Summary of Conference Call Company/Industry Involved - The conference call is related to Guohai Securities and its research reports Core Points and Arguments - The call is intended for clients who meet Guohai Securities' investor suitability management requirements and invited clients only [1] - Guohai Securities disclaims any investment advice or decisions made based on the content of the call [1] - The meeting serves merely to relay certain viewpoints from Guohai Securities' published research reports, reflecting the judgment of their researchers on the day the full report was released [1] Other Important but Possibly Overlooked Content - There is an emphasis on the limitation of liability regarding the information shared during the call, indicating that participants should not rely on it for making investment decisions [1]

极氛销量稳步增长，新品周期将至 121W品 an 吉利汽车 7 月泰现亮眼。7 月吉利汽车总销量 15.08 万辆，同比增长 12.8%，环比减 . 少 9.2%；其中新能源汽车销量 5.91 万辆，同比增长 44.0%，环比减少 10.5%；出 口 3.24 万辆，同比增长 64.8%，环比减少 8.4%。根据乘联会数据，7 月 1-28 日国 内乘用车批发销量同比下降 17%，环比下降 28%，预计吉利汽车整体销量同比增速 大幅好于行业平均水平。 极氣品牌销量同比稳步增长，新产品周期将至。7 月吉利品牌销量 11.39 万辆，同比 . 增长 9.0%，环比减少 6.3%；1-7 月累计销量 85.57 万辆，同比增长 30.1%，其中吉 利银河 7 月销售 1.67 万辆，环比增长 4.6%，连续五个月实现环比正增长，累计销量 超过 18 万辆；吉利中国星・高端系列 7 月销售 3.42 万辆，同比增长约 24%。7 月极 気品牌销量 1.57 万辆，同比增长 30.0%，环比减少 22.1%；1-7 月累计销量 10.35 万辆，同比增长 89.4%，极氪品牌 33 个月交付量突破 30 万辆，刷新纯电 ...

新能源车及出口发力促进盈利增长 买入（维持） 核心观点 ⚫ 1 季度营收及利润同比大幅增长。1 季度营业收入 523.15 亿元，同比增长 56.1%； 归母净利润 15.61 亿元，同比增长 118.6%。1 季度毛利率 13.7%，同比下降 0.5 个 百分点；1 季度期间费用率 11.9%，同比下降 1.2 个百分点，其中销售费用率/行政 费用率/财务费用率分别同比下降 0.1/1.0/0.2 个百分点。得益于 1 季度销量同比增长 及产品结构持续优化，公司营收端及利润端均实现大幅同比增长，利润端同比增速 大幅领先于营收端。 ⚫ 上半年销量快速增长，新能源及出口齐发力。上半年吉利集团累计销量 95.57 万 辆，同比增长 41.0%；上半年新能源累计销量 32.02 万辆，同比增长 111.8%，新能 源销量占比达 33.5%，较 23 年上半年提升 11.2 个百分点；上半年出口销量 19.74 万辆，同比增长 67.1%。分品牌看，上半年吉利品牌/极氪品牌/领克品牌销量分别达 74.19/8.79/12.60 万辆，同比分别增长 34.1%/106.1%/53.6%；上半年吉利银河系列 销量达 8. ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1][3] Core Views - In July, Geely's wholesale sales reached 150,782 units, showing a month-on-month increase of 9.16% and a year-on-year increase of 8.97% [2] - The company has launched multiple new models, enhancing its product matrix and improving user experience through upgrades [2] - The forecast for total revenue from 2024 to 2026 is set at 213.5 billion, 258.1 billion, and 300.1 billion yuan respectively, with year-on-year growth rates of 19%, 21%, and 16% [3] Summary by Sections Sales Performance - In July, Geely's brand sales included 113,855 units for Geely brand, 16,704 units for Galaxy, 15,655 units for Zeekr, and 21,272 units for Lynk & Co [2] - The total sales of new energy vehicles in July were 59,051 units, with a penetration rate of 39% [2] New Product Launches - New models include the Zeekr X starting at 179,000 yuan, the luxury MPV Zeekr 009 starting at 439,000 yuan, and the 2025 model of Jiaji starting at 109,700 yuan [2] - The OS 5.2 upgrade enhances driving safety and introduces new features like drift mode and launch control [2] Financial Forecast - The projected net profit for 2024 to 2026 is 7.9 billion, 11.5 billion, and 13.8 billion yuan respectively, with year-on-year growth rates of 49%, 45%, and 21% [3] - The expected EPS for the same period is 0.79, 1.14, and 1.37 yuan, with corresponding P/E ratios of 9, 6, and 5 [3]

