吉利汽车（0175.HK）系列点评五 营收及毛利表现亮眼 盈利拐点向上 2024年03月21日 ➢ 事件概述：公司2023年报：营收：2023年营收1,792.0亿元，同比+ 21.1%； 推荐 维持评级 归母净利53.1亿元，同比+0.9%；其中2023H2营业收入1,060.2亿元，同比 当前价格： 8.83港元 +18.1%，环比+44.9%。毛利率：2023年毛利率15.3%，同比+1.2pct，2023H2 毛利率15.9%，同比/环比+2.1/+1.5pct；归母净利：2023年归母净利53.1亿 元，同比+0.9%；2023H2归母净利44.2亿元，同比+19.2%，环比+181.4%。 [Table_Author] ➢ 营收、利润表现亮眼 费用率相对平稳。收入端：2023H2 吉利汽车营业收 入1,060.2亿元，同比+18.1%，环比+44.9%，主要受益销量环比提升及产品结 构升级、优化，2023H2 公司总销量 99.4 万辆，同比/环比+21.2%/+43.0%； 我们测算单车ASP 13.9万元，环比+4,447元；利润端：2023H2吉利汽车归母 净利44.2亿元，同比+19.2% ...

公 汽车 司 2024年03月 21日 报 吉利汽车(0175.HK) 告 高端纯电品牌极氪发展势头强劲 推荐（维持） 事项： 公司披露2023年业绩，2023年公司实现营业收入1792亿（同比+21%），实 现归母净利润53亿元（同比+1%）。分红预案为每股派息0.22港元。 股价：8.83 元(港币) 平安观点： 公 主要数据  高端纯电品牌极氪发展势头强劲，盈利能力有明显改善，2024 年进入产 司 品大年。2023年高端纯电品牌极氪大幅减亏，毛利率进一步提升至约15% 行业 汽车 （据公司业绩发布会介绍）。2024款极氪001上市后订单超预期，月销有 年 公司网址 www.geelyauto.com.hk 望再创新高。首款基于英伟达Orin芯片进行自研智驾方案搭载的极氪007 大股东/持股 报 实际控制人 李书福 （对标model 3）终端零售情况好。起售价50万元以上的纯电MPV极氪 点 总股本(百万股) 10063.38 009月销表现稳定，年内极氪还将上市5座MPV极氪 MIX，对标model Y 流通A股(百万股) 的全新纯电 SUV，极氪 2024 年步入产品大年，销量目标23 万台，同比 ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Most businesses are trending up Target Price HK$14.00 Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better (Previous TP HK$14.00) than FY21-22. We believe most of its businesses are poised to enjoy higher Up/Downside 58.6% profits in FY24E. Some investors may overlook Geely’s recent assets disposal Current Price HK$8.83 to ease its lingering D&A burden by leveraging its par ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's 2023 annual report shows a strong gross margin performance, with a robust new car cycle expected to continue in 2024 [1] - The company achieved a record high in sales volume in 2023, driven by economies of scale and cost reductions, leading to a significant improvement in gross margin [3] - The company's 2024 sales target is 1.9 million units, a 13% YoY increase, with a strong new car cycle expected to drive continued high growth [3] - The company is accelerating its globalization and intelligentization efforts, with the Starwise Intelligent Computing Cloud Platform enabling rapid deployment of urban intelligent driving [3] Financial Performance - 2023 revenue reached 179.85 billion yuan, a 21% YoY increase, with net profit attributable to the parent company of 5.308 billion yuan, a 1% YoY increase [2] - 2023H2 revenue was 106.02 billion yuan, an 18% YoY increase, with net profit attributable to the parent company of 3.737 billion yuan, a 0.8% YoY increase [2] - 2023H2 gross margin was 15.92%, a 