Investment Rating - The report maintains an "Outperform" rating for Geely Automobile (0175 HK) [4] Core Views - Geely Automobile's brand structure is considered reasonable and clear, with the gradual implementation of the "Smart Geely 2025" strategy expected to drive continuous growth in overall revenue and net profit [1] - The company's 2023 operating performance showed significant improvement, with record-high revenue of RMB 179 2 billion, a 21% YoY increase, and a gross margin of 15 3%, up 1 2 percentage points YoY [1] - Net profit attributable to the parent company in 2023 reached RMB 5 308 billion, a 51% YoY increase compared to the adjusted net profit of RMB 3 511 billion in 2022 [1] Financial Performance and Forecast - 2023 total sales reached a record high of 1 687 million units, exceeding the sales target, with new energy vehicle sales hitting a record 487,000 units, a 48 3% YoY increase [5] - Export sales reached a record 274,000 units, a 38 3% YoY increase [5] - The company aims for 2024 total sales of 1 9 million units, a 13% YoY increase, with new energy vehicle sales expected to grow 66% YoY [5] - Revenue is forecasted to grow 32% YoY in 2024 to RMB 236 175 billion, with net profit attributable to the parent company expected to reach RMB 7 631 billion, a 43 76% YoY increase [6][9] - EPS is projected to be RMB 0 76 in 2024, RMB 1 14 in 2025, and RMB 1 54 in 2026 [1][6] Valuation and Target Price - The report assigns a 2024 PE multiple of 15-20x, corresponding to a reasonable value range of HKD 12 56-16 74 (based on an exchange rate of 1 HKD = 0 9080 RMB) [1] - The current P E ratio is 16 28x for 2023, expected to decrease to 12 18x in 2024 and 6 00x in 2026 [9] Industry Comparison - Among comparable companies, Great Wall Motor (601633) has a 2024E PE of 19 1x, while BYD and Changan Auto have 2024E PEs of 14 9x and 17 2x respectively [7] - The average PE ratio for comparable companies is 17 1x for 2024 [7]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [2] Core Views - Geely Automobile's core profitability has significantly improved in 2023 due to product structure upgrades, cost control, and economies of scale [2] - The company achieved record-high sales of 1 687 million vehicles in 2023, with new energy vehicle sales growing 48 3% to 487 000 units and exports increasing 38 3% to 274 000 units [2] - Revenue increased by 21% YoY to RMB 179 2 billion in 2023, driven by product value enhancement and business diversification [2] - Net profit attributable to shareholders surged 51% YoY to RMB 5 308 billion in 2023, excluding one-time acquisition gains in 2022 [2] - Gross profit improved significantly, with total gross profit up 31% YoY to RMB 27 4 billion and gross margin increasing from 14 1% in 2022 to 15 3% in 2023 [2] - The company has strong cash reserves, with net cash increasing 46% YoY to RMB 28 4 billion in 2023 [2] 2024 Outlook - Geely Automobile aims to achieve total sales of 1 9 million units in 2024, representing a 13% YoY increase [2] - New energy vehicle sales target is set at 810 000 units, a 66% YoY increase, with new energy penetration rate expected to rise from 29% in 2023 to 42 6% in 2024 [2] - The company plans to launch 9 new energy models across its three brands in 2024 [2] - Geely Automobile is expected to continue its strong product cycle, with recent launches like Galaxy L7 and Lynk & Co 08 performing well, and new models like Zeekr 007 and Galaxy E8 expected to maintain momentum [2] Financial Projections - Revenue is projected to reach RMB 233 76 billion in 2024, with net profit attributable to shareholders expected to be RMB 6 579 billion [3] - The company's main brand is expected to continue contributing stable profits, while losses from Lynk & Co and Zeekr brands are expected to gradually decrease [3] - Sales are forecasted to reach 2 million units in 2024, with Geely main brand, Lynk & Co, and Zeekr expected to sell 1 423 million, 327 000, and 251 000 units respectively [3] Historical Performance - In 2023, Geely Automobile's actual revenue of RMB 179 2 billion exceeded the forecast of RMB 175 7 billion by 2% [6] - The company's gross margin of 15 3% in 2023 was slightly below the forecast of 16 2% [6] - Net profit attributable to shareholders in 2023 was RMB 5 308 billion, 5% below the forecast of RMB 5 601 billion [6]

