证券研究报告 港股公司|公司点评|吉利汽车（00175） 吉利汽车 9 月销量点评： 银河 E5 上市热销，新能源销量创历史 新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月04日 证券研究报告 |报告要点 2024 年 10 月 1 日，吉利汽车发布 2024 年 9 月产销快报，公司 9 月实现汽车销量 20.2 万辆， 同比+21.0%，环比+11.4%。2024 年 1-9 月汽车累计销量 149.0 万辆，同比+32.1%。24Q3-24Q4 公司新品密集上市，叠加以旧换新政策补贴加码，公司销量有望维持高速增长态势。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年10月04日 吉利汽车(00175) 吉利汽车 9 月销量点评： 银河 E5 上市热销，新能源销量创历史新高 | --- | --- | |--------------------------|--------------------------| ...

吉利汽车（0175.HK）系列点评十四 新能源销量亮眼 极氪+银河新品周期强劲 2024 年 10 月 02 日 ➢ 事件概述：公司发布 9 月销量公告，9 月批发总销量 20.2 万辆，同比+18.5%， 环比+11.4%；1-9 月累计 149.0 万辆，同比+29.4%。其中，9 月新能源销量 91,134 辆，同比+69.7%，环比+20.7%，渗透率 45.1%；1-9 月新能源销售 54.6 万辆，同比+82.0%。 分品牌看：吉利品牌 9 月销量 15.5 万辆（银河 29,047 辆），1-9 月累计 115.1 万辆（银河 15.4 万辆），同比+249.8%；极氪 9 月销量 21,333 辆，1-9 月累计 142,873 辆，同比+81.0%；领克 9 月销量 25,803 辆，1-9 月销售 195,603 辆， 同比+39.9%。 ➢ 9 月批发强劲 新能源表现亮眼。受银河、极氪品牌新品上量及出口强劲增 长驱动，公司整体批发销量表现强劲，批发总销量 20.2 万辆，同比+18.5%，环 比+11.4%。受益银河 E5 销量提升、极氪改款后需求恢复，新能源销量表现强 劲，9 月公司新 ...

8 月整体销量同环比增长，极氪智驾能力提 升 核心观点 ⚫ 吉利汽车 8 月销量表现亮眼。8 月吉利汽车总销量 18.12 万辆，同比增长 21.5%，环 比增长 20.2%；其中新能源汽车销量 7.55 万辆，同比增长 64.9%，环比增长 27.8%；出口 4.50 万辆，同比增长 97.5%，环比增长 39.1%。根据乘联会数据，8 月 1-25 日国内乘用车批发销量同比下降 2%，环比增长 11%，预计吉利汽车整体销 量同环比增速大幅好于行业平均水平。 ⚫ 极氪品牌销量同环比稳步向上，产品智驾能力提升。8 月吉利品牌销量 14.07 万辆， 同比增长 19.0%，环比增长 23.6%；1-8 月累计销量 99.64 万辆，同比增长 28.4%。 其中吉利银河 8 月销售 2.65 万辆，环比增长 58.7%，连续六个月实现环比正增长， 累计销量 12.46 万辆；吉利中国星·高端系列 8 月销售 3.49 万辆，同比增长 1.9%。 8 月极氪品牌销量 1.80 万辆，同比增长 46.4%，环比增长 15.1%；1-8 月累计销量 12.15 万辆，同比增长 81.5%，极氪品牌累计销量超过 31 万 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 8 月全矩阵同环比向上，车型+智驾持续补足 2024 年 09 月 05 日 买入（维持） the state of | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|---------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 148565 | 179846 | 213465 | 258106 | 300070 | | 同比 (%) | 45.63 | 21.06 | 18.69 | 20.91 | 16.26 | | 归母净利润（百万元） | 5260 | 5308 | 15142 | 11518 | 13833 | | 同比 (%) | 8.52 | 0.91 | 185.25 | (23.94) | 20.10 | | EPS- 最新摊薄（元 / 股） | ...

证券研究报告 港股公司|公司点评|吉利汽车（00175） 8 月销量同环比高增，新品周期驱动销 量向上 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 2024 年 9 月 1 日，吉利汽车发布 2024 年 8 月产销快报，公司 8 月实现汽车销量 18.1 万辆， 同比+21.5%，环比+20.2%。2024 年 1-8 月汽车累计销量 128.8 万辆，同比+34.0%。8 月公司 新品密集上市，叠加以旧换新政策补贴加码，下半年公司销量有望维持高速增长态势。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 SAC：S0590524080004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年09月04日 吉利汽车(00175) 8 月销量同环比高增，新品周期驱动销量向上 | --- | --- | --- | |--------------------------|-------|---------------------| ...

