计销量 95.6 万辆,同 比+41.0%。 6 月销量同环比增长,上调全年目标彰显增长信心 分品牌来看,6 月吉利品牌 12.2 万辆,同比+13.9%,环比+1.1%,其中银河系 列 1.6 万辆,同比+65.2%,环比+12.6%;极氪品牌 2.0 万辆,同比+89.3%,环 比+8.0%,领克品牌 2.4 万辆,同比+49.2%,环比+12.2%,6 月公司各品牌销量 环比均有所提升。2024H1 吉利品牌累计销量 74.2 万辆,同比+34.1%,其中银 河系列 8.1 万辆,同比+742%,领克 12.6 万辆,同比+53.6%,极氪 8.8 万辆, 同比+106.1%,高端品牌(领克+极氪)占比 22.4%,同比+4.0pct。分动力类型 来看,2024 年 6 月新能源车型合计 6.6 万辆,同比+88.3%,环比+12.4%,新能 源渗透率为 3 ...

24Q1 业绩符合预期,多品牌发力带动利润高增长 吉利汽车(0175.HK)/汽车 证券研究报告/公司点评 2024 年 7 月 2 日 | 评级:买入(维持) | 公司盈利预测及估值 | | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------ ...

港股通 运营效率提升,出口加速拓展 | | | | | |---------------------------------------|--------|------------------|-------| | 华泰研究 季报点评 | | 投资评级 (维持): | 买入 | | 2024 年 7 月 02 日│中国香港 | 乘用车 | 目标价(港币 ): | 14.27 | Q1 净利高增,海外市场持续扩张,维持买入评级 24Q1 公司实现营收 523 亿元,同比+56%。归母净利润 16 亿元,同比+119%。 考虑到公司多款新车型即将实现上市交付,同时加速拓展海外市场,已于东 盟、中东、西欧多地区开设门店并构建销售网络,看好公司 24 年下半年出口 销量和整体营收保持高速增长。我们预计 24-26 年公司归母净利为 63/82/89 亿元,可比公司 24E PE 的 Wind 一致预期均值为 18 倍,考虑公司在出口 积极布局及高端品牌 24 年盈利预期转正,我们给予公司 24 年 21x PE,对 应目标价为 14.27 港币(前值 13.66 港币),给予"买入"评级。 全年销量目标上调至 200 ...

新能源、出口表现亮眼 全年销量预期上调 2024 年 07 月 02 日 ➢ 事件概述:公司发布 2024 年 6 月销量公告,6 月批发总销量 16.6 万辆, | 同比 +24.2% ,环比 +3.4% | ; 1-6 月累计 | 95.6 万辆,同比 | +71.8% 。其中,6 月 | |----------------------------------------|--------------------------|------------------------|---------------------------------| | 新能源销量 65,959 辆,同比 | +71.0%,环比+12.4% | | 39.7% ; 1-6 月新 | | 能源销售 32.0 万辆,同比 | +102.8% 。 | | | | 分品牌看: 吉利品牌 6 | 月销量 12.2 | 万辆(银河 15,975 | 1-6 月累计 74.2 万 | | 辆(银河 8.1 万辆),同比 | +34.1% ;极氪 6 | 月销量 20,106 | 1-6 月累计 87,870 | | 辆,同比 +106.1% ...

交银国际研究 公司更新 吉利汽车 (175 HK) 1 年股价表现 6/23 10/23 2/24 6/24 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%175 HK 恒生指数 资料来源: FactSet 1 季度业绩符合预期;下半年电动化再提速 个股评级 买入 汽车 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 8.79 港元 12.50 +42.2% | 股份资料 | | |-----------------------|-----------| | 52 周高位 (港元 ) | 11.26 | | 52 周低位 (港元) | 7.34 | | 市值 (百万港元 ) | 88,457.29 | | 日均成交量 (百万 ) | 36.48 | | 年初至今变化 (%) | 2.33 | | 200 天平均价 (港元) | 8.81 | | | | 财务数据一览 | 年结12月31日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|---- ...

CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Solid 1Q24 with better 2H24 earnings ahead Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn. We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E. 1Q24 earnings slightly beat. Geely reported its quarterly re ...

CMB 国际全球市场 | 股票研究 | 公司更新 吉利汽车 ( 175 香港 ) 第 1 季度稳健 , 未来下半年收益较好 目标价 14.00 港元 涨 / 跌 59.3% 现价 8.79 港元中国汽车 Ji Shi, CFA (852) 3761 8728 文静 DOU, CFA (852) 6939 4751 | 维持买入。 我们认为 , 第 1 季度的收益 ( 净利润为 15.6 亿元人民币 ) | |------------------------------------------------------------------------------------------------| | 测 , 因此 , 我们将 FY24E 的净利润预期提高了 5 % , 至 70 亿元人民币。我们认为 | | 于 Zeekr 的销售势头强劲 , 并且可能比 2H24E 的收益有所改善 , Zeekr | | 。 | | 1Q24 盈利略有好转。 吉利有史以来首次公布季度业绩。尽管价格战,其平均销售价格 | | ( ASP ) 同比增长 6% ,高于我们的预期。不包括 Zeer 的毛利率同比下降 | | 点, ...

2024 年 07 月 01 日 公司研究 评级:增持(维持) 研究所: 证券分析师: 戴畅 S0350523120004 daic@ghzq.com.cn 2024Q1 营收利润同比增长,品牌产品高端向上 ——吉利汽车(00175)2024Q1 点评报告 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 8.79 | | 52 周价格区间(港元) | | | 7.24-11.64 | | 总市值(百万港元) | | | 88,457.13 | | 流通市值(百万港元) | | | 88,457.13 | | 总股本(万股) | | | 1,006,338.24 | | 流通股本(万股) | | | 1,006,338.24 | | 日均成交额(百万港元) | | | 321.89 | | 近一月换手(%) | | | 0.34 | 表现 1M 3M 12M 吉利汽车 -10.2% -2.6% -3.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported strong Q1 2024 performance with revenue of 52.32 billion RMB, a year-on-year increase of 56.1%, and a net profit of 1.56 billion RMB, up 118.6% year-on-year [1]. - The increase in revenue is attributed to a significant rise in sales volume and product structure optimization, with total sales reaching 476,000 units, a 49.5% increase year-on-year, including 144,000 units of new energy vehicles, which saw a 130.9% increase [1]. - The company is expected to launch several new models in the second half of 2024, including the Zeekr MIX and Galaxy E5, indicating a strong product cycle [1]. Summary by Sections Financial Performance - Q1 2024 revenue was 52.32 billion RMB, up 56.1% year-on-year, with a gross margin of 13.7%, down 0.5 percentage points [1]. - Net profit for Q1 2024 was 1.56 billion RMB, reflecting a 118.6% increase year-on-year [1]. - The average selling price (ASP) for products was 126,000 RMB, an increase of 7,000 RMB year-on-year, driven by a higher proportion of new energy vehicle sales [1]. Sales and Volume - Total sales volume for Q1 2024 was 476,000 units, a 49.5% increase year-on-year, with new energy vehicle sales contributing significantly [1]. - The ASP increase was supported by a higher sales proportion of premium models, with the share of Zeekr and Galaxy models rising from 5.4% in Q1 2023 to 17.3% in Q1 2024 [1]. Future Outlook - The company plans to launch several new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its market position and drive further growth [1]. - The report forecasts revenues of 224.78 billion RMB, 268.69 billion RMB, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 7.43 billion RMB, 11.61 billion RMB, and 15.01 billion RMB [2][4].