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整体销量及极氪销量均实现同环比增长
东方证券· 2024-05-09 01:02
公司研究 | 动态跟踪 吉利汽车 00175.HK 买入(维持) 整体销量及极氪销量均实现同环比增长 股价(2024年05月08日) 9.74港元 目标价格 11.55港元 52周最高价/最低价 11.64/7.24港元 总股本/流通H股(万股) 1,006,338/1,006,338 H股市值(百万港币) 98,017 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 吉利汽车4月销量高增。4月吉利汽车总销量15.33万辆,同比增长39.3%,环比增 报告发布日期 2024年05月08日 长 1.6%;其中新能源汽车销量 5.14 万辆,同比增长 75.0%,环比增长 14.8%;出 口3.82万辆,同比增长74.7%。根据乘联会数据,4月1-21日国内乘用车批发销量 同比增长约8%,预计吉利汽车整体销量同比增速大幅好于行业平均水平。 1周 1月 3月 12月 ⚫ 极氪品牌同环比增长强劲,全新车型陆续推出。4月吉利品牌销量11.85万辆,同比 绝对表现 2.2 3.51 21.14 1.53 增长34.8%,环比增长0.3%;1-4月累计销量50.01万辆,同比增长41.4%,其中 相对表现 -0.9 - ...
4月销量持续高增长,大量新车即将上市
安信国际证券· 2024-05-08 11:02
Table_BaseInfo Table_Title 公司动态分析 2024 年 05 月 08 日 吉利汽车(175.HK) 证券研究报告 汽车行业 月销量持续高增长,大量新车即将上市 4 投资评级: 买入 北京车展期间吉利发布大量新车,如领克07EMP、银河E5、银河L9、极氪MIX,获 得市场大量关注。我们认为2024年吉利正处在转型升级的高速发展期,新能源车型不 目标价格: 12.5 港元 断丰富,盈利能力持续改善。目标价12.5港元,对应24年13.4倍预测市盈率,距离 现价有27%上涨空间,买入评级。 现价 (2024-05-07): 9.9港元 报告摘要 总市值(百万港元) 99,426.22 流通市值(百万港元) 99,426.22 4月销量增长35%,达15.3万辆。公司4月批发销量15.3万辆,同比增长34.9%, 总股本(百万股) 10,063.38 环比增长1.6%,1-4月累计62.9万辆,同比增长46.9%。公司4月出口3.8万 流通股本(百万股) 10,063.38 辆,同比增长66.3%,环比增长4.8%,全球化战略持续推进,出口占总销量比 12个月低/高(港元) 7.2/10 ...
4月银河+极氪稳步上量,新车爆款可期
东吴证券· 2024-05-06 09:02
证券研究报告·海外公司点评·汽车(HS) 吉利汽车(00175.HK) 4 月银河+极氪稳步上量,新车爆款可期 2024 年 05月 06日 买入(维持) 证券分析师 黄细里 [Table_EPS] 执业证书:S0600520010001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入(百万元) 148,565 179,846 213,465 258,106 300,070 huangxl@dwzq.com.cn 同比(%) 45.63 21.06 18.69 20.91 16.26 证券分析师 杨惠冰 归母净利润(百万元) 5,260 5,308 7,929 11,459 13,816 执业证书:S0600523070004 同比(%) 8.52 0.91 49.37 44.53 20.56 yanghb@dwzq.com.cn EPS-最新摊薄(元/股) 0.52 0.53 0.79 1.14 1.37 股价走势 P/E(现价&最新摊薄) 17.76 17.60 11.78 8.15 6.76 [ [TT aab bl le e_ _T S ...
系列点评七:批发销量持续增长 极氪001再创佳绩
民生证券· 2024-05-04 08:32
吉利汽车(0175.HK)系列点评七 批发销量持续增长 极氪 001 再创佳绩 2024年05月04日 ➢ 事件概述:公司发布 2024 年 4 月销量公告,4 月批发总销量 15.3 万辆, 推荐 维持评级 同比+34.9%,环比+1.6%;1-4月累计62.9万辆,同比+46.9%。 当前价格: 9.98港元 其中,4月新能源销量51,428辆,同比+72.1%,环比+14.8%,渗透率33.6%; 1-4月新能源销售19.6万辆,同比+111.9%。分品牌看:吉利品牌4月销量11.8 万辆(银河12,725辆),1-4月累计50.0万辆(银河5.1万辆),同比+41.4%; [Table_Author] 极氪4月销量16,089辆,1-4月累计49,148辆,同比+110.6%;领克4月销 量18,727辆,1-4月销售79,783辆,同比+55.9%。 ➢ 4 月批发销量高增 新能源表现亮眼。4 月需求稳步修复,车企继续小幅加 库,公司批发总销量(含领克)15.3万辆,同比+34.9%,环比+1.6%。受益极 氪 001 改款、极氪 007 等新产品上量,新能源表现强劲,4 月公司新能源销量 51,4 ...