吉利汽车（0175.HK）系列点评十三 出口再创新高 极氪+银河新品周期强劲 2024 年 09 月 02 日 ➢ 事件概述：公司发布 2024 年 8 月销量公告，8 月批发总销量 18.1 万辆， 同比+18.7%，环比+20.2%；1-8 月累计 128.8 万辆，同比+31.3%。其中，8 月 新能源销量 75,484 辆，同比+59.6%，环比+27.8%，渗透率 41.7%；1-8 月新 能源销售 45.5 万辆，同比+84.7%。 分品牌看：吉利品牌 8 月销量 14.1 万辆（银河 26,510 辆），1-8 月累计 99.6 万 辆（银河 12.5 万辆），同比+28.4%；极氪 8 月销量 18,015 辆，1-8 月累计 121,540 辆，同比+81.7%；领克 8 月销量 22,528 辆，1-8 月销售 169,800 辆， 同比+44.0%。 ➢ 8 月批发强劲 新能源表现亮眼。受银河、极氪品牌新品上量及出口强劲增 长驱动，公司整体批发销量表现强劲，批发总销量 18.1 万辆，同比+ 18.7%，环 比+20.2%。受益银河 E5 销量提升、极氪改款后需求恢复，新能源销量表现强 ...

Revenue and Profit Growth - Revenue for the six months ended June 30, 2024, reached RMB 107,305.45 million, a significant increase from RMB 73,181.75 million in the same period in 2023[16] - Gross profit for the period was RMB 16,220.89 million, up from RMB 10,540.49 million in 2023[16] - Profit before tax surged to RMB 10,939.92 million, compared to RMB 1,474.10 million in the previous year[16] - Net profit attributable to equity holders of the company was RMB 10,597.87 million, a substantial rise from RMB 1,570.73 million in 2023[16] - Net profit for the six months ended June 30, 2024, reached RMB 10,383,610 thousand, a significant increase from RMB 1,273,508 thousand in the same period of 2023[17] - Total comprehensive income for the period amounted to RMB 10,396,943 thousand, compared to RMB 1,185,698 thousand in the previous year[17] - Revenue from contracts with customers under HKFRS 15 increased to RMB 107,305,450 thousand in the first half of 2024, up from RMB 73,181,745 thousand in the same period of 2023, representing a 46.6% year-over-year growth[30] - Sales of automobiles and related services contributed RMB 87,479,658 thousand, accounting for 81.5% of total revenue, with a 45.1% increase compared to the previous year[30] - Revenue from a major customer (Customer A) increased to RMB 16,131,081 thousand in 2024, up 35.5% from RMB 11,904,647 thousand in 2023[33] - Revenue from battery packs and related parts grew to RMB 9,324,178 thousand in 2024, a 56.6% increase from RMB 5,954,587 thousand in 2023[30] - Total revenue (excluding Lynk & Co joint venture) increased by 47% year-on-year to RMB 107.3 billion, with average revenue per vehicle rising by RMB 4,000 to RMB 105,000[154] - Net profit attributable to equity holders of the company reached RMB 10.6 billion, a year-on-year increase of 575%, with diluted earnings per share of RMB 1.04[155] Asset and Liability Changes - Property, plant, and equipment increased to RMB 27,448,564 thousand as of June 30, 2024, from RMB 27,350,540 thousand at the end of 2023[18] - Intangible assets rose to RMB 26,327,992 thousand, up from RMB 23,919,814 thousand at the end of 2023[18] - Trade and other receivables in current assets decreased to RMB 35,355,175 thousand from RMB 42,710,734 thousand at the end of 2023[18] - Bank balances and cash increased to RMB 41,487,826 thousand, up from RMB 35,745,963 thousand at the end of 2023[18] - Total equity attributable to the company's shareholders grew to RMB 89,624,643 thousand from RMB 80,508,824 thousand at the end of 2023[19] - Non-current liabilities, including trade and other payables, increased to RMB 2,863,971 thousand from RMB 2,721,668 thousand at the end of 2023[19] - Bank borrowings in non-current liabilities rose to RMB 3,320,400 thousand from RMB 2,840,240 thousand at the end of 2023[19] - The company's equity attributable to owners of the parent as of June 30, 2023, was RMB 81,203,571 thousand, showing an increase from RMB 76,195,815 thousand at the beginning of the year[20] - The company's total assets as of June 30, 2023, stood at RMB 76,569,089 thousand, with liabilities amounting to RMB 51,214,084 thousand[20] - The company's total equity attributable to non-controlling interests was RMB 4,634,482 thousand as of June 30, 2023[20] - The company's equity attributable to owners of the parent company increased to RMB 88,624,643 thousand as of June 30, 2024, compared to RMB 80,508,824 thousand at the beginning of the year[21] - The company's total assets increased to RMB 96,177,997 thousand as of June 30, 2024, compared to RMB 85,151,498 thousand at the beginning