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%, 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 Starry 8 and Lynk 900, is expected to enhance the company's market position in the high-end segment, with the Lynk 900 receiving over 30,000 orders shortly after 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 [1][2]. - The sales performance of the company's brands includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk in May [1][2]. New Product Launches - The Galaxy Starry 8 was launched in May with a price range of 115,800 to 155,800 RMB, and it received over 10,000 pre-orders within six days [2]. - The Lynk 900 was officially launched with four configurations, and it supports advanced driving technologies, achieving over 30,000 orders shortly after its release [3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB for the same years [4][5]. - The earnings per share (EPS) are expected to be 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 7, and 6 [4][5].

Core Viewpoint - Geely Automobile reported strong Q1 2025 results with revenue of 72.495 billion yuan, a 25% year-on-year increase, and a net profit of 5.67 billion yuan, up 264% year-on-year, driven by record sales and robust growth in the new energy vehicle segment [1][2] Financial Performance - In Q1 2025, Geely's revenue reached 72.495 billion yuan, marking a 25% increase compared to the previous year [1] - The net profit attributable to shareholders was 5.67 billion yuan, reflecting a significant year-on-year growth of 264% [1] - The company achieved a sales volume of 704,000 vehicles, a 47.9% increase year-on-year, with new energy vehicle sales growing by 135.4% [1][3] Profitability and Cost Management - The gross margin for Q1 2025 was reported at 15.8%, an increase of 0.2 percentage points year-on-year, while the expense ratio decreased by 2.7 percentage points to 11.5% [2] - The sales, administrative, R&D, and financial expense ratios were 5.0%, 1.9%, 4.6%, and -0.04% respectively, with notable improvements in sales and administrative expenses [2] Product Development and Sales Outlook - Geely plans to launch 10 new models in 2025, enhancing its product matrix with strong sales potential from models like Galaxy E5 and Zeekr 7X [3] - The company has already achieved a monthly average sales volume of 235,000 vehicles in Q1 2025, indicating a strong growth trajectory that may exceed the annual sales target of 2.71 million vehicles [3] Investment Projections - Revenue projections for 2025-2027 are estimated at 326.904 billion yuan, 392.285 billion yuan, and 470.742 billion yuan, with corresponding growth rates of 36.1%, 20.0%, and 20.0% [3] - Net profit forecasts for the same period are 14.936 billion yuan, 18.612 billion yuan, and 23.037 billion yuan, with growth rates of -10.2%, 24.6%, and 23.8% respectively [3]

Group 1 - Geely Automobile announced that its subsidiary Zhejiang Powertrain has entered into a share transfer agreement with Ningbo Lotus, under which Zhejiang Powertrain conditionally agreed to purchase 17.5% equity stake in Xingju Technology for a consideration of RMB 420 million [1]

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [6] Core Insights - In Q1 2025, Geely Automobile achieved revenue of 72.495 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 5.67 billion yuan, a year-on-year increase of 264% [12][4] - The growth in performance is attributed to record sales, strong growth in the new energy business, product structure optimization, and the realization of scale effects [12][4] - The company sold 704,000 vehicles in Q1 2025, representing a year-on-year increase of 47.9%, with new energy vehicles, fuel vehicles, and export sales increasing by 135.4%, 10.0%, and 1.7% respectively [12][4] Summary by Sections Financial Performance - Geely's Q1 2025 revenue was 72.495 billion yuan, up 25% year-on-year, and net profit was 5.67 billion yuan, up 264% year-on-year [12][4] - The gross margin for Q1 2025 was 15.8%, an increase of 0.2 percentage points year-on-year, while the expense ratio decreased by 2.7 percentage points to 11.5% [12][4] Sales and Market Position - The company plans to launch 10 new models in 2025, with expectations to exceed the annual sales target of 2.71 million vehicles [13][12] - The Galaxy brand saw a strong performance with a year-on-year growth of 214%, significantly boosting new energy vehicle sales [12][4] Future Projections - Revenue projections for 2025-2027 are 326.904 billion yuan, 392.285 billion yuan, and 470.742 billion yuan, with corresponding growth rates of 36.1%, 20.0%, and 20.0% [13][15] - Net profit projections for the same period are 14.936 billion yuan, 18.612 billion yuan, and 23.037 billion yuan, with growth rates of -10.2%, 24.6%, and 23.8% respectively [13][15]

