Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests continuous attention to the company's performance due to its accelerating transformation and growth potential [5]. Core Viewpoints - The company is experiencing a significant acceleration in its transition to new energy vehicles, with a notable increase in sales and an upward revision of its annual sales target from 1.9 million to 2 million vehicles, reflecting strong growth confidence [2][5]. - In June 2024, the company achieved a total vehicle sales volume of 166,000 units, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 3.4% [1]. - The company’s new energy vehicle sales reached 66,000 units in June 2024, marking an 88.3% year-on-year increase, with a penetration rate of 39.7%, up 13.5 percentage points year-on-year [2]. - The launch of the Lynk & Co Z10, the brand's first pure electric vehicle, is expected to further accelerate the company's new energy transition [4]. Summary by Sections Sales Performance - In June 2024, the company's sales by brand included 122,000 units for the Geely brand (up 13.9% year-on-year), 16,000 units for the Galaxy series (up 65.2% year-on-year), 20,000 units for the Zeekr brand (up 89.3% year-on-year), and 24,000 units for the Lynk brand (up 49.2% year-on-year) [2]. - For the first half of 2024, total sales reached 956,000 units, a 41.0% increase year-on-year [1]. Export and Market Expansion - In June 2024, the company exported 35,000 vehicles, a 61.0% increase year-on-year, although it saw a slight decrease of 4.2% compared to the previous month [3]. - The Zeekr brand has entered the Southeast Asian market, launching right-hand drive versions of its models in Indonesia and Malaysia, which is expected to enhance sales growth [3]. Financial Projections - Revenue projections for 2024-2026 are estimated at 230.3 billion, 273.4 billion, and 319.0 billion yuan, with year-on-year growth rates of 28.1%, 18.7%, and 16.7% respectively [5][6]. - The net profit attributable to the parent company is projected to be 7.67 billion, 11.62 billion, and 14.09 billion yuan for the same period, with growth rates of 48.5%, 51.5%, and 21.2% respectively [5][6].

24Q1 业绩符合预期,多品牌发力带动利润高增长 吉利汽车(0175.HK)/汽车 证券研究报告/公司点评 2024 年 7 月 2 日 | 评级:买入(维持) | 公司盈利预测及估值 | | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------ ...

港股通 运营效率提升,出口加速拓展 | | | | | |---------------------------------------|--------|------------------|-------| | 华泰研究 季报点评 | | 投资评级 (维持): | 买入 | | 2024 年 7 月 02 日│中国香港 | 乘用车 | 目标价(港币 ): | 14.27 | Q1 净利高增,海外市场持续扩张,维持买入评级 24Q1 公司实现营收 523 亿元,同比+56%。归母净利润 16 亿元,同比+119%。 考虑到公司多款新车型即将实现上市交付,同时加速拓展海外市场,已于东 盟、中东、西欧多地区开设门店并构建销售网络,看好公司 24 年下半年出口 销量和整体营收保持高速增长。我们预计 24-26 年公司归母净利为 63/82/89 亿元,可比公司 24E PE 的 Wind 一致预期均值为 18 倍,考虑公司在出口 积极布局及高端品牌 24 年盈利预期转正,我们给予公司 24 年 21x PE,对 应目标价为 14.27 港币(前值 13.66 港币),给予"买入"评级。 全年销量目标上调至 200 ...

新能源、出口表现亮眼 全年销量预期上调 2024 年 07 月 02 日 ➢ 事件概述:公司发布 2024 年 6 月销量公告,6 月批发总销量 16.6 万辆, | 同比 +24.2% ,环比 +3.4% | ; 1-6 月累计 | 95.6 万辆,同比 | +71.8% 。其中,6 月 | |----------------------------------------|--------------------------|------------------------|---------------------------------| | 新能源销量 65,959 辆,同比 | +71.0%,环比+12.4% | | 39.7% ; 1-6 月新 | | 能源销售 32.0 万辆,同比 | +102.8% 。 | | | | 分品牌看: 吉利品牌 6 | 月销量 12.2 | 万辆(银河 15,975 | 1-6 月累计 74.2 万 | | 辆(银河 8.1 万辆),同比 | +34.1% ;极氪 6 | 月销量 20,106 | 1-6 月累计 87,870 | | 辆,同比 +106.1% ...

交银国际研究 公司更新 吉利汽车 (175 HK) 1 年股价表现 6/23 10/23 2/24 6/24 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%175 HK 恒生指数 资料来源: FactSet 1 季度业绩符合预期;下半年电动化再提速 个股评级 买入 汽车 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 8.79 港元 12.50 +42.2% | 股份资料 | | |-----------------------|-----------| | 52 周高位 (港元 ) | 11.26 | | 52 周低位 (港元) | 7.34 | | 市值 (百万港元 ) | 88,457.29 | | 日均成交量 (百万 ) | 36.48 | | 年初至今变化 (%) | 2.33 | | 200 天平均价 (港元) | 8.81 | | | | 财务数据一览 | 年结12月31日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|---- ...

CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Solid 1Q24 with better 2H24 earnings ahead Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn. We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E. 1Q24 earnings slightly beat. Geely reported its quarterly re ...

CMB 国际全球市场 | 股票研究 | 公司更新 吉利汽车 ( 175 香港 ) 第 1 季度稳健 , 未来下半年收益较好 目标价 14.00 港元 涨 / 跌 59.3% 现价 8.79 港元中国汽车 Ji Shi, CFA (852) 3761 8728 文静 DOU, CFA (852) 6939 4751 | 维持买入。 我们认为 , 第 1 季度的收益 ( 净利润为 15.6 亿元人民币 ) | |------------------------------------------------------------------------------------------------| | 测 , 因此 , 我们将 FY24E 的净利润预期提高了 5 % , 至 70 亿元人民币。我们认为 | | 于 Zeekr 的销售势头强劲 , 并且可能比 2H24E 的收益有所改善 , Zeekr | | 。 | | 1Q24 盈利略有好转。 吉利有史以来首次公布季度业绩。尽管价格战,其平均销售价格 | | ( ASP ) 同比增长 6% ,高于我们的预期。不包括 Zeer 的毛利率同比下降 | | 点, ...

2024 年 07 月 01 日 公司研究 评级:增持(维持) 研究所: 证券分析师: 戴畅 S0350523120004 daic@ghzq.com.cn 2024Q1 营收利润同比增长,品牌产品高端向上 ——吉利汽车(00175)2024Q1 点评报告 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 8.79 | | 52 周价格区间(港元) | | | 7.24-11.64 | | 总市值(百万港元) | | | 88,457.13 | | 流通市值(百万港元) | | | 88,457.13 | | 总股本(万股) | | | 1,006,338.24 | | 流通股本(万股) | | | 1,006,338.24 | | 日均成交额(百万港元) | | | 321.89 | | 近一月换手(%) | | | 0.34 | 表现 1M 3M 12M 吉利汽车 -10.2% -2.6% -3.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported strong Q1 2024 performance with revenue of 52.32 billion RMB, a year-on-year increase of 56.1%, and a net profit of 1.56 billion RMB, up 118.6% year-on-year [1]. - The increase in revenue is attributed to a significant rise in sales volume and product structure optimization, with total sales reaching 476,000 units, a 49.5% increase year-on-year, including 144,000 units of new energy vehicles, which saw a 130.9% increase [1]. - The company is expected to launch several new models in the second half of 2024, including the Zeekr MIX and Galaxy E5, indicating a strong product cycle [1]. Summary by Sections Financial Performance - Q1 2024 revenue was 52.32 billion RMB, up 56.1% year-on-year, with a gross margin of 13.7%, down 0.5 percentage points [1]. - Net profit for Q1 2024 was 1.56 billion RMB, reflecting a 118.6% increase year-on-year [1]. - The average selling price (ASP) for products was 126,000 RMB, an increase of 7,000 RMB year-on-year, driven by a higher proportion of new energy vehicle sales [1]. Sales and Volume - Total sales volume for Q1 2024 was 476,000 units, a 49.5% increase year-on-year, with new energy vehicle sales contributing significantly [1]. - The ASP increase was supported by a higher sales proportion of premium models, with the share of Zeekr and Galaxy models rising from 5.4% in Q1 2023 to 17.3% in Q1 2024 [1]. Future Outlook - The company plans to launch several new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its market position and drive further growth [1]. - The report forecasts revenues of 224.78 billion RMB, 268.69 billion RMB, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 7.43 billion RMB, 11.61 billion RMB, and 15.01 billion RMB [2][4].

吉利汽车(00175.HK) 2024 年一季报点评:Q1 业绩同比高增,领克 /极氪多品牌经营向好 2024 年 06 月 30 日 买入(维持) | 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | |------------------------|-----------|-----------|-----------|-----------|---------| | 营业总收入(百万元) | 148565 | 179846 | 213465 | 258106 | 300070 | | 同比 (%) | 45.63 | 21.06 | 18.69 | 20.91 | 16.26 | | 归母净利润(百万元) | 5260 | 5308 | 7929 | 11459 | 13816 | | 同比 (%) | 8.52 | 0.91 | 49.37 | 44.53 | 20.56 | | EPS- 最新摊薄(元 / 股) | 0.52 | 0.53 | 0.79 | 1.14 | 1.37 | | P/E (现价 & 最新摊薄) | 15.30 | 15.1 ...