24年盈利弹性大概率将兑现
广发证券· 2024-04-26 07:32
[Table_Page] 公司深度研究|汽车与汽车零部件 证券研究报告 0 [ 【Table 广_Title 发] 汽车&海外】吉利汽车(00175.HK) [公Tab司le_I评nves级t] 买入 当前价格 9.20港元 24 年盈利弹性大概率将兑现 合理价值 14.78港元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] : 报告日期 2024-04-26 ⚫ 公司24年或将回归以0175为主航道,战略上也或为利润给予更高考 基[Ta本ble数_B据ase Info] 核权重。长周期的跟踪让我们再次发现公司的变化:我们判断公司24 总股本/流通股本(百万股) 10063/10063 年或提高对利润的考核权重,逻辑上主要由于:(1)23年受港股市场 总市值/流通市值(百万港元) 92583/92583 环境、极氪分拆上市(公司公告)和业绩未出现显著增长的影响,市场对 一年内最高/最低(港元) 11.26/7.34 公司 23 年已确定的销量及结构拐点反馈一般;(2)24 年销量和新能 30日日均成交量/成交额(百万) 41.30/383.12 源转型目标完成难度不大,战略上或更为重视利润和 ...
吉利汽车(00175) - 2023 - 年度财报
2024-04-25 22:26
Financial Performance - Revenue for 2023 reached RMB 179.2 billion, a 21% increase compared to RMB 147.96 billion in 2022[5][7] - Net profit attributable to equity holders of the company increased by 1% to RMB 5.31 billion in 2023 from RMB 5.26 billion in 2022[5][7] - Total assets grew by 22% to RMB 192.6 billion in 2023 from RMB 157.83 billion in 2022[5][7] - Total equity attributable to equity holders of the company increased by 7% to RMB 80.51 billion in 2023 from RMB 75.13 billion in 2022[5][7] - Basic earnings per share increased by 1% to RMB 51.36 cents in 2023 from RMB 51.06 cents in 2022[7] - Total revenue in 2023 increased by 21% to RMB 179.2 billion, with net profit reaching RMB 4.94 billion, up 6% year-on-year[11] - The gross profit margin increased by 1.2 percentage points to 15.3% in 2023, driven by cost reductions and product structure improvements[11] - Geely's net profit attributable to shareholders in 2023 was RMB 5.31 billion, a 51% increase compared to 2022 excluding one-time gains[18] - Government subsidies in 2023 increased by 196% to RMB 960 million, supporting Geely's operations[19] - Geely's R&D costs significantly increased in 2023, leading to a 54% reduction in tax expenses due to additional deductible amounts[19] - Operating cash flow reached RMB 22.3 billion in 2023, driven by increased sales volume and improved gross margin[29] - Total capital expenditure for 2023 was RMB 15.3 billion, exceeding the initial budget of RMB 14 billion due to accelerated R&D in new energy and intelligent transformation[29] - Total cash level (including bank balances, cash, and restricted bank deposits) increased by 13% year-over-year to RMB 37.96 billion at the end of 2023[29] - Total borrowings decreased by 44% to RMB 6.1 billion at the end of 2023[29] - Net cash on hand (total cash level minus total borrowings and perpetual capital securities) increased to RMB 28.4 billion at the end of 2023, up from RMB 26.1 billion six months prior[29] - R&D expenses for 2023 totaled RMB 7.81 billion, a 15% increase compared to 2022[33][34] - The company's distributable reserves attributable to equity holders amounted to RMB 15,820,599,000 as of December 31, 2023, an increase from RMB 13,343,505,000 in 2022[151] - The proposed final dividend for 2023 is HKD 0.22 per ordinary share, totaling RMB 2,033,286,000, compared to HKD 0.21 per share and RMB 1,866,554,000 in 2022[151] Sales and Market Performance - The company achieved record-high total sales and new energy vehicle sales in 2023[9] - Total vehicle sales in 2023 reached a record high of 1,686,516 units, a year-on-year increase of 18%, with domestic wholesale sales up 14% to 1,412,415 units and export wholesale sales up 38% to 274,101 units[10] - New energy vehicle (NEV) sales in 2023 reached 487,461 units, a year-on-year increase of 48%, accounting for 29% of total sales[10] - The "Galaxy" series, launched in March 2023, achieved a monthly average sales volume exceeding 10,000 units for six consecutive months, with two plug-in hybrid models and one pure electric model introduced[10] - The luxury NEV brand "Zeekr" delivered 118,685 units in 2023, a year-on-year increase of 65%[10] - Total vehicle sales in 2023 reached 1,686,516 units, an 18% year-over-year increase, setting a new annual sales record[36] - New energy vehicle sales in 2023 reached 487,461 units, a 48% year-over-year increase[36] - The premium smart pure electric brand Zeekr delivered 118,685 vehicles in 2023, a 65% year-over-year increase[36] - The Galaxy series, launched in March 2023, achieved cumulative sales of over 83,000 units within the year[36] - Geely's global high-end brand Lynk & Co achieved annual sales of 220,250 units in 2023, a year-on-year increase of over 22%, making it the fastest Chinese high-end car brand to surpass 1 million units[37] - Geely's total vehicle sales in 2023 reached 1,686,516 units, compared to 1,432,988 units in 2022, representing a growth of approximately 17.7%[38] - The average pre-tax ex-factory price in 2023 was RMB 108,387, slightly lower than RMB 108,392 in 2022 but significantly higher than RMB 87,672 in 2021[39] - Geely's total annual production capacity across its factories reached 2,000,000 