Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Views - The company has set an ambitious annual sales target of 3 million vehicles, reflecting confidence in its growth trajectory, particularly in the new energy vehicle (NEV) segment, which has shown significant year-on-year growth [2][4]. - The company reported a total wholesale volume of 236,000 vehicles in June, a year-on-year increase of 42.1%, with NEV sales reaching 122,367 units, up 85.5% year-on-year [1][2]. - The introduction of new models, such as the Galaxy A7 and M9, is expected to enhance the company's market position and drive sales growth in the coming years [2][3]. Summary by Sections Sales Performance - In the first half of the year, the company achieved a total wholesale volume of 1.409 million vehicles, representing a 47.4% increase year-on-year [1]. - The NEV segment accounted for 725,000 units sold in the first half, marking a 126.5% increase compared to the same period last year [2]. Product Development - The Galaxy A7 is set to launch in Q3 2025, featuring advanced hybrid technology and a comprehensive range of 2,100 kilometers on a full charge [2]. - The Galaxy M9, a large six-seat plug-in hybrid SUV, is also expected to debut in Q3 2025, equipped with cutting-edge driving assistance systems [2][3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 404.8 billion, 489.7 billion, and 572.8 billion RMB, respectively, with net profits expected to reach 16.2 billion, 22.1 billion, and 26.0 billion RMB [4][5]. - The earnings per share (EPS) is anticipated to grow from 1.61 RMB in 2025 to 2.58 RMB by 2027, reflecting a positive trend in profitability [4][5]. Strategic Moves - The company plans to privatize its high-end brand, Zeekr, to streamline operations and enhance resource allocation, which is expected to improve overall efficiency and competitiveness [3][4].

智通财经7月1日电，吉利汽车将财年销售目标从271万辆上调至300万辆。 ...

Core Insights - Geely Automobile announced a total vehicle sales of 236,000 units in June, representing a year-on-year increase of 42% [1] Company Performance - The total sales figure of 236,000 units indicates strong growth compared to the same period last year, highlighting the company's robust market performance [1]

Core Viewpoint - Geely Automobile reported a total vehicle sales of 236,000 units in June [1] Group 1 - The sales figure of 236,000 units indicates the company's performance in the automotive market for the month of June [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain its cost advantages in vehicle manufacturing, with brand integration driving operational efficiency. The forecasted revenue for 2025-2027 is CNY 336.7 billion, CNY 368.5 billion, and CNY 395.6 billion, representing year-on-year growth of 40%, 10%, and 7% respectively. The net profit forecast for the same period is CNY 15.2 billion, CNY 17.8 billion, and CNY 21.7 billion, with year-on-year growth rates of -8%, 17%, and 22% respectively. The current stock price corresponds to a PE ratio of 9.6, 8.3, and 6.8 for 2025-2027 [7][10]. Summary by Sections 1. New Energy Acceleration and Strategic Transformation - The company has entered the 4.0 era of vehicle manufacturing, focusing on new energy and high-end models. The brand matrix includes four major brands: Geely, Galaxy, Zeekr, and Lynk & Co, covering various market segments and energy types [19][20][22]. 2. Galaxy: Platformization Ensures Cost-Effectiveness - The GEA architecture is designed for new energy vehicles, enhancing safety and performance. The Galaxy brand has seen significant sales growth, with models like E5 and Star Wish achieving monthly sales exceeding 10,000 units [36][44]. 3. Zeekr Technology: Balanced Product Strength - Zeekr's SEA architecture supports a wide range of vehicle types, from sedans to SUVs. The brand has successfully launched models that cater to both high-end and mainstream markets, establishing a strong brand presence [52][57]. 4. Oil Vehicles: Competitive Pricing Maintained - The main brand continues to offer competitive pricing in the oil vehicle segment, contributing to stable revenue and profit generation. The company is also expanding its export capabilities, leveraging its global production footprint [9][10][25]. 5. Financial Summary and Valuation Metrics - The company’s revenue and net profit forecasts indicate a strong growth trajectory, with a projected revenue of CNY 336.7 billion in 2025 and a net profit of CNY 15.2 billion. The gross margin is expected to improve gradually, reflecting operational efficiencies from brand integration [10][25].

