Investment Rating - Maintained "Buy" rating with a target price of HK$14.00, representing an upside potential of 65% [1][3] Core Views - The company's 2024 Q1 revenue and profit saw significant year-on-year growth, driven by strong sales of mid-to-high-end new energy vehicles and overseas business [1] - The company's 2024 H1 sales volume exceeded expectations, with new energy vehicle penetration increasing by 10.5 percentage points to 33.5% [1] - The high-end brand Zeekr achieved sales of 87,870 units in 2024 H1, a year-on-year increase of 106.1%, solidifying its position in the top tier of new car-making forces [1] - The Galaxy series also performed well, with sales reaching 81,421 units in 2024 H1, establishing itself as a popular mid-to-high-end brand in the domestic market [1] Financial Performance - 2024 Q1 revenue reached RMB 52.3 billion, a year-on-year increase of 56.1% [1] - Gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified domestic competition [1] - Net profit attributable to shareholders surged by 250.1% year-on-year to RMB 1.42 billion in 2024 Q1 [1] Product and Market Strategy - The company plans to launch multiple new models in 2024 H2, including the Galaxy E5, Lynk & Co Z10, Zeekr Mix, and Zeekr CX1E, which are expected to further boost sales [1] - The company continues to strengthen its mid-to-high-end brand strategy and accelerate breakthroughs in intelligent technology, which is expected to drive further growth in vehicle sales in 2024 H2 [1] Overseas Expansion - The company's export sales in 2024 H1 reached 197,428 units, a year-on-year increase of 62.9% [2] - The company is expected to continue expanding its overseas markets, with further growth in export sales anticipated in 2024 H2 [2] Valuation and Forecast - The company is valued at 18x/15x/14x P/E for 2024-2026, with a target price of HK$14.00 [1] - Forecasted revenue for 2024 is RMB 234.8 billion, with net profit expected to reach RMB 7.47 billion [4] - The company's gross profit margin is projected to improve to 16.5% in 2024, up from 15.3% in 2023 [10]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) and slightly raises the target price to HK$14.00, reflecting an upside potential of 65% from the current price of HK$8.480 [2][4]. Core Insights - Geely's sales volume for the first half of 2024 is expected to exceed 2 million units annually, driven by strong performance in mid-to-high-end electric vehicle brands and overseas markets [1][4]. - The company reported a significant year-on-year revenue increase of 56.1% to RMB 52.3 billion in Q1 2024, with net profit soaring by 250.1% to RMB 1.42 billion [1][4]. - The penetration rate of new energy vehicles (NEVs) rose by 10.5 percentage points to 33.5% in the first half of 2024, with high-end brand Zeekr achieving a 106.1% year-on-year sales growth [1][4]. Summary by Sections Financial Performance - In Q1 2024, Geely's revenue reached RMB 52.3 billion, a 56.1% increase year-on-year, while gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified competition [1][4]. - The net profit attributable to shareholders for Q1 2024 was RMB 1.42 billion, marking a substantial increase of 250.1% compared to the previous year [1][4]. Sales and Market Expansion - Geely's NEV sales strategy continues to gain traction, with the Zeekr brand selling 87,870 units in the first half of 2024, a 106.1% increase year-on-year, positioning it among the top new energy vehicle manufacturers [1][4]. - The Galaxy series also performed well, with sales reaching 81,421 units in the first half of 2024, establishing it as a popular mid-to-high-end brand in the domestic market [1][4]. Product Development and Future Outlook - Geely plans to launch several new models in the second half of 2024, including the Galaxy E5 electric SUV and the Lynk & Co Z10, which are expected to further strengthen its mid-to-high-end brand strategy [1][4]. - The company is also focusing on expanding its overseas market presence, with export sales in the first half of 2024 increasing by 62.9% to 197,428 units [1][4].