units in 2023, with key models including the Galaxy L7, Galaxy E8, and Lynk & Co 07 EM-P[40] - Geely plans to launch multiple new energy vehicle models in 2024, including pure electric and plug-in hybrid SUVs, leveraging the SEA and CMA Evo architectures[41] - The Zeekr brand delivered 118,685 vehicles in 2023, a 65% year-on-year increase, with cumulative deliveries surpassing 190,000 units by the end of 2023[44] - Geely's new energy technology ecosystem, including the 800V ultra-fast charging "Golden Brick Battery" and the EM-P super range-extended electric solution, was launched in 2023[37] - Geely expanded its sales network in China in 2023, with 517 new Galaxy stores, 24 Zeekr Centers, and 350 Lynk & Co Centers[37] - The company's intelligent driving and connectivity technologies, such as the Flyme Auto OS and the Xingrui Intelligent Computing Center, achieved significant breakthroughs in 2023[37] - Geely's satellite communication technology was globally mass-produced for the first time, applied in models like the Zeekr 001 FR and Galaxy E8[37] - ZEEKR 001 became the fastest luxury car to exceed 100,000 deliveries globally and maintained its position as the sales champion among Chinese brand pure electric vehicles priced above 300,000 RMB[45] - ZEEKR's global direct sales stores reached 342 by the end of 2023, with 340 in 79 Chinese cities and 7 ZEEKR Center stores winning 18 international design awards[45] - ZEEKR Energy built 882 charging stations in 137 cities, with its 800V ultra-fast charging network being the most extensive in the industry[45] - ZEEKR recorded a net loss of approximately 1.135 billion RMB for the year ended December 31, 2023[46] - Lynk & Co achieved a 22.3% year-on-year sales growth in 2023, reaching 220,250 vehicles, with cumulative sales surpassing 1 million units[47] - Lynk & Co's new energy vehicle sales increased by 60.1% to 63,000 units, accounting for 28.5% of total sales[47] - Lynk & Co's cumulative subscription volume in Europe exceeded 38,000 units by the end of 2023[47] - Geely Auto Finance's new car loan volume reached 594,000 in 2023, a 10% year-on-year increase, with new energy vehicle loans accounting for over 33% of total retail loans[50] - Geely Auto Finance's loan balance grew by 4% year-on-year to 54.47 billion RMB, with a non-performing loan ratio improving to 0.22%[50] - Geely Auto successfully issued 5 asset-backed securities (ABS) totaling over RMB 23 billion in 2023, including the first revolving green ABS in China's auto finance industry[51] - Geely's total export sales in 2023 reached 274,101 vehicles, a year-on-year increase of over 38%[52] - Geely expanded its global presence with 533 sales and service outlets in 70 countries by the end of 2023[52] - Geely's joint venture Proton achieved annual sales of 154,000 vehicles in 2023, a 6% year-on-year increase, contributing RMB 116 million to Geely's performance[53] - Geely's joint venture Renault Korea achieved annual sales of 104,000 vehicles in 2023, with 82,000 units exported, contributing RMB 169 million to Geely's performance[53] - Geely generated RMB 8.1 billion in revenue from R&D and technical support services provided to global brands including Renault Korea and Proton in 2023[53] - Geely set a 2024 sales target of 1.9 million vehicles, representing a 13% increase compared to 2023[55] Corporate Governance and Leadership - The company's MSCI ESG rating was upgraded to "AA" in 2023, and it was included in the Hang Seng Corporate Sustainability Index[12] - Geely Automobile Holdings Limited maintained high standards of corporate governance in 2023, adhering to the Corporate Governance Code of the Hong Kong Stock Exchange, except for Code Provisions C.2.7 and F.2.2[69] - The Board of Directors consists of members with extensive experience in the automotive industry, business management, and capital market operations, ensuring diverse perspectives for effective decision-making[70] - Li Shufu, Chairman and Executive Director, has been guiding the overall corporate strategy and governance since his appointment on June 9, 2005, and was last re-elected on May 25, 2023[72] - An Conghui, Executive Director and Chairman of the Sustainability Committee, oversees the group's operations and risk management in China, appointed on December 30, 2011, and last re-elected on May 25, 2023[72] - Wei Mei, Executive Director and former member of the Remuneration Committee, supervises the group's operational management, digitalization, and IT-related work, appointed on January 17, 2011, and last re-elected on May 25, 2023[72] - Newly appointed Independent Non-Executive Directors Yu Liping and Zhu Hansong received comprehensive induction training upon their appointments on October 9, 2023, to ensure they understand their responsibilities[74] - Directors are required to