of the year[21] - The company's total liabilities increased to RMB 6,553,354 thousand as of June 30, 2024, compared to RMB 4,642,674 thousand at the beginning of the year[21] - The company's retained earnings increased to RMB 61,425,948 thousand as of June 30, 2024, compared to RMB 53,612,890 thousand at the beginning of the year[21] - The company's total equity increased to RMB 88,624,643 thousand as of June 30, 2024, compared to RMB 80,508,824 thousand at the beginning of the year[21] - Total cash reserves (including bank balances, cash, and restricted bank deposits) reached RMB 44.4 billion as of June 30, 2024, up from RMB 38 billion at the end of December 2023[156] - The company's total borrowings decreased by 13% to RMB 5.3 billion as of June 30, 2024, compared to the end of December 2023[157] Cash Flow and Financing Activities - Operating cash flow from operating activities increased to RMB 14,151,902 thousand in the first half of 2024, up from RMB 10,698,972 thousand in the same period of 2023[22] - Net cash used in investing activities was RMB 10,070,599 thousand in the first half of 2024, compared to RMB 8,986,314 thousand in the same period of 2023[22] - Net cash from financing activities was RMB 548,896 thousand in the first half of 2024, a significant improvement from a net cash outflow of RMB 2,206,223 thousand in the same period of 2023[22] - Cash and cash equivalents at the end of the period increased to RMB 41,487,826 thousand, up from RMB 32,847,813 thousand at the end of the first half of 2023[22] - The company issued RMB 1,517,719 thousand from the issuance of Zeekr ordinary shares during the first half of 2024[22] - The company received RMB 3,000,000 thousand in advances from an associate during the first half of 2024[22] - The company repaid RMB 3,650,000 thousand to an associate during the first half of 2024[22] - Net cash generated from operating activities reached RMB 14.2 billion in the first half of 2024, driven by increased sales volume and improved gross margin[179] - Total capital expenditure for the first half of 2024 was RMB 7.0 billion, primarily due to increased R&D investment in new energy and intelligent transformation[179] - Zeekr raised approximately $480.9 million (RMB 3.47 billion) through its IPO in May 2024, with the group subscribing to 12.9 million ADS worth $270.9 million (RMB 1.96 billion)[179] - The group's total cash level increased by 17% to RMB 44.4 billion as of June 30, 2024, compared to December 31, 2023[179] - Total borrowings decreased to RMB 5.3 billion as of June 30, 2024, from RMB 6.1 billion on December 31, 2023[179] Investments and Joint Ventures - The company holds a 35% stake in Hanlai Wando (Ningbo) Automotive Chassis System Technology Co., Ltd., which focuses on manufacturing key automotive chassis components and electronic devices[50] - The company acquired a 49.9% stake in Proton Holdings Berhad and DRB-HICOM Geely Sdn. Bhd., providing entry into the Southeast Asian right-hand drive passenger vehicle market[53] - The company sold its 45% stake in Chongqing Ruilan Automotive Technology Co., Ltd. for RMB 504 million, recognizing a gain of RMB 166,295,000 in the first half of 2024[54] - The company's stake in Wuxi Xingqu Technology Co., Ltd. was diluted from 27.6% to 24.15% due to a capital injection of RMB 300 million by other investors, resulting in a gain of RMB 5,791,000[55] - Renault Korea paid a total dividend of at least 63 billion KRW (approximately 328 million CNY) to CIL for the fiscal years ending December 31, 2022, and 2023, meeting the minimum dividend guarantee requirement[56] - Proton Group's net assets as of June 30, 2024, were 7,089,235 thousand CNY, a decrease from 7,634,175 thousand CNY as of December 31, 2023[57] - Renault Korea's net assets as of June 30, 2024, were 8,727,373 thousand CNY, a decrease from 9,472,695 thousand CNY as of December 31, 2023[57] - Proton Group's revenue for the six months ending June 30, 2024, was 7,159,483 thousand CNY, compared to 2,699,271 thousand CNY for the period from April 28, 2023, to June 30, 2023[58] - Renault Korea's revenue for the six months