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 ...

本报（chinatimes.net.cn）记者于建平 见习记者 刘杰 北京报道 2026年3月18日，吉利汽车控股有限公司（0175.HK）（下称"吉利汽车"）发布2025年全年财报。在电 动化转型持续推进、国内市场竞争加剧的背景下，公司营收突破3400亿元创下新高，销量稳定在300万 辆以上，新能源业务增长明显，带动整体利润实现较快提升。 作为头部自主车企代表，吉利汽车这份财报不仅体现了自身经营策略的实际成效，也从侧面反映出中国 自主品牌的发展变化以及市场竞争格局的走向。 营收利润双增 据吉利汽车披露的2025年财报显示，过去一年公司整体经营表现稳中向好，规模增长与盈利改善同步推 进，多项指标创下新高，业务结构也在向新能源、高价值产品和海外市场持续倾斜，财务状况保持稳 健。 具体来看，全年实现营业收入3452.32亿元，同比增长25%，再创历史新高；归母净利润为168.52亿元， 同比基本持平。若剔除汇兑及股权投资公允价值变动等因素，核心归母净利润为144.1亿元，同比增长 36%，主营业务的盈利能力有所增强，整体盈利质量进一步改善。 销量方面，2025年吉利汽车全年累计销量为302.46万辆，同比增长39 ...

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 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | 2025A | 2026E | 2027E | 2028E | | 分析师：何俊艺 | | 营业收入（百万元） | 240,194 | 345,232 | 482,253 | 550,974 | 615,548 | | | | 增长率 yoy% | 34% | 44% | 40% | 14% | 12% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | 16,488 | 16,852 | 20,356 | 26,111 | 31,778 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 219% | 2% | 21% | 28% | 22% | | | | 每股收益（元） | 1.52 ...

去年，吉利汽车实现营业收入3452亿元，同比增长25%，首次跨越3400亿元大关；核心归母净利润达到 144.1亿元，同比增长36%，核心利润增速显著跑赢营收增速。规模红利与财务韧性，验证着吉利穿越 周期的"质变"。 在吉利汽车控股有限公司行政总裁桂生悦看来，吉利成绩有两方面原因：首先，三电系统基本同质化 后，吉利多年造车经验底蕴开始发挥作用，综合造车能力能让产品更有竞争力。其次，消费者越来越成 熟，对新能源汽车新鲜感消退后，会更加重视产品综合素质，因此对吉利越发垂青。 吉利去年销量突破302万辆、超额完成目标，整体毛利率提升至16.7%，毛利总额达573亿元。并非依靠 简单的降价冲量，而是源于高价值产品占比提升与规模效应的双重驱动。总现金水平攀升至682亿元， 同比增长46%，资产负债率处于行业较低水平。 充裕的现金流不仅让吉利在价格战中有了从容转身的余地，也让其敢于回馈股东。董事会拟每股派息提 升51.5%至0.5港元，派息总额53.9亿港元，创下历史新高。 在2025年业绩发布会现场，桂生悦用"从容、笃定"来形容当下的心态，背后既有"一个吉利"战略整合后 释放的体系红利，也有新能源业务从规模扩张向价值增 ...

2025年，当诸多车企深陷价格战、以价换量时，吉利汽车（00175）却走出一条逆势路径——以"一个吉利"战略统筹资 源、共享技术、精简渠道、协同四大品牌。一年后，增收更增利的业绩成绩单证明：不卷价格，照样能赢。 增收更增利，增长模式显著优化 3月18日，吉利汽车发布2025年全年业绩公告。全年营业收入达到3452亿元，同比增长25%，营收规模首次站上3400亿台 阶；全年销量302.5万辆，同比增长39%，市占率首次突破10%；核心归母净利润144.1亿元，同比增长36%，利润增速明显 快于营收增速。基于良好的业绩表现，吉利汽车拟派末期股息每股0.5港元，同比提升52%。 | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 變動 | | | 人民幣千元 | 人民幣千元 | 96 | | | | (經重列) | | | 销量(輛) | 3,024,567 | 2.176.567 | 39 | | 收入 | 345,232,201 | 275.910.484 | 25 | | 其他收益／(虧損)淨額 | 6.166.981 | ...

