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吉利汽车:24Q3业绩符合预期,新产品周期持续向上
中泰证券· 2024-11-15 06:58
Investment Rating - Buy (Maintained) [1] Core Views - Geely Auto's Q3 2024 performance met expectations, with a strong new product cycle driving growth [1] - Revenue in Q3 2024 reached RMB 60.378 billion, up 20.50% YoY, with net profit of RMB 2.455 billion, up 92.40% YoY [1] - The Galaxy brand and exports contributed significantly to revenue growth, with Galaxy E5 driving a 51.54% YoY increase in sales [1] - Zeekr's gross margin improved significantly, contributing to stable profitability for the group [1] - The company expects continued growth in Q4 2024 and 2025, driven by new models like the Galaxy L6/L7 and the StarShip 7 [1] Financial Performance Revenue and Profit - 2024E revenue is projected at RMB 216.289 billion, up 20% YoY, with net profit of RMB 16.209 billion, up 214% YoY [1] - 2025E revenue is expected to reach RMB 263.751 billion, with net profit of RMB 12.175 billion [1] - 2026E revenue is forecasted at RMB 311.402 billion, with net profit of RMB 14.540 billion [1] Key Financial Ratios - 2024E ROE is projected at 18%, with a P/E ratio of 8.0x [1] - 2025E ROE is expected to be 12%, with a P/E ratio of 10.6x [1] - 2026E ROE is forecasted at 13%, with a P/E ratio of 8.9x [1] Product and Market Performance - Galaxy brand sales in Q3 2024 reached 72,300 units, up 110.95% YoY, driven by the Galaxy E5 [1] - Exports in Q3 2024 totaled 116,600 units, up 60.25% YoY [1] - The average selling price (ASP) in Q3 2024 was RMB 130,000, up 0.58% YoY [1] Future Outlook - The company plans to launch new models, including the Galaxy L6/L7 and StarShip 7, which are expected to drive further growth [1] - The new Thor EM-i powertrain, with a thermal efficiency of 46.5%, is expected to enhance the performance of upcoming models [1] - The company anticipates continued growth in revenue and profitability, supported by a strong product pipeline and market expansion [1] Financial Projections Balance Sheet - 2024E cash and equivalents are projected at RMB 68.710 billion, up from RMB 36.775 billion in 2023A [2] - 2024E total assets are expected to reach RMB 205.500 billion, up from RMB 192.598 billion in 2023A [2] Income Statement - 2024E operating income is projected at RMB 216.289 billion, with operating profit of RMB 7.282 billion [2] - 2025E operating income is expected to reach RMB 263.751 billion, with operating profit of RMB 11.517 billion [2] Cash Flow - 2024E operating cash flow is projected at RMB 35.017 billion, up from RMB 22.342 billion in 2023A [2] - 2025E operating cash flow is expected to be RMB 21.025 billion [2]
吉利汽车:3Q24 NEV sales and profits pave way for FY25
招银国际· 2024-11-15 01:08
Investment Rating - Maintain BUY rating with a target price increase from HK$14.00 to HK$19.00, representing a 36.7% upside from the current price of HK$13.90 [2][5]. Core Insights - Geely Automobile's 3Q24 NEV sales and profitability are strong, with expectations for continued momentum into FY25, leading to significant core profit growth [2]. - 3Q24 operating profit of RMB3.0 billion exceeded estimates by 13%, despite a slight revenue miss of 2% compared to prior forecasts [2]. - The company has raised its FY25E sales volume forecast by 18% to 2.38 million units, driven by positive reception of new NEV models [2]. Financial Performance Summary - 3Q24 revenue was RMB60.4 billion, with a gross profit margin (GPM) of 15.6%, slightly improved from 15.5% in FY24E [2][10]. - The net profit forecast for FY25E has been revised up by 43% to RMB12.4 billion, reflecting strong NEV performance and cost control measures [2][7]. - The company reported a net profit of RMB2.45 billion in 3Q24, which was largely in line with previous forecasts, excluding an impairment loss of RMB2.76 billion from Lynk & Co [2][10]. Sales and Production Outlook - NEV sales volume is projected to surge by 51% year-on-year to 1.32 million units in FY25E, constituting 55% of total sales volume [2]. - The sales volume for Geely increased by 15.8% year-on-year in 3Q24, with a total of 533,960 units sold [6][10]. Valuation Metrics - Zeekr is valued at 0.7x the revised FY25 core revenue, implying a valuation of US$8.3 billion [2]. - Geely's other businesses are valued at 12x FY25E P/E, supporting the overall target price increase [2][9]. Earnings Revision - Revenue estimates for FY25E have been raised to RMB276.93 billion, reflecting a 5.8% increase from previous estimates [7][8]. - The gross profit for FY25E is projected at RMB43.08 billion, with a gross margin of 15.6% [7][8].
