消息面上，日前，极氪品牌在上海举办技术发布会，正式开启全新车型极氪8X的预售。预售开启仅38 分钟，订单量即突破1万台，不到48小时订单超过3万，市场反响热烈。 交银国际认为，吉利已经进入更清晰的向上阶段：销量增长快，新能源盈利能力改善，高端化开始带动 毛利率提升，而整合协同对费用和效率的帮助会更多体现在2026年。领克和极氪整合、中后台统一、采 购和制造协同，短期还没有完全反映在财报里，后续仍有释放空间。 智通财经APP获悉，吉利汽车(00175)再涨超5%，月内累涨近20%。截至发稿，涨5.07%，报19.27港元， 成交额6.52亿港元。 ...

大家好，我是吉利销售，今天聊聊第五代帝豪。这车上市有一段时间了，我最大的感受是时代变了——以前客户买国产车是因为便宜，现在买合资车才是图 便宜。 销量如何?最多的是什么配置和颜色？ 先说销量，我们当地有两家吉利4S店，每天进店客户20批左右，2个里面就有1个是冲着帝豪来的，热度没得说。 上个月全店上下一共卖出去138台车，其中帝豪有51台，我个人交了7台帝豪，说实话提成不高，每台也就200~300块钱，纯靠走量。车行就是这规矩，好 卖的车不挣钱，挣钱的车不好卖。 目前仓库还有31台帝豪现车，1.5T尊贵版一个型号就占了80%。颜色方面，黑色、白色两种颜色各占30~40%，合起来超过8成。 谁在看这个车？买车用户都是什么样的？ 看帝豪的客户男女比例大概6:4，年龄跨度挺大，主力客群集中在20~50岁之间。最小的我见过07年的小姑娘，才19岁，最大的有62年的大爷。 帝豪客户还有个明显特点：女性客户一般年龄偏小，家里给钱。有些是准备结婚了男方给女方买台车，有些是女孩子刚毕业，家里给女儿买台新车，图的是 一个女孩子开心。 男的一般年龄更大，都是准备结婚或者已经结婚有小孩了，讲好听的就是对价格更敏感，或者直白点，来买 ...

Core Viewpoint - The company reported a strong performance for 2025, with a revenue increase of 25.1% year-on-year, reaching 345.23 billion yuan, while the net profit remained stable at 16.85 billion yuan, indicating resilience in its core operations [1][2]. Revenue Summary - In Q4 2025, the company achieved a revenue of 105.76 billion yuan, reflecting a quarter-on-quarter increase of 22.1% and a year-on-year increase of 18.6% [1]. - The total vehicle sales for Q4 2025 reached 854,000 units, with a quarter-on-quarter increase of 9.3% [1]. - By brand, sales in Q4 2025 were as follows: Geely brand at 304,000 units, Galaxy brand at 361,000 units, Zeekr brand at 81,000 units, and Lynk & Co brand at 109,000 units [1]. - The average selling price (ASP) for vehicles in Q4 2025 was approximately 124,000 yuan, showing a steady increase [1]. Profit Summary - The core net profit for Q4 2025 was 3.79 billion yuan, with a quarter-on-quarter decrease of 3.2% and a year-on-year decrease of 4.3% [2]. - The gross profit margin for Q4 2025 was 16.9%, reflecting a quarter-on-quarter increase of 0.3 percentage points [2]. - The operating net profit margin was 3.6%, showing a quarter-on-quarter decrease of 0.9 percentage points [2]. - The period expense ratio for Q4 2025 was approximately 14.0%, with a quarter-on-quarter increase of 1.6 percentage points, primarily due to increased sales and R&D expenses related to the launch of the high-end Zeekr 9X model [2]. Growth Outlook - The company has set a sales target of 3.45 million units for 2026, representing a year-on-year increase of 14.0%, with export sales projected to reach 640,000 units, a significant increase of 52.7% [2]. - The Zeekr brand is expected to be a major growth driver, with a target of 300,000 units sold in 2026, reflecting a year-on-year increase of 35.1% [2]. - The company plans to launch multiple models under the Galaxy brand quarterly, while also exporting domestic models to boost overseas sales [2]. Investment Recommendation - The company is positioned as a leading platform-based automaker in China, with strong growth prospects driven by exports and high-end product offerings. The net profit forecasts for 2026 and 2027 have been raised to 20.36 billion yuan and 26.11 billion yuan, respectively [3]. - The projected net profit for 2028 is 31.78 billion yuan, with corresponding price-to-earnings ratios of 8.6X, 6.7X, and 5.5X for the respective years [3].