Investment Rating - Buy (Maintained) [1] Core Views - Geely Auto aims for a group sales target of 2 million units in 2024, with multiple brands showing continuous growth [1] - Geely Auto's June wholesale sales reached 166,085 units, up 20.44% YoY and 3.38% MoM [3] - The company's new energy vehicle (NEV) sales in June were 65,959 units, up 71.00% YoY and 12.42% MoM, with a NEV penetration rate of 40% [3] - Geely Auto's export sales in June were 35,347 units, up 56.22% YoY, accounting for 21.28% of total group sales [3] - The company's brand matrix is well-developed, with significant achievements in both domestic and overseas markets [4] Financial Forecasts and Valuation - Revenue is expected to grow from RMB 213.465 billion in 2024E to RMB 300.070 billion in 2026E, with YoY growth rates of 19%, 21%, and 16% respectively [2][4] - Net profit attributable to shareholders is projected to increase from RMB 7.929 billion in 2024E to RMB 13.816 billion in 2026E, with YoY growth rates of 49%, 45%, and 21% respectively [2][4] - EPS is forecasted to rise from RMB 0.79 in 2024E to RMB 1.37 in 2026E, with corresponding P/E ratios of 10x, 7x, and 6x [2][4] Market and Financial Data - Closing price: HKD 8.48 [5] - 52-week low/high: HKD 7.24/HKD 11.64 [5] - Price-to-book ratio: 1.08x [5] - Market capitalization: HKD 85.337 billion [5] - Total shares outstanding: 10,063.38 million [6] - Net asset per share: RMB 7.88 [6] - Debt-to-asset ratio: 53.90% [6] Brand Performance - Geely brand sales in June were 121,540 units, up 13.92% YoY and 1.06% MoM, with Galaxy sales at 15,975 units, up 12.56% MoM [3] - Zeekr brand sales in June were 20,106 units, up 89.32% YoY and 8.00% MoM [3] - Lynk & Co brand sales in June were 24,439 units, up 49.25% YoY and 12.22% MoM [3] Overseas Market Strategy - Geely's overseas market strategy has shown significant results, with the Emgrand model selling in 17 countries and cumulative sales exceeding 3.86 million units [4] - The company's export sales accounted for 21.28% of total group sales in June, with a YoY increase of 56.22% [3] Product Matrix and New Launches - Geely's domestic product matrix covers the 100,000-300,000 RMB price range, with models like the Lynk & Co 07 EM-P and Lynk & Co Z10 accelerating the brand's electrification transformation [4] - New launches include the Xingrui Longteng Edition, priced at RMB 99,700, and the new Boyue, priced between RMB 92,800 and RMB 118,800 [4]

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Date**: July 2, 2024 Key Points Industry and Market Performance - Geely has shown a strong recovery from a low sales period over the past few years, maintaining robust sales momentum in both traditional and new energy vehicles [3][5] - The company has increased its annual sales target from 1.9 million to 2 million units due to strong sales performance in the first half of 2024 [12][22] Financial Performance - **Q1 2024 Sales**: Total sales reached 476,000 units, achieving 25% of the annual target, with a year-on-year growth of 49% [5] - **Q1 2024 Revenue**: Total revenue exceeded 52 billion, a year-on-year increase of 56.1%, with vehicle revenue surpassing 42.6 billion, growing by 59.5% [7] - **Profitability**: Shareholder earnings increased by 119% to 1.56 billion, while net cash reached 39.4 billion, indicating strong financial health [9] Product Development and Strategy - Geely plans to launch 2-3 new energy vehicle models under its three brands (Geely, Zeekr, and Lynk & Co) in 2024 [13][24] - The company is focusing on enhancing its product lineup with new technologies and models, including a new A-class electric vehicle and a hybrid SUV [25][26] Market Expansion - Geely's export sales have increased, with exports accounting for 18% of total sales, up from 16% [6] - The company has set a new export target of 380,000 units for 2024, expanding its presence in Eastern Europe, the Middle East, and Southeast Asia [48] Challenges and Risks - The company faces challenges from potential EU tariffs on Chinese electric vehicles, which could impact sales but are currently not expected to significantly affect overall performance [35] - Geely is also navigating the complexities of transitioning to electric vehicles while maintaining profitability in its traditional vehicle segments [31][32] Future Outlook - Management is optimistic about achieving the revised sales target and expects improved profitability in the second half of 2024 due to new product launches and cost reduction strategies [43][44] - The company is committed to maintaining control over its subsidiaries, including Zeekr, following its recent IPO [59][60] Additional Insights - Geely's strategy includes leveraging partnerships, such as with Renault for powertrain technology, to enhance its competitive edge in the global market [66][68] - The company emphasizes the importance of after-sales service as a key factor in establishing a strong international presence [47] This summary encapsulates the essential insights from Geely Automobile's conference call, highlighting its performance, strategies, and outlook in the automotive industry.