吉利汽车:销量同比增长,发布新一代超级电混
财通证券· 2024-11-14 10:28
吉利汽车(00175) / 汽车 / 公司点评 / 2024.11.14 销量同比增长,发布新一代超级电混 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-11-13 | | 收盘价 ( 港元 ) | 14.04 | | 流通股本 ( 亿股 ) | 100.69 | | 每股净资产 ( 港元 ) | 7.88 | | 总股本 ( 亿股 ) | 100.69 | | 最近 12 月市场表现 | | ❖ 事件:2024 年 11 月 1 日公司公告 2024 年 10 月销量情况。10 月销量 17.1 万 辆,同比增长 22%。10 月新能源销量 10.9 万辆,同比增长 82.7%,其中 10 月 BEV 销量 7.9 万辆,同比+131.9%,10 月 PHEV 销量 3.0 万辆,同比+17.1%。 10 月出口 3.3 万辆,同比+17.8%。 ❖ 银河、极氪销量大幅增长,加快海外布局:分品牌看,吉利品牌 10 月销 量 17.1 万辆,同比增长超 22%;其中银河系列 ...
吉利汽车前三季度新能源产品销量同比增超93% 稳居品牌第一梯队
证券时报网· 2024-11-14 04:33
证券时报e公司讯,11月14日,吉利汽车(00175.HK)发布了2024年第三季度财报。 前三季度,吉利汽车累计销量达149万辆,同比增长32.1%,已完成全年200万辆销量目标的74.5%,达 成率稳居中国汽车品牌前列。 新能源板块以爆发加速的趋势增长,吉利、领克、极氪等新能源产品前9个月总销量达54.6万辆,同比 增长超93%,第三季度国内市场新能源渗透率超50%,稳居新能源品牌第一梯队。 在《台州宣言》和"智能吉利2025"战略的聚焦指引下,吉利汽车紧跟电动化和智能化浪潮,新能源转型 全面向新加快。 ...
吉利汽车(00175) - 2024 Q3 - 季度业绩
2024-11-14 04:00
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責,對其 準確性或完整性亦不發表任何聲明,併表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 吉利汽車控股有限公司 GEELY AUTOMOBILE HOLDINGS LIMITED (於開曼群島註冊成立之有限公司) 股份代號:175(港幣櫃台)及80175(人民幣櫃台) 截至二零二四年九月三十日止九個月之 第三季度業績公佈 吉利汽車控股有限公司(「本公司」)董事會(「董事會」)欣然宣佈本公司及其附屬公司(「本 集團」)截至二零二四年九月三十日止九個月之未經審核簡明綜合業績,連同二零二三年 同期的相關未經審核之比較數字。該等季度業績已經本公司審核委員會(僅由獨立非執行 董事組成,其中一名出任委員會主席)審閱。 一、主要財務數據和指標 單位:人民幣(「人民幣」)百萬元 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------------------- ...
从新车计划看吉利汽车销量空间
国联证券· 2024-11-12 03:01
证券研究报告 港股公司|公司深度|吉利汽车(00175) 从新车计划看吉利汽车销量空间 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月12日 证券研究报告 |报告要点 银河 E5、星愿等车型上市热销,充分验证公司具备塑造新能源爆款车型的能力。展望未来, 吉利汽车已规划上市车型数量仍在增加,车型矩阵将进一步得到拓展。随着 2024H2 上市的热 销车型产能逐渐爬坡,有望与 2025 年上市新车的销量形成合力,推动公司新能源销量保持较 高增速。我们预计 2024/2025 年吉利汽车有望实现销量 214.3/278.2 万辆,同比分别增长 30.0%/29.8%。其中,银河/领克/极氪 2024 年有望分别贡献新能源销量 29.6/16.7/21.7 万辆, 同比 254.3%/157.2%/82.8%。 |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 / 28 港股公司|公司深度 glzqdatemark2 2024年11月12日 吉利汽车(00175) 从新车计划看吉利汽车销量空间 | - ...