Core Viewpoint - In 2025, Geely's total revenue is expected to increase by 25.1% year-on-year to CNY 345.23 billion, with a gross margin remaining stable at 16.6% and a net profit attributable to shareholders rising by 0.2% to CNY 16.85 billion, while core net profit is projected to grow by 36% to CNY 14.41 billion [1] Group 1 - Geely's total sales are projected to increase by 39.0% year-on-year to 3.025 million units in 2025, with new energy vehicle (NEV) sales expected to rise by 90% to 1.688 million units, accounting for 55.8% of total sales, an increase of 15 percentage points [2] - The sales forecast for 2026 indicates a steady growth target of 3.45 million units, representing a 14% year-on-year increase, driven by the expansion of luxury products under the Zeekr brand and new models from Lynk & Co and Galaxy [2] Group 2 - Zeekr's privatization was successfully completed by December 2025, with all revenue and profits being fully integrated into Geely, and Zeekr achieving profitability in Q4 2025 with a gross margin of approximately 23% [3] - Geely's global expansion is accelerating, with a target of 640,000 units in export sales for 2026, focusing on key overseas markets and increasing the number of overseas channels to over 2,200 [3] - The company is enhancing its AI capabilities, with plans for the mass production of the H9 model and the scaling of Robotaxi operations, aiming to create a comprehensive intelligent mobility ecosystem [3] Group 3 - The investment rating is maintained at "Buy," with a slight downward adjustment in net profit forecasts for 2026 and 2027, and a new forecast for 2028, alongside a target price adjustment to HK$25.70, reflecting a 13x PE for 2026 [4] - The positive outlook is supported by improvements in product structure and significant growth in export sales [4]

Core Viewpoint - The company reported a strong performance in Q4 2025, with revenue reaching 105.755 billion yuan, a year-on-year increase of 45.9%, and a net profit attributable to shareholders of 3.74 billion yuan, up 9.0% year-on-year [1] Group 1: Financial Performance - In Q4 2025, the company's core operating net profit, excluding foreign exchange and asset impairment, was 3.79 billion yuan, reflecting a year-on-year growth of 5.9% [1] - The consolidated sales volume for Q4 2025 was 855,000 vehicles, with an average selling price (ASP) of 124,000 yuan, which increased by 7,000 yuan quarter-on-quarter, driven by the structural improvement from models like the Zeekr 9X [1] - The gross margin for Q4 2025 was 16.9%, up 0.3 percentage points quarter-on-quarter, primarily benefiting from the high-end breakthrough of the Zeekr 9X [1] Group 2: Strategic Developments - The company is focusing on strategic resource integration, with plans for high-end product expansion and international market growth in 2026, aiming for an export sales target of 640,000 units, a 52% year-on-year increase [2] - The number of overseas channels is expected to increase to 2,200 by 2026, with a dual fuel strategy to create a global product matrix and enhance production capacity [2] - The Zeekr brand will continue to expand its luxury product matrix, with the Zeekr 9X and 8X expected to deliver excess profits [2] Group 3: Profit Forecast and Investment Recommendation - The company is positioned as a strong Chinese automotive brand with a relatively stable growth model in the global market, with accelerated profit growth anticipated due to strategic adjustments [2] - Earnings per share (EPS) forecasts for 2026-2028 are projected at 2.04, 2.81, and 3.57 yuan per share, respectively, with a maintained reasonable value of 32.19 HKD per share and a "buy" rating [2]

Core Viewpoint - The company reported a strong performance in 2025, with revenue growth driven by multiple brands and a significant increase in electric vehicle sales, indicating robust future growth potential [1][2]. Performance Review - In 2025, the company's total revenue increased by 44% year-on-year to 345.2 billion yuan, while net profit attributable to shareholders rose by 1% to 16.85 billion yuan. The fourth quarter saw revenue of 105.8 billion yuan, up 46% year-on-year, and net profit of 3.74 billion yuan, reflecting a 5% increase year-on-year [1]. - The total vehicle sales for the year reached 3.0246 million units, a 39% increase, with electric vehicle sales surging by 90% to 1.6878 million units, accounting for 56% of total sales [1]. Development Trends - The revenue growth was primarily driven by strong sales across multiple brands, with notable increases in sales for Geely Galaxy (+150%), Lynk & Co (+23%), and Zeekr (+1%) [1]. - The company is making steady progress in global expansion, with total export sales increasing by 1% to 420,000 units, and a higher growth rate in electric vehicle exports across various regions [1]. Profitability and Forecast - The core net profit, excluding one-time gains from asset sales in 2024, is expected to rise by 36% year-on-year to 14.41 billion yuan in 2025. The gross margin improved by 0.71 percentage points to 16.6%, benefiting from economies of scale and the introduction of high-end products [2]. - The company is focusing on smart technology integration, launching new driving assistance systems and enhancing overall value chain efficiency through its "One Geely" strategy [2]. Profit Forecast and Valuation - Due to increased R&D investments, the net profit forecast for 2026 has been reduced by 5.9% to 20.2 billion yuan, while the 2027 profit forecast remains largely unchanged. The current stock price corresponds to 8.7 times and 6.9 times P/E for 2026 and 2027, respectively, with a target price adjustment of 6.2% down to 24.40 HKD, indicating a potential upside of 34.4% [2].

