吉利汽车与极氪签订合并协议 金十数据7月15日讯，7月15日，吉利控股集团宣布，旗下吉利汽车控股有限公司与极氪智能科技有限公 司正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东可选择以现金或置换吉利 汽车股份作为对价。 ...

Core Viewpoint - Geely Holding Group announced the formal signing of a merger agreement between Geely Auto and Zeekr Technology, with Geely Auto set to acquire all Zeekr shares not already held, allowing Zeekr shareholders to choose cash or Geely Auto shares as compensation [1] Group 1: Merger Details - Geely Auto will acquire all outstanding shares of Zeekr, excluding those already owned by Geely [1] - Zeekr shareholders have the option to receive either cash or Geely Auto shares as payment for their shares [1] Group 2: Strategic Implications - The merger is part of Geely Holding's strategic transformation, as outlined in the "Taizhou Declaration" released last year [1] - The strategic integration is expected to significantly impact the collaborative development of various brands, innovation capabilities, profitability, and sustainable development potential [1] - This move aims to further promote high-quality development for Geely Holding Group and create greater value for users and investors [1] Group 3: Previous Proposals - On May 7, Geely announced a non-binding offer to privatize Zeekr, proposing to acquire all issued and outstanding Zeekr shares and American Depositary Shares at a price of $25.66 per share [1] - Following this proposal, Zeekr stated that no decision had been made regarding Geely's privatization offer [1]

Core Viewpoint - Geely Automobile is moving to privatize Zeekr by acquiring all issued and outstanding shares, aiming to create a unified listing platform and enhance competitiveness in the global electric vehicle market [1][2] Group 1: Privatization Details - The agreement allows Zeekr shareholders to choose between cash or shares as compensation for their holdings, with cash options set at $2.687 per share for Zeekr shares and $26.87 per share for Zeekr American Depositary Shares [1] - The share price for the compensation shares is set at HKD 17.15, representing a premium of approximately 2.4% over the last closing price before the non-binding offer [1] Group 2: Strategic Advantages - The privatization will increase Geely's ownership of Zeekr from 62.8% to full ownership, providing significant strategic, operational, and financial advantages [2] - Full ownership is expected to simplify operations, unify strategic direction, enhance synergies, and reduce compliance burdens, ultimately improving efficiency, innovation capability, and profitability [2]

每名合资格极氪持有人(香港非专业投资者除外，彼等将仅可收取现金代价)可(就其持有的任何极氪股份 或极氪美国存托股份(如适用))选择(i)就每股极氪股份，收取2.687美元现金或1.23股代价股份;或(ii)就每 股极氪美国存托股份，收取26.87美元现金或12.3股代价股份(将以吉利美国存托股份形式交付)。倘合资 格极氪持有人未能在选择截止时间前就其任何极氪股份或极氪美国存托股份作出有效选择，则该合资格 极氪持有人将被视为已选择就有关极氪股份或极氪美国存托股份收取现金代价。所有代价股份(如有)将 根据特别授权发行。 基于要约价及要约比率： (i)假设所有合资格极氪持有人均选择收取现金代价，而私有化完全以现金方式进行，则集团应付合资格 极氪持有人的现金代价总额为23.99亿美元(相当于约人民币171.99亿元)，包括应付关连极氪持有人的 10.48亿美元(相当于约人民币75.18亿元)。有关现金代价预计将以集团内部资源或债务融资(如必要)拨 付;或 智通财经APP讯，吉利汽车(00175)发布公告，于2025年7月15日(非交易时段)，公司、合并附属公司 Keystone Mergersub Limited及极 ...

Core Viewpoint - The gross profit margin of Tianhai Electronics has significantly declined due to increased collaboration with major clients like Geely, rising raw material costs, and a competitive market environment [1][7]. Group 1: Financial Performance - Tianhai Electronics plans to list on the Shenzhen Stock Exchange, focusing on automotive wiring harnesses, connectors, and electronic components [1]. - The company's revenue for 2022, 2023, and 2024 is projected to be 8.215 billion, 11.549 billion, and 12.523 billion yuan respectively, with net profits of 402 million, 652 million, and 614 million yuan [2]. - The gross profit margin has decreased from 15.94% in 2022 to 14.59% in 2024, indicating a downward trend [5]. Group 2: Market Dynamics - The automotive wiring harness market in China is estimated to reach approximately 119.6 billion yuan in 2024, with Tianhai Electronics holding an 8.45% market share [4]. - The connector market is projected to be around 478 billion yuan in 2024, with Tianhai Electronics capturing a 3.52% share [4]. - The company faces challenges from intense competition and price wars among major automotive manufacturers, which have led to a "increment without profit" scenario [3]. Group 3: Client Relationships - Tianhai Electronics has established long-term partnerships with major automotive manufacturers, including Geely, Chery, SAIC, and others, which has increased its revenue from high-voltage wiring harnesses [7][9]. - The collaboration with Geely has directly impacted the gross profit margin of high-voltage wiring harnesses, as increased production has led to higher unit costs and lower average prices [10][11]. Group 4: Raw Material Costs - The prices of key raw materials, copper and aluminum, remain high, with copper around 80,000 yuan per ton and aluminum exceeding 20,000 yuan per ton [6]. - Rising raw material costs have contributed to the decline in gross profit margins for both high-voltage and low-voltage wiring harnesses [10].

