Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.47, corresponding to a PE ratio of 12/8/6 for the years 2024-2026 [4][19]. Core Insights - The company reported strong sales performance in May 2024, with total wholesale sales reaching 161,000 units, a year-on-year increase of 33.8% and a month-on-month increase of 4.8%. Cumulative sales from January to May reached 790,000 units, up 42.0% year-on-year [1]. - The electric vehicle segment showed remarkable growth, with May sales of 58,673 units, a year-on-year increase of 117.0% and a month-on-month increase of 14.1%. The penetration rate for electric vehicles reached 36.5% [1]. - The company is expanding its global market presence, with May export sales of 36,890 units, accounting for 23.0% of total sales, and a year-on-year increase of 61.3% [2]. Summary by Sections Sales Performance - In May 2024, the company achieved total wholesale sales of 161,000 units, with electric vehicle sales contributing significantly to this growth. The flagship model, Zeekr 001, continued to perform well, achieving sales of 18,616 units in May, a month-on-month increase of 15.7% [1]. - The cumulative sales for the electric vehicle segment from January to May reached 196,000 units, reflecting a year-on-year growth of 111.9% [1]. Product Development - The company is set to launch new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its product lineup and drive demand in the second half of 2024 [1]. - The product cycle appears strong, with several new models planned for release, including two SUVs from the Galaxy brand and a new electric model from Lynk & Co [1]. Financial Projections - The company forecasts revenues of RMB 224.8 billion, RMB 268.7 billion, and RMB 298.8 billion for the years 2024, 2025, and 2026, respectively. Net profits are projected to be RMB 7.4 billion, RMB 11.6 billion, and RMB 15.0 billion for the same years [3][16]. - The earnings per share (EPS) are expected to grow from RMB 0.74 in 2024 to RMB 1.49 in 2026, indicating a positive outlook for profitability [3][16].

吉利汽车（0175.HK）系列点评八 新能源表现亮眼 极氪再创佳绩 2024年06月03日 ➢ 事件概述：公司发布 2024 年 5 月销量公告，5 月批发总销量 16.1 万辆， 推荐 维持评级 同比+33.8%，环比+4.8%；1-5月累计79.0万辆，同比+42.0%。 当前价格： 9.47港元 其中，5月新能源销量58,673辆，同比+117.0%，环比+14.1%，渗透率36.5%； 1-5月新能源销售19.6万辆，同比+111.9%。分品牌看：吉利品牌5月销量12.0 万辆（银河14,193辆），1-5月累计62.0万辆（银河6.5万辆），同比+38.9%； [Table_Author] 极氪5月销量18,616辆，1-5月累计67,764辆，同比+111.7%；领克5月销 量21,778辆，1-5月销售101,561辆，同比+54.7%。 ➢ 5月批发销量高增 新能源表现亮眼。5月公司整体批发销量表现亮眼，公司 批发总销量（含领克）16.1万辆，同比+33.8%，环比+4.8%。受益极氪001持 续热销，银河、领克销量提升，新能源表现强劲，5 月公司新能源销量 58,673 辆，同比+117.0 ...

