Sales Performance - In Q1 2024, Geely Automobile Holdings achieved a sales volume of 475,700 units, representing a 49% increase year-over-year[2] - The company reported a significant increase in vehicle sales, achieving a total of 1.5 million units sold in the last fiscal year, representing a 12% year-over-year growth[9] - ZEEKR Intelligent Technology, a subsidiary, reported total deliveries of approximately 33,000 units, a 117% increase year-over-year[7] Revenue Growth - Revenue for Q1 2024 reached RMB 52.315 billion, a 56% increase compared to RMB 33.506 billion in Q1 2023[2] - ZEEKR's revenue for Q1 2024 was RMB 14.717 billion, up 71% from RMB 8.620 billion in Q1 2023[7] - The revenue for the last quarter reached $5.2 billion, marking a 15% increase compared to the previous quarter[9] - Future guidance suggests a revenue target of $6 billion for the next quarter, reflecting a 10% growth outlook[9] Profitability - Profit attributable to equity holders of the company surged 119% to RMB 1.561 billion from RMB 714 million in the same period last year[2] - Gross profit increased to RMB 7.147 billion, up 51% from RMB 4.747 billion year-over-year[3] - ZEEKR's gross profit reached RMB 1.8 billion, a 137% increase compared to the previous year, with a gross margin of 12.3%[7] - The company aims to achieve a net profit margin of 8% by the end of the next fiscal year, up from 6%[9] Asset and Equity Position - Total assets as of March 31, 2024, were RMB 189.229 billion, a slight decrease of 2% from RMB 192.598 billion at the end of 2023[2] - Equity attributable to equity holders of the company rose to RMB 82.710 billion, reflecting a 3% increase from RMB 80.509 billion[2] Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[9] - New electric vehicle models are set to launch in Q3 2024, with an expected contribution of $1 billion in revenue within the first year[9] - A strategic partnership with a tech firm was announced to enhance digital services, projected to increase customer engagement by 25%[9] - The company is exploring potential acquisitions in the electric vehicle sector to bolster its product offerings and market position[9] Research and Development - Research and development expenses increased by 10% to $300 million, focusing on advanced battery technology and autonomous driving features[9] Customer Satisfaction - User data indicates a 30% increase in customer satisfaction ratings, attributed to improved service and product quality[9] Product Optimization - The company continues to optimize its product structure, contributing to the significant growth in both sales and profitability[3]

公司研究 | 动态跟踪 吉利汽车 00175.HK 买入（维持） 极氪及领克销量实现持续较高增长 股价（2024年06月07日） 9.75港元 目标价格 11.54港元 52周最高价/最低价 11.64/7.24港元 总股本/流通H股（万股） 1,006,338/1,006,338 H股市值（百万港币） 98,118 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 吉利汽车5月销量表现亮眼。5月吉利汽车总销量16.07万辆，同比增长38.5%，环 报告发布日期 2024年06月11日 比增长 4.8%；其中新能源汽车销量 5.87 万辆，同比增长 145.9%，环比增长 14.1%；出口3.69万辆，同比增长67.8%。根据乘联会数据，5月1-26日国内乘用 车批发销量同比下降约5%，环比下降约16%，预计吉利汽车整体销量同比增速大幅 1周 1月 3月 12月 好于行业平均水平。 绝对表现 2.96 -1.32 16.49 2.2 ⚫ 极氪品牌同环比稳步增长，上市纳斯达克。5月吉利品牌销量12.03万辆，同比增长 相对表现 1.37 -0.71 3.32 6.8 29.5%，环比增长 1.5%；1-5 月 ...