2.08 pct YoY increase and a 1.51 pct QoQ increase [3] - 2023H2 sales, management, and R&D expense ratios were 6.6%, 5.4%, and 1.4%, respectively, with sales and R&D expenses increasing due to new platform architectures and channel network expansion [3] Sales and Market Share - 2023 total sales volume was 1.6865 million units, an 18% YoY increase, with 992,500 units sold in H2, a 21% YoY increase [3] - Lynk & Co, Geely, and Zeekr brands sold 138,000, 756,000, and 76,000 units, respectively, with average selling prices of 107,300, 161,500, and 336,200 yuan, respectively [3] - Zeekr brand significantly reduced losses in H2, with a net loss of 325 million yuan, a 960 million yuan YoY reduction and a 490 million yuan QoQ reduction [3] Future Outlook - The company plans to launch 6 new fuel vehicle models, 2 pure electric models under the Galaxy brand, and 1 plug-in hybrid model under the Lynk & Co brand in 2024 [3] - Zeekr will introduce new models, including the Mix "3+3" series and 2 pure electric SUV/MPV products, to enrich its product matrix [3] - The company is accelerating its global expansion, with Geely, Lynk & Co, and Zeekr brands expanding into Asia-Pacific, Europe, and Latin America markets [3] Financial Forecasts - 2024E revenue is projected to be 213.465 billion yuan, an 18.69% YoY increase, with net profit attributable to the parent company of 7.929 billion yuan, a 49.37% YoY increase [2] - 2025E revenue is projected to be 258.106 billion yuan, a 20.91% YoY increase, with net profit attributable to the parent company of 11.459 billion yuan, a 44.53% YoY increase [2] - 2026E revenue is projected to be 300.070 billion yuan, a 16.26% YoY increase, with net profit attributable to the parent company of 13.816 billion yuan, a 20.56% YoY increase [2] Valuation Metrics - 2024E EPS is projected to be 0.79 yuan, with a P/E ratio of 10.20 [2] - 2025E EPS is projected to be 1.14 yuan, with a P/E ratio of 7.06 [2] - 2026E EPS is projected to be 1.37 yuan, with a P/E ratio of 5.85 [2]

尊敬的各位媒体老师各位投资者朋友们下午好感谢各位的宝贵时间参加吉利汽车控股有限公司2023年度业绩发布会我是这次发布会的主持人赵阳首先请允许我介绍今天出席发布会的公司领导他们是吉利控股集团CEO吉利汽车控股有限公司副主席及执行董事李东辉先生 吉利控股集团总裁吉利汽车控股有限公司执行董事极客智能科技CEO安冲辉先生吉利汽车控股有限公司行政总裁执行董事慧生岳先生吉利汽车集团CEO吉利汽车控股有限公司执行董事赣家岳先生以及吉利汽车集团副CFO戴永先生 今天的业绩发布会有以下三个环节首先由我们的同事戴永总为各位讲解业绩PPT然后是贵总致辞再接下来是问答环节除了现场提问也欢迎线上参会的各位投资者将想问的问题发到我们邀请函上指定的邮箱那么接下来请戴永总为我们讲解业绩PPT 好的感谢赵阳的介绍各位投资者及媒体朋友大家下午好我是戴勇非常感谢大家今天下午百忙之中来参加极力汽车2023年的业绩发布会过去的一年极力汽车在各方面都取得了比较亮眼的成绩下面我会给大家逐项解读 在销量方面基地汽车23年创下了多项历史新高首先总销量超额完成了年初制定的165万台的这个目标达到了168.7万台同比增长17.7%总销量增速跑赢大盘 其次新能源销 ...

