智通财经5月15日电，吉利汽车第一季母公司拥有人应占溢利56.7亿元人民币，同比增264%；第一季收 入725亿元，同比增25%。 ...

Group 1 - The company achieved a record sales volume of 703,800 units for the three months ending March 31, 2025, representing a year-on-year increase of 48% [1] - Revenue for the quarter reached RMB 72.495 billion, reflecting a year-on-year growth of 25% [1] - The profit attributable to the parent company was RMB 5.672 billion, showing a significant year-on-year increase of 264% [1] Group 2 - The new energy vehicle segment experienced strong growth, with sales of the Galaxy brand increasing by 214% year-on-year [1] - The company's total assets amounted to RMB 264.246 billion, a decrease of 2% compared to December 31, 2024 [1] - The equity attributable to the parent company increased by 1% to RMB 87.789 billion [1]

Sales Performance - In Q1 2025, Geely Automobile Holdings achieved a record sales volume of 703,800 units, representing a 48% year-over-year increase from 475,700 units in Q1 2024[6]. - Geely's Galaxy brand saw a remarkable sales increase of 214% year-over-year, highlighting strong growth in the new energy vehicle segment[7]. - In Q1 2025, total deliveries reached approximately 114,000 vehicles, an increase of 21.1% year-over-year[29]. Financial Performance - Revenue for Q1 2025 reached RMB 72.495 billion, a 25% increase compared to RMB 58.225 billion in Q1 2024[6]. - Profit attributable to equity holders of the parent company surged by 264% year-over-year to RMB 5.672 billion, up from RMB 1.560 billion in the same period last year[6]. - Revenue for the period was RMB 21.96 billion, a 1% increase compared to the same period last year (restated)[29]. - Gross profit amounted to RMB 4.13 billion, reflecting a 12% increase year-over-year, with a gross margin of 18.8%, up from 17.0% in Q1 2024[29]. - Net profit for the period was RMB 510 million, a significant improvement from a net loss of RMB 540 million in the same period last year[29]. Assets and Liabilities - The total assets as of March 31, 2025, amounted to RMB 264.246 billion, a decrease of 2% from RMB 270.558 billion as of December 31, 2024[6]. - The total non-current assets increased to RMB 118,897 million as of December 31, 2024, from RMB 104,070 million[23]. - Non-current assets totaled RMB 47.72 billion as of March 31, 2025, compared to RMB 46.71 billion at the end of 2024[31]. - Current liabilities were reported at RMB (74.51 billion) as of March 31, 2025, slightly down from RMB (75.72 billion) at the end of 2024[31]. Research and Development - The company's R&D expenses increased to RMB 3.328 billion in Q1 2025, compared to RMB 2.672 billion in Q1 2024, reflecting a focus on innovation[9]. - The research and development expenses for the three months ended March 31, 2024, were RMB 2,672 million, up from RMB 1,976 million[21]. Equity and Financing - Geely's total equity attributable to equity holders of the parent company increased to RMB 87.789 billion as of March 31, 2025, up from RMB 86.525 billion at the end of 2024[12]. - The company maintains good relationships with multiple financial institutions, ensuring access to backup bank financing and other funding arrangements[15]. - The management has implemented specific plans to improve liquidity, including optimizing the balance sheet structure and accelerating accounts receivable collection[15]. Acquisitions - The company completed the acquisition of a 51% stake in Lynk & Co for a total consideration of RMB 9,000 million, plus accrued interest during the lock-up period[18]. - The registered capital of Lynk & Co increased from RMB 7,500 million to RMB 7,653 million following the subscription of new shares[18]. - The acquisition of Lynk & Co resulted in a revenue increase to RMB 58,225 million for the three months ended March 31, 2024, up from RMB 52,315 million[21].

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 ...