annually disclose and update their positions in public companies or organizations, with any changes reflected in their profiles and disclosed on the company's website, interim reports, and annual reports[75] - Independent Non-Executive Directors have provided constructive and well-founded opinions on the company's strategy and policy development, with the Board reviewing their disclosures, confirmations, and actual time commitment[75] - The company provided continuous professional development (CPD) courses for directors, focusing on their roles, responsibilities, and compliance with ESG disclosure requirements[76] - Directors received timely and comprehensive information, including monthly management accounts and sales reports, to support informed decision-making[77] - The company adopted a standard code for securities transactions by directors and senior management, with no reported non-compliance cases in 2023[78] - Senior management shareholdings as of December 31, 2023, include: Dai Qing (343,793 shares), Zhang Songren (114,125 shares), Pan Zhijie (45,650 shares), and Zhao Yang (520,462 shares)[79] - The company implemented a policy for handling insider information, ensuring timely disclosure and confidentiality in compliance with listing rules[79] - The board reviewed corporate governance policies, including whistleblowing, remuneration, and anti-corruption policies, and monitored compliance with the standard code[82] - The board delegated strategic execution and daily operations to the CEO-led management team, retaining approval rights for significant transactions and investments[83] - The board consists of 7 executive directors and 5 independent non-executive directors, with at least one independent director possessing professional accounting or financial management expertise[84] - Directors are appointed for a maximum term of three years and must retire and seek re-election at least every three years at the company's general meeting[86] - The company held a total of 5 regular board meetings, 12 special board meetings, 1 executive committee meeting, 4 audit committee meetings, 7 remuneration committee meetings, 4 nomination committee meetings, 5 sustainability committee meetings, 1 annual general meeting, and 5 extraordinary general meetings during the fiscal year ending December 31, 2023[87] - Chairman Li Shufu attended 5/5 regular board meetings and 12/12 special board meetings, while CEO Gui Shengyue attended 5/5 regular board meetings, 12/12 special board meetings, and 1/1 executive committee meeting[88] - Independent non-executive directors confirmed their independence and compliance with the Listing Rules, with no conflicts of interest affecting their roles[90] - The Chairman and CEO roles are separated, with Li Shufu as Chairman and Gui Shengyue as CEO, ensuring balanced power distribution[91] - The company has established five board committees: Executive Committee, Remuneration Committee, Nomination Committee, Audit Committee, and Sustainability Committee[92] - The Executive Committee held one meeting during the year and approved the issuance and allotment of new shares following the vesting of restricted share awards[93] - The Remuneration Committee held seven meetings and reviewed the monthly base salary, benefits, and year-end bonuses of executive directors based on their contributions, experience, and market conditions[96] - The total remuneration for senior management in 2023 was RMB 21,481 thousand, including base salary and allowances (RMB 4,636 thousand), retirement benefits and plan contributions (RMB 81 thousand), and share-based payment expenses (RMB 16,764 thousand)[99] - The Remuneration Committee adopted a diversified remuneration structure, including short-term (monthly base salary and discretionary year-end bonuses) and long-term incentives (share option schemes, share award schemes, and retirement benefits)[97] - The Nomination Committee held four meetings and reviewed the board's composition, diversity policy, and the independence of five incumbent independent non-executive directors[101] - The company currently has three female directors, accounting for approximately 25% of the board members, with a target to increase the proportion of female directors to 30% or above by the end of 2025[106] - The company has implemented flexible board arrangements, such as virtual board meetings and flexible meeting schedules, to encourage work-life balance and support the development of board members, including women[106] - The company provides governance training and skill development opportunities to help potential female directors acquire the necessary skills and experience for board service[106] - The company uses objective criteria such as skills, experience, qualifications, and background to select board members, ensuring fair