GEELY AUTO(GELYY)

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吉利汽车(00175):上半年营收高增,利润符合预期,关注下半年重磅新车发布
Haitong Securities International· 2025-08-17 06:34
Investment Rating - Maintain OUTPERFORM rating with a target price of HK$27.45 [2][4][12] Core Insights - The company achieved a revenue growth of 27% YoY in H1 2025, reaching Rmb150.28 billion, slightly above market expectations, with vehicle sales increasing by 47% YoY to 1.409 million units, resulting in a market share of 10.4% [5][13] - The company aims to narrow the market share gap with the industry leader to less than 4% and ultimately overtake them [5][13] - The gross margin for H1 2025 was reported at 16.4%, a slight decrease of 0.3 percentage points YoY [5][13] - The net cash position stood at Rmb38.91 billion, indicating a strong liquidity position [5][13] Financial Performance - The reported net profit attributable to shareholders was Rmb9.29 billion, down 14% YoY, but core net profit surged 102% YoY to Rmb6.66 billion [5][14] - Selling and administrative expenses (SG&A) saw a significant reduction, with the selling expense ratio at 5.6% and administrative expense ratio at 1.9%, reflecting improved efficiency from brand integration [5][14] - R&D spending decreased by 8.6% YoY to Rmb8.35 billion, with the R&D-to-revenue ratio at 5.6% [5][14] Strategic Developments - The merger with Zeekr is on track, pending shareholder approvals, aiming to streamline operations and enhance efficiency [6][15] - Post-merger, the company will focus on four distinct brands: Geely Auto, Geely Galaxy, Zeekr, and Lynk & Co, with a strategy to accelerate new model launches in H2 2025 [6][15] - The company emphasizes a shift towards fair and high-quality growth in the automotive market, moving away from price wars [6][15] Product Pipeline - Key new launches in H2 2025 include: 1. Galaxy A7, launched in August, targeting the Rmb100k PHEV sedan segment [7][16] 2. Galaxy M9, a flagship PHEV SUV expected in Q3 [7][16] 3. Galaxy Xingyao 6, a compact PHEV sedan launching in Q4 [7][16] 4. Zeekr 9X, set to launch in Q3 as a new tech flagship [7][16]
吉利汽车(00175.HK):1H25盈利韧性突出 推进全球化与智能化
Ge Long Hui· 2025-08-16 19:55
Core Insights - The company reported a revenue of 150.285 billion yuan for 1H25, a year-on-year increase of 40%, while the net profit attributable to shareholders was 9.29 billion yuan, a year-on-year decrease of 12% [1] - In 2Q25, revenue reached 77.79 billion yuan, reflecting a quarter-on-quarter increase of 41% and a year-on-year increase of 7%, while net profit dropped 60% year-on-year to 3.62 billion yuan, primarily due to one-time gains in the previous year [1] Performance Trends - Total sales volume surged by 47% year-on-year to 1.409 million vehicles in 1H25, driving a 40% increase in total revenue [1] - New energy vehicle sales soared by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [1] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [1] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million vehicles for the year [1] Profitability and R&D - The gross margin for 1H25 decreased by 0.3 percentage points to 16.4%, mainly due to intensified competition in domestic terminal prices, although profitability from GEA architecture models mitigated some price pressures [2] - The company achieved a 21.3% year-on-year increase in R&D investment to 7.33 billion yuan, focusing on advanced driving assistance systems and new architecture development [2] - Core operating profit for 1H25 increased by 102% year-on-year to 6.66 billion yuan, indicating a trend of profit recovery [2] Strategic Initiatives - The company is advancing its "One Geely" strategy to enhance brand integration and resource synergy [2] - Global expansion efforts include investments in Renault Brazil to leverage its production and distribution networks in the Latin American market, as well as the commencement of operations at its Egypt factory and trial production at its Indonesia base [2] - The company plans to launch new products equipped with advanced driving technologies, covering a range from budget to luxury markets [2] Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 10.8 times and 9.8 times the earnings for those years [3] - The target price is set at 26.00 HKD, implying a potential upside of 37.2% based on the projected earnings multiples for 2025 and 2026 [3]
吉利汽车(0175.HK):扣非净利大增超预期 看好下半年销量 行业反内卷受惠标的
