证券时报e公司讯，11月14日，吉利汽车（00175.HK）发布了2024年第三季度财报。 前三季度，吉利汽车累计销量达149万辆，同比增长32.1%，已完成全年200万辆销量目标的74.5%，达 成率稳居中国汽车品牌前列。 新能源板块以爆发加速的趋势增长，吉利、领克、极氪等新能源产品前9个月总销量达54.6万辆，同比 增长超93%，第三季度国内市场新能源渗透率超50%，稳居新能源品牌第一梯队。 在《台州宣言》和"智能吉利2025"战略的聚焦指引下，吉利汽车紧跟电动化和智能化浪潮，新能源转型 全面向新加快。 ...

Sales Performance - Geely Automobile Holdings reported a 32% year-on-year increase in vehicle sales, reaching 148.97 million units for the nine months ended September 30, 2024[1]. - ZEEKR Intelligent Technology, a subsidiary of Geely, achieved a total delivery of approximately 143,000 vehicles, marking an 81% year-on-year growth for the first three quarters of 2024[8]. Revenue and Profit - Revenue for the nine months ended September 30, 2024, was RMB 167.684 billion, a 36% increase compared to RMB 123.289 billion in the same period last year[1]. - Profit attributable to equity holders of the company surged 358% year-on-year to RMB 13.053 billion for the nine months ended September 30, 2024[1]. - ZEEKR's revenue for the same period reached RMB 53.1 billion, a 51% increase year-on-year, with a gross profit of RMB 8 billion, up 69%[8]. - Total revenue for the period reached RMB 53,079 million, a significant increase from RMB 35,203 million in the previous year[9]. Financial Position - Total assets as of September 30, 2024, amounted to RMB 215.694 billion, reflecting a 12% increase from RMB 192.598 billion as of December 31, 2023[2]. - Equity attributable to equity holders of the company increased by 14% to RMB 92.084 billion as of September 30, 2024, compared to RMB 80.509 billion at the end of 2023[2]. - The net asset value rose to RMB 11,062 million, up from RMB 7,643 million year-over-year[9]. - Current assets increased to RMB 25,393 million, compared to RMB 20,442 million as of December 31, 2023[9]. Liabilities and Non-controlling Interests - Non-controlling interests increased to 46.37% as of September 30, 2024, compared to 45.27% as of December 31, 2023[9]. - Non-current liabilities decreased to RMB (2,628) million from RMB (3,502) million[9]. - Current liabilities rose to RMB (38,907) million from RMB (31,843) million[9]. - The book value of non-controlling interests increased to RMB 6,059 million as of September 30, 2024, from RMB 4,094 million in the previous year[9]. Strategic Initiatives - The company continues to optimize its product structure and launch new products, contributing to the strong sales growth[3]. - The company aims to enhance market expansion and product development strategies moving forward[10]. - The board of directors remains committed to driving growth and innovation in the automotive sector[10].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][10]. Core Views - Geely Automobile is actively transforming into the new energy vehicle (NEV) sector, with three major brands targeting different market segments. The company is transitioning from a technology investment phase to a product output phase, with a robust new car launch plan that includes nine key NEV models across various price ranges [8][14]. - The report forecasts significant sales growth for Geely, projecting total sales of 2.143 million and 2.782 million vehicles for 2024 and 2025, respectively, representing year-on-year growth of 30.0% and 29.8% [2][10]. Summary by Sections 1. Introduction: Sales Potential from New Car Plans - Geely's three brands—Galaxy, Lynk & Co, and Zeekr—are positioned for the NEV market, focusing on cost-effectiveness, personalization, and high-end smart electric vehicles [14]. - The company aims to cover a wide price range with new models, enhancing its market presence [14]. 2. New Car Plans Progressing Smoothly 2.1 Galaxy Brand: Expanding Market Coverage - The Galaxy E5 and Star Wish models have been launched, targeting the A-class SUV and A0-class sedan markets, with competitive pricing [6][29]. - The Galaxy E5 achieved sales of 12,230 units in its first month, indicating strong market acceptance [6][21]. 2.2 Zeekr Brand: Accelerating Model Matrix Expansion - Zeekr has increased its new car release cadence, with models like Zeekr 009 and Zeekr X contributing to a sales increase from 72,000 units in 2022 to 119,000 units in 2023, a growth of 65.0% [6][10]. - Future models like Zeekr 7X and Zeekr MIX are expected to further enhance sales [6]. 2.3 Lynk & Co Brand: Transitioning to NEV - Lynk & Co has launched its first native NEV architecture, with significant sales growth in 2023 and 2024 [6][10]. - The brand's NEV sales reached 96,000 units in the first eight months of 2024, a year-on-year increase of 449.6% [6][10]. 3. Profit Forecast and Investment Recommendations - The report projects total sales for Geely from 2024 to 2026 to be 2.143 million, 2.782 million, and 3.280 million vehicles, with corresponding revenues of 239.03 billion, 325.52 billion, and 395.69 billion yuan [10]. - The expected earnings per share (EPS) for the same period are 1.63, 1.26, and 1.64 yuan, with a three-year compound annual growth rate (CAGR) of 45.8% [10].