3月18日，吉利汽车控股有限公司（简称"吉利汽车"）（0175.HK）公布2025年全年业绩。2025年，吉利汽车总收入3,452亿元，同比增长25%，创历史新 高。扣除外汇汇兑等非核心归母净利润后，实现核心归母净利润144.1亿元，同比增长36%。 辅助驾驶领域，吉利千里浩瀚G-ASD跻身行业前列，联合曹操出行在杭州开启L4 RoboTaxi 2.0示范运营。搭载千里浩瀚H9方案的极氪9X Hyper已交付。吉 利与英伟达达成AI战略合作，G-ASD 4.0与极氪8X同步首发。智能座舱方面，Flyme Auto上车量达226万。新一代AI座舱操作系统Flyme Auto 2已发布。 新能源三电领域，神盾金砖电池最高充电倍率达12C，全固态电池今年完成Pack下线和装车验证。雷神AI电混2.0搭载热效率47.26%电混发动机。吉利将在 2026年上半年推出全球新一代油电混动技术i-HEV智能双擎，HEV百公里油耗降至3L，整车功率提升至少20%。 2025年吉利汽车海外销量达42万辆，新能源出口超12万辆。吉利品牌新进入英国、意大利等13个市场，截至2025年底网点拓展至88个国家和地区，总数超 1200个。 ...

Core Conclusions - The automotive industry is expected to embrace technological advancements, with a limited impact from policy changes on demand, particularly in the mid-to-high-end segments, which are anticipated to see a significant recovery in demand [3] - The globalization of Chinese smart electric vehicles is underway, with overseas sales projected to approach 10 million units in five years, driven by engineering advantages [3] - Key players in the technology sector include Xiaopeng, NIO, and Li Auto, while established brands like BYD, Great Wall, and Geely are expected to lead the market [3] - The automotive parts sector represents a typical example of "high-end manufacturing" in China, with new applications in robotics, low-altitude economy, and AIDC becoming essential for growth [3] - The focus on robotics, low-altitude economy, and AIDC is expected to drive new industry directions, with significant developments anticipated by 2026 [3] - The trend of globalization remains a long-term growth path for excellent automotive parts companies, particularly in Europe, as domestic market saturation increases [3] - The automotive industry is undergoing dual transformations of electrification and AI integration, with AI expected to enhance driving, cabin, chassis, and power systems [3] Market Review - The automotive sector's performance has slightly lagged behind the CSI 300 index, with a cumulative increase of 0.5% from the end of 2025 to March 11, 2026 [11] - The automotive service, commercial freight, and parts sectors have shown notable growth, with increases of 6.21%, 3.84%, and 2.15% respectively [11] - The overall fund holding in the automotive sector increased to 3.29% in Q4 2025, with the parts sector contributing significantly to this growth [12] Vehicle Sector - The impact of policy changes on vehicle demand is limited, with a focus on technological advancements to drive growth [5] - The wholesale sales of passenger vehicles reached 30.06 million units in 2025, reflecting a year-on-year increase of 9.10%, while the first two months of 2026 saw a decline of 10.75% [18] - The penetration rate of new energy vehicles reached 51.50% in 2025, with a slight decrease to 45.25% in early 2026 [18] Parts Sector - The automotive parts sector is focusing on technological spillover and globalization, with strong horizontal expansion capabilities [3] - The sector is expected to benefit from shared resources and cost optimization through advanced manufacturing capabilities [3] AI Industry Trends - The automotive industry is entering the "Token era," where AI integration will redefine vehicle functionalities and consumer experiences [3] - The integration of AI in vehicles is expected to enhance user experience and operational efficiency, marking a significant shift in the industry [3]