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - Geely Automobile's performance in the first half of 2025 exceeded market expectations, particularly in non-recurring net profit, driven by strong sales growth and effective brand integration [1][2] Financial Performance - Revenue for 1H25 reached 150.3 billion RMB, a year-on-year increase of 27% [1] - Net profit attributable to shareholders was 9.29 billion RMB, a year-on-year decrease of 14% [1] - Non-recurring net profit attributable to shareholders was 6.66 billion RMB, a year-on-year increase of 102%, surpassing market expectations [1] - Sales volume reached 1.409 million units, a year-on-year increase of 47%, with new energy vehicle sales up 126% to 725,000 units [1] - Gross margin stood at 16.4%, with a slight year-on-year decline of 0.3 percentage points [1] Market Position and Strategy - Geely's market share in the new energy vehicle segment exceeded 10%, reaching 10.4% [1] - The company has raised its annual sales target from 2.7 million to 3 million units, supported by the launch of approximately five key new energy and hybrid models in the second half of 2025 [1] - The stable wholesale rhythm, with July sales reaching 238,000 units, provides a solid foundation for future sales [1] Cost Management and R&D - Selling and administrative expenses grew at a slower pace than revenue, increasing by 6.4% and decreasing by 6.1% respectively, indicating effective brand integration [1] - Research and development expenses increased by 21.3%, primarily focused on new vehicle development and intelligent driving investments [1] Future Outlook - The company is expected to benefit from industry trends against aggressive price competition, with policies limiting significant price cuts and controlling high rebates [1] - The Galaxy brand is positioned to leverage advantages in intelligent cockpit design, driving experience, and noise, vibration, and harshness (NVH) performance, potentially boosting sales in the second half of the year [2] - Revenue and profit forecasts for 2025 have been raised by 9.2% and 31.5% respectively, reflecting improved sales projections and stronger-than-expected brand integration effects [2]
吉利汽车(0175.HK):1H25业绩亮眼 “一个吉利”加速推进
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - The company demonstrated strong performance in 1H25, with total revenue increasing by 26.5% year-on-year to 150.28 billion yuan, driven by rapid growth in vehicle sales and internal efficiency improvements [1] Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, a year-on-year increase of 26.5% [1] - Gross margin decreased by 0.3 percentage points to 16.4% [1] - Net profit attributable to shareholders fell by 13.9% to 9.29 billion yuan, while core net profit increased by 102% to 6.66 billion yuan [1] Group 2: Sales Growth - Total vehicle sales in 1H25 rose by 47.4% to 1.409 million units, with new energy vehicle sales increasing by 126.5% to 725,000 units, accounting for 51.5% of total sales [1] - Specific brand performances included Galaxy sales up by 232%, Zeekr by 3%, and Lynk & Co by 22% [1] Group 3: Cost Efficiency - Selling, general and administrative (SG&A) expense ratio decreased by 1.7 percentage points to 7.5% [1] - Sales expense ratio and administrative expense ratio decreased by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [1] Group 4: Future Outlook - The company expects sales growth to continue in 2H25 with new models like Galaxy A7, Galaxy M9, and Lynk & Co 10EM-P ramping up production [2] - The annual sales target has been raised by 11% to 3 million units, with 47% achieved in 1H25 [2] - Integration of Lynk & Co and Zeekr is expected to enhance internal resource optimization and efficiency [2] Group 5: Strategic Initiatives - The company is advancing its "One Geely" strategy, with plans to complete the acquisition of Zeekr by the end of 2025 for approximately 2.4 billion USD [3] - Globalization efforts are underway, with a focus on expanding overseas markets despite a 7.7% decline in export sales in 1H25 [3] - The smart driving business has been integrated into a joint venture, which is expected to accelerate the production and iteration of smart driving solutions [3]
吉利汽车(00175.HK):Q2业绩符合预期 新车周期强势
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - The company reported Q2 2025 revenue of 77.79 billion yuan, with year-on-year and quarter-on-quarter growth of 28.4% and 7.3% respectively, while net profit attributable to shareholders was 3.62 billion yuan, showing a decline of 60.0% year-on-year and 36.2% quarter-on-quarter, indicating overall performance in line with expectations [1] Group 1: Revenue and Sales Performance - The company achieved total sales of 705,000 units in Q2, reflecting a year-on-year increase of 46.9% and a slight quarter-on-quarter increase of 0.2% [1] - The average selling price (ASP) per vehicle was 110,000 yuan, with a year-on-year decrease of 12.6% and a quarter-on-quarter increase of 7.1%, primarily due to price competition and an increase in the sales proportion of lower-priced models [1] - The company expects ASP to improve with the upcoming launch of higher-priced models such as the Zeekr 9X in the second half of the year [1] Group 2: Profitability and Margins - The gross margin for Q2 2025 was 17.1%, with a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 1.3 percentage points, attributed to