Workflow
GEELY AUTO(GELYY)
icon
Search documents
吉利汽车(00175):银河品牌盈利持续强势,Q2业绩符合预期
Changjiang Securities· 2025-08-19 08:11
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a strong performance in H1 2025, achieving revenue of 150.28 billion, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million units, up 47.4% year-on-year. The core net profit attributable to shareholders reached 6.66 billion, reflecting a significant year-on-year growth of 102% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 77.79 billion, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. Total sales volume for Q2 was 705,000 units, with year-on-year growth of 46.9% [7]. - The company’s market share reached 10.4% in H1 2025, marking a 2.4 percentage point increase year-on-year [7]. - The gross profit margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but an increase of 1.3 percentage points quarter-on-quarter [7]. Brand and Product Strategy - The company is entering a new product era supported by the GEA architecture, with a successful transition to new energy vehicles across its brands, including Galaxy, Lynk & Co, and Zeekr [2][7]. - In 2025, the company plans to launch 10 new energy models, with significant new releases from its various brands throughout the year [7]. Market Position and Outlook - The company is expected to maintain strong profitability due to scale effects and a solid foundation in fuel vehicles, alongside innovative overseas expansion strategies [2][7]. - The forecast for the company's net profit attributable to shareholders for 2025 is 16.1 billion, with a corresponding price-to-earnings ratio of 11.3X [7].
吉利汽车(00175)上涨2.17%,报20.24元/股
Jin Rong Jie· 2025-08-19 05:23
8月19日,吉利汽车(00175)盘中上涨2.17%,截至13:02,报20.24元/股,成交9.37亿元。 吉利汽车控股有限公司专注于研发、制造以及销售乘用车,具有10个生产基地和超过60,000员工,服务 旗下吉利、极氪及合资品牌领克,销售网络覆盖中国及70个海外国家。2023年双班总年产能达到 2,000,000辆车,拥有在中国大陆1911家汽车经销商和2家欧洲极氪中心,公司计划在2025年将年销量目 标提高至365万辆。 截至2025年中报,吉利汽车营业总收入1502.85亿元、净利润92.9亿元。 8月17日,海通国际维持增持评级,目标价下调至27.45港元。 本文源自:金融界 作者:行情君 ...
吉利汽车因认股权获行使而发行合计7.55万股
Zhi Tong Cai Jing· 2025-08-19 05:05
吉利汽车(00175)发布公告,于2025年8月19日因集团雇员根据认股权计划(于2023年4月28日获采纳)行使 认股权而发行的普通股股份合计7.25万股;及因关连实体参与者根据认股权计划(于2023年4月28日获采 纳)行使认股权而发行的普通股股份3000股。 ...
吉利汽车(00175)因认股权获行使而发行合计7.55万股
智通财经网· 2025-08-19 05:01
智通财经APP讯,吉利汽车(00175)发布公告,于2025年8月19日因集团雇员根据认股权计划(于2023年4 月28日获采纳)行使认股权而发行的普通股股份合计7.25万股;及因关连实体参与者根据认股权计划(于 2023年4月28日获采纳)行使认股权而发行的普通股股份3000股。 ...
吉利汽车(00175) - 翌日披露报表
2025-08-19 04:17
FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別: 股票 狀態: 新提交 公司名稱: 吉利汽車控股有限公司 呈交日期: 2025年8月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司(「香港聯交所」)證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露,必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份(不包括庫存股份 ...