Core Insights - China's car sales reached a record high for 2025 in June, driven by increasing demand for new energy vehicles (NEVs) and intense competition among leading manufacturers like BYD and Geely Auto [1][10] Sales Performance - Vehicle sales in China rose for the fifth consecutive month in June, with approximately 2.1 million cars sold, marking an 18.6% increase year-over-year and a 13.9% increase month-over-month [2][10] - NEV sales accounted for 52.7% of total sales in June, the highest percentage for any month in 2025, with a year-over-year growth of 30% and a month-over-month increase of 28% [3][10] - Total vehicle sales in the first half of 2025 reached 15.65 million units, an 11.4% increase, while NEV sales rose 40% to 6.94 million units [3] Market Dynamics - The surge in NEV demand reflects China's accelerating transition to electric mobility, supported by a wider range of models and aggressive pricing strategies [4] - The market remains highly competitive, particularly in the EV sector, where ongoing price wars are impacting profit margins [4] Leading Companies - BYD maintained its position as the largest NEV maker in China with a 31.7% market share, selling 352,081 NEVs in June, a 25.7% increase year-over-year [5] - Tesla sold 61,484 vehicles in China in June, a 59.3% increase from May, but experienced a 4.3% decline in sales compared to the first quarter of 2025 [6] - Geely sold 114,798 NEVs in June, an 80.7% increase year-over-year, holding a 10.3% market share [7] - General Motors reported its strongest quarterly sales growth in China in four years, with deliveries exceeding 447,000 units in the second quarter of 2025, a 20% year-over-year increase [9] Future Outlook - The second half of 2025 will be critical in determining whether the current momentum in China's auto market can be sustained amid rising competition and margin pressures [11]

Group 1 - The company sold 236,000 vehicles in June, representing a year-over-year increase of 42.1% [1] - For the first half of the year, the company achieved total vehicle sales of 1.41 million, a year-over-year increase of 47.4% [2] - The company raised its annual sales target to 3 million vehicles, which is a 38% increase compared to the previous year [1][2] Group 2 - The company held a technology launch event for the Zeekr 9X on July 9, introducing the world's first full-stack 900V high-voltage hybrid architecture, SEA-S [1][3] - The Zeekr 9X is expected to start pre-sales at the end of August and is positioned as the brand's flagship hybrid model [3] - The Zeekr 9X features a maximum engine power of 205 kW and a thermal efficiency exceeding 46%, with a 20%-80% battery recharge time of only 9 minutes [3] Group 3 - The company expects to see significant profit growth, with net profits for 2025, 2026, and 2027 projected at 13.84 billion, 17.9 billion, and 22.3 billion yuan respectively, reflecting year-over-year increases of 47%, 30%, and 24% [1][3] - The current stock price corresponds to P/E ratios of 11, 8.6, and 7 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [1][3]

Core Viewpoint - Geely Automobile Holdings Ltd. has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4][6]. Earnings Estimates and Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate reflecting EPS estimates from sell-side analysts [2][3]. - The recent upgrade for Geely Automobile suggests an improvement in its underlying business, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [5][7]. - For Geely Automobile, the Zacks Consensus Estimate for the fiscal year ending December 2025 is projected at $4.12 per share, unchanged from the previous year, but has seen a 7% increase in estimates over the past three months [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Geely Automobile's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][13]. Core Insights - The company has raised its annual sales target to 3 million vehicles, representing a year-on-year increase of 38% [7]. - In June, the company sold 236,000 vehicles, a year-on-year increase of 42.1%, contributing to a total of 1.41 million vehicles sold in the first half of the year, up 47.4% year-on-year [7]. - The launch of the Zeekr 9X, featuring advanced technologies, is expected to enhance the company's competitive position in the market [9]. Company Overview - The company operates in the automotive industry, with a market capitalization of HKD 135.24 billion and a share price of HKD 17.00 as of July 9, 2025 [2]. - Major shareholders include Holding Inc. with a 25.24% stake [2]. - The company's stock has seen a 12-month high of HKD 19.97 and a low of HKD 7.33 [2]. Sales Performance - The company achieved a significant increase in sales, with June sales reaching 236,000 units, and a total of 1.41 million units sold in the first half of the year [7]. - The sales of electric vehicles accounted for 52% of total sales in June, with the Geely brand leading the sales figures [7]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be RMB 138.4 billion, RMB 179 billion, and RMB 223 billion respectively, with year-on-year growth rates of 47%, 30%, and 24% [9][11]. - Earnings per share (EPS) are expected to be RMB 1.37, RMB 1.78, and RMB 2.20 for the same years [9][11]. Product Development - The Zeekr 9X is set to be the brand's flagship hybrid model, featuring a 900V high-voltage architecture and advanced battery technology [9]. - The vehicle is expected to support rapid charging capabilities and has a maximum electric range of 380 kilometers [9].

Group 1 - Geely Auto raised its annual sales target by 10.7% from 2.71 million to 3 million units, reflecting the company's confidence in its growth for the year [1] - In June, Geely's total sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1] - New energy vehicle sales in June were 122,400 units, showing a year-on-year growth of 85.5%, although there was a month-on-month decrease of 11.3% [1] Group 2 - The sales of the Geely brand in June were 193,000 units, representing a year-on-year increase of 58.8% and a month-on-month increase of 2.3% [2] - Geely Galaxy's sales in June reached 90,200 units, a significant year-on-year increase of 201.8%, despite a month-on-month decrease of 11.4% [2] - The Galaxy A7, featuring advanced technology and competitive pricing, is expected to boost the sales of Geely's new energy vehicles further [2] Group 3 - Zeekr brand sales in June were 16,700 units, a year-on-year decrease of 16.9% and a month-on-month decrease of 11.7% [3] - Lynk & Co brand sales in June were 26,300 units, showing a year-on-year increase of 7.7% but a month-on-month decrease of 4.8% [3] - The introduction of the Zeekr 9X, featuring innovative hybrid technology, is anticipated to positively impact Zeekr's sales in the upcoming quarters [3]