Core Viewpoint - The overall business outlook for Geely Automobile in Q1 2025 is optimistic, with expectations for continued growth in sales and operating performance due to the launch of several key models [1][2] Group 1: Financial Performance - In Q1 2025, Geely Automobile achieved a sales volume of 704,000 units, representing a year-on-year increase of 48% [2] - Revenue for the same period reached 72.5 billion yuan, up 25% year-on-year, while net profit attributable to shareholders was 5.67 billion yuan, marking a significant increase of 264% [1][2] - The company forecasts net profits for 2025-2027 to be 16.3 billion yuan, 18.21 billion yuan, and 23.66 billion yuan respectively, with corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] Group 2: Sales and Market Strategy - Geely plans to launch 10 new energy models in 2025, with a sales target of 2.71 million units, including 1.5 million units from new energy vehicles [2] - The sales target for the Geely brand is set at 2 million units, with plans to introduce 5 new energy models and several updated models [2] - The strong growth in the new energy segment is highlighted, with sales of new energy vehicles reaching 339,000 units, including 239,000 pure electric vehicles and 101,000 plug-in hybrids, reflecting year-on-year growth of 181% and 70% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown significant growth in Q1, with revenue reaching 72.495 billion yuan, a year-on-year increase of 24.5%, and net profit attributable to shareholders at 5.672 billion yuan, up 263.6% year-on-year [9] - The gross margin improved to 15.8%, reflecting a 0.2 percentage point increase, driven by record sales, growth in the new energy sector, product mix optimization, and scale effects [9] - The company aims to fully integrate its brands under the "One Geely" strategy, enhancing resource synergy and competitiveness in the passenger vehicle market [9] Financial Forecasts and Investment Recommendations - Adjusted revenue and gross margin forecasts predict EPS for 2025-2027 to be 1.36, 1.54, and 1.94 yuan respectively, with a target price set at 20.40 yuan [2] - The company is expected to achieve a revenue of 305.782 billion yuan in 2025, with a year-on-year growth of 27.3% [4] - The net profit attributable to shareholders is projected to be 13.716 billion yuan in 2025, reflecting a year-on-year decrease of 17.5% [4] Key Financial Information - The company reported a revenue of 179.204 billion yuan for 2023, with a year-on-year growth of 21.1% [4] - The gross profit for 2023 was 27.415 billion yuan, with a gross margin of 15.3% [4] - The net profit attributable to shareholders for 2023 was 5.308 billion yuan, with a net margin of 3.0% [4] Sales Performance - The company sold a total of 703,800 vehicles in Q1, marking a 47.9% increase year-on-year, with new energy vehicle sales reaching 339,200 units, up 135.4% [9] - The penetration rate of new energy vehicles in the domestic market reached 52.2%, exceeding the industry average [9] Strategic Developments - The company is advancing its "Taizhou Declaration," focusing on its core automotive business and plans to privatize and integrate the Zeekr brand to enhance operational efficiency [9]

Core Viewpoint - Geely Automobile is confident in achieving or exceeding its annual sales targets, with a strong performance in Q1 2025, showcasing significant revenue and profit growth driven by improved profitability in new energy vehicles and effective cost control [2][3]. Financial Performance - In Q1 2025, Geely reported total revenue of 72.5 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 5.67 billion yuan, up 264% [2]. - The gross profit for Q1 reached 11.4 billion yuan, reflecting a 26% increase year-on-year, with a gross margin of 15.8%, up 0.2 percentage points from the previous year [2]. Sales and Market Strategy - Geely's Q1 sales reached 703,800 units, marking a historical high and a 48% year-on-year increase, achieving 26% of its annual target of 2.71 million units [3]. - The company plans to accelerate its product launch strategy, focusing on both fuel and new energy vehicles, with multiple new models set to be introduced in 2025 [3][4]. Product Development - Geely's new fuel vehicle, the fourth-generation Boyue L, has been launched with a price range of 92,900 to 119,900 yuan, emphasizing intelligent features [4]. - The Geely Galaxy brand aims to introduce five new products in 2025, including two SUVs and three sedans, targeting annual sales of one million units [4]. Cost Control and Efficiency - Geely has implemented significant cost control measures, with sales and administrative expense ratios decreasing by 2.1 and 0.6 percentage points, respectively [2]. - The company has initiated a strategic integration process under the "Taizhou Declaration," focusing on brand, supply chain, and operational efficiencies, which has begun to yield positive results [6][9]. Brand Integration and Market Position - The merger of Zeekr and Lynk & Co has led to improved financial performance for Zeekr, with Q1 revenues of 22 billion yuan and a gross margin of 19.1% [6][7]. - The "One Geely" strategy aims to eliminate redundant investments and enhance operational efficiency, positively impacting the company's stock performance [8][9].

