智通财经5月13日电，极氪表示，关于吉利提议，目前尚未做出任何决定。小财注：吉利汽车此前公 告，公司于5月7日向极氪提交非约束性报价函，建议私有化极氪。 ...

Core Viewpoint - HSBC expects Geely Automobile's sales and profitability to continue growing, driven by new model launches and advancements in autonomous driving technology [1] Group 1: Company Performance - HSBC has raised the target price for Geely Automobile by 8.3%, from HKD 24 to HKD 26, indicating a potential upside of approximately 48% based on current stock prices [1] - The bank has adjusted its earnings forecasts for Geely for 2025-2026 upwards by 6%-7%, primarily due to higher gross margin expectations from increased domestic sales driven by the new electric vehicle cycle [1] - HSBC has introduced earnings forecasts for 2027 for the first time, reflecting confidence in the company's growth trajectory [1] Group 2: Market Dynamics - The privatization of Zeekr by Geely is anticipated to create value enhancement and synergies for the company [1] - The introduction of more new models and upgrades in autonomous driving are expected to contribute to sustained growth in sales and profitability over the coming quarters [1]

Core Viewpoint - Geely Automobile is proposing to privatize Zeekr, which has been listed in the US for less than a year, by offering $2.566 per share, representing a premium of approximately 13.6% over the last trading price [2][3] Group 1: Privatization Proposal - Geely submitted a non-binding proposal to privatize Zeekr, suggesting a purchase price of $2.566 per share or $25.66 per American Depositary Share [2] - The proposed price represents a 13.6% premium over the last trading day’s closing price and a 20% premium over the volume-weighted average price over the last 30 trading days [2] - Geely currently holds approximately 65.7% of Zeekr's issued share capital [2] Group 2: Market Reaction - Following the announcement, Zeekr's stock price surged by 11.51% on May 7, closing at $25.19 per share, nearing Geely's proposed purchase price [2] - The trading volume for Zeekr's stock increased significantly, with a transaction value of $125 million, more than ten times the previous day's volume [2] Group 3: Strategic Integration - Geely aims to create a unified listing platform to integrate Zeekr's assets and resources, enhancing the competitiveness of its passenger vehicle business [3] - This move aligns with Geely's strategic shift from expansion to focus, as announced in the "Taizhou Declaration" on September 1, 2024 [3] Group 4: Zeekr's Performance - Zeekr, which was spun off from Lynk & Co, achieved a rapid IPO in the US market, listing on May 10, 2024 [3] - In the first four months of this year, Zeekr's total sales reached 155,300 units, with Lynk & Co contributing 100,200 units, reflecting a 26% year-on-year growth, while Zeekr's brand sales grew by only 12% [3] - Zeekr's 2025 sales target is set at 710,000 units, with current completion rates at 21.87% overall, 25.64% for Lynk & Co, and 17.22% for Zeekr [4] Group 5: Financial Performance - Zeekr reported a revenue of 75.913 billion yuan for 2024, a 46.9% increase year-on-year, but incurred a net loss of 5.791 billion yuan, although the loss has narrowed compared to the previous year [4]

Investment Rating - The investment rating for Geely Automobile is "Buy" with a target price of HKD 22.50, indicating a potential upside of 34.1% from the current price of HKD 16.78 [2][8]. Core Insights - The report highlights the privatization of Zeekr, which is expected to further enhance internal resource integration and operational efficiency within Geely. This move is seen as beneficial for Geely's competitive positioning in the market [6]. - Geely's financial projections show significant revenue growth, with expected revenues of RMB 306.89 billion in 2025, reflecting a year-on-year growth of 27.8% [5][10]. - The report emphasizes the need for Geely to adjust its high-end brand strategy due to declining sales in this segment, particularly for Zeekr's models [6]. Financial Overview - Revenue projections for Geely are as follows: RMB 179.20 billion in 2023, RMB 240.19 billion in 2024, and RMB 306.89 billion in 2025, with corresponding growth rates of 21.1%, 34.0%, and 27.8% respectively [5][10]. - Net profit is projected to be RMB 5.31 billion in 2023, increasing to RMB 16.63 billion in 2024, but expected to decline to RMB 11.90 billion in 2025, reflecting a significant year-on-year decrease of 28.5% [5][10]. - The report indicates a projected earnings per share (EPS) of RMB 1.18 for 2025, with a price-to-earnings (P/E) ratio of 13.2 [5][10]. Market Position and Valuation - Geely's market capitalization is approximately HKD 169.11 billion, with a 52-week high of HKD 18.98 and a low of HKD 7.47 [4]. - The report notes that Zeekr's current valuation is low, with a projected price-to-sales (P/S) ratio of only 0.3x for 2025, significantly lower than competitors like Xpeng and Li Auto [6]. - The report suggests that the privatization of Zeekr will allow Geely to consolidate its assets and resources, potentially lowering costs and improving overall competitiveness [6].

吉利汽车：极氪已就对极氪私有化建议之非约束性报价函向美国证券交易委员会递交表格6-K。 ...