consideration for women and reducing bias[106] - The board has five independent non-executive directors, accounting for more than one-third of the board, ensuring independent perspectives and opinions are provided[107] - The audit committee held four meetings during the year, reviewing the group's audited annual results for 2022 and interim results for 2023, among other matters[110] - The audit committee evaluated the independence and objectivity of the external auditors and approved the annual audit fees for the year ending December 31, 2023[110] - The audit committee reviewed the results of internal audits conducted by the internal audit department and assessed the effectiveness of the group's risk management and internal control systems[110] - The company's risk management and internal control systems were confirmed to be effective and adequate for the year ended December 31, 2023, with considerations including resource adequacy, employee qualifications, and ESG performance[112] - The company follows the "Three Lines of Defense" model and adheres to the COSO framework and China's internal control standards for its risk management and internal control systems[112] - The internal audit department reviews major internal control areas, including financial, operational, and compliance controls, and reports to the audit committee at least twice a year without management presence[113] - The company has a policy for handling and disclosing insider information, with relevant department heads and management implementing the process monthly and as needed[113] - The Sustainability Committee held five meetings in the year, reviewing ESG performance, risks, and opportunities, and approved revisions to the ESG strategy and anti-corruption systems[115] - The company voluntarily publishes monthly sales data since January 2010 to enhance information transparency[116] - The company's long-term strategy includes expanding sales and production capacity, increasing product variety, focusing on quality and customer satisfaction, and achieving carbon neutrality[117] - The board reviews the effectiveness of the company's risk management and internal control systems annually and ensures financial statements are prepared on a going concern basis[118] - The total fees paid to the external auditor, Grant Thornton (Hong Kong) CPA Limited, for audit and non-audit services in 2023 amounted to RMB 8,072 thousand, with audit services costing RMB 7,192 thousand and non-audit services costing RMB 880 thousand[120] - The company's shareholder communication policy was revised in 2023 to enhance transparency and maintain positive relationships with stakeholders, following a comprehensive review and feedback collection[122] - The company secretary completed over 15 hours of professional training in 2023 and plays a crucial role in ensuring compliance with legal and regulatory requirements, as well as facilitating effective board decision-making[123] - Shareholders holding at least 10% of the company's voting rights can request a special general meeting, with specific conditions outlined for the process[124] - The company's investor relations department, led by Executive Director Mr. Hung Siu Lun, is authorized to handle shareholder inquiries and report them to the board for discussion[125] - The 2023 Annual General Meeting (AGM) was held on May 25, 2023, with one executive director and the external auditor attending in person, while three independent non-executive directors and four executive directors participated via teleconference[126] - The company will send meeting notices at least 21 full days before the Annual General Meeting and Extraordinary General Meetings for special resolutions, and at least 14 full days before other Extraordinary General Meetings[127] - The company may declare dividends in any currency at shareholder meetings, subject to the Cayman Islands Companies Law, and the amount declared shall not exceed the Board's recommended amount[128] - The Board may declare interim dividends without convening a shareholder meeting, and may pay dividends at fixed rates semi-annually or at other intervals as determined by the Board[129] - The company's website and the Hong Kong Exchanges and Clearing Limited website
新能源车及极氪品牌销量持续增长
东方证券· 2024-04-22 02:32
公司研究 | 动态跟踪 吉利汽车 00175.HK 买入(维持) 新能源车及极氪品牌销量持续增长 股价(2024年04月19日) 8.81港元 目标价格 11.58港元 52周最高价/最低价 11.64/7.24港元 总股本/流通H股(万股) 1,006,338/1,006,338 H股市值(百万港币) 88,658 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 吉利汽车3月销量同环比增速较快。3月吉利汽车总销量15.08万辆,同比增长 报告发布日期 2024年04月21日 38.5%,环比增长35.4%;其中新能源汽车销量4.48万台,同比增长59.4%,环比 增长33.7%;出口2.62万辆,同比增长79%。据乘联会,3月国内乘用车批发销量 1周 1月 3月 12月 同比增长约10%,吉利汽车整体销量同比增速大幅好于行业平均水平。 绝对表现 -6.87 -0.68 12.23 -9.82 ⚫ 极氪品牌销量同环比劲增,新车有望带动销量向上。3月吉利品牌销量11.82万 相对表现 -3.89 1.17 6.25 10.52 辆,同比增长33.9%,环比增长30.3%;1-3月累计销量38.16万辆,同比 ...