大行评级|中银国际:上调吉利汽车目标价至32港元 重申“买入”评级
Ge Long Hui· 2025-08-18 05:20
Core Viewpoint - Zhongyin International's report indicates that Geely Automobile's Q2 revenue increased by 7.3% quarter-on-quarter, with a core net profit of 3.2 billion yuan, roughly in line with expectations [1] Company Performance - Geely is expected to continue narrowing the gap with current electric vehicle leaders due to its expanding domestic market share, upcoming overseas expansion, and leadership in smart electric vehicle technology [1] - The firm maintains its 2025 net profit forecast at 15 billion yuan while raising the 2026 net revenue forecast by 13% to 20 billion yuan, reflecting upward adjustments in Galaxy series and overseas sales forecasts, as well as improved profit margin prospects from the "One Geely" strategy and scale expansion [1] Valuation and Investment Outlook - The report highlights that Geely's current valuation is significantly discounted and does not fully reflect its potential to challenge BYD's dominance in the foreseeable future [1] - The "buy" rating is reiterated, with the target price raised from 29 HKD to 32 HKD [1]
吉利汽车(00175):降本效果显著,高端化挑战仍大
Ping An Securities· 2025-08-18 02:50
Investment Rating - The report maintains a "Recommended" investment rating for Geely Automobile [1][8] Core Views - The company achieved significant cost reduction effects, but still faces challenges in high-end market positioning [1][8] - In the first half of 2025, Geely's revenue reached 150.3 billion yuan, a year-on-year increase of 27%, while net profit attributable to shareholders decreased by 14% to 9.29 billion yuan [4][8] - The company aims to increase its annual sales target to 3 million units for 2025, reflecting strong demand for its economy models [7][8] Financial Performance Summary - Revenue projections for Geely are as follows: 2023A: 179.2 billion yuan, 2024A: 240.2 billion yuan, 2025E: 320.5 billion yuan, 2026E: 371.0 billion yuan, 2027E: 410.9 billion yuan, with year-on-year growth rates of 21.1%, 34.0%, 33.4%, 15.7%, and 10.7% respectively [6][12] - Net profit projections are: 2023A: 5.3 billion yuan, 2024A: 16.6 billion yuan, 2025E: 15.9 billion yuan, 2026E: 16.7 billion yuan, 2027E: 19.8 billion yuan, with year-on-year growth rates of 0.9%, 213.3%, -4.0%, 4.6%, and 18.3% respectively [6][12] - The gross margin is expected to improve gradually, reaching 17.4% by 2027, while the net profit margin is projected to stabilize around 4.8% [6][12] Sales and Market Share - Geely's market share exceeded 10% for the first time in the first half of 2025, with a significant increase in sales of the Galaxy model, which saw a 232% year-on-year growth [7][8] - The company reported a total of 54.8 million units sold in the first half of 2025, with a notable performance in both fuel and electric vehicles [7][8] Cost Management and Profitability - The average selling price (ASP) per vehicle decreased by 12.9% to 95,500 yuan, while the gross margin slightly declined by 0.3 percentage points to 16.4% [7][8] - The net profit per vehicle increased by 37% to 4,724 yuan, with the core net profit margin improving to 4.4% [7][8] Future Outlook - The report adjusts the profit forecast for Geely, estimating net profits of 15.96 billion yuan for 2025, 16.70 billion yuan for 2026, and 19.76 billion yuan for 2027, reflecting a positive outlook despite competitive pressures [8][12]
建银国际:升吉利汽车(00175)目标价至26.4港元 维持“跑赢大市”评级
智通财经网· 2025-08-18 02:29
Core Viewpoint - Geely Automobile's net profit performance in the first half of this year is robust and meets expectations, with positive outlooks for future growth driven by new models and market acceptance [1] Financial Performance - Geely's net profit for the first half of the year is stable and aligns with forecasts [1] - The target price has been raised by 22% to HKD 26.4, maintaining an "outperform" rating [1] Future Projections - Earnings estimates for 2025-2026 have been increased by 28% and 4% respectively, reflecting confidence in new model production and market acceptance [1] - The company is expected to see significant benefits from its new product lines, particularly in hybrid and export markets, starting in 2025 [1] Market Dynamics - Short-term profit margin pressures for Geely are gradually easing, supported by government policies that are boosting the automotive market, especially for products priced between RMB 100,000 to 150,000 [1] - Anticipated sales increases in 2025 will allow the company to share more platforms and powertrains across its brands, leading to cost savings in production [1]