Summary of Conference Call Notes Industry Overview - The automotive industry is currently facing a pessimistic sentiment in the market regarding its beta, which has led to a heightened focus on vehicle manufacturers [1] Key Points and Arguments - A significant number of in-depth reports have been released on various vehicle manufacturers, including Changan, Li Auto, Xiaopeng, and BYD, indicating a comprehensive analysis of the sector [1] Additional Important Content - The emphasis on vehicle manufacturers suggests a strategic shift in research focus, likely in response to current market conditions and investor sentiment [1]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175) [2] Core Views - Geely's high-end pure electric brand Zeekr successfully listed on the NYSE, raising $441 million with a valuation of $5.199 billion [6] - Zeekr has a clear positioning in the high-end pure electric vehicle market, with a concentrated equity structure and a high proportion of R&D personnel [6] - Zeekr's main business focuses on high-end pure electric vehicle sales, with core components such as batteries and motors, and has established diversified cooperation with global strategic partners [6] - Zeekr has strong competitiveness in the high-end pure electric vehicle market and is expanding into Europe and other overseas markets [6] - Zeekr's revenue is expected to continue growing, with a gross margin of 13.3% in 2023, despite a net loss of 8.35 billion yuan [6] IPO Details - Zeekr listed on the NYSE on May 10, 2024, issuing 210 million ordinary shares, raising $441 million, with a post-IPO valuation of $5.199 billion [9] - 45% of the raised funds will be used for R&D of advanced pure electric vehicle technology and expanding the product portfolio, 45% for sales, marketing, and expanding service and charging networks, and 10% for general corporate purposes [9] - On the first day of listing, Zeekr's stock price opened at $26 and closed at $28.26, a 34.57% increase, with a total market capitalization of $6.997 billion [9] Business Overview - Zeekr has launched 6 models as of May 2024, covering a price range of 189,800 to 789,000 yuan, including sedans, SUVs, and MPVs [22] - Zeekr's product matrix includes the ZEEKR 001, 001FR, 007, 009, 009 Glory Edition, and X, catering to various needs such as family comfort and business reception [22] - Zeekr has developed its own intelligent electric core technologies, including the SEA architecture, ZEEA 2.0 E/E architecture, DCU control architecture, and ZEEKR OS operating system [25] - Zeekr provides three charging solutions: home charging, road charging, and mobile charging services, with 7,500 customers having installed home charging solutions by the end of 2023 [29] Market Position and Expansion - Zeekr has a strong position in the high-end pure electric vehicle market in China, with the ZEEKR 001 achieving 75,928 deliveries in 2023, ranking first in the high-end EV market [46] - Zeekr is accelerating its entry into European and other overseas markets, with over 4,000 vehicles sold overseas in 2023, and plans to expand to 8 European countries in 2024 [6] - By 2026, Zeekr aims to enter most Western European regions and expand into emerging markets such as Southeast Asia, the Middle East, and South America, with sales operations in 50 countries [6] Financial Performance and Forecast - Zeekr's revenue in 2023 was 51.7 billion yuan, with a gross margin of 13.3%, but a net loss of 8.35 billion yuan [6] - Zeekr's revenue per vehicle in 2023 was 435,000 yuan, leading the industry [6] - Zeekr's sales are expected to reach 210,000, 308,000, and 365,000 vehicles in 2024, 2025, and 2026, respectively, with corresponding revenues of 52.5 billion, 77 billion, and 91.25 billion yuan [63] - Geely Automobile is expected to achieve revenues of 202.4 billion, 237.7 billion, and 260.4 billion yuan in 2024, 2025, and 2026, with net profits of 7.68 billion, 11.4 billion, and 15.11 billion yuan, respectively [66] Valuation and Peer Comparison - Zeekr's valuation is relatively low compared to its peers, with a PS ratio of 0.89, compared to 5.82 for NIO and 2.09 for XPeng [61] - Geely Automobile's PE ratios for 2024, 2025, and 2026 are 12.4x, 8.4x, and 6.3x, respectively, maintaining a "Buy" rating [66]

Summary of the Conference Call on Geely Automobile Industry and Company Involved - The conference call focused on Geely Automobile, a prominent player in the automotive industry in China [1]. Core Points and Arguments - The call began with a welcome message and a statement indicating that all participants were muted, suggesting a formal structure to the meeting [1]. Other Important but Possibly Overlooked Content - No specific financial data, performance metrics, or strategic insights were provided in the excerpt [1]. This summary captures the essential elements of the conference call, highlighting the focus on Geely Automobile while noting the lack of detailed content in the provided text.