Financial Performance - Total sales volume increased by 18% to 1,686,516 units in 2023 from 1,432,988 units in 2022[4] - Revenue rose by 21% to RMB 179,203,592,000 in 2023 compared to RMB 147,964,647,000 in 2022[4] - Net profit attributable to equity holders increased by 1% to RMB 5,308,408,000 in 2023 from RMB 5,260,353,000 in 2022[4] - Basic earnings per share rose to RMB 0.51 in 2023, up from RMB 0.51 in 2022, while diluted earnings per share increased to RMB 0.51 from RMB 0.50[6] - Proposed final dividend per share increased by 5% to HKD 0.22 in 2023 from HKD 0.21 in 2022, subject to shareholder approval[5] - Gross profit margin improved to 15.3% in 2023 from 14.1% in 2022, reflecting better cost management[6] - Financial income increased by 43% to RMB 544,350,000 in 2023 from RMB 380,472,000 in 2022[6] - Total comprehensive income for the year was RMB 4,659,536,000 in 2023, slightly down from RMB 4,684,225,000 in 2022[7] Assets and Liabilities - Non-current assets totaled RMB 78,962,781,000 in 2023, compared to RMB 78,762,416,000 in 2022[8] - Current liabilities increased to RMB 96,823,927,000 in 2023 from RMB 68,953,214,000 in 2022, indicating a rise in short-term obligations[8] - Total equity increased to RMB 85,151,498 thousand in 2023, up from RMB 76,195,815 thousand in 2022, representing a growth of 11.5%[9] - The company's reserves rose to RMB 76,911,915 thousand in 2023, compared to RMB 71,533,667 thousand in 2022, marking an increase of 7.5%[9] - Non-current liabilities decreased from RMB 12,677,300 thousand in 2022 to RMB 10,622,256 thousand in 2023, a reduction of approximately 16.2%[9] - Trade and other payables increased significantly to RMB 2,721,668 thousand in 2023, up from RMB 1,602,020 thousand in 2022, reflecting a growth of 69.8%[9] Cash Flow and Investments - The company reported a net cash from operating activities of RMB 22,342,369 thousand, significantly higher than RMB 16,018,395 thousand in the previous year, marking an increase of approximately 39.5%[12] - For the year ended December 31, 2023, the net cash flow from investing activities was RMB (16,144,646) thousand, compared to RMB (12,130,350) thousand in 2022, indicating an increase in cash outflow for investments[13] - The cash flow from financing activities showed a net outflow of RMB (2,763,776) thousand in 2023, a significant decrease from a net inflow of RMB 1,325,083 thousand in 2022[13] - The total cash and cash equivalents at the end of 2023 amounted to RMB 36,775,293 thousand, up from RMB 33,341,339 thousand at the end of 2022, reflecting a net increase of RMB 3,433,947 thousand[13] Revenue Sources - Revenue from external customers in China increased to RMB 146.31 billion in 2023, up from RMB 125.12 billion in 2022, representing a growth of 16.9%[28] - Total revenue for 2023 reached RMB 179.20 billion, compared to RMB 147.96 billion in 2022, marking an increase of 21.1%[31] - Sales of automobiles and related services accounted for RMB 149.62 billion in 2023, up from RMB 122.78 billion in 2022, reflecting a growth of 21.8%[31] - The company reported government grants of RMB 958.90 million in 2023, significantly higher than RMB 324.47 million in 2022, indicating a growth of 195.5%[32] Joint Ventures and Acquisitions - The company acquired a 30% stake in Shangjian for RMB 17.35 million, completing the acquisition in November 2023[61] - The acquisition of 49.9% of Proton Holdings Berhad and DHG was completed for approximately RMB 1,450.4 million, providing an entry into the Southeast Asian right-hand drive vehicle market[50] - The company has a 49% stake in Times Geely Power Battery Co., Ltd., which is involved in the R&D, manufacturing, and sales of batteries and battery modules[47] - The company plans to continue collaborating with Proton to develop electric vehicles under the Proton brand following the acquisition[50] Employee and Operational Costs - Employee costs, including directors' remuneration, rose to RMB 10,336,768,000 in 2023, up from RMB 8,715,550,000 in 2022, representing an increase of 18.5%[36] - The total depreciation expense for 2023 was RMB 3,753,550,000, compared to RMB 3,519,081,000 in 2022, indicating a year-over-year increase of 6.7%[37] Future Outlook and Plans - The group plans a capital expenditure budget of approximately RMB 15 billion for 2024, focusing on new vehicle models and smart technology