ending June 30, 2024, was 7,613,867 thousand CNY, a decrease from 10,512,043 thousand CNY for the same period in 2023[58] - The company's share of profit from joint ventures for the six months ending June 30, 2024, was 239,848 thousand CNY, compared to 227,158 thousand CNY for the same period in 2023[60] - The company's investment in non-listed joint ventures as of June 30, 2024, was 23,685,537 thousand CNY, a significant increase from 7,305,706 thousand CNY as of December 31, 2023[61] - The company holds a 75% stake in Geely Auto Finance Co., Ltd., which has a registered capital of 4,000,000,000 CNY[63] - The company holds a 50% stake in Lynk & Co Automotive Technology Co., Ltd., which has a registered capital of 7,500,000,000 CNY[63] - The company holds a 33% stake in Horse Powertrain Limited, which has a registered capital of 6,000,000,000 EUR[63] - Lynk & Co Group's net assets as of June 30, 2024, were RMB 6,696,084 thousand, a decrease of 1.6% compared to RMB 6,804,559 thousand as of December 31, 2023[65][67] - Geely Auto Finance's net assets as of June 30, 2024, were RMB 8,740,444 thousand, an increase of 8.3% compared to RMB 8,071,740 thousand as of December 31, 2023[65][67] - Lynk & Co Group reported a loss of RMB 246,377 thousand for the six months ended June 30, 2024, compared to a loss of RMB 660,691 thousand for the same period in 2023[66] - Geely Auto Finance reported a profit of RMB 668,704 thousand for the six months ended June 30, 2024, compared to a profit of RMB 647,938 thousand for the same period in 2023[66] - Lynk & Co Group's revenue for the six months ended June 30, 2024, was RMB 21,297,276 thousand, an increase of 70.9% compared to RMB 12,462,437 thousand for the same period in 2023[66] - Geely Auto Finance's revenue for the six months ended June 30, 2024, was RMB 2,132,847 thousand, a decrease of 4.3% compared to RMB 2,228,668 thousand for the same period in 2023[66] - The company's joint venture, Yiwu Geely Automatic Transmission Co., Ltd., recorded a purchase of powertrain products amounting to RMB 190,518 thousand and interest income of RMB 5,438 thousand for the six months ended June 30, 2024[135] - The company's joint venture, Baoji Geely Engine Co., Ltd., recorded a purchase of powertrain products amounting to RMB 93,119 thousand for the six months ended June 30, 2024[135] - The company's joint venture, Ningbo Geely Luoyou Engine Parts Co., Ltd., recorded a purchase of powertrain products amounting to RMB 20,619 thousand for the six months ended June 30, 2024[135] - The company's joint venture, Geely Changxing Automatic Transmission Co., Ltd., recorded a purchase of powertrain products amounting to RMB 272,171 thousand for the six months ended June 30, 2024[135] - The company's ultimate holding company, Geely Holding, recorded operating service fees of RMB 26,189 thousand for the six months ended June 30, 2024[135] - The company's financial assets measured at fair value through other comprehensive income (transferable) amounted to RMB 11,717,366 thousand as of June 30, 2024[138] - The company's listed equity investments measured at fair value through profit or loss amounted to RMB 79,504 thousand as of June 30, 2024[138] - The company's foreign exchange forward contracts not designated as hedging instruments amounted to RMB 229,935 thousand as of June 30, 2024[138] - The company's acquisition of assets from Geely Holding Group for the production and R&D of Lynk & Co, Zeekr, and Geely brand vehicles amounted to a maximum cash consideration of RMB 632,800,000[136] - The company's acquisition of assets from Geely Holding Group for the production and R&D of Lynk & Co, Zeekr, and Geely brand vehicles amounted to a maximum cash consideration of RMB 508,500,000[136] - ZEEKR completed the issuance of 134,992,983 Series A preferred shares for a total consideration of $726,416,153 (approximately RMB 5,204,460,000), reducing the company's ownership in ZEEKR from 58.31% to 54.83%[143][144] - ZEEKR's book value increased to RMB 7,739,989,000 after the issuance of Series A preferred shares, with non-controlling interests increasing by RMB 