Investment Rating - The report assigns a "Buy" rating for Geely Automobile (0175.HK) with a market price of HKD 10.22 [1]. Core Insights - Geely is expected to enter a new growth cycle in 2024, focusing on brand repositioning, channel innovation, and an increase in electrification rate, with a projected 45%+ penetration rate for new energy vehicles in 2024 [4][5]. - The company forecasts significant revenue growth, with projected revenues of HKD 214.63 billion, HKD 248.15 billion, and HKD 266.74 billion for 2024, 2025, and 2026 respectively, alongside net profits of HKD 7.45 billion, HKD 8.73 billion, and HKD 10.08 billion for the same years [6][41]. Summary by Sections Growth Review - The company experienced a growth cycle from 2015 to 2017, benefitting from the SUV boom and successful models like Emgrand and Boyue. However, from 2017 to 2020, it faced challenges due to tax reductions and management complexities. The period from 2021 to 2023 was marked by attempts at transformation, with slow progress in hybrid transitions [4][15]. New Energy Vehicles - Geely's new energy brands, including Galaxy, Zeekr, and Lynk & Co, have clear positioning. The Galaxy brand targets the 100,000 to 200,000 RMB price range, while Zeekr aims for the high-end market. The expected sales for Zeekr in 2024 are projected to reach 230,000 units, with significant growth anticipated for the Galaxy brand as well [5][33][38]. Fuel Vehicles - The company maintains a solid foundation in fuel vehicles, focusing on the 50,000 to 150,000 RMB market. Models like Emgrand and Bin Yue continue to perform well, with stable monthly sales above 10,000 units despite industry challenges [6][39]. Financial Forecast and Valuation - The report predicts overall revenue growth for Geely, with expected revenues of HKD 214.63 billion, HKD 248.15 billion, and HKD 266.74 billion for 2024, 2025, and 2026 respectively. The corresponding net profits are projected to be HKD 7.45 billion, HKD 8.73 billion, and HKD 10.08 billion [6][41]. The report also highlights a favorable P/E ratio compared to industry averages, supporting the "Buy" rating [44].

[Table_Page] 公告点评|汽车与汽车零部件 证券研究报告 [吉Table_利Title] 汽车(00175.HK) 公[Ta司ble评_Inv级est ] 买入-H 当前价格 9.87港元 极氪美股寻求上市，夯实中国优秀电动高 合理价值 14.78港元 前次评级 买入 端品牌地位 报告日期 2024-05-10 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 根据极氪公告，公司向美国SEC证券交易委员会提交了更新后的招股 20% 12% 书，其计划以“ZK”为股票代码在纽交所挂牌上市。极氪将发行 1750 3% 万股ADS，每份ADS对应10股普通股，发行价格区间为每股ADS -5%05/23 07/23 09/23 11/23 01/24 03/24 05/24 18 至 21 美元。以此发行区间上限计算，不考虑“绿鞋机制”的情况 -14% 下，极氪通过本次 IPO最多募集 3.675 亿美元，对应市值为51.3亿 -22% 吉利汽车 恒生指数 美元，若执行超额配售权后最多募集4.23 亿美元。 ⚫ 吉利汽车（00175.HK）意愿上大比例参 ...