[Table_Page] 年报点评|汽车与汽车零部件 证券研究报告 [ 【Table 广_Title 发] 汽车&海外】吉利汽车(00175.HK) 公[Ta司ble评_Inv级est ] 买入-H 当前价格 8.88港元 23 年报点评：毛利率回升，销量及结构拐点确立 合理价值 14.78港元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-03-27 ⚫ 公司23年确立销量及结构拐点，燃油车产品结构持续优化。公司发布 相[Ta对ble市_Pi场cQu表ote现] 2023 年财报实现营收 1792.0 亿元，同比+21.1%，实现归母净利润 53.1亿元，同比+0.9%。公司23年全年销量（含领克、睿蓝）为168.7 18% 万辆，同比+17.7%。公司 23 年吉利银河系列和领克 08 销量表现亮 10% 眼，23年H2公司新能源车销量（含极氪、领克、睿蓝）为33.0万辆， 1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 新能源销量占比为33.2%，环比提升10.5pct，公司新能源销量占比持 -7% 续提升。同时燃油车产品结构持 ...

h 股 c r a 票 e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 tiu Company Report: Geely Automobile (00175 HK) 究 q (852) 2509 2649 E 公司报告： 吉利汽车 (00175 HK) ivan.wu@gtjas.com.hk 25 March 2024 R[Taebvlee_nSuumem aHryi]t A Record High; Strong Sales Growth of FVs And NEVs Further Drives Business Growth; Maintain "Buy" tr 公 o p 司 e R  Maintain "Buy" with TP of HK$13.33. Considering 1) Geely [RTaabtlien_gR:a nk] Buy 报 y n Automobile’s (“Geely” or the “Company”) scale, product matrix and Maintained a profitability and market s ...

2024年3月23日 公司研究 全年业绩表现稳健，产品储备丰富潜力可期 ——吉利汽车（0175.HK）2023 年报点评报告 要点 买入（维持） 当前价/目标价：9.29/11.17港币 2023全年业绩表现稳健：2023年总收入同比+21.1%至人民币1,792.0亿元； 其中，汽车销售收入同比+21.9%至人民币 1,496.2 亿元（包括极氪但剔除领 克/睿蓝后的ASP同比+2.2%至人民币10.5万元）。归母净利润同比+0.9%至 作者 人民币 53.1 亿元（剔除 2022 年一次性收益后的 2023 年归母净利润同比 分析师：倪昱婧, CFA +51.2%），2H23归母净利润环比+138.0%至人民币37.4亿元。 执业证书编号：S0930515090002 021-52523852 极氪亏损收窄，领克业绩低于预期：2023年毛利率同比+1.2pcts至15.3%， niyj@ebscn.com SG&A费用率同比+0.9pcts至13.3%，经营利润率同比+0.4pcts。拆分来看， 联系人：孟祥庭 1）受益于销量爬坡、以及电池PACK+研发和技术授权等业务贡献，极氪2023 mengxian ...

Investment Rating - The investment rating for Geely Automobile is "Buy" [5] Core Insights - Geely Automobile achieved a significant revenue growth of 21.1% year-on-year in 2023, reaching 179.2 billion RMB, with a gross profit of 27.42 billion RMB, up 31.2% [2] - The company’s automobile sales reached 1.6865 million units in 2023, marking a 17.7% increase year-on-year, driven by a strong performance in new energy vehicles [2] - In early 2024, Geely's sales continued to rise, with January and February sales hitting historical highs, totaling 325,000 units, a 55% increase year-on-year [3] - The company plans to launch nearly 10 new energy models across its brands in 2024, aiming for a total sales target of 1.9 million units, with new energy vehicle sales expected to grow by 66% [4][8] Summary by Sections Financial Performance - In 2023, Geely's gross margin improved to 15.3%, an increase of 1.2 percentage points from the previous year, attributed to product mix improvement and cost reductions [2] - The net profit attributable to shareholders was 5.31 billion RMB, a slight increase of 0.9% year-on-year, impacted by increased distribution and sales expenses [2][8] - For 2024, revenue is projected to exceed 200 billion RMB, with a net profit forecast of around 7 billion RMB, reflecting a 35% growth [8] Sales and Market Position - The company’s new energy vehicle sales surged by 189% in the first two months of 2024, with a penetration rate of 30.6% [3] - Geely's product lineup is expected to remain competitive, with multiple new models set to launch, enhancing its market position [4][9] Valuation - As of March 20, 2024, Geely's stock price was 8.83 HKD, corresponding to a PE ratio of approximately 11.4 times, indicating a relatively low valuation [9] - The report suggests that the stock presents a favorable medium to long-term investment opportunity due to its current low valuation and strong growth prospects [9]