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Stock Code**: 0175.HK Key Points on Company and Industry Corporate Governance Changes - Geely has undergone significant changes in its corporate governance structure, shifting from independent brand IPOs to focusing on the Hong Kong listing platform. This transition aims to enhance resource utilization efficiency and reduce conflicts of interest, addressing the valuation discount of 0175 [1][3][4] - The Taizhou Declaration emphasizes strategic integration and collaboration, clarifying brand positioning and optimizing equity relationships to improve overall operational efficiency and market competitiveness [1][4] Recent Acquisitions - Geely recently acquired Zhejiang Haoqing Automobile Manufacturing Co., Ltd. for 124 million CNY. This acquisition is expected to significantly reduce related-party transactions, improve corporate governance, and enhance foreign investor confidence [1][5] Future Development Focus - Geely's future priorities include: 1. Focusing on core business: Strengthening software and hardware layout around new energy vehicles and smart technology [6] 2. Optimizing resource allocation: Improving operational efficiency and reducing redundant investments [6] 3. Enhancing brand value: Clarifying brand positioning and promoting healthy development of sub-brands [6] 4. Improving corporate governance: Strengthening governance structures to attract more investors [6] 5. International expansion: Continuing to pursue global market opportunities [6] Financial Performance Expectations - Geely's Q3 report is expected to exceed market expectations, with net profit projected to reach over 3 billion CNY, driven by improved export structure and significant sales growth of models like Xingyue and Boyue [1][9][12] New Energy Vehicle (NEV) Developments - In October, Geely's NEV sales reached 100,000 units, second only to BYD, largely due to the success of new models like Galaxy E5 and Xingyuan [10] - The new PA architecture, designed for affordable electric vehicles, is expected to enhance cost control and comfort, filling a gap in the market [14][16] Mixed-Mode Technology Improvements - Geely's latest generation of hybrid technology, the Raytheon system, has undergone several improvements, including a shift to a single-gear rolling scheme for better fuel efficiency and cost-effectiveness [15][17] - The new Starship 7 model, featuring the latest hybrid technology, is expected to perform well in the market with competitive fuel consumption and electric range options [17] Market Position and Competitiveness - Geely's hybrid product lines are positioned to meet both budget and high-end market demands, with rapid technological advancements expected to drive sales growth in the coming year [18] - The company is also addressing previous shortcomings in its hybrid offerings by aligning product features with consumer preferences for cost-effectiveness [26] Financial Outlook - Geely's overall profit for the year is projected to be between 9 to 9.5 billion CNY, with significant contributions from exports and reduced losses in the NEV sector [29][30] - The company anticipates a rise in profits to between 12.5 to 13 billion CNY in the following year, driven by improved performance in its NEV business [30] Conclusion - Geely is positioned for significant growth in the NEV sector, with a strong focus on improving corporate governance, optimizing resource allocation, and enhancing brand value. The company's strategic initiatives and recent acquisitions are expected to bolster its market competitiveness and financial performance in the coming years [31]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported strong wholesale sales in October, with total sales of 227,000 units, a year-on-year increase of 25.4% and a month-on-month increase of 12.2%. Cumulatively, from January to October, total sales reached 1.716 million units, up 28.9% year-on-year [2]. - The company’s new energy vehicle (NEV) sales in October were particularly impressive, reaching 108,722 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%, with a penetration rate of 48.0% [2]. - The launch of the Raytheon EM-i Super Electric Hybrid is expected to enhance the company's product lineup, featuring a thermal efficiency of 46.5% and a fuel consumption of only 2.62L per 100km [2]. - The company is positioned to strengthen its market share in the NEV segment, particularly in the 100,000 to 200,000 yuan price range, as new models like the Starship 7 are set to launch [2]. - The financial forecast has been adjusted, with expected revenues of 224.78 billion, 277.68 billion, and 308.83 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan for the same years [2][3]. Summary by Sections Sales Performance - October wholesale sales reached 227,000 units, with NEV sales at 108,722 units, marking significant year-on-year growth [2]. - The company has achieved 85.8% of its annual sales target of 2 million units by the end of October [2]. New Product Launch - The Raytheon EM-i Super Electric Hybrid is set to launch in November, featuring advanced fuel efficiency and intelligent energy management capabilities [2]. Financial Projections - Revenue projections for 2024-2026 are set at 224.78 billion, 277.68 billion, and 308.83 billion yuan, with corresponding net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan [3][15]. - The expected EPS for the same period is 1.59, 1.25, and 1.62 yuan, with a P/E ratio of 8, 10, and 8 respectively [3][15].