Investment Rating - The investment rating for the company is currently not explicitly stated in the provided documents, but the report suggests a focus on continuous monitoring of the company's performance due to its ongoing transformation and growth potential [6]. Core Views - The company achieved a significant year-on-year sales growth of 39.3% in April 2024, with total sales reaching 153,000 vehicles [2]. - Cumulative sales for the first four months of 2024 reached 629,000 vehicles, reflecting a 46.9% increase compared to the same period last year [2]. - The report highlights the acceleration of the company's transformation towards new energy vehicles, with a notable increase in the penetration rate of such vehicles to 33.6% in April 2024, up by 6.8 percentage points year-on-year [3]. Summary by Sections Sales Performance - In April 2024, the company's sales by brand included 118,000 vehicles for the Geely brand, 16,000 for the Zeekr brand, and 19,000 for the Lynk & Co brand [3]. - The new energy vehicle sales reached 51,000 units in April, marking a 75.0% increase year-on-year, with a cumulative total of 196,000 units sold in the first four months of 2024, up 120.4% year-on-year [3]. New Product Launches - The report notes that several new models were launched in April 2024, including the Lynk & Co 07 EM-P and various models from the Zeekr brand, which are expected to support future sales growth [4]. Export Growth - The company exported 38,000 vehicles in April 2024, a 74.7% increase year-on-year, with exports accounting for 24.9% of total sales [5]. - Cumulative exports for the first four months of 2024 reached 125,000 vehicles, reflecting a 68.8% increase year-on-year [5]. Financial Forecasts - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.6%, 19.3%, and 15.1% [6]. - Net profit forecasts for the same period are 7.08 billion, 8.53 billion, and 9.98 billion yuan, with growth rates of 33.4%, 20.5%, and 16.9% [6].

公司研究 | 动态跟踪 吉利汽车 00175.HK 买入（维持） 整体销量及极氪销量均实现同环比增长 股价（2024年05月08日） 9.74港元 目标价格 11.55港元 52周最高价/最低价 11.64/7.24港元 总股本/流通H股（万股） 1,006,338/1,006,338 H股市值（百万港币） 98,017 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 吉利汽车4月销量高增。4月吉利汽车总销量15.33万辆，同比增长39.3%，环比增 报告发布日期 2024年05月08日 长 1.6%；其中新能源汽车销量 5.14 万辆，同比增长 75.0%，环比增长 14.8%；出 口3.82万辆，同比增长74.7%。根据乘联会数据，4月1-21日国内乘用车批发销量 同比增长约8%，预计吉利汽车整体销量同比增速大幅好于行业平均水平。 1周 1月 3月 12月 ⚫ 极氪品牌同环比增长强劲，全新车型陆续推出。4月吉利品牌销量11.85万辆，同比 绝对表现 2.2 3.51 21.14 1.53 增长34.8%，环比增长0.3%；1-4月累计销量50.01万辆，同比增长41.4%，其中 相对表现 -0.9 - ...

Investment Rating - The report assigns a "Buy" rating for Geely Automobile with a target price of HKD 12.5, indicating a potential upside of 27% from the current price of HKD 9.9 [3][4][5]. Core Insights - Geely's sales in April increased by 35% year-on-year, reaching 153,000 units, with a cumulative sales growth of 46.9% for the first four months of 2024 [2][4]. - The company is in a rapid transformation phase, with a continuous expansion of its new energy vehicle lineup and improving profitability [3][4]. - Geely's export volume in April was 38,000 units, marking a 66.3% year-on-year increase, contributing to 24.9% of total sales [2][4]. Sales Performance - In April, Geely brand sold 118,000 units, while Zeekr and Lynk & Co sold 16,000 and 19,000 units respectively, with Zeekr showing a remarkable growth of 110.6% year-on-year [2][4]. - The upcoming new models, including Lynk & Co 07 and Galaxy E5, are expected to generate significant market interest, with pre-orders for Lynk & Co 07 exceeding 10,000 units shortly after its announcement [2][4]. Financial Forecast - Revenue is projected to grow from HKD 179.2 billion in 2023 to HKD 216.4 billion in 2024, reflecting a growth rate of 21% [4][5]. - Net profit is expected to increase significantly from HKD 5.3 billion in 2023 to HKD 8.3 billion in 2024, representing a growth rate of 57% [4][5]. - The gross margin is forecasted to improve from 15.3% in 2023 to 15.4% in 2024, while the net profit margin is expected to rise from 3.0% to 3.8% [4][5]. Market Position - Geely is actively pursuing a global strategy, with a significant portion of its sales coming from exports, indicating a strong international presence [2][4]. - The upcoming listing of Zeekr on the NYSE is anticipated to enhance its financial capabilities and support further growth [2][4].