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Date of Call**: July 3, 2024 Key Points Industry and Market Performance - Geely has shown a strong recovery from a low sales period over the past two to three years, maintaining robust sales momentum in both traditional and new energy vehicles [3][4] - The company has increased its annual sales target from 1.9 million to 2 million units, reflecting confidence in continued strong sales performance [13][24] Financial Performance - **Q1 2024 Sales**: Total sales reached 476,000 units, achieving 25% of the annual target, with a year-on-year growth of 49% [5] - **New Energy Vehicles**: Sales of new energy vehicles reached 144,000 units, a year-on-year increase of 141% [6] - **Total Revenue**: Q1 2024 revenue exceeded 52 billion, a 56.1% year-on-year increase, with vehicle revenue surpassing 42.6 billion, growing by 59.5% [7] - **Profitability**: Shareholder earnings increased by 119% to 1.56 billion, while net cash reached 39.4 billion, indicating strong cash reserves for future growth [9][10] Product Development and Launches - Geely plans to launch 2 to 3 new energy models across its three brands (Geely, Zeekr, and Lynk & Co) in 2024, with significant new product launches expected in the second half of the year [14][25][28] - The Zeekr brand achieved sales of 33,000 units in Q1, with revenue of 14.72 billion, reflecting a 70.7% year-on-year increase [11] Strategic Initiatives - Geely has signed a share purchase agreement with Saudi Aramco, which will enhance its strategic partnerships and market positioning [16] - The company is focusing on international expansion, with plans to increase its export target from 300,000 to 380,000 units, targeting markets in Eastern Europe, the Middle East, and Southeast Asia [53] Challenges and Considerations - The introduction of a 21% tariff on Chinese electric vehicles by the EU is expected to have a limited impact on Geely's overall sales and profits, as the export volume to the EU is currently low [38] - Geely is addressing the challenges of varying profit margins between traditional and electric vehicles, with electric vehicle margins currently lower than traditional vehicles [34][35] Future Outlook - Management is optimistic about achieving a gross margin of 15% for the year, driven by increased sales volume and improved product mix [62] - The company is committed to maintaining control over its subsidiaries, including Zeekr, to ensure strategic alignment and operational efficiency [66][68] Additional Insights - Geely's strategy includes leveraging existing partnerships for production capabilities rather than solely relying on building new factories abroad, which can be costly [55] - The company is enhancing its after-sales service capabilities as a critical component of its international strategy [51] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Geely's strong performance, growth strategies, and market challenges.