吉利汽车:新能源销量亮眼 雷神EM-i超级电混发布
民生证券· 2024-11-02 17:07
吉利汽车(0175.HK)系列点评十五 新能源销量亮眼 雷神 EM-i 超级电混发布 2024 年 11 月 02 日 ➢ 事件概述:公司发布 10 月销量公告,10 月批发总销量 22.7 万辆,同比 +25.4%,环比+12.2%;1-10 月累计 171.6 万辆,同比+28.9%。其中,10 月 新能源销量 108,722 辆,同比+75.1%,环比+19.3%,渗透率 48.0%;1-10 月 新能源销售 65.5 万辆,同比+80.8%。 分品牌看:吉利品牌 10 月销量 17.1 万辆(银河 63,492 辆),1-10 月累计 132.2 万辆(银河 21.7 万辆),同比+276.8%;极氪 10 月销量 25,049 辆,1-10 月累 计 167,922 辆,同比+82.5%;领克 10 月销量 31,074 辆,1-10 月销售 226,677 辆,同比+37.8%。 ➢ 10 月批发强劲 新能源表现亮眼。受银河、极氪品牌新品上量驱动,公司整 体批发销量表现强劲,批发总销量 22.7 万辆,同比+25.4%,环比+12.2%。受 益银河 E5 销量提升、极氪改款后需求恢复,新能源销量表 ...
吉利汽车:极氪MIX上市,吉利电动智能转型全面加速
华创证券· 2024-10-25 08:40
证 券 研 究 报 告 吉利汽车(00175.HK)重大事项点评 强推(维持) 极氪 MIX 上市,吉利电动智能转型全面加速 目标价区间:16.5-18.9 港元 当前价:13.90 港元 | --- | --- | --- | --- | --- | |-----------------------|---------|---------------------|---------|---------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万元 ) | 179,204 | 237,282 | 296,117 | 340,621 | | 同比增速 (%) | 21.1% | 32.4% | 24.8% | 15.0% | | 归母净利润 ( 百万元 ) | 5,166 | 15,050 | 11,836 | 15,060 | | 同比增速 (%) | 0.8% | 191.3% | -21.4% | 27.2% | | 每股盈利 ( 元 ) | | 0.51 1.49 1.18 1.50 | | | | 市盈率 ( 倍 | | ) 26.0 8.9 11 ...
小米“烟雾弹”散开,吉利汽车斥资4.5亿在沪拿地
证券时报网· 2024-10-18 05:04
又一家知名车企在上海拿地。 近日,上海吉利翟然汽车设计有限公司(下称"翟然汽车设计公司")以4.49亿元的价格竞得徐汇区康健 街道N06-36地块(下称"康健地块"),该地块土地用途为科研设计用地。 天眼查显示,该公司为吉利汽车控股(上海)有限公司全资子公司。 本次成交康健地块位于漕河泾开发区域内,西至虹漕南路,北至漕宝路,地块1km范围内聚集了中核、 中电科等科研设计机构和上海师范大学等高等院校,集科研、教育、设计、商务于一体,距离最近的虹 漕路地铁站仅约200米,区位较好。 出让文件显示,康健地块出让面积8561.1平方米,容积率3.5,规划为科研设计用地,准入产业类型为智 能网联汽车。 这一要求便已将范围缩到极小。 最终,10月10日,翟然汽车设计公司一轮底价摘地。 这宗不足5亿元的土地竞拍获得市场较大关注很大程度上与小米有关。 此前,市场消息多传该地块的买家或为小米。 传闻并非空穴来风。 一方面,小米"退地"一事今年闹得沸沸扬扬。 2021年,小米旗下的谧空间(上海)信息科技有限公司以总价15.5亿元竞得徐汇区斜土街道xh128D-07 地块,当时该地块规划为商办用地,有报道称小米规划建设上海总部。 ...
吉利汽车:持续推出新款车型,国际化竞争力稳步提升
财通证券· 2024-10-14 08:53
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to launch new models, steadily enhancing its international competitiveness [1] - In September, the company reported sales of 202,000 vehicles, representing a year-on-year increase of 21% and a month-on-month increase of 11%. New energy vehicle sales reached 91,000 units, up 76% year-on-year and 20% month-on-month [3] - The company is accelerating its overseas expansion, with exports in September reaching 39,000 units, a year-on-year increase of 51% [3] - The company is steadily introducing new models and continuously improving its technological capabilities, with recent launches including the Lynk & Co Z10 and Z9, and the Zeekr 7X [3] Financial Summary - The company is expected to achieve net profits attributable to shareholders of 15.463 billion, 10.720 billion, and 14.232 billion RMB for the years 2024 to 2026, respectively [4] - The corresponding price-to-earnings (PE) ratios are projected to be 7.72, 11.13, and 8.38 times for the same years [4] - Revenue is forecasted to grow from 179.204 billion RMB in 2023 to 354.944 billion RMB in 2026, with a revenue growth rate of 26.21% in 2024 [5][6] - The company's return on equity (ROE) is expected to increase from 6.59% in 2023 to 11.75% in 2026 [7]