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 启动极氪私有化，打造"一个吉利" 事项： ❖ 吉利汽车发布公告，宣布向极氪提交非约束性私有化要约，拟以2.566美元/18.5 元或 1.23 股新发行的吉利汽车股份收购每股极氪股份（以上两种方案股东可 选择，后同），或以 25.66 美元/185 元或 12.3 股新发行的吉利汽车股份收购每 股极氪 ADS。该报价较极氪最后一个交易日收盘价溢价 13.6%，较过去 30 个 交易日成交量加权平均价溢价 20%。目前，吉利汽车持有极氪 65.7%股权，若 私有化建议落实及完成，极氪将成为吉利汽车全资子公司并从纽交所退市。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 240,194 | 336,392 | 441,972 | 514,187 | | 同比增速(%) | 34.03% | 40.05% | 31.39% | 16.34% | | 归母 ...

公 司 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 05 月 08 日 吉利汽车(0175.HK) 拟私有化极氪，"一个吉利"正当时 推荐（维持） 股价：16.78 元（港币） 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.geely auto.com.hk | | 大股东/持股 | | | 实际控制人 | 李书福 | | 总股本(百万股) | 10078.04 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1570.88 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 8.61 | | 资产负债率(%) | 59.71 | 行情 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [6] Core Views - Geely plans to privatize Zeekr (ZK.N) at a price of $2.566 per share, representing a premium of approximately 13.6% over the last trading day [1] - The privatization aims to consolidate resources and create a unified Geely brand, enhancing operational efficiency and competitiveness in the luxury electric vehicle market [2] - The company forecasts significant revenue growth, with projected revenues of RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion for 2025, 2026, and 2027 respectively [4] Summary by Sections Privatization and Resource Integration - Geely holds approximately 65.7% of Zeekr's issued shares and plans to finance the privatization through new share issuance, cash reserves, and debt if necessary [2] - The cash privatization would require RMB 16.18 billion, while the share issuance would dilute existing shares by about 9.6% [2] Product Launches and Market Strategy - Geely aims for total sales of 710,000 vehicles in 2025, with Zeekr targeting 320,000 and Lynk & Co 390,000 [3] - The Lynk & Co 900 was launched in April 2025, with over 10,000 pre-orders within the first hour, indicating strong market interest [3] Technological Advancements - Geely is enhancing its AI integration, launching a comprehensive AI strategy that includes advanced driving technologies and voice models [4] - The integration of AI technologies is expected to boost product sales and reshape the company's valuation [4] Financial Projections - Revenue and net profit forecasts for 2025-2027 are RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion, with net profits of RMB 14.02 billion, RMB 17.78 billion, and RMB 20.38 billion respectively [5] - The projected EPS for the same period is 1.39, 1.76, and 2.02 RMB, corresponding to P/E ratios of 11, 9, and 8 times [4][5]

Core Viewpoint - The Hong Kong stock market shows structural strengths with significant profit improvements in the information technology and automotive sectors, driven by strong performances from major companies like Geely and Li Auto [1][4]. Group 1: Market Performance - On May 8, the Hong Kong stock market opened lower but rebounded, with strong performances in the automotive and internet sectors, including Geely and Li Auto rising over 5% [1]. - The Hong Kong Technology 50 ETF (159750) followed the upward trend of the index [1]. Group 2: Financial Results - The recent earnings season revealed structural highlights, particularly in the information technology and automotive sectors, with projected net profit growth rates for 2024 of 76.4% for technology hardware, 77.4% for software and services, and 53.5% for automotive and auto parts [1]. - The "Top Ten Technology Stocks" in China reported impressive earnings, with Tencent's net profit at 194.1 billion RMB, a 68.44% increase, and Meituan's net profit at 35.8 billion RMB, a 158.43% increase [2][3]. Group 3: Sector Insights - The information technology sector is experiencing a strong recovery, with companies in internet platforms, semiconductors, and software services exceeding expectations [4]. - Geely's net profit for 2024 is projected to reach 16.6 billion RMB, a substantial increase of 213%, with electric vehicle sales expected to rise by 92% to 888,000 units [4]. - The Hong Kong stock market is expected to maintain high overall profitability in 2025, benefiting from a concentration of leading companies like Tencent, Alibaba, Meituan, and Xiaomi [4].

Group 1 - The Hong Kong stock market opened lower on May 8, with technology stocks declining while biotechnology stocks rose collectively [1] - The Hang Seng Technology Index briefly turned positive, with notable gains in stocks such as Li Auto, Meituan, Tencent Music, Trip.com, Tencent Holdings, and XPeng Motors [1] - The automotive sector, including Geely and Li Auto, showed strength due to favorable policy news regarding car consumption in Guangdong Province [1] Group 2 - Guohai Securities predicts that the vehicle replacement policy will boost passenger car sales in 2024, with continued support for automotive consumption into 2025 [2] - The Hang Seng Technology Index ETF (513180) is leading in both scale and liquidity among its peers in the A-share market, supporting T+0 trading [2] - The ETF combines hard technology and new consumption attributes, focusing on AI core assets and a significant weight in consumer sectors such as e-commerce, automotive, and home appliances [2]