Group 1 - The domestic automotive industry is facing significant scrutiny, with potential risks similar to those seen in the Evergrande crisis [2][3] - A recent report indicates that many automotive companies have debt ratios exceeding 60%, raising concerns in the market [3] - The company Hebei Shichang Automotive Parts Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, with a focus on plastic fuel tanks for traditional fuel vehicles [4][6] Group 2 - Hebei Shichang has seen revenue growth in recent years, with projected revenues of 281 million yuan for the first half of 2025, a 22.05% increase year-on-year [13] - The company has a high customer concentration, with over 92% of revenue coming from its top five clients, including Geely and Chery [16] - The average price of the company's plastic fuel tanks is projected to decrease by 2.15% in 2024, reflecting market pressures [18][19] Group 3 - The automotive industry in China is rapidly evolving, with a significant shift towards electric vehicles, which poses challenges for traditional fuel tank manufacturers [26][30] - The market share of traditional fuel vehicles is declining, with projections indicating that by 2025, electric vehicles will account for 20% of total sales [26] - The competitive landscape includes major players like Aipu and several foreign companies, with Hebei Shichang ranking second among domestic manufacturers in market share [27][30]

Core Viewpoint - Geely Holding Group has released the "Taizhou Declaration," which outlines a strategic consensus aimed at enhancing competitiveness through five key initiatives: strategic focus, integration, collaboration, stability, and talent development [1] Group 1: Financial Performance - In the first quarter of 2025, Geely's revenue reached 72.5 billion yuan, a year-on-year increase of 25% [1] - The net profit attributable to shareholders was 5.67 billion yuan, showing a significant year-on-year growth of 264% [1] - The gross profit totaled 11.4 billion yuan, with a gross margin of 15.8% [1] Group 2: Sales Performance - Geely sold 703,800 new vehicles in the first quarter, marking a 48% year-on-year increase and achieving 26% of its annual sales target of 2.71 million vehicles [2] - The Galaxy brand sold nearly 260,000 units in the first quarter, up 21.4% year-on-year, while Lynk & Co sold over 72,000 units, a 19% increase [4] - The total sales of the three major brands in the first quarter reached 339,000 units, with 52% being new energy vehicles [4] Group 3: Strategic Initiatives - Geely aims to accelerate its transition to new energy vehicles starting in 2025, targeting sales of 1.5 million new energy passenger cars annually [2] - The company plans to acquire all issued shares of Zeekr, leading to a complete merger with Geely, enhancing market competitiveness through brand collaboration [8] - Geely's "Smart Geely 2025" strategy is entering its final year, focusing on enhancing product competitiveness through technological collaboration [10] Group 4: Technological Advancements - Geely has made significant upgrades in battery technology and intelligent systems, launching the "Shen Dun Jin Zhuang" battery brand and various high-performance battery products [5] - The "Qian Li Hao Han" intelligent safety driving system has been introduced, featuring five different levels of solutions to meet diverse user needs [7] - The company is committed to reducing carbon emissions by 18% per vehicle lifecycle by 2024 compared to the 2020 baseline [8]