Core Insights - Geely Auto has become the first global automotive company to receive the ISO/PAS 8800 certification for road vehicle safety and artificial intelligence processes, marking a significant step towards the AI era in the automotive industry [1][3][4] Group 1: Certification and Standards - The ISO/PAS 8800 standard, set to be released by the International Organization for Standardization (ISO) in December 2024, aims to regulate the safety development processes of AI systems throughout their lifecycle, enhancing the safety and reliability of intelligent driving vehicles [2][4] - Geely's achievement in obtaining this certification reflects its comprehensive safety system that encompasses functional safety, expected functional safety, and AI safety, establishing a full-cycle safety framework [1][4][5] Group 2: Safety Culture and Technological Development - Geely's safety culture is rooted in its commitment to user safety, which is reflected in its continuous improvement of safety technologies and adherence to international standards [3][5] - The company has established a complete AI functional safety system in collaboration with its electronic software, intelligent driving, and AI centers, ensuring compliance with the new standards [3][6] Group 3: Future Implications - The transition from "safety compliance" to "full lifecycle safety" in automotive AI signifies a competitive edge for companies like Geely, as the ability to analyze and design AI safety systems will become a core barrier in the intelligent connected vehicle market [4][6] - Geely is actively conducting specialized technical training to align its safety development processes with ISO/PAS 8800, enhancing the safety awareness of its technical teams and integrating various safety standards [6][7]

港股汽车股多数走低，小鹏汽车(09868.HK)、蔚来汽车(09866.HK)跌超3%，吉利汽车(00175.HK)、零跑 汽车(09863.HK)等跌幅居前。 ...

吉利汽车：本公司、吉利控股、GA、 GH、雷诺及合资公司订立出资协议及合资协议 金十数据6月20日讯，吉利汽车(00175.HK)港交所公告，于二零二五年六月二十日，本公司、吉利控 股、GA(SGP)（本公司之全资附属公司）、GH(SGP)（吉利控股之全资附属公司）、雷诺及合资公司订 立出资协议及合资协议，据此(i)GA(SGP)有条件同意以其全资附属公司之全部已发行股本及现金出资的 方式向合资公司出资，以换取合资公司之普通股、认股权证及可转换优先股，及(ii)GH(SGP)有条件同 意以其全资附属公司之全部已发行股本向合资公司出资，以换取合资公司之普通股。于交割后，合资公 司将由雷诺、GA(SGP)、GH(SGP)及一名独立第三方分别拥有73.57%、21.29%、5.11%及0.03%之权 益。 ...

作为合资公司的股东，本集团可充分利用合资公司在巴西成熟的商业能力及全面的生态系统，包括稳固 的分销基础设施及覆盖全国的广泛经销商网络，提供销售与售后服务。这些优势将有助加快本集团产品 在巴西市场占有率的扩张。 通过该交易，本集团可使用合资公司的制造设施，而无需大量资本开支进行绿地投资。当地的制造能力 及完善的供应链网络将有助于本集团加快产能提升，并更有效地为巴西市场提供符合当地喜好及需求的 产品。此外，通过共享生产设施及优化资源配置，为本集团创造了在巴西与雷诺实现营运协同效益的机 会。 于出售事项完成后，本集团将换取合资公司的股权，GA IP新设主体将不再为本公司的附属公司，而本 集团亦不再将其财务业绩综合入账。估计本集团将不会录得有关出售事项的收益或亏损，乃由于GA IP 新设主体的账面净值等于已收取代价(未计税项、交易成本及其他惯常调整)。出售事项产生的实际收益 或亏损将于完成最终审计后进行调整。 合资集团的主要业务将为在巴西生产及分销雷诺品牌及吉利品牌旗下乘用车，以及雷诺品牌旗下轻型商 用车(轻型商用车)。合资集团亦将专注在巴西发展雷诺品牌及吉利品牌以吸引客户。 本集团不断寻求加快国际化的机会，透过本集 ...

Group 1 - Geely Auto Group commits to standardizing payment terms to within 60 days to enhance cash flow efficiency in the supply chain [1] - This initiative aligns with the State Council's regulations on ensuring timely payments to small and medium-sized enterprises and the China Association of Automobile Manufacturers' advocacy for fair competition [1] - The move aims to stabilize the supply chain and promote high-quality development in the automotive industry [1]