吉利汽车(00175) /汽车 /公司点评 /2024.06.06 高价值产品加速上新，国际化竞争力稳步提升 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2024年5月销量情况。5月销量16.1万辆，环比增长5%， 基本数据 2024-06-05 同比增长38%。5月新能源销量5.9万辆，环比增长14%，同比增长146%， 收盘价(港元) 9.83 流通股本(亿股) 100.63 渗透率37%，其中5月 BEV销量3.4万辆，同比+63%，5月PHEV销量2.4 每股净资产(港元) 7.27 万辆，同比+741%。5月出口3.7万辆，同比+68%。 总股本(亿股) 100.63 ❖ 高价值产品加速上新，国际化竞争力稳步提升：分品牌看，吉利品牌5月 最近12月市场表现 销量12.0万辆，环比增长2%，同比增长30%，其中银河系列5月销量1.4万 辆，环比增长12%；中国星高端系列5月销量3.1万辆，累计销量突破100万 吉利汽车 恒生指数 汽车 辆。领克品牌5月销量2.2万辆，环比增长16%，同比增长50%。极氪品牌5 19% 月销量1.9万辆，同比增长115%。全新Perface海外首次 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 5 月销量同环比持续增长，海内外共振向上 2024 年 06月 05日 买入（维持） 证券分析师 黄细里 [Table_EPS] 执业证书：S0600520010001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 148565 179846 213465 258106 300070 huangxl@dwzq.com.cn 同比(%) 45.63 21.06 18.69 20.91 16.26 证券分析师 杨惠冰 归母净利润（百万元） 5260 5308 7929 11459 13816 执业证书：S0600523070004 同比(%) 8.52 0.91 49.37 44.53 20.56 yanghb@dwzq.com.cn EPS-最新摊薄（元/股） 0.52 0.53 0.79 1.14 1.37 股价走势 P/E（现价&最新摊薄） 17.26 17.10 11.45 7.92 6.57 [ [TT aab bl le e_ _T Sa ug m] m ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.47 HKD [7]. Core Insights - The company achieved a significant year-on-year increase in May sales, with a total of 161,000 vehicles sold, representing a 38.5% increase compared to the previous year [1]. - The company is accelerating its transformation towards new energy vehicles and high-end products, with a notable increase in the penetration rate of new energy vehicles [2]. - The company is expanding its global market presence, with exports increasing by 67.8% year-on-year in May [3]. - The listing of the Zeekr brand on the New York Stock Exchange is expected to support the long-term development of the brand and enhance the company's product matrix [4]. Sales Performance - In May, the Geely brand sold 120,000 vehicles, a 29.5% increase year-on-year, while the Zeekr brand saw a remarkable 114.5% increase [2]. - Cumulative sales for the first five months of 2024 reached 790,000 vehicles, a 45.1% increase year-on-year [1]. New Energy Vehicle Growth - In May, the company sold 59,000 new energy vehicles, marking a 145.9% increase year-on-year, with a penetration rate of 36.5% [2]. - Cumulative sales of new energy vehicles for the first five months reached 254,000 units, a 125.8% increase year-on-year [2]. Export Performance - The company exported 37,000 vehicles in May, accounting for 23.0% of total sales, with cumulative exports for the first five months reaching 162,000 vehicles [3]. Financial Forecast - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion CNY for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 24.6%, 19.3%, and 15.1% [5]. - The net profit attributable to shareholders is expected to be 70.8 billion, 85.3 billion, and 99.8 billion CNY for the same years, with growth rates of 33.4%, 20.5%, and 16.9% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.47, corresponding to a PE ratio of 12/8/6 for the years 2024-2026 [4][19]. Core Insights - The company reported strong sales performance in May 2024, with total wholesale sales reaching 161,000 units, a year-on-year increase of 33.8% and a month-on-month increase of 4.8%. Cumulative sales from January to May reached 790,000 units, up 42.0% year-on-year [1]. - The electric vehicle segment showed remarkable growth, with May sales of 58,673 units, a year-on-year increase of 117.0% and a month-on-month increase of 14.1%. The penetration rate for electric vehicles reached 36.5% [1]. - The company is expanding its global market presence, with May export sales of 36,890 units, accounting for 23.0% of total sales, and a year-on-year increase of 61.3% [2]. Summary by Sections Sales Performance - In May 2024, the company achieved total wholesale sales of 161,000 units, with electric vehicle sales contributing significantly to this growth. The flagship model, Zeekr 001, continued to perform well, achieving sales of 18,616 units in May, a month-on-month increase of 15.7% [1]. - The cumulative sales for the electric vehicle segment from January to May reached 196,000 units, reflecting a year-on-year growth of 111.9% [1]. Product Development - The company is set to launch new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its product lineup and drive demand in the second half of 2024 [1]. - The product cycle appears strong, with several new models planned for release, including two SUVs from the Galaxy brand and a new electric model from Lynk & Co [1]. Financial Projections - The company forecasts revenues of RMB 224.8 billion, RMB 268.7 billion, and RMB 298.8 billion for the years 2024, 2025, and 2026, respectively. Net profits are projected to be RMB 7.4 billion, RMB 11.6 billion, and RMB 15.0 billion for the same years [3][16]. - The earnings per share (EPS) are expected to grow from RMB 0.74 in 2024 to RMB 1.49 in 2026, indicating a positive outlook for profitability [3][16].

吉利汽车（0175.HK）系列点评八 新能源表现亮眼 极氪再创佳绩 2024年06月03日 ➢ 事件概述：公司发布 2024 年 5 月销量公告，5 月批发总销量 16.1 万辆， 推荐 维持评级 同比+33.8%，环比+4.8%；1-5月累计79.0万辆，同比+42.0%。 当前价格： 9.47港元 其中，5月新能源销量58,673辆，同比+117.0%，环比+14.1%，渗透率36.5%； 1-5月新能源销售19.6万辆，同比+111.9%。分品牌看：吉利品牌5月销量12.0 万辆（银河14,193辆），1-5月累计62.0万辆（银河6.5万辆），同比+38.9%； [Table_Author] 极氪5月销量18,616辆，1-5月累计67,764辆，同比+111.7%；领克5月销 量21,778辆，1-5月销售101,561辆，同比+54.7%。 ➢ 5月批发销量高增 新能源表现亮眼。5月公司整体批发销量表现亮眼，公司 批发总销量（含领克）16.1万辆，同比+33.8%，环比+4.8%。受益极氪001持 续热销，银河、领克销量提升，新能源表现强劲，5 月公司新能源销量 58,673 辆，同比+117.0 ...