3,897,355,000 and equity attributable to the company's shareholders increasing by RMB 1,307,105,000[144] - In 2024, ZEEKR completed its IPO, issuing 21,000,000 American Depositary Shares (ADS), equivalent to 210,000,000 ZEEKR shares, with the company subscribing to 12,900,952 ADS (129,009,520 ZEEKR shares)[146] - ZEEKR received net proceeds of approximately $209,989,000 (RMB 1,517,719,000) from the IPO after deducting issuance costs and the company's subscription payment of $270,920,000 (RMB 1,956,476,000)[146] - The company's ownership in ZEEKR decreased from 54.73% to 53.63% due to the IPO and the vesting of 45,555,414 ZEEKR incentive shares under the ZEEKR Share Incentive Plan[147] - ZEEKR's revenue for the six months ended June 30, 2024, was RMB 34,740,263, with a loss of RMB 1,002,356, compared to revenue of RMB 21,282,799 and a loss of RMB 808,627 for the same period in 2023[148] - The company issued RMB 2 billion medium-term notes on August 1, 2024, with the proceeds to be used to supplement the working capital of its subsidiary, Geely Automobile[150] - The company sold its 45% equity stake in Chongqing Ruilan for RMB 504 million, recording a gain of RMB 166 million from the transaction[158] - The company established Horse Powertrain, a joint venture with Geely Holding and Renault, holding 33% equity, and later sold 10% of its stake to Aramco Asia Singapore for an undisclosed amount[159][160] - The company invested USD 271 million (RMB 1.956 billion) in Zeekr's IPO, increasing its stake to 53.63% and distributing a special dividend of HKD 75 million (RMB 70 million) to shareholders[161] - The company issued RMB 2 billion in medium-term notes with a fixed annual interest rate of 2.18%, maturing on August 2, 2027[162] - The joint venture with LG Chem, involving an investment of USD 94,000,000 (approximately RMB 682,844,000) by the company, had not been completed as of June 30, 2024[101] - The establishment of Horse Powertrain, a joint venture with Zhejiang Geely Holding Group and Renault, involved the injection of assets worth €2.31 billion, €1.19 billion, and €3.5 billion respectively, with ownership split at 33%, 17%, and 50%[94][96] - As of December 31, 2023, the assets classified as held for sale amounted to RMB 18,648,139,000, with related liabilities of RMB 7,885,018,000[94] - The transaction for Horse Powertrain was completed on May 31, 2024, resulting in a deemed disposal gain of RMB 7,660,446,000 for the company[96] - The net assets sold in the Horse Powertrain transaction were valued at RMB 10,512,859,000 as of May 31, 2024[97] - The company's 33% stake in Horse Powertrain was preliminarily valued at RMB 18,175,311,000[97] - A 10%

交银国际研究 公司更新 | --- | --- | --- | |-----------|------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 7.88 | 港元 12.50 | +58.6% | 吉利汽车 (175 HK) 2 季度盈利大幅改善 ，新车型和出口支持销量持续改善，维持买入 2024 上半年业绩基本符合我们预期。吉利上半年营收 1,073 亿元（人民 币，下同），同比增长 46.6%，略高于我们和市场的预期。上半年销量同 比强劲增长 41%至 95.6 万辆，主要由于去年吉利处于新能源转型期基数较 低，银河和极氪销量带动上半年总销量大幅增长。毛利率 15.1%，较去年 同期 14.4%略有改善，我们认为主要受惠于产品组合改善和成本控制。上 半年销售/行政费用增速低于收入增长，分别同比增 32.7%/42.1%。经营利 润受收入大幅增长，毛利率改善和成本控制支持下，同比大幅增149.3%。 上半年归母净利润 106 亿元，同比增 574.7%。扣除雷诺收益和股权支付等 费用，核心归母净利润 46.8 亿元，同比增长 140.5%。 单看 2 季度，收 ...

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] 吉利汽车中报点评：新能源转型成效显现，盈利 改善超预期 报告要点 [Table_Summary] 公司 2024 年上半年实现营业收入 1073.1 亿元，同比+46.6%，实现归母净利润 106.0 亿元， 同比+574.7%。其中，2024Q2 实现营业收入 549.9 亿元，同比+38.6%，实现归母净利润 90.4 亿元，同比+954.8%。新能源转型效果显现，营收快速增长，盈利改善超预期，产品升级、规 模效应与降本推动毛利率向上。未来随新能源规模效应进一步显现，盈利具备较强向上弹性。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 吉利汽车（0175.HK） cjzqdt11111 [Table_Title 吉利汽车中报点评：新能源转型成效显现，盈利 2] 改善超预期 [Table_Summary2] ...

2024 年 08 月 25 日 吉利汽车 (00175) ——经营拐点已到，销量助力盈利拾级而上 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 8.05 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 10.76/7.24 | | H 股市值（亿港币） | 810.10 | | 流通 H 股（百万股） | 10,063.38 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -20% 0% 20% HSCEI 吉利汽车 资料来源：Bloomberg 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 戴文杰 (8621)23297818× daiwj@swsresearch.com 买入（维持）投资要点： ⚫ 8 月 21 日吉利汽车发布 2024 年半年报。2024H1 公司实现营收 1073.0 ...