economies of scale and enhanced profitability of new energy products [1] - The overall profit per vehicle was 4,500 yuan (excluding foreign exchange and subsidiary sales impacts), showing significant year-on-year improvement of 64.59% [2] Group 3: Expenses and Other Income - The expense ratios for sales, R&D, and administrative costs in Q2 were 6.1%, 5.1%, and 3.7% respectively, with year-on-year changes of -0.1, -0.4, and +1.0 percentage points, and quarter-on-quarter changes of +1.1, +0.6, and +1.8 percentage points [2] - Other income for Q2 was 1.17 billion yuan, with a year-on-year increase of 156.4% but a quarter-on-quarter decrease of 67.5%, including foreign exchange gains of approximately 450 million yuan [2] Group 4: Future Outlook and Profit Forecast - The company plans to launch several new energy models by the end of the year, including the Galaxy M9 and Zeekr 9X, contributing to an upward revision of the annual sales target to 3 million units [3] - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 15 billion, 22.1 billion, and 29.5 billion yuan respectively, with corresponding price-to-earnings ratios of 12, 8, and 6 times, maintaining a "buy" rating for the company [3]
吉利汽车(00175.HK):极氪亏损影响 业绩符合预期 看好公司强新车周期
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - The overall performance of the company meets expectations, with strong resilience in various segments despite losses in the Zeekr brand [2] Financial Performance - In Q2 2025, the company sold 704,000 new vehicles, with revenue reaching 77.79 billion yuan, reflecting a year-on-year increase of 41.5% [1] - The gross profit margin for Q2 2025 was 17.1%, with a net profit of 3.16 billion yuan, showing a year-on-year increase of 74.7% [1] - For the first half of 2025, total vehicle sales reached 1.408 million, with revenue of 150.285 billion yuan, a year-on-year increase of 26.5% [1] Cost and Expenses - The sales, administrative, and R&D expense ratios for Q2 2025 were 6.1%, 1.9%, and 5.1%, respectively, indicating a slight increase in sales and R&D expenses [1] - The company faced increased R&D expenses due to new vehicle development, contributing to losses in the Zeekr segment [2] Segment Performance - The Zeekr brand reported a loss of 580 million yuan in Q2, primarily due to changes in vehicle model sales and high R&D costs [2] - Other segments, particularly the Galaxy series, showed strong performance with a net profit of 3,300 yuan per vehicle, indicating resilience amid price competition [2] Future Outlook - The company is optimistic about its future operations, driven by a strong new vehicle cycle and low-cost production strategies [3] - Upcoming models, including the Galaxy M9 and Zeekr 9X, are expected to enhance the company's market position [3] - The company maintains profit expectations of 16.6 billion yuan, 19.68 billion yuan, and 24 billion yuan for 2025, 2026, and 2027, respectively [3]
吉利汽车(00175.HK):收入同比高增长 市占率突破10%
Ge Long Hui· 2025-08-16 19:55
Core Insights - The company reported a total revenue of 150.285 billion yuan for the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders decreased by 14% to 9.29 billion yuan [1] - The gross margin for the first half of 2025 was 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios showed a decline across various categories [1] Sales Performance - Total sales volume for the first half of 2025 reached 1.409 million units, a year-on-year increase of 47%, with a market share of 10.4%, up by 2.4 percentage points [2] - The sales target for the entire year has been raised to 3 million units [2] - New energy vehicle sales amounted to 725,000 units, marking a 126% year-on-year increase [2] - The Galaxy brand achieved sales of 548,000 units, up 232% year-on-year, while the China Star fuel vehicle sales reached 474,000 units, a 21% increase [2] - The Zeekr brand sold 91,000 units, a 3% increase, and the Lynk brand sold 154,000 units, up 22% [2] - New energy vehicle exports exceeded 40,000 units, reflecting a 146% year-on-year growth [2] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 15.008 billion yuan, 17.846 billion yuan, and 20.954 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.99, 10.08, and 8.59 times [2]
吉利汽车(0175.HK):2025H1业绩表现亮眼 新品周期密集
Ge Long Hui· 2025-08-16 19:55
