港股汽车股多数走低，小鹏汽车(09868.HK)、蔚来汽车(09866.HK)跌超3%，吉利汽车(00175.HK)、零跑 汽车(09863.HK)等跌幅居前。 ...

吉利汽车：本公司、吉利控股、GA、 GH、雷诺及合资公司订立出资协议及合资协议 金十数据6月20日讯，吉利汽车(00175.HK)港交所公告，于二零二五年六月二十日，本公司、吉利控 股、GA(SGP)（本公司之全资附属公司）、GH(SGP)（吉利控股之全资附属公司）、雷诺及合资公司订 立出资协议及合资协议，据此(i)GA(SGP)有条件同意以其全资附属公司之全部已发行股本及现金出资的 方式向合资公司出资，以换取合资公司之普通股、认股权证及可转换优先股，及(ii)GH(SGP)有条件同 意以其全资附属公司之全部已发行股本向合资公司出资，以换取合资公司之普通股。于交割后，合资公 司将由雷诺、GA(SGP)、GH(SGP)及一名独立第三方分别拥有73.57%、21.29%、5.11%及0.03%之权 益。 ...

作为合资公司的股东，本集团可充分利用合资公司在巴西成熟的商业能力及全面的生态系统，包括稳固 的分销基础设施及覆盖全国的广泛经销商网络，提供销售与售后服务。这些优势将有助加快本集团产品 在巴西市场占有率的扩张。 通过该交易，本集团可使用合资公司的制造设施，而无需大量资本开支进行绿地投资。当地的制造能力 及完善的供应链网络将有助于本集团加快产能提升，并更有效地为巴西市场提供符合当地喜好及需求的 产品。此外，通过共享生产设施及优化资源配置，为本集团创造了在巴西与雷诺实现营运协同效益的机 会。 于出售事项完成后，本集团将换取合资公司的股权，GA IP新设主体将不再为本公司的附属公司，而本 集团亦不再将其财务业绩综合入账。估计本集团将不会录得有关出售事项的收益或亏损，乃由于GA IP 新设主体的账面净值等于已收取代价(未计税项、交易成本及其他惯常调整)。出售事项产生的实际收益 或亏损将于完成最终审计后进行调整。 合资集团的主要业务将为在巴西生产及分销雷诺品牌及吉利品牌旗下乘用车，以及雷诺品牌旗下轻型商 用车(轻型商用车)。合资集团亦将专注在巴西发展雷诺品牌及吉利品牌以吸引客户。 本集团不断寻求加快国际化的机会，透过本集 ...

Group 1 - Geely Auto Group commits to standardizing payment terms to within 60 days to enhance cash flow efficiency in the supply chain [1] - This initiative aligns with the State Council's regulations on ensuring timely payments to small and medium-sized enterprises and the China Association of Automobile Manufacturers' advocacy for fair competition [1] - The move aims to stabilize the supply chain and promote high-quality development in the automotive industry [1]

Core Viewpoint - The automotive industry in China is facing severe internal competition, and industry self-discipline is essential for healthy development [3][4]. Group 1: Importance of Industry Self-Discipline - Industry self-discipline is crucial for the healthy development of the Chinese automotive sector, as emphasized by the need for fair competition and adherence to market regulations [3][4]. - Despite the signing of the "Commitment to Maintain Fair Competition in the Automotive Industry," there are inconsistencies in adherence among signatories, highlighting the need for stronger self-regulation [3][4]. - Companies must operate in compliance with laws and regulations, fostering a transparent competitive environment through mutual respect and supervision [3][4]. Group 2: Dangers of Internal Competition - The phenomenon of "involution" is described as a form of self-destructive competition that threatens the integrity of the automotive industry [4]. - Some companies are adopting "involution" strategies, distorting market mechanisms and disrupting fair competition, which could undermine the industry ecosystem supported by government funding [4]. - As a leading company, Geely firmly opposes involution and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [4][5]. Group 3: Call for Unity and Progress - The industry is urged to cherish its achievements and avoid self-destructive competition for individual gain, emphasizing the importance of collective effort [5]. - The success of the Chinese automotive industry is attributed to wise government policies and substantial financial support, particularly since the 18th National Congress of the Communist Party [5]. - A message of goodwill is extended to all industry peers and consumers, promoting unity and high-quality development in the automotive sector [5].