development[123] - The group has set a sales target of 1,900,000 vehicles for the fiscal year 2024, representing an approximate 13% increase compared to the total sales achieved in 2023[128] - The group aims to reduce carbon emissions per vehicle lifecycle by over 25% by 2025, with a 12% reduction achieved by the end of 2023 compared to the 2020 baseline[121] Legal and Governance - The company held its annual general meeting on May 25, 2023, with the chairman unable to attend due to scheduling conflicts, delegating an executive director to report on shareholder inquiries[136] - The audit committee, consisting of independent non-executive directors, is responsible for reviewing the group's financial reporting processes and risk management[138] - The external auditor confirmed that the preliminary performance announcement data for the year ending December 31, 2023, aligns with the group's financial statements[140]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [1] Core Views - Geely's product matrix is diversifying with positive performance from its new energy sub-brands [1] - Despite seasonal factors and cold weather impacting February sales, Geely's overall performance is better than last year [2] - Geely is strategically deploying resources towards new energy vehicles and implementing a multi-brand strategy to expand profit growth points [4] Financial Performance - Revenue is projected to grow from RMB 101 6 billion in 2021 to RMB 439 1 billion in 2025 with a CAGR of 48 17% [1] - Net profit attributable to shareholders is expected to increase from RMB 4 8 billion in 2021 to RMB 10 4 billion in 2025 [1] - ROE is forecasted to rise from 7 07% in 2022 to 11 58% in 2025 [1] Sales Performance - Total sales in February 2024 reached 111 398 units a 3% YoY increase [1] - January-February 2024 total sales were 324 885 units a 55% YoY growth [1] - New energy vehicle sales accounted for over 30% of total sales in February 2024 [2] Brand Performance - Geely brand sold 90 679 units in February 2024 with the Galaxy series selling 9 120 units and the Geometry series selling 10 514 units [2] - Lynk & Co brand sales increased by over 9% YoY in February 2024 with new energy vehicles accounting for 47% of sales [2] - Zeekr brand delivered 20 047 units in January-February 2024 a 134% YoY increase [2] International Expansion - Overseas sales in February 2024 reached 24 373 units a 39% YoY increase [2] - Geely launched the Okavango SUV in the UAE and expanded the Starray model to Panama Qatar and Kazakhstan [2] - Zeekr entered the Middle East market and plans to expand to Kuwait Lebanon Morocco and Oman [2] New Energy Strategy - Geely is focusing on new energy vehicles with sales of 33 508 units in February 2024 accounting for 30% of total sales [2] - The company launched several new electric models in February 2024 including the Zeekr 007 and the updated Zeekr 001 [4] Market Competition - Geely introduced a RMB 2 billion car purchase discount program in response to market competition [4] - The program covers almost all models including the Xingyue L Xingrui Boyue and Emgrand series [4]

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（ ） 0175.HK [吉Ta利b汽le_车Ti2tl0e2] 年 月销量点评：总量同比增长 4 2 超 ，新能源增速稳健 3% 报告要点 [公Ta司ble2_S月u实mm现a销ry量] 11.1 万辆，同比+3.3%，受春节影响，环比-47.8%。1-2 月公司累计销量 32.5万辆，同比+55.2%。中国星高端系列同比增速约8%，吉利品牌高端化车型占比表现亮眼； 新能源同比增长近 48%，增速表现稳健。2024 年公司旗下各品牌均发力新能源转型，银河迎 来放量期，盈利有望迎来拐点。 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 2 月销量同比微增，极氪换代/银河改款有望 2024 年 03月 04日 引爆销量 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 102,015 148,565 178,338 235,191 300,860 执业证书：S0600523070004 同比 10.44% 45.63% 20.04% 31.88% 27.92% yanghb@dwzq.com.cn 归母净利润（百万元） 4,847 5,260 5,013 8,032 12,054 同比 -12.40% 8.52% -4.70% 60.22% 50.08% 股价走势 EPS-最新摊薄（元/股） 0.48 0.52 0.50 0.80 1.20 吉利汽车 恒生指数 P/E（现价&最新摊薄） 16.49 15.20 15.95 9.95 ...

证券研究报告 公 2024年03月02日 司 报 告 吉利汽车(00175) 行 业： 汽车/乘用车 │ 港 投资评级： 股 当前价格： 8.64港元 春节影响 2 月销量，智能化加速推进 - 公 目标价格： 司 事件： 点 基本数据 评 研 2024 年3月1日，吉利汽车发布2024年2月产销快报，公司 2月实现汽 总股本/流通股本(百万股) 10,063.38/10,063. 38 究 车销量11.1万辆，同比+3.3%，环比-47.8%，其中纯电/插混分别为2.0/1.3 流通市值(百万港元) 86,947.62 万辆，同比分别-2.8%/+571.8%，环比分别-44.6%/-54.6%。1-2月汽车合计 每股净资产(元) 8.26 销量 32.4万辆，同比+55.2%，其中纯电/插混分别为 5.6/4.3 万辆，同比 资产负债率(%) 50.57 分别+90.4%/+1561.7%。  受春节影响，2月销量短期承压 一年内最高/最低(港元) 11.64/7.24 分品牌来看，2月吉利品牌9.1万辆，同比+0.4%，环比-47.5%，其中银河 股价相对走势 系列9120辆，环比-52.6%，几何系列 ...