Core Viewpoint - Geely Auto is highlighted as a successful case of transformation among traditional car manufacturers during the current automotive industry shift, achieving significant sales growth and profitability [1][2]. Sales Performance - In April, Geely Auto achieved a 53% year-on-year sales growth, selling 230,000 vehicles, and a 0.8% increase from the previous month, ranking second among traditional car manufacturers [1]. - In Q1 2025, Geely's total sales reached a record high of 704,000 units, with a 48% year-on-year increase, and 48% of these were new energy vehicles [3][4]. Financial Performance - Geely's revenue for Q1 2025 grew by 24.5% to 72.495 billion yuan, while net profit attributable to shareholders surged by 263.6% to 5.672 billion yuan [4][5]. - The gross profit margin improved by 0.2 percentage points to 15.8%, indicating effective cost management despite rising sales [8]. Brand Strategy - The launch of the "Geely Galaxy" brand has significantly contributed to sales, with nearly 260,000 units sold in the quarter, marking a 214% increase [5][6]. - The integration of the Lynk & Co brand into Zeekr has enhanced brand premium capabilities, with Zeekr's total sales increasing by 21.1% to 114,000 units in Q1 [6][9]. Market Position - Geely is positioned as a leading player in the new energy vehicle market, with a domestic penetration rate exceeding 50% [3][12]. - The company is focusing on a unified brand strategy to enhance competitiveness and operational efficiency in a challenging market environment [9][19]. Future Outlook - Geely plans to continue investing in smart driving technologies and aims to expand its global presence, although its export growth has been slower than expected [15][16][17]. - The company is expected to maintain its profitability and growth trajectory by leveraging its multi-brand strategy and enhancing operational synergies [11][18].

Group 1 - Geely has achieved remarkable results in its transformation of New Energy Vehicles (NEVs), with expectations for further acceleration in profitability and NEV launches in 2025 [1][2] - The product matrix has been strengthened, with brands like Zeekr, Galaxy, and Lynk & Co. collaborating to enhance sales in the mid-to-high-end market [1][2] - Geely's sales in overseas markets are making breakthroughs, with a goal of reaching an annual NEV penetration rate of 50.0%-55.0% in 2025 [2][3] Group 2 - In 1Q2025, Geely's revenue rose by 24.5% year-on-year to RMB72.5 billion, with a gross profit margin (GPM) increase of 0.2 percentage points to 15.8% [1] - The net profit attributable to the parent company surged by 321.6% year-on-year to RMB5.87 billion, driven by the success of the NEV transformation [1] - The sales of the high-end Zeekr brand reached 41,403 units, up 25.2% year-on-year, while the Galaxy Series saw sales soar by 571.1% year-on-year to 259,709 units in 1Q2025 [1] Group 3 - Geely's "One Geely" strategy is reshaping competitiveness and aims to develop various brands, enhancing supply chain synergy and capacity sharing [2][3] - In 2H2025, Geely plans to strategically expand its three major brands across various markets, launching more models globally to drive overseas sales [3] - Monthly export sales in 1Q2025 were 29,587 units, up 2.0% year-on-year, with tailored approaches for different global markets [3]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - The report expresses an optimistic outlook for Geely Automobile's performance in Q1 2025, driven by the launch of several key models, which supports a positive sales and operational performance forecast for the entire year [2] - The company's brand structure is considered reasonable and clear, with expectations for continued revenue