Core Viewpoint - The report indicates a positive outlook for Geely Automobile's sales and financial performance, driven by the launch of several new models and the implementation of the "Smart Geely 2025" strategy [1][2] Sales Performance - In May 2025, Geely's total sales reached 235,000 units, a year-on-year increase of 46%, with new energy vehicle (NEV) sales at 138,000 units, including 95,000 pure electric vehicles (EVs) and 43,000 plug-in hybrids, representing year-on-year growth of 178% and 76% respectively [1] - From January to May 2025, Geely's total sales amounted to 1.173 million units, up 49% year-on-year, with NEV sales at 603,000 units, including 426,000 EVs and 177,000 plug-in hybrids, showing year-on-year increases of 184% and 70% respectively [2] Brand Performance - In May 2025, sales by brand included 189,000 units for the Geely brand (up 57% year-on-year), 28,000 units for the Lynk & Co brand (up 27%), and 19,000 units for the Zeekr brand (up 2%) [1] - For the first five months of 2025, the Geely brand sold 971,000 units (up 57% year-on-year), Lynk & Co sold 128,000 units (up 26%), and Zeekr sold 74,000 units (up 9%) [2] Export Performance - In May 2025, overseas exports totaled 30,000 units, a year-on-year decline of 20% [1] - For the first five months of 2025, overseas exports reached 144,000 units, down 12% year-on-year [2] Future Outlook - Geely plans to launch 10 new NEV models in 2025, with a sales target of 2.71 million units for the year, including 1.5 million NEVs [2] - The Geely brand aims for a sales target of 2 million units, with plans to introduce 5 new NEV models and several refreshed models [2] - The Zeekr Technology Group targets sales of 710,000 units, including 320,000 units for the Zeekr brand and 390,000 units for the Lynk & Co brand, with plans for 5 new NEV models and multiple refreshed models [2] Financial Projections - The company expects net profit attributable to shareholders to grow, with projections of 16.3 billion yuan, 18.2 billion yuan, and 23.7 billion yuan for 2025, 2026, and 2027 respectively, and corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - A target price of 29.31 HKD is set for 2025, based on a PE ratio of 16.6 times [1]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1][8] Core Views - In May 2025, Geely's new energy vehicle sales reached a record high of over 138,000 units, with optimistic expectations for annual sales and operating performance due to the launch of several key models [3][8] - The report anticipates Geely's net profit attributable to shareholders 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 [8][10] - The report highlights a 46% year-on-year increase in May sales, with total sales reaching 235,000 units, including 138,000 new energy vehicles, which represents a 178% increase in pure electric vehicle sales and a 76% increase in plug-in hybrid sales [8][10] Financial Summary - Revenue is projected to grow from 147.965 billion RMB in 2022 to 321.801 billion RMB in 2025, reflecting a growth rate of 34% [7][10] - Gross profit is expected to increase from 20.896 billion RMB in 2022 to 51.810 billion RMB in 2025 [7] - Net profit is forecasted to rise significantly from 5.123 billion RMB in 2022 to 16.299 billion RMB in 2025, marking a 222% increase [7][10] - The report provides a PE ratio forecast of 22 for 2024, decreasing to 12 for 2025, and further to 11 for 2026 [7][10] Sales Performance - For the first five months of 2025, Geely's total sales reached 1.173 million units, a 49% year-on-year increase, with new energy vehicle sales accounting for 603,000 units [8][10] - The report outlines a sales target of 2.71 million units for 2025, with a specific target of 1.5 million new energy vehicles [8][10] - Geely plans to launch 10 new energy models in 2025, which is expected to enhance sales growth certainty [8][10]