Group 1 - The core viewpoint of the article highlights the strong performance of Geely Automobile in H1 2025, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%, and total revenue of 150.28 billion yuan, up 26.5% year-on-year [1] - In Q2 2025, Geely's total sales were 705,000 units, reflecting a year-on-year growth of 47.0% and a quarter-on-quarter increase of 0.2%, with total revenue of 77.79 billion yuan, up 28.4% year-on-year and 7.3% quarter-on-quarter [1] - The significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units, a year-on-year increase of 119.2%, contributed to the revenue growth [1] Group 2 - The gross margin for Q2 2025 was reported at 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 1.3 percentage points, primarily due to structural changes in export and product mix [2] - The company has seen a reduction in expense ratios, with sales, administrative, and R&D expense ratios at 6.1%, 1.9%, and 5.1% respectively, indicating a significant decrease year-on-year [2] - Geely plans to privatize Zeekr, proposing to acquire each share at $2.566, which is expected to enhance operational efficiency and brand competitiveness in the luxury electric vehicle market [3] Group 3 - Geely's revenue projections for 2025-2027 are estimated at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan respectively, with net profits expected to be 16.21 billion yuan, 22.09 billion yuan, and 25.97 billion yuan [3] - The earnings per share (EPS) forecasts for the same period are 1.61 yuan, 2.19 yuan, and 2.58 yuan, corresponding to a price-to-earnings (PE) ratio of 11, 8, and 7 times based on the closing price of 19.24 HKD on August 15 [3]
吉利汽车(0175.HK):2025年上半年经营业绩大幅增长
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - The report indicates a significant growth in the operating performance of Geely Automobile in the first half of 2025, with optimistic expectations for annual sales and performance due to the launch of several key models in the second half of the year [1][2] Group 1: Financial Performance - In the first half of 2025, Geely Automobile achieved sales of 1.409 million vehicles, representing a year-on-year increase of 47% [2] - Revenue for the same period reached 150.3 billion yuan, a year-on-year growth of 27% [1] - The core net profit attributable to shareholders was 6.66 billion yuan, showing a remarkable year-on-year increase of 102% [1] Group 2: Sales Breakdown - Of the total sales, 725,000 units were new energy vehicles, including 511,000 pure electric vehicles and 214,000 plug-in hybrids, with respective year-on-year growth rates of 173% and 61% [2] - By brand, Geely brand sold 1.164 million units (up 57%), Lynk & Co sold 154,000 units (up 22%), and Zeekr sold 91,000 units (up 3%) [2] - Overseas exports totaled 184,000 units, reflecting an 8% decline year-on-year [2] Group 3: Future Outlook - The company aims for a total sales target of 3 million vehicles for the year 2025 [2] - Several new models, including Geely Galaxy A7, M9, and others, are set to launch in the second half of 2025, which is expected to support the sales target [2] - The global expansion of Geely, Zeekr, and Lynk & Co brands is accelerating, contributing to the overall sales growth strategy [2] Group 4: Profitability Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 16.3 billion yuan, 18.2 billion yuan, and 23.7 billion yuan respectively, with corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - A target price of 29.43 HKD is set for 2025, based on a PE ratio of 16.6 times [1]
吉利汽车(00175):系列点评三十二:2025H1业绩表现亮眼,新品周期密集
Minsheng Securities· 2025-08-16 13:31
Investment Rating - The report maintains a "Buy" rating for Geely Automobile [6] Core Views - Geely Automobile's H1 2025 performance is impressive, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%. Total revenue amounted to 150.28 billion RMB, up 26.5% year-on-year, while net profit attributable to shareholders was 9.29 billion RMB, down 13.9% year-on-year [1][2] - The company benefits from a significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units in Q2 2025, a year-on-year increase of 119.2% [2] - Geely plans to privatize Zeekr, which will help consolidate resources and improve operational efficiency [4] Summary by Sections Financial Performance - In Q2 2025, Geely's revenue was 77.79 billion RMB, a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. The average selling price (ASP) per vehicle was estimated at 110,000 RMB, reflecting a year-on-year decline [2] - The gross margin for Q2 2025 was 17.1%, showing a quarter-on-quarter increase of 1.3 percentage points, while the year-on-year decrease of 0.7 percentage points was attributed to changes in export structure and product mix [3] - The net profit for Q2 2025 was 3.62 billion RMB, with Zeekr reporting a net loss of 580 million RMB [3] Future Projections - Revenue projections for Geely from 2025 to 2027 are 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB, respectively. Net profit estimates for the same period are 16.21 billion RMB, 22.09 billion RMB, and 25.97 billion RMB [4][5] - The report anticipates an EPS of 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11, 8, and 7 [5] Strategic Initiatives - The proposed privatization of Zeekr aims to enhance Geely's brand and competitiveness in the luxury electric vehicle market, facilitating better integration of assets and resources [4] - The report emphasizes the upward momentum of Geely's new energy brand and accelerating profitability [4]