Table_BaseInfo Table_Title 公司动态分析 2024 年 03 月 21 日 吉利汽车（175.HK） 证券研究报告 汽车行业 业绩超预期，极氪订单火爆 投资评级： 买入 2024年吉利处在转型升级的高速发展期，新能源销量占比持续提升，车型不断丰富， 盈利能力持续改善。我们维持目标价12港元，对应24年12.9倍预测市盈率，距离现 目标价格： 12 港元 价有36%上涨空间，买入评级。 现价 (2024-03-20)： 8.8港元 报告摘要 总市值(百万港元) 89,060.93 收入增长21%，创历史新高。2023年吉利汽车营收1792亿元，同比增长21%， 流通市值(百万港元) 89,060.93 归母净利润53.1亿元，同比增长1%；毛利率15.3%，同比提升1.2个百分点，业 总股本(百万股) 10,063.38 绩超预期。23年累计销量168.7万辆，其中新能源48.7万辆。24年销量目标为190 流通股本(百万股) 10,063.38 万辆，同比增长13%。 12个月低/高(港元) 7.2/9.2 多款新车上市，新款极氪001销售火爆。24年吉利品牌、极氪品牌、领克品牌各将 ...

e 2024 年 03 月 22 日 公司研究 评级：增持 (首次覆盖 ) 研究所： [Table_Title] 战略方向推进顺利，盈利能力稳步向好 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn ——吉利汽车（ ） 年年报点评 00175 2023 最近一年走势 事件 : 吉利汽车2024年3月20日发布2023全年业绩公告：2023年度实现营 收1792.04亿元，同比增长21.11%；实现归母净利润53.08亿元，对比 2022年撇除一次性议价收购收益后的归母净利润35.11亿元，同比增长 51%。 投资要点 :  2023H2营收、业绩同比稳健增长，环比大幅增加。 1）2023H2，公 相对恒生指数表现 2024/03/21 司实现营收1060.22亿元，同/环比为+18.09%/+44.87%；实现归母净利 表现 1M 3M 12M 润37.38亿元，同/环比+0.80%/+137.96%。公司下半年营收实现大幅增 吉利汽车 13.0% 17.7% 0.0% 长，关键在于稳步提高产品质量和竞争力，下半年汽车销量环比+43.0%。 恒生指数 2.2% 1.5% - ...

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年3月20日 港元8.83 港元12.50 +41.6% 吉利汽车 (175 HK) 销量增长和毛利率改善带动核心净利润超预期，维持买入  毛利率改善超预期，核心净利润较预期强劲。吉利 2023 年收入同比增 个股评级 21.1%至1,792 亿元（人民币，下同），净利润同比小幅增长 1%至 53 亿 买入 元，核心净利润59.6亿，较市场和我们预期高22/24%，主要是由于2023 下半年毛利率改善明显。2023下半年收入较上半年增长44.9%，销量增长 带来的规模效应明显，下半年毛利率 15.9%较上半年 14.4%环比改善。 1年股价表现 2023年毛利率15.3%较2022年同比改善1.2百分点。2023年吉利全品牌 175 HK 恒生指数 25% 有多款新车投放市场，导致销售/行政费用同比增长 43.8%/16.8%，两者占 20% 15% 收入比例环比上升0.8百分点至13.8%。2023年总销量同比增长17.7%至 10% 5% 168.7 万辆，其中新能源汽车销量同比增长 48.3%，出口销量也表现亮丽， 0% -5% 同比增长 ...

Geely Automobile Holdings Limited (OTCPK:GELYF) Q4 2023 Results Conference Call March 20, 2024 4:30 AM ET Company Participants Dai Yong - CFO Sheng Yue Gui - CEO Dong Hui Li - Executive Vice Chairman An Cong Hui - Executive Director Conference Call Participants Bin Wang - Deutsche Bank Operator …Automobile Holdings 2023 Annual Results Announcement. My name is [indiscernible]. Let me introduce the leaders present today. Daniel Donghui Li, Chief Executive Officer of Geely Holding, Executive Director and Vice ...