Investment Rating - The report maintains a "Highly Confident to Outperform the Market" rating for Geely Automobile (00175) with a target price of HKD 23 [1] Core Viewpoints - The recent launch of the plug-in hybrid model (PHEV) Galaxy A7 is expected to drive strong sales growth and enhance profitability for Geely Automobile [1] - The actual price reduction in the current competitive landscape is milder than market expectations, approximately between RMB 1,000 to 2,000 [1] - The increasing penetration of the new GEA platform and the growing sales mix of new energy vehicles (NEV) are anticipated to improve per-vehicle profitability [1] - Geely Automobile is projected to have a robust product lineup in the fiscal year 2025 [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 26.0, indicating a potential upside of 47% based on the forecasted P/E ratio of 17.9 times for 2025 [1][4]. Core Insights - In May, the total sales of the company reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Among these, the sales of new energy vehicles were 138,000 units, showing a significant year-on-year growth of 135.2% and a month-on-month increase of 9.9% [2][4]. - The company launched new models that have quickly gained popularity in their respective segments. The Galaxy Star 8 was launched at a price range of RMB 115,800 to RMB 155,800, and it became the best-selling B-class plug-in hybrid sedan within a week of its launch. The Lynk & Co 900 was also introduced, featuring advanced technology and competitive pricing [3][4]. Sales Performance - The company reported cumulative sales of 1.173 million passenger vehicles from January to May, which is a year-on-year increase of 48.6%. The cumulative sales of new energy vehicles during the same period reached 603,000 units, reflecting a year-on-year growth of 137.1% [2][4]. Market Dynamics - The automotive price war may ease as regulatory bodies express opposition to excessive price cuts. The Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers have indicated a need for fair competition in the market, which could impact future pricing strategies [4]. Financial Projections - The company is projected to achieve sales revenue of RMB 179.2 billion in FY2023, with a growth rate of 21%. By FY2025, the revenue is expected to reach RMB 310.2 billion, reflecting a growth rate of 29% [5][10]. - Net profit is forecasted to be RMB 5.3 billion in FY2023, with a significant increase to RMB 16.6 billion in FY2024, followed by a slight decline to RMB 13.7 billion in FY2025 [5][10]. Stock Performance - The company's stock has shown positive relative returns of 1.88% over one month, 2.61% over three months, and an impressive 61.60% over twelve months [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 26.0, indicating a potential upside of 47% based on the forecasted P/E ratio of 17.9 times for 2025 [1][4][7]. Core Insights - In May, the total sales of the company reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Among these, the sales of new energy vehicles were 138,000 units, showing a significant year-on-year growth of 135.2% and a month-on-month growth of 9.9% [2][4]. - The company has launched new models that have quickly gained popularity in their respective segments. The Galaxy Starry 8 was launched at a price range of HKD 115,800 to HKD 155,800 and has become the best-selling B-class plug-in hybrid sedan within a week of its launch [3][4]. - The automotive price war may ease as industry associations and the Ministry of Industry and Information Technology express opposition to excessive price cuts, promoting fair competition in the market [4]. Sales Performance - In May, the company sold 235,000 vehicles, with 138,000 being new energy vehicles, marking a year-on-year increase of 46.4% and 135.2% respectively. Cumulative sales from January to May reached 1.173 million units, up 48.6% year-on-year, while new energy vehicle sales totaled 603,000 units, up 137.1% year-on-year [2][4][7]. New Product Launches - The Galaxy Starry 8 and Lynk & Co 900 have been launched, with the former achieving over 10,000 pre-orders within six days and the latter breaking 10,000 pre-orders within one hour of its launch. Both models are positioned to compete with established brands in their segments [3][4]. Market Dynamics - The report highlights that the automotive industry is experiencing a shift in pricing strategies, with major players like BYD initiating price cuts, prompting other manufacturers, including the company, to follow suit. Regulatory bodies are expected to intervene to maintain a balanced competitive environment [4].