一季度销售表现出色,多形式应对行业价格竞争压力
长城证券· 2024-04-10 16:00
证券研究报告 | 公司动态点评 2024 年 04月 07日 吉利汽车(00175.HK) 一季度销售表现出色,多形式应对行业价格竞争压力 财务指标 2022A 2023A 2024E 2025E 2026E 增持(维持评级) 营业收入(百万元) 147,964.65 179,203.59 225,957.63 277,159.63 328,545.02 股票信息 增长率yoy(%) 45.62 21.11 26.09 22.66 18.54 行业 汽车 归母净利润(百万元) 5,260.35 5,308.41 6,224.55 7,754.08 9,509.46 2024年4月5日收盘价(港元) 9.400 增长率yoy(%) 8.52 0.91 17.26 24.57 22.64 总市值(百万港元) 94,595.79 ROE(%) 7.00 6.59 7.37 8.68 9.97 流通市值(百万港元) 94,595.79 EPS最新摊薄(元) 0.52 0.53 0.62 0.77 0.94 总股本(百万股) 10,063.38 流通股本(百万股) 10,063.38 P/E(倍) 17.98 17.8 ...
毛利率触底反弹,盈利能力将持续改善
第一上海证券· 2024-04-09 16:00
吉利汽车(175) 更新报告 买入 2024年4月10日 毛利率触底反弹,盈利能力将持续改善  毛利率反弹,核心净利润大幅增长:公司实现全年实现营业收入 邹瀚逸 1798.5 亿元,同比+21%;实现毛利 274.2 亿元,同比+31.2%, 毛利率触底反弹 1.2pct.至 15.3%。归母净利润 53.1 亿元,同比 852-33367861 +1%,剔除出 22 年公司收购韩国雷诺带来的一次性收益后,23 Robin.zou@firstshanghai.com.hk 年公司核心净利润同比大幅增长 51%。公司净现金水平达到 284 亿元,同比+46%。 陈晓霞  2023 年销量创历史新高,新能源车占比提升:2023 年公司销量 创历史新高的 168.7 万辆,同比+18%,分品牌来看:吉利品牌 852-25321956 130.96 万辆,同比+16%;领克 22.03 万辆,同比+22%;极氪 xx.chen@firstshanghai.com.hk 11.87 万辆,同比+65%。主要得益于三方面:1)在燃油车方 面,依托 CMA 平台优秀表现,中国“星”系列销量销量稳步提 主要数据 高。2) ...
规模推升盈利水平,销量有望超预期达成
申万宏源研究· 2024-04-08 16:00
申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 汽车 | 公司点评 规模推升盈利水平,销量有望超预期达成 2024年04月09日 吉利汽车 (00175:HK) 公司发布2023年年报:2023年度实现营收1792.04亿元,同比+21.1%;归母净利润53.08 买入 亿元,剔除2022年一次性收益后归母净利同比+51%。23H2营收1060.2亿元,同比+18%, 归母净利润37.4亿元,23H2利润表现超预期。 维持 ⚫ 总销量168.7万辆,新能源销量48.7万辆(渗透率近30%),出口27.4万辆,三创新高。 市场数据:2024年04月08日 市场数据:2022年03月25日 其中新能源整体同比+48.3%“,银河”系列销量8.3万辆;极氪销量11.9万辆,同比+65%。 收盘价(港币) 9.41 收盘价(港币) 10.23 恒生中国企业指数 5868.97 恒生中国企领业克指销数 量22万辆,7同283比.92+ 22.3%,品牌新能源渗透率增至28.5%。海外销量27.4万辆, 52周最高/最低价 (港币) 1 ...