Summary of Conference Call Notes Industry Overview - The automotive industry is currently facing a pessimistic sentiment in the market regarding its beta, which has led to a heightened focus on vehicle manufacturers [1] Key Points and Arguments - A significant number of in-depth reports have been released on various vehicle manufacturers, including Changan, Li Auto, Xiaopeng, and BYD, indicating a comprehensive analysis of the sector [1] Additional Important Content - The emphasis on vehicle manufacturers suggests a strategic shift in research focus, likely in response to current market conditions and investor sentiment [1]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175) [2] Core Views - Geely's high-end pure electric brand Zeekr successfully listed on the NYSE, raising $441 million with a valuation of $5.199 billion [6] - Zeekr has a clear positioning in the high-end pure electric vehicle market, with a concentrated equity structure and a high proportion of R&D personnel [6] - Zeekr's main business focuses on high-end pure electric vehicle sales, with core components such as batteries and motors, and has established diversified cooperation with global strategic partners [6] - Zeekr has strong competitiveness in the high-end pure electric vehicle market and is expanding into Europe and other overseas markets [6] - Zeekr's revenue is expected to continue growing, with a gross margin of 13.3% in 2023, despite a net loss of 8.35 billion yuan [6] IPO Details - Zeekr listed on the NYSE on May 10, 2024, issuing 210 million ordinary shares, raising $441 million, with a post-IPO valuation of $5.199 billion [9] - 45% of the raised funds will be used for R&D of advanced pure electric vehicle technology and expanding the product portfolio, 45% for sales, marketing, and expanding service and charging networks, and 10% for general corporate purposes [9] - On the first day of listing, Zeekr's stock price opened at $26 and closed at $28.26, a 34.57% increase, with a total market capitalization of $6.997 billion [9] Business Overview - Zeekr has launched 6 models as of May 2024, covering a price range of 189,800 to 789,000 yuan, including sedans, SUVs, and MPVs [22] - Zeekr's product matrix includes the ZEEKR 001, 001FR, 007, 009, 009 Glory Edition, and X, catering to various needs such as family comfort and business reception [22] - Zeekr has developed its own intelligent electric core technologies, including the SEA architecture, ZEEA 2.0 E/E architecture, DCU control architecture, and ZEEKR OS operating system [25] - Zeekr provides three charging solutions: home charging, road charging, and mobile charging services, with 7,500 customers having installed home charging solutions by the end of 2023 [29] Market Position and Expansion - Zeekr has a strong position in the high-end pure electric vehicle market in China, with the ZEEKR 001 achieving 75,928 deliveries in 2023, ranking first in the high-end EV market [46] - Zeekr is accelerating its entry into European and other overseas markets, with over 4,000 vehicles sold overseas in 2023, and plans to expand to 8 European countries in 2024 [6] - By 2026, Zeekr aims to enter most Western European regions and expand into emerging markets such as Southeast Asia, the Middle East, and South America, with sales operations in 50 countries [6] Financial Performance and Forecast - Zeekr's revenue in 2023 was 51.7 billion yuan, with a gross margin of 13.3%, but a net loss of 8.35 billion yuan [6] - Zeekr's revenue per vehicle in 2023 was 435,000 yuan, leading the industry [6] - Zeekr's sales are expected to reach 210,000, 308,000, and 365,000 vehicles in 2024, 2025, and 2026, respectively, with corresponding revenues of 52.5 billion, 77 billion, and 91.25 billion yuan [63] - Geely Automobile is expected to achieve revenues of 202.4 billion, 237.7 billion, and 260.4 billion yuan in 2024, 2025, and 2026, with net profits of 7.68 billion, 11.4 billion, and 15.11 billion yuan, respectively [66] Valuation and Peer Comparison - Zeekr's valuation is relatively low compared to its peers, with a PS ratio of 0.89, compared to 5.82 for NIO and 2.09 for XPeng [61] - Geely Automobile's PE ratios for 2024, 2025, and 2026 are 12.4x, 8.4x, and 6.3x, respectively, maintaining a "Buy" rating [66]

Summary of the Conference Call on Geely Automobile Industry and Company Involved - The conference call focused on Geely Automobile, a prominent player in the automotive industry in China [1]. Core Points and Arguments - The call began with a welcome message and a statement indicating that all participants were muted, suggesting a formal structure to the meeting [1]. Other Important but Possibly Overlooked Content - No specific financial data, performance metrics, or strategic insights were provided in the excerpt [1]. This summary captures the essential elements of the conference call, highlighting the focus on Geely Automobile while noting the lack of detailed content in the provided text.