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests continuous attention to the company's performance due to its accelerating transformation and growth potential [5]. Core Viewpoints - The company is experiencing a significant acceleration in its transition to new energy vehicles, with a notable increase in sales and an upward revision of its annual sales target from 1.9 million to 2 million vehicles, reflecting strong growth confidence [2][5]. - In June 2024, the company achieved a total vehicle sales volume of 166,000 units, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 3.4% [1]. - The company’s new energy vehicle sales reached 66,000 units in June 2024, marking an 88.3% year-on-year increase, with a penetration rate of 39.7%, up 13.5 percentage points year-on-year [2]. - The launch of the Lynk & Co Z10, the brand's first pure electric vehicle, is expected to further accelerate the company's new energy transition [4]. Summary by Sections Sales Performance - In June 2024, the company's sales by brand included 122,000 units for the Geely brand (up 13.9% year-on-year), 16,000 units for the Galaxy series (up 65.2% year-on-year), 20,000 units for the Zeekr brand (up 89.3% year-on-year), and 24,000 units for the Lynk brand (up 49.2% year-on-year) [2]. - For the first half of 2024, total sales reached 956,000 units, a 41.0% increase year-on-year [1]. Export and Market Expansion - In June 2024, the company exported 35,000 vehicles, a 61.0% increase year-on-year, although it saw a slight decrease of 4.2% compared to the previous month [3]. - The Zeekr brand has entered the Southeast Asian market, launching right-hand drive versions of its models in Indonesia and Malaysia, which is expected to enhance sales growth [3]. Financial Projections - Revenue projections for 2024-2026 are estimated at 230.3 billion, 273.4 billion, and 319.0 billion yuan, with year-on-year growth rates of 28.1%, 18.7%, and 16.7% respectively [5][6]. - The net profit attributable to the parent company is projected to be 7.67 billion, 11.62 billion, and 14.09 billion yuan for the same period, with growth rates of 48.5%, 51.5%, and 21.2% respectively [5][6].

24Q1 业绩符合预期,多品牌发力带动利润高增长 吉利汽车(0175.HK)/汽车 证券研究报告/公司点评 2024 年 7 月 2 日 | 评级:买入(维持) | 公司盈利预测及估值 | | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------ ...

港股通 运营效率提升,出口加速拓展 | | | | | |---------------------------------------|--------|------------------|-------| | 华泰研究 季报点评 | | 投资评级 (维持): | 买入 | | 2024 年 7 月 02 日│中国香港 | 乘用车 | 目标价(港币 ): | 14.27 | Q1 净利高增,海外市场持续扩张,维持买入评级 24Q1 公司实现营收 523 亿元,同比+56%。归母净利润 16 亿元,同比+119%。 考虑到公司多款新车型即将实现上市交付,同时加速拓展海外市场,已于东 盟、中东、西欧多地区开设门店并构建销售网络,看好公司 24 年下半年出口 销量和整体营收保持高速增长。我们预计 24-26 年公司归母净利为 63/82/89 亿元,可比公司 24E PE 的 Wind 一致预期均值为 18 倍,考虑公司在出口 积极布局及高端品牌 24 年盈利预期转正,我们给予公司 24 年 21x PE,对 应目标价为 14.27 港币(前值 13.66 港币),给予"买入"评级。 全年销量目标上调至 200 ...

新能源、出口表现亮眼 全年销量预期上调 2024 年 07 月 02 日 ➢ 事件概述:公司发布 2024 年 6 月销量公告,6 月批发总销量 16.6 万辆, | 同比 +24.2% ,环比 +3.4% | ; 1-6 月累计 | 95.6 万辆,同比 | +71.8% 。其中,6 月 | |----------------------------------------|--------------------------|------------------------|---------------------------------| | 新能源销量 65,959 辆,同比 | +71.0%,环比+12.4% | | 39.7% ; 1-6 月新 | | 能源销售 32.0 万辆,同比 | +102.8% 。 | | | | 分品牌看: 吉利品牌 6 | 月销量 12.2 | 万辆(银河 15,975 | 1-6 月累计 74.2 万 | | 辆(银河 8.1 万辆),同比 | +34.1% ;极氪 6 | 月销量 20,106 | 1-6 月累计 87,870 | | 辆,同比 +106.1% ...

交银国际研究 公司更新 吉利汽车 (175 HK) 1 年股价表现 6/23 10/23 2/24 6/24 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%175 HK 恒生指数 资料来源: FactSet 1 季度业绩符合预期;下半年电动化再提速 个股评级 买入 汽车 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 8.79 港元 12.50 +42.2% | 股份资料 | | |-----------------------|-----------| | 52 周高位 (港元 ) | 11.26 | | 52 周低位 (港元) | 7.34 | | 市值 (百万港元 ) | 88,457.29 | | 日均成交量 (百万 ) | 36.48 | | 年初至今变化 (%) | 2.33 | | 200 天平均价 (港元) | 8.81 | | | | 财务数据一览 | 年结12月31日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|---- ...