吉利汽车20250815
2025-08-18 01:00
Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric and hybrid vehicles Key Points and Arguments Financial Performance - In Q2, Geely achieved an operating profit of 285 million RMB, marking the first positive result, although the total loss for H1 was 774 million RMB [2][3] - Gross margin improved to 20.5%, with Zeekr brand's vehicle gross margin around 21% and Lynk brand's margin increasing from 11.1% in Q1 to 14% in Q2 [2][3] - The net loss for H1 was approximately 1.1 billion RMB, significantly reduced from 7.7 billion RMB in the previous year [3] Product Development and Launches - Geely plans to launch several new models in H2, including the Lynk 10 and various updated models (07, 08, 01, 09) focusing on smart technology and electric systems [2][5][7] - The Zeekr brand will introduce the 9X series, utilizing super electric hybrid technology and a 900V platform, marking a significant technological upgrade [2][6] - The new Galaxy series will also be launched, emphasizing smart technology across all sub-brands [2][7] Sales and Market Strategy - Geely's H1 export volume was 184,000 units, a 7.7% decline year-on-year, but other markets saw over 40% growth [2][8] - The company expects a minimum 30% increase in export volume in H2 compared to H1, with a year-on-year growth of 20-30% compared to last year [2][8] - The target for H2 is to sell nearly 80,000 new energy vehicles, aiming for a 90% increase [4][9] Cost Management and Efficiency - The merger of Zeekr and Lynk has led to significant cost reductions, with R&D expenses decreasing from 2.9 billion RMB in Q1 to 2.1 billion RMB in Q2 [3] - The company aims to continue optimizing costs through further synergies and integration [3] Technological Advancements - Geely is focusing on AI integration across all vehicle systems, enhancing self-driving, cabin experience, chassis, and power systems [4][17] - The company has developed a comprehensive AI strategy, including a significant increase in computing power for autonomous driving solutions [14][15] Future Outlook - Geely believes all product lines are now profitable, indicating a strong competitive position in the market [13] - The company is prepared to adapt to market changes, including potential policy shifts affecting the electric vehicle sector [25] Geopolitical Considerations - Geely is taking a cautious approach to international expansion, leveraging partnerships to mitigate risks associated with geopolitical changes [10] Taxation and Financial Management - The increase in tax expenses in Q2 was attributed to specific financial reporting details, including dividend distributions [11][12] Additional Important Insights - The Lynk 900 model has significantly boosted the brand's profitability and market image [5] - Geely's platform architecture is a core advantage, enabling the development of multiple brands and models efficiently [21] - The company is committed to maintaining a strong presence in both electric and hybrid vehicle markets, with advanced technologies driving future growth [22][23]
吉利汽车(00175):港股公司信息更新报告:潜力新车或支撑高增长,战略整合利于利润释放
KAIYUAN SECURITIES· 2025-08-17 12:41
Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company is expected to experience high growth driven by the release of potential new vehicles and strategic integration, which will facilitate profit release from the second half of 2025 onwards [6][7]. - The net profit forecasts for 2025-2027 have been adjusted upwards to 156.6 billion, 179.7 billion, and 215.7 billion RMB, respectively, corresponding to EPS of 1.7, 1.9, and 2.2 RMB [6]. - The company has raised its annual sales target for 2025 to 3 million vehicles, supported by the platform-based cost advantages and the launch of several new models [7]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 179.204 billion RMB, with a year-on-year growth of 21.1%. By 2025, revenue is expected to reach 330.103 billion RMB, reflecting a growth rate of 37.4% [7]. - The net profit for 2023 is estimated at 5.308 billion RMB, with a significant increase of 213.3% in 2024, followed by a slight decrease of 5.9% in 2025 [7]. - The gross margin is expected to improve from 15.3% in 2023 to 17.1% by 2027, while the net margin is projected to rise from 3.0% to 5.4% over the same period [7].