吉利汽车（175） 更新报告 买入 2024年4月10日 毛利率触底反弹，盈利能力将持续改善  毛利率反弹，核心净利润大幅增长：公司实现全年实现营业收入 邹瀚逸 1798.5 亿元，同比+21%；实现毛利 274.2 亿元，同比+31.2%， 毛利率触底反弹 1.2pct.至 15.3%。归母净利润 53.1 亿元，同比 852-33367861 +1%，剔除出 22 年公司收购韩国雷诺带来的一次性收益后，23 Robin.zou@firstshanghai.com.hk 年公司核心净利润同比大幅增长 51%。公司净现金水平达到 284 亿元，同比+46%。 陈晓霞  2023 年销量创历史新高，新能源车占比提升：2023 年公司销量 创历史新高的 168.7 万辆，同比+18%，分品牌来看:吉利品牌 852-25321956 130.96 万辆，同比+16%；领克 22.03 万辆，同比+22%；极氪 xx.chen@firstshanghai.com.hk 11.87 万辆，同比+65%。主要得益于三方面：1）在燃油车方 面，依托 CMA 平台优秀表现，中国“星”系列销量销量稳步提 主要数据 高。2） ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [2][7] Core Views - Geely Automobile's revenue for 2023 reached RMB 179.2 billion, a year-on-year increase of 21.1%, with a net profit of RMB 5.308 billion, excluding one-time gains from 2022, reflecting a year-on-year increase of 51% [2] - The company achieved total sales of 1.687 million vehicles, with 487,000 of those being new energy vehicles, representing a penetration rate of nearly 30% [2] - The report highlights significant growth in overseas sales, which reached 274,000 units, a year-on-year increase of 38%, accounting for 16.3% of total sales [2] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised upwards, with 2024 revenue expected to be RMB 217.2 billion and net profit RMB 7.414 billion, reflecting a year-on-year growth of 40.7% [2] - The gross margin for the second half of 2023 improved to 15.9%, driven by reduced raw material costs and enhanced scale effects [2] - The report projects a continued improvement in profitability for the Lynk & Co and Zeekr brands, with expectations of reduced losses and potential for profitability in the near future [2] Market Outlook - Geely is expected to continue its aggressive expansion in overseas markets, leveraging its technology and product offerings [2] - The company plans to launch nine core models across its three brands in 2024, focusing on electric and hybrid vehicles priced between RMB 100,000 to 300,000 [2] - The report emphasizes the importance of a long-term strategy in navigating the competitive automotive landscape, suggesting that Geely's systematic approach will help maintain its competitive edge [2]

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 3 月销量同比高增，新车发布加速智能化转 2024 年 04月 07日 型 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 148,565 179,846 213,465 258,106 300,070 执业证书：S0600523070004 同比 45.63% 21.06% 18.69% 20.91% 16.26% yanghb@dwzq.com.cn 归母净利润（百万元） 5,260 5,308 7,929 11,459 13,816 同比 8.52% 0.91% 49.37% 44.53% 20.56% 股价走势 EPS-最新摊薄（元/股） 0.52 0.53 0.79 1.14 1.37 吉利汽车 恒生指数 P/E（现价&最新摊薄） 15.37 15.23 10.20 7.06 5.85 ...

证券研究报告 | 公司动态点评 2024 年 04月 01日 吉利汽车（00175.HK） 公司坚持油电并举发展，新能源子品牌营收向好 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 147,964.65 179,203.59 225,957.63 277,159.63 328,545.02 股票信息 增长率yoy（%） 45.62 21.11 26.09 22.66 18.54 行业 汽车 归母净利润（百万元） 5,260.35 5,308.41 6,224.55 7,754.08 9,509.46 2024年3月28日收盘价（港元） 9.240 增长率yoy（%） 8.52 0.91 17.26 24.57 22.64 总市值（百万港元） 92,985.65 ROE（%） 7.00 6.59 7.37 8.68 9.97 流通市值（百万港元） 92,985.65 EPS最新摊薄（元） 0.52 0.53 0.62 0.77 0.94 总股本（百万股） 10,063.38 流通股本（百万股） 10,063.38 P/E（倍） 17.68 17.52 ...