Core Viewpoint - Geely Automobile reported a significant increase in Q1 2025 performance, achieving a net profit of 5.67 billion yuan, a year-on-year growth of 263.6%, and a record sales volume of 704,000 vehicles, up 48% year-on-year, driven by strong growth in the new energy sector and optimized product structure [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit attributable to shareholders of 5.67 billion yuan, reflecting a substantial year-on-year growth of 263.6% [2]. - The record sales volume was primarily due to strong performance in new energy vehicle sales, which reached 339,000 units, representing a year-on-year increase of 135% [2]. - The company benefited from a favorable exchange rate, contributing a net income of 2-2.3 billion yuan after tax, mainly due to rapid growth in export business [2]. Sales and Cost Efficiency - The sales and administrative expense ratios decreased significantly, indicating initial success from the integration of Lynk & Co and Zeekr, with expected production cost savings exceeding 3% and R&D cost reductions of 10-20% [3]. - The gross profit margin for Q1 2025 was 15.8%, a slight increase of 0.2 percentage points year-on-year, while the sales, administrative, and R&D expense ratios were 5.0%, 2.0%, and 4.6%, respectively, showing a decrease in sales and administrative expenses [3]. Strategic Moves - The company plans to privatize Zeekr, proposing a non-binding offer of $25.66 per ADS or 12.3 shares of newly issued Zeekr stock, which represents a premium of 13.6% over the last closing price [4]. - This privatization is expected to create a unified listing platform and enhance operational efficiency by integrating Zeekr's assets and resources, aligning with the "One Geely" strategy [4]. Future Outlook - Geely is set to launch over 10 new models in 2025, including five new vehicles under the Galaxy brand and two new models from Lynk & Co, with the first Galaxy model already launched [5]. - The company anticipates a strong operational momentum throughout 2025, supported by advanced intelligent driving solutions and a robust product lineup [5]. - Profit forecasts for 2025-2027 project net profits of 16.094 billion, 19.457 billion, and 22.450 billion yuan, with corresponding P/E ratios of 12.7, 10.5, and 9.1, maintaining a "buy" rating [5].

新平台赋能，吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品 牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新 出海模式持续打开海外新空间。智能化战略开启，加速提升智驾能力。整车强势新周期下盈利具备较大 弹性，预计2025 年归母净利润为161 亿（包含汇兑收益影响），对应PE 为11.6X，维持"买入"评级。 风险提示 1、经济复苏弱于预期； 机构：长江证券 强势新车周期下，2025Q1 银河系列新能源规模持续提升，营收同比高增长。2025 年Q1实现营业收入 725.0 亿元，同比+24.5%，环比持平。销量方面，2025Q1 实现销量70.4万辆，同比+47.9%，环比 +2.5%，创历史单季度新高；吉利新能源（含吉利、领克、极氪）在Q1 销量达33.9 万辆，同比提升 135.4%，其中银河销量达26.0 万辆，环比提升24.8%，出口销量8.9 万辆，同比增长2.0%。合并报表口 径，2025Q1 对应单车收入10.3万元，同比-15.8%，环比-2.4%，主要系Q1 银河星愿大规模交付带来产 品结构变化。 新能源转型加速盈利 ...

丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2025 年 Q1 业绩点评：新能源转型加 速盈利兑现，业绩符合预期 报告要点 [Table_Summary] 吉利汽车发布 2025 年一季度业绩。2025 年 Q1 实现营业收入 725.0 亿元，同比+24.5%，环比 持平，总销量 70.4 万辆，同比+47.9%，环比+2.5%，实现归母净利润 56.7 亿元，同比+263.6%， 环比+58.5%。新平台赋能，吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、 银河全面向好。各品牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃 油车基盘稳固，联营企业创新出海模式持续打开海外新空间。智能化战略开启，加速提升智驾 能力。整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 吉利汽车（0175.HK） c ...

2025 年一季度经营状况乐观，随着多款重磅车型的陆续上市，对全年销量和经营业绩保持乐观预期。 投资要点： 投资建议我] 们认为吉利汽车的品牌架构较为合理且清晰，随着"智能吉利2025"战略的逐步落地，公司 整体营收和归母净利润有望持续增长。我们预计公司 2025-2027 年的归母净利润分别为 163.0 亿元、 182.1 亿元、236.6 亿元，EPS 分别为1.62 元、1.81 元、2.35 元，给予2025 年16.6 倍PE，对应目标价 29.16 港元（以2025 年5 月16 日为准，按1 港元=0.9221 人民币），维持"增持"评级。上调盈利预测主要 因为2025 年一季度外汇汇兑税后净收益超过20 亿元。 机构：国泰海通证券 一季度经营状况乐观。2025 年一季度吉利汽车销量70.4 万辆，同比增长48%，收入725 亿元，同比增长 25%，归母净利润56.7 亿元，同比增长264%。新能源业务强劲增长，新能源盈利能力全面改善，规模 效应突显，带来盈利能力大幅提升。 研究员：王猛/刘一鸣 1-3 月销量同比增长48%。2025 年1-3 月吉利汽车销量达70.4 万辆，同比增长48%。 ...