and net profit growth as the "Smart Geely 2025" strategy is gradually implemented [7] - The report anticipates Geely's net profit for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [7] Financial Summary - In Q1 2025, Geely's sales reached 704,000 units, a year-on-year increase of 48%, with revenue of 72.5 billion RMB, up 25% year-on-year, and a net profit of 5.67 billion RMB, reflecting a 264% increase year-on-year [7] - The company plans to launch 10 new energy models in 2025, with a sales target of 2.71 million units, including 1.5 million units from new energy vehicles [7] - The financial projections indicate a significant increase in revenue from 240.2 billion RMB in 2024 to 321.8 billion RMB in 2025, representing a growth rate of 34% [9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a proposed privatization of its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted to be 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a plan to privatize its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted at 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9]. Strategic Initiatives - The company is focusing on integrating its automotive operations to improve quality and efficiency, with an anticipated overall benefit exceeding 5% post-integration [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported strong performance in Q1 2025, with revenue of 72.495 billion yuan, a year-on-year increase of 24.5%, and a net profit attributable to shareholders of 5.672 billion yuan, up 263.6% year-on-year [3][6] - The "One Geely" plan is progressing smoothly, with significant growth in the Galaxy brand's sales contributing to overall revenue growth [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 179.846 billion yuan - 2024A: 240.194 billion yuan - 2025E: 318.690 billion yuan - 2026E: 383.448 billion yuan - 2027E: 430.228 billion yuan - Year-on-year growth rates are projected at 21%, 34%, 33%, 20%, and 12% respectively [2] - Net profit attributable to shareholders is forecasted as: - 2023A: 5.166 billion yuan - 2024A: 16.632 billion yuan - 2025E: 13.385 billion yuan - 2026E: 16.763 billion yuan - 2027E: 19.556 billion yuan - Year-on-year growth rates are projected at 1%, 222%, -20%, 25%, and 17% respectively [2] - Earnings per share (EPS) estimates are: - 2023A: 0.51 yuan - 2024A: 1.65 yuan - 2025E: 1.33 yuan - 2026E: 1.66 yuan - 2027E: 1.94 yuan [2] Sales and Profitability - In Q1 2025, the company achieved a gross margin of 15.78%, an increase of 0.15 percentage points year-on-year, while the expense ratio decreased by 2.61 percentage points to approximately 11.55% [6] - The Galaxy brand's sales reached 260,000 units in Q1 2025, showing a year-on-year increase of 574.1% [6] Market Position and Future Outlook - The company is actively pursuing the privatization of Zeekr to enhance operational efficiency and cost reduction [6] - Upcoming model launches, such as the Lynk 900 and Starry 8, are expected to contribute positively to sales in Q2 2025 [6] - The company maintains a positive outlook on revenue and profit growth, with projected revenues of 318.69 billion yuan, 383.45 billion yuan, and 430.23 billion yuan for 2025, 2026, and 2027 respectively [6]

智通财经APP获悉，中金发布研报称，由于吉利汽车(00175)整合释放盈利弹性，上调2025/2026净利润 15.5%/6.1%至162/176亿元。当前股价对应2025/2026年11.4倍/10.3倍P/E。维持跑赢行业评级，考虑到公 司新能源车型优势增强，上调目标价23.5%至26.00港元，对应15.0倍/13.6倍2025/2026年P/E，较当前有 31.7%上行空间。 盈利能力持续改善，整合带动费用管控效果增强 1Q25公司毛利率同比+0.2ppt至15.8%，得益于新能源业务规模效应释放，GEA模块化架构降低单车制造 成本。得益于领克与极氪的整合效果逐步显现，精益管理推动销售与管理费用率同比分别-2.1ppt/-0.6ppt 至5.0%与1.9%。据一季报披露，1Q25极氪盈利表现亮眼，实现净利润5.1亿元，单车净利润达4,500元， 同比大幅扭亏。往前看，该行预计随着多品牌整合展现协同降本能力、且高端化车型领克900、极氪9X 爬坡，产品高端化有望贡献盈利弹性。 协同效应释放，"一个吉利"战略重塑竞争力 自《台州宣言》发布以来，吉利加速品牌整合与资源聚焦，推动降本增效，1Q25已初步展现整 ...