证券研究报告 港股公司|公司点评|吉利汽车（00175） 新品周期开启，出海进程加速 诗券必闻读核李末页的支委声明 2024年08月03日 .报告 | 报告委总 2024 年 8 月 1 日，古利汽车发布 2024 年 7 月产领技报，公司 7 月失现汽车领圣 15.1 万辆， 网比+12.8%，环比-9.2%。2024 年 1-7 月汽车基计简查 110.7 万辆，网比+36.3%。7 月公司多 款新品陆续上市，金加送期以旧装新补贴力度装升，下半年公司简圣市望集特尚建增长态势。 | 分析师及联系人 态会 点点役 SAC: $0590523110004 请券必闻读核查未真的支卖声明 1 / 5 港宸公司点环 2024年08月03日 吉利汽车 (00175) 新品周期开启，出海进程加速 汽车/东周车达ओ 赵京评述：买入（贷村） 7. 72 毛え3 2 是 本 數 地 $1R$/文庫取名(百万取) 10, 063. 38/10, 063. 38 过境 李位 (官方考文) 77, 689. 31 永良才女户 ( 問 7. 63 定员员员员 53. 90 11. 08/7. 24 ~ ~ 內 ~ 為 / 最低 ( 冬 ...

出口表现稳健 银河 E5 即将上市 2024 年 08 月 02 日 ➢ 事件概述：公司发布 2024 年 7 月销量公告，7 月批发总销量 15.1 万辆， 同比+9.2%，环比-9.2%；1-7 月累计 110.7 万辆，同比+33.6%。其中，7 月新 能源销量 59,051 辆，同比+44.0%，环比-10.5%，渗透率 39.2%；1-7 月新能 源销售 37.9 万辆，同比+90.7%。 分品牌看：吉利品牌 7 月销量 11.4 万辆（银河 16,704 辆），1-7 月累计 85.6 万 辆（银河 9.8 万辆），同比+30.1%；极氪 7 月销量 15,655 辆，1-7 月累计 103,525 辆，同比+89.4%；领克 7 月销量 21,272 辆，1-7 月销售 147,272 辆，同比 +48.4%。 ➢ 7 月批发同比增长 新能源表现亮眼。受 7 月淡季影响，公司整体批发销量 环比略有下降，批发总销量 15.1 万辆，同比+9.2%，环比-9.2%。受益银河销量 提升及领克 07 emp 新车型上量，新能源销量表现强劲，7 月公司新能源销量 59,051 辆，同比+44.0%，环比- ...