吉利汽车（0175.HK）系列点评六 批发销量高增 极氪 001 再创佳绩 2024年04月02日 ➢ 事件概述：公司发布24年3月销量公告，3月批发总销量15.1万辆，同比 推荐 维持评级 +36.7%，环比+35.4%；1-3月累计47.6万辆，同比+47.5%。 当前价格： 9.24港元 其中，3月新能源销量44,791辆，同比+59.4%，环比+33.7%，渗透率29.7%； 1-3 月新能源销售 14.4 万辆，同比+130.9%。3 月出口销量 36,405 辆，同比 +80.9%，环比+49.4%，1-3月累计出口8.7万辆，同比+65.0%。分品牌看： [Table_Author] 吉利品牌 3 月销量 11.8 万辆（银河 10,185 辆），1-3 月累计 38.1 万辆（银河 3.9万辆），同比+43.6%；极氪3月销量13,012辆，1-3月累计33,059辆，同 比+117.0%；领克3月销量19,671辆，1-3月销售61,056辆，同比+64.3%。 ➢ 3月批发销量高增 新能源表现亮眼。3月需求逐步恢复，车企进入加库期， 公司批发总销量（含领克）15.1万辆，同比+39%，环比 ...

证券研究报告 公 2024年04月02日 司 报 告 吉利汽车(00175) │ 行 业： 汽车/乘用车 港 投资评级： 股 当前价格： 9.24港元 3 月销量同环比高增，海外市场加速突破 - 公 目标价格： 司 事件： 点 基本数据 评 研 2024 年4月1日，吉利汽车发布2024年3月产销快报，公司 3月实现汽 总股本/流通股本(百万股) 10,063.38/10,063. 38 究 车销量 15.1 万辆，同比+38.5%，环比+35.4%。2024Q1 汽车累计销量 47.6 流通市值(百万港元) 92,985.65 万辆，同比+49.5%。 每股净资产(元) 8.26  3月需求复苏，新能源渗透率同比显著增长 资产负债率(%) 50.57 分品牌来看，3月吉利品牌11.8万辆，同比+33.9%，环比+30.3%，其中银 河系列 1.0 万辆，环比+11.7%；极氪品牌 1.3 万辆，同比+95.3%，环比 一年内最高/最低(港元) 11.64/7.24 +73.3%，领克品牌2.0万辆，同比+40.5%，环比+48.9%。2024Q1吉利品牌 股价相对走势 累计销量 38.2万辆，同比+43. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 179.2 billion yuan in 2023, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 5.31 billion yuan, which is a 0.9% increase year-on-year [2][5]. - In the second half of 2023, the company reported a revenue of 106.02 billion yuan, up 18.1% year-on-year, and a net profit of 3.74 billion yuan, reflecting a growth of 0.8% [2][5]. - The revenue growth is driven by product upgrades, economies of scale, and cost reductions, leading to an improved gross margin [5][6]. - The company is expected to see strong profit elasticity as the scale effect of new energy vehicles becomes more apparent in 2024 [6]. Summary by Sections Revenue Performance - The company reported a total revenue of 179.2 billion yuan in 2023, with automotive sales-related revenue at 149.62 billion yuan, marking a 21.9% increase year-on-year [5]. - The total vehicle sales reached 1.687 million units, a 17.7% increase year-on-year, resulting in a per vehicle revenue of 104,800 yuan, which is a 2.1% increase [5]. Profitability - The net profit attributable to shareholders was 5.31 billion yuan, which is a 51% increase compared to the previous year after excluding one-time gains [5]. - The gross margin improved to 15.3% in 2023, up 1.2 percentage points year-on-year, with the second half of the year showing a gross margin of 15.9%, an increase of 2.1 percentage points [5]. New Energy Transition - The company is entering a new cycle of intelligent electric vehicles, with significant upgrades in its hybrid and electric vehicle technologies [6]. - The launch of new models in 2024 is expected to accelerate the transition to new energy vehicles, with a total of 9 new models planned across its brands [6]. - The projected net profits for 2024, 2025, and 2026 are 7.1 billion, 10.1 billion, and 12.1 billion yuan respectively, with corresponding PE ratios of 12X, 8X, and 7X [6].