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile (00175.HK) with a target price range of HKD 16.5-18.9, compared to the current price of HKD 13.90 [1][5][9]. Core Views - Geely's electric and intelligent transformation is accelerating with the launch of the Zeekr MIX, which targets young families seeking innovative and spacious electric vehicles. The estimated market potential for this model is around 500,000 units annually [1][5]. - The report anticipates significant growth in Geely's sales and profitability over the next few years, driven by the introduction of new models and the company's strategic resource allocation [1][5]. - The expected sales volume for Geely from 2024 to 2026 is projected to be 2.17 million, 2.55 million, and 2.86 million units, respectively, with a year-on-year growth of 29%, 17%, and 12% [1][5]. Financial Summary - **Revenue Forecast**: - 2023: HKD 179.2 billion - 2024E: HKD 237.3 billion (32.4% YoY growth) - 2025E: HKD 296.1 billion (24.8% YoY growth) - 2026E: HKD 340.6 billion (15.0% YoY growth) [1][6]. - **Net Profit Forecast**: - 2023: HKD 5.2 billion - 2024E: HKD 15.1 billion (191.3% YoY growth) - 2025E: HKD 11.8 billion (-21.4% YoY decline) - 2026E: HKD 15.1 billion (27.2% YoY growth) [1][6]. - **Earnings Per Share (EPS)**: - 2024E: HKD 0.51 - 2025E: HKD 1.49 - 2026E: HKD 1.18 [1][6]. - **Price-to-Earnings (P/E) Ratio**: - 2024E: 8.9 - 2025E: 11.3 - 2026E: 8.9 [1][6]. - **Price-to-Book (P/B) Ratio**: - 2024E: 1.7 - 2025E: 1.4 - 2026E: 1.2 [1][6]. Market Positioning - Geely is positioned to benefit from its comprehensive resource layout in global operations, self-developed intelligent driving, and chip technology, which are expected to enhance its competitive edge in the electric vehicle market [1][5].

又一家知名车企在上海拿地。 近日，上海吉利翟然汽车设计有限公司（下称"翟然汽车设计公司"）以4.49亿元的价格竞得徐汇区康健 街道N06-36地块（下称"康健地块"），该地块土地用途为科研设计用地。 天眼查显示，该公司为吉利汽车控股（上海）有限公司全资子公司。 本次成交康健地块位于漕河泾开发区域内，西至虹漕南路，北至漕宝路，地块1km范围内聚集了中核、 中电科等科研设计机构和上海师范大学等高等院校，集科研、教育、设计、商务于一体，距离最近的虹 漕路地铁站仅约200米，区位较好。 出让文件显示，康健地块出让面积8561.1平方米，容积率3.5，规划为科研设计用地，准入产业类型为智 能网联汽车。 这一要求便已将范围缩到极小。 最终，10月10日，翟然汽车设计公司一轮底价摘地。 这宗不足5亿元的土地竞拍获得市场较大关注很大程度上与小米有关。 此前，市场消息多传该地块的买家或为小米。 传闻并非空穴来风。 一方面，小米"退地"一事今年闹得沸沸扬扬。 2021年，小米旗下的谧空间（上海）信息科技有限公司以总价15.5亿元竞得徐汇区斜土街道xh128D-07 地块，当时该地块规划为商办用地，有报道称小米规划建设上海总部。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to launch new models, steadily enhancing its international competitiveness [1] - In September, the company reported sales of 202,000 vehicles, representing a year-on-year increase of 21% and a month-on-month increase of 11%. New energy vehicle sales reached 91,000 units, up 76% year-on-year and 20% month-on-month [3] - The company is accelerating its overseas expansion, with exports in September reaching 39,000 units, a year-on-year increase of 51% [3] - The company is steadily introducing new models and continuously improving its technological capabilities, with recent launches including the Lynk & Co Z10 and Z9, and the Zeekr 7X [3] Financial Summary - The company is expected to achieve net profits attributable to shareholders of 15.463 billion, 10.720 billion, and 14.232 billion RMB for the years 2024 to 2026, respectively [4] - The corresponding price-to-earnings (PE) ratios are projected to be 7.72, 11.13, and 8.38 times for the same years [4] - Revenue is forecasted to grow from 179.204 billion RMB in 2023 to 354.944 billion RMB in 2026, with a revenue growth rate of 26.21% in 2024 [5][6] - The company's return on equity (ROE) is expected to increase from 6.59% in 2023 to 11.75% in 2026 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3] Core Views - In September 2024, the company achieved a