吉利汽车(00175) 公 司 报 告│ 港 股 - 公 司 深 度 研 究 新能源转型加速,新车周期有望开启新一轮成长 投资要点: 吉利汽车作为国内优质自主品牌,2020 年至今新能源转型持续加速,极氪 001、星越等优质车型上市加速品牌革新。2024 年吉利汽车有望迎来全方面 的提升:1)内销燃油车中,博系列、星系列车型有望保持销量稳定,对应 市场份额的提升;2)新能源车中,极氪、领克、银河等品牌/系列车型有望 带动整体销量的提升;3)出口全面升级,出口市场及车型销量有望持续扩 张。所以我们认为,吉利汽车有望迎来销量和份额的快速提升。 燃油车:CMA 架构竞争力强,销量份额有望逆势增长 吉利 CMA 架构在动力性能、安全性、智能化程度方面均领先传统燃油车竞 品,星越 L、博越 L、领克 03 等 CMA 架构车型有望保持竞争优势,强大产 品力有望助力公司燃油车销量向上,8-20 万价格带区间内优势明显。考虑 到政策端加码以及新品陆续推出的背景下,星系、博系有望贡献主要增长 动能,我们预计 2024 年吉利燃油车销量有望达到 122.7 万辆,同比+3.6%。 新能源:多品牌策略领跑,车型迭代有望带动销量 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][48]. Core Insights - The company has demonstrated strong sales momentum, with 2023 sales exceeding 1.68 million units, a year-on-year increase of 17.7%, and 2024 sales in the first five months reaching nearly 790,000 units, a 45% increase [3][16]. - The company is continuously iterating its technology platforms, investing over 20 billion RMB in the SEA architecture to create a leading global smart electric vehicle technology [20][22]. - The company is beginning to realize its smart technology outcomes, with the launch of the Starry AI model and the Starry Smart Driving system, enhancing its competitive edge in the automotive industry [33][38]. Sales Growth Momentum - In 2023, the company achieved sales of over 1.68 million units, with a 17.7% year-on-year growth, and 48.7 million units of new energy vehicles, accounting for 28.9% of total sales [3][16]. - The Zeekr brand saw a remarkable 65% increase in sales in 2023, with 11.9 million units sold, and a 112% increase in the first five months of 2024 [7]. - The Lynk & Co brand achieved over 220,000 units in 2023, a 22% increase, with 10.2 million units sold in the first five months of 2024, marking a 55% increase [10]. - The Galaxy series under the Geely brand sold 83,500 units in 2023, with 65,000 units sold in the first five months of 2024 [13]. - The company exported 274,000 units in 2023, a 38% increase, and 162,000 units in the first five months of 2024, a 69% increase [16]. Technology Platform Iteration - The SEA architecture is designed to break traditional automotive boundaries, focusing on user experience and integrating hardware, systems, and ecosystems [20]. - The Haohan-M architecture, with an 80% space utilization rate, redefines the spatial efficiency of electric vehicles [22][23]. - The e-CMA intelligent architecture integrates advanced safety features and self-developed software capabilities [27]. - The GEA global intelligent new energy architecture supports various energy forms, achieving comprehensive electrification [28]. Smart Technology Outcomes - The Starry Intelligent Computing Center enhances R&D efficiency by 20%, with a total cloud computing power of 10.2 billion operations per second as of April 2024 [33]. - The Starry AI model is the first full-stack self-developed AI model in the automotive industry, achieving a 4+ rating in the official evaluation by the China Academy of Information and Communications Technology [35]. - The AI digital chassis enables advanced driving features, including autonomous drifting and crab mode [37]. - The Zeekr Haohan Smart Driving system received an L3 autonomous driving test license in June 2024, successfully passing various tests [38]. Earnings Forecast and Investment Recommendations - The company is expected to maintain strong sales growth, with projected net profits of 7.35 billion RMB, 11.62 billion RMB, and 15.68 billion RMB for 2024-2026 [43]. - The report estimates an EPS of 0.73 RMB, 1.15 RMB, and 1.56 RMB for the same period, with a target price range of 11.77 to 14.12 HKD based on a 15-18x PE ratio for 2024 [43][44].

公司研究/汽车与零配件 证券研究报告 上调 2024 年销量目标 投资评级 优于大市 维持 | 股票数据 | | |--------------------------------------------------|-------------| | 7 [ Table_StockInfo 月 2 日收盘价(港 元) ] | 8.48 | | 52 周股价波动(元) | 7.08-11.38 | | 总股本 / 流通 A 股(百万股) | 10063/10063 | | 总市值 / 流通市值(百万港元) | 85337/85337 | | 相关研究 | | | 《 2023 年经营全面向好》 | 2024.03.30 | 《吉利汽车销量高歌猛进》2024.01.09 市场表现 吉利汽车 恒生指数 -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 2023/7/3 2023/11/13 2024/3/25 | 沪深 300 对比 | 2M | 3M | |-------------------------|----- ...

公司研究 1Q24 业绩同比显著增长,子品牌势能持续进阶 ——吉利汽车(0175.HK)2024 年一季度业绩点评 要点 1Q24 公司业绩显著增长:1Q24 总收入同比+56.1%至人民币 523.2 亿元,归 母净利润同比+118.6%至人民币 15.6 亿元,剔除极氪亏损后 1Q24 归母净利 润为同比+43.7%至 25.9 亿元。我们测算,公司 1Q24 单车 ASP 同比+4.4%至 11.0 万元,单车盈利同比+46.2%至 0.3 万元,剔除极氪亏损后的单车盈利同 比-1.7%至 0.8 万元。1Q24 公司毛利率同比-0.5pcts 至 13.7%,SG&A 费用 率同比-1.1pcts 至 12.3%。我们认为,一季度业绩同比显著增长主要受益于, 1)销量提升及产品结构优化;2)极氪同比减亏;3)经营费用率管控良好。 极氪实现美股上市,单车显著减亏:5/10 极氪正式以"ZK"为代码在纽交所 挂牌上市,IPO 发行定价为 21 美元,累计发行 2100 万股美国存托股票(高 于前期计划的 1750 万股),募资约 4.41 亿美元。我们认为,1)传统车企 通常通过混改/子公司分拆上市等方式 ...