Investment Rating - The report maintains an "Outperform" rating for Geely Automobile (0175 HK) [4] Core Views - Geely Automobile's brand structure is considered reasonable and clear, with the gradual implementation of the "Smart Geely 2025" strategy expected to drive continuous growth in overall revenue and net profit [1] - The company's 2023 operating performance showed significant improvement, with record-high revenue of RMB 179 2 billion, a 21% YoY increase, and a gross margin of 15 3%, up 1 2 percentage points YoY [1] - Net profit attributable to the parent company in 2023 reached RMB 5 308 billion, a 51% YoY increase compared to the adjusted net profit of RMB 3 511 billion in 2022 [1] Financial Performance and Forecast - 2023 total sales reached a record high of 1 687 million units, exceeding the sales target, with new energy vehicle sales hitting a record 487,000 units, a 48 3% YoY increase [5] - Export sales reached a record 274,000 units, a 38 3% YoY increase [5] - The company aims for 2024 total sales of 1 9 million units, a 13% YoY increase, with new energy vehicle sales expected to grow 66% YoY [5] - Revenue is forecasted to grow 32% YoY in 2024 to RMB 236 175 billion, with net profit attributable to the parent company expected to reach RMB 7 631 billion, a 43 76% YoY increase [6][9] - EPS is projected to be RMB 0 76 in 2024, RMB 1 14 in 2025, and RMB 1 54 in 2026 [1][6] Valuation and Target Price - The report assigns a 2024 PE multiple of 15-20x, corresponding to a reasonable value range of HKD 12 56-16 74 (based on an exchange rate of 1 HKD = 0 9080 RMB) [1] - The current P E ratio is 16 28x for 2023, expected to decrease to 12 18x in 2024 and 6 00x in 2026 [9] Industry Comparison - Among comparable companies, Great Wall Motor (601633) has a 2024E PE of 19 1x, while BYD and Changan Auto have 2024E PEs of 14 9x and 17 2x respectively [7] - The average PE ratio for comparable companies is 17 1x for 2024 [7]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [2] Core Views - Geely Automobile's core profitability has significantly improved in 2023 due to product structure upgrades, cost control, and economies of scale [2] - The company achieved record-high sales of 1 687 million vehicles in 2023, with new energy vehicle sales growing 48 3% to 487 000 units and exports increasing 38 3% to 274 000 units [2] - Revenue increased by 21% YoY to RMB 179 2 billion in 2023, driven by product value enhancement and business diversification [2] - Net profit attributable to shareholders surged 51% YoY to RMB 5 308 billion in 2023, excluding one-time acquisition gains in 2022 [2] - Gross profit improved significantly, with total gross profit up 31% YoY to RMB 27 4 billion and gross margin increasing from 14 1% in 2022 to 15 3% in 2023 [2] - The company has strong cash reserves, with net cash increasing 46% YoY to RMB 28 4 billion in 2023 [2] 2024 Outlook - Geely Automobile aims to achieve total sales of 1 9 million units in 2024, representing a 13% YoY increase [2] - New energy vehicle sales target is set at 810 000 units, a 66% YoY increase, with new energy penetration rate expected to rise from 29% in 2023 to 42 6% in 2024 [2] - The company plans to launch 9 new energy models across its three brands in 2024 [2] - Geely Automobile is expected to continue its strong product cycle, with recent launches like Galaxy L7 and Lynk & Co 08 performing well, and new models like Zeekr 007 and Galaxy E8 expected to maintain momentum [2] Financial Projections - Revenue is projected to reach RMB 233 76 billion in 2024, with net profit attributable to shareholders expected to be RMB 6 579 billion [3] - The company's main brand is expected to continue contributing stable profits, while losses from Lynk & Co and Zeekr brands are expected to gradually decrease [3] - Sales are forecasted to reach 2 million units in 2024, with Geely main brand, Lynk & Co, and Zeekr expected to sell 1 423 million, 327 000, and 251 000 units respectively [3] Historical Performance - In 2023, Geely Automobile's actual revenue of RMB 179 2 billion exceeded the forecast of RMB 175 7 billion by 2% [6] - The company's gross margin of 15 3% in 2023 was slightly below the forecast of 16 2% [6] - Net profit attributable to shareholders in 2023 was RMB 5 308 billion, 5% below the forecast of RMB 5 601 billion [6]

[Table_Page] 年报点评|汽车与汽车零部件 证券研究报告 [ 【Table 广_Title 发] 汽车&海外】吉利汽车(00175.HK) 公[Ta司ble评_Inv级est ] 买入-H 当前价格 8.88港元 23 年报点评：毛利率回升，销量及结构拐点确立 合理价值 14.78港元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-03-27 ⚫ 公司23年确立销量及结构拐点，燃油车产品结构持续优化。公司发布 相[Ta对ble市_Pi场cQu表ote现] 2023 年财报实现营收 1792.0 亿元，同比+21.1%，实现归母净利润 53.1亿元，同比+0.9%。公司23年全年销量（含领克、睿蓝）为168.7 18% 万辆，同比+17.7%。公司 23 年吉利银河系列和领克 08 销量表现亮 10% 眼，23年H2公司新能源车销量（含极氪、领克、睿蓝）为33.0万辆， 1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 新能源销量占比为33.2%，环比提升10.5pct，公司新能源销量占比持 -7% 续提升。同时燃油车产品结构持 ...