record high in new energy vehicle sales, with a total of 202,000 units sold, representing a year-on-year increase of approximately 21% [3] - The new energy vehicle sales reached 91,000 units in September 2024, accounting for over 45% of total sales, with a year-on-year growth of about 76% [3] - The company is expected to see continued revenue and net profit growth due to the implementation of the "Smart Geely 2025" strategy, with projected net profits of 15.95 billion, 13.22 billion, and 17.25 billion yuan for 2024-2026 [3][4] Financial Summary - The company's revenue is projected to grow from 179.2 billion yuan in 2023 to 388.2 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 24% [4][6] - The net profit for 2024 is expected to be 15.95 billion yuan, a significant increase from 5.17 billion yuan in 2023, reflecting a year-on-year growth of 209% [4][6] - The earnings per share (EPS) is projected to be 1.58 yuan in 2024, increasing to 1.71 yuan by 2026 [4][6] Valuation Metrics - The company is assigned a price-to-earnings (P/E) ratio of 8-10 times for 2024, corresponding to a fair value range of 13.79 to 17.24 HKD [3][5] - Compared to peers, the average P/E ratio for comparable companies is 22.0 for 2024, indicating that the company may be undervalued [5] Cash Flow Analysis - Operating cash flow is expected to increase from 22.34 billion yuan in 2023 to 26.49 billion yuan in 2024, indicating strong cash generation capabilities [6] - The net cash increase is projected to be 10.003 billion yuan in 2026, reflecting positive cash flow management [6] Balance Sheet Overview - Total assets are expected to grow from 192.6 billion yuan in 2023 to 294.7 billion yuan in 2026, indicating robust asset growth [7] - The company's equity attributable to shareholders is projected to increase from 80.5 billion yuan in 2023 to 126.9 billion yuan in 2026 [7]

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [7] Core Views - Geely Automobile reported a total vehicle sales of 202,000 units in September 2024, representing a year-on-year increase of 21.0% and a month-on-month increase of 11.4% [11] - The cumulative sales for the first nine months of 2024 reached 1.49 million units, up 32.1% year-on-year [11] - The launch of the Galaxy E5 has significantly boosted sales, with the new energy vehicle sales reaching a historical high [11] - The company is expected to maintain a high growth trajectory due to the launch of new products and increased subsidies for trade-in policies [11] Summary by Sections Sales Performance - In September 2024, Geely brand sales were 155,000 units, up 16.4% year-on-year and 10.0% month-on-month [11] - The Galaxy series sold 29,000 units, a year-on-year increase of 122.1% [11] - Cumulative sales for the Geely brand in the first nine months of 2024 were 1.151 million units, up 26.6% year-on-year [11] New Energy Vehicles - In September 2024, new energy vehicle sales totaled 91,000 units, a year-on-year increase of 75.8% [11] - The penetration rate for new energy vehicles reached 45.1%, up 14.1 percentage points year-on-year [11] Export Strategy - In September 2024, the company exported 39,000 vehicles, a year-on-year increase of 51.2% [11] - Cumulative exports for the first nine months of 2024 reached 314,000 units, up 68.4% year-on-year [11] Financial Projections - Revenue projections for 2024-2026 are 229.8 billion, 272.9 billion, and 318.5 billion yuan, with year-on-year growth rates of 28.2%, 18.8%, and 16.7% respectively [12] - Net profit projections for the same period are 7.64 billion, 11.61 billion, and 14.08 billion yuan, with growth rates of 44.0%, 51.9%, and 21.3% respectively [12]