1、 强势新品周期+产品结构优化驱动收入增长。2025Q4 公司实现营收1058 亿元、同比+22%、环比 +19%。1）销量维度：Q4 总销量85 万台、同比+24%、环比+12%；其中银河销售36 万台、同比 +73%、环比+10%，领克11 万台、同比+21%、环比+25%，极氪8 万台、同比+2%、环比+52%；2）价 格维度：单车ASP 为12.4 万元，同比-2.1 万元、环比+0.7 万元，同比下滑预计系银河销量占比大幅提 升，环比增长预计系极氪9X 上市以及极氪、领克占比提升带动。 机构：国金证券 研究员：徐慧雄/夏心怡 事件 3 月18 日，吉利汽车发布2025 年报：2025 年营收3452 亿元、同比+25%，核心归母净利润144 亿元，同 比+36%。 点评 盈利预测、估值与评级 结合当前销量情况与公司新车规划，我们预计公司2026-2028 年分别实现归母净利润208/248/281 亿元， 公司股票现价对应PE 估值为9/8/7 倍，维持"买入"评级。 2、单车盈利环比小幅回落，2026 年整合效应有望进一步体现。 风险提示 新能源汽车行业竞争加剧；新车型上市进度或销量不及预期等。 ...

Core Insights - Geely Automobile achieved significant growth in 2025, with total sales reaching 3.025 million units, a 39% increase year-on-year, and total revenue of 345.2 billion yuan, up 25% [1] - The company reported a core net profit of 14.41 billion yuan, marking a 36% increase, and electric vehicle sales reached 1.688 million units, a 90% increase, with a new energy penetration rate exceeding 50% for the first time [1] - Geely's CEO emphasized that the focus has shifted from merely launching popular models to integrating multiple brands, platforms, and technologies into a more efficient system, highlighting the importance of systemic capability in a competitive environment [1] Sales and Market Performance - Geely's sales structure in 2025 showed a balanced growth across various segments, with the Galaxy brand selling 1.236 million units (up 150%), Lynk & Co selling 350,000 units (up 23%), and Zeekr brand achieving 224,000 units in the luxury market [2] - The company maintained its leading position in the Chinese fuel vehicle market with 1.214 million units sold, demonstrating resilience in its fuel vehicle base while rapidly increasing electric vehicle sales [2] Strategic Focus Areas - Geely's future strategy centers on three main areas: smart technology, product premiumization, and globalization [3] - The company aims to enhance its smart vehicle capabilities through a comprehensive AI system that improves vehicle coordination across various domains [3] - Geely plans to increase its export volume to 420,000 units in 2025, with 124,000 units being electric vehicles, representing a 240% year-on-year growth, and has set an internal target of 640,000 units for 2026 [3] Competitive Landscape - The growth of Geely in 2025 is attributed to a combination of integration, optimized product layout, advancement in smart technology, and accelerated globalization [4] - The competitive landscape in the new energy sector is shifting from speed and early entry to focusing on systemic capabilities, technological depth, safety standards, global operations, and value realization [4]

2025 年营收利润双增，实现高质量增长 吉利汽车(0175) 吉利汽车 2025 年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王猛(分析师) | 021-23185692 | wangmeng3@gtht.com | S0880525040016 | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | 本报告导读： 2026 年销量目标 345 万辆，我们判断公司将超额完成，同时高端车、出口将显著提 升公司盈利能力，我们对 2026 年的经营业绩持乐观态度。 投资要点： | 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | | | 240,194 345,232 462,615 598,515 742,515 | | | | (+/-)% | 34.0% | 43.7% | 34 ...

乘用车 2025 年业绩符合预期，单车表现逐季提升 吉利汽车（00175.HK） 证券研究报告/公司点评报告 2026 年 03 月 19 日 1、《25Q3 经营性利润超预期，"一个 吉利"整合初见成效》2025-11-18 2、《25Q2 业绩符合预期，坚定落实 "台州宣言"》2025-08-17 计划有序推进》2025-05-19 请务必阅读正文之后的重要声明部分 基本状况 备注：股价截止自2026 年 03 月 19 日收盘价，每股指标按照最新股本数全面摊薄 报告摘要 事件概括：2026 年 3 月 18 日，公司发布 2025 年业绩：2025 年实现营业收入 3452.3 亿元，同比（经重列）+25.1%；实现归母净利润 168.5 亿元，同比（经重列）持平。 剔除非经营性项目后，2025 年核心归母净利润为 144.1 亿元，同比（经重列）+35.9%。 四季度来看，25Q4 实现营收 1057.6 亿元，同环比分别+22.1%/+18.6%；实现核心归 母净利润 37.9 亿元，同环比分别-3.2%/-4.3%，符合预期。 收入端：银河品牌+极氪高端化贡献弹性，单车 ASP 稳步提升。总量来看 ...