证券研究报告 | 公司动态点评 2024 年 04月 01日 吉利汽车（00175.HK） 公司坚持油电并举发展，新能源子品牌营收向好 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 147,964.65 179,203.59 225,957.63 277,159.63 328,545.02 股票信息 增长率yoy（%） 45.62 21.11 26.09 22.66 18.54 行业 汽车 归母净利润（百万元） 5,260.35 5,308.41 6,224.55 7,754.08 9,509.46 2024年3月28日收盘价（港元） 9.240 增长率yoy（%） 8.52 0.91 17.26 24.57 22.64 总市值（百万港元） 92,985.65 ROE（%） 7.00 6.59 7.37 8.68 9.97 流通市值（百万港元） 92,985.65 EPS最新摊薄（元） 0.52 0.53 0.62 0.77 0.94 总股本（百万股） 10,063.38 流通股本（百万股） 10,063.38 P/E（倍） 17.68 17.52 ...

The Auto-Tires-Trucks group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Geely Automobile Holdings Ltd. (GELYY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Auto-Tires-Trucks peers, we might be able to answer that question.Geely Automobile Holdings Ltd. is one of 108 c ...

吉利汽车（0175.HK）系列点评六 批发销量高增 极氪 001 再创佳绩 2024年04月02日 ➢ 事件概述：公司发布24年3月销量公告，3月批发总销量15.1万辆，同比 推荐 维持评级 +36.7%，环比+35.4%；1-3月累计47.6万辆，同比+47.5%。 当前价格： 9.24港元 其中，3月新能源销量44,791辆，同比+59.4%，环比+33.7%，渗透率29.7%； 1-3 月新能源销售 14.4 万辆，同比+130.9%。3 月出口销量 36,405 辆，同比 +80.9%，环比+49.4%，1-3月累计出口8.7万辆，同比+65.0%。分品牌看： [Table_Author] 吉利品牌 3 月销量 11.8 万辆（银河 10,185 辆），1-3 月累计 38.1 万辆（银河 3.9万辆），同比+43.6%；极氪3月销量13,012辆，1-3月累计33,059辆，同 比+117.0%；领克3月销量19,671辆，1-3月销售61,056辆，同比+64.3%。 ➢ 3月批发销量高增 新能源表现亮眼。3月需求逐步恢复，车企进入加库期， 公司批发总销量（含领克）15.1万辆，同比+39%，环比 ...

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 due to its accelerating transformation and growth potential in the new energy sector [5]. Core Insights - The company achieved significant sales growth in March 2024, with total vehicle sales reaching 151,000 units, representing a year-on-year increase of 38.5% and a month-on-month increase of 35.4% [1]. - The company is expanding its global market presence, with exports in March 2024 reaching 36,000 units, a year-on-year increase of 80.9% [4]. - New product launches, including various models under the "Longteng" series, are expected to further boost sales [3]. Summary by Sections Sales Performance - In March 2024, the company's sales by brand included 118,000 units for the Geely brand, 13,000 units for the Zeekr brand, and 20,000 units for the Lynk & Co brand, with respective year-on-year increases of 33.9%, 95.3%, and 40.5% [2]. - Cumulative sales for Q1 2024 reached 476,000 units, a year-on-year increase of 49.5% [1]. New Energy Vehicles - In March 2024, the company sold 45,000 new energy vehicles, marking a year-on-year increase of 65.3% [2]. - The penetration rate of new energy vehicles reached 30.3%, an increase of 11.7 percentage points year-on-year [2]. Product Development - The launch of new models, including the Galaxy E5 and Lynk & Co 07 EM-P, is expected to enhance the product lineup and drive sales growth [3]. Global Expansion - The company is actively expanding its overseas market, with plans to establish stores in major Southeast Asian cities and the introduction of right-hand drive models [4]. - The export volume accounted for 18.3% of total sales in Q1 2024, reflecting a strategic focus on international markets [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 223.21 billion, 266.34 billion, and 306.59 billion yuan, with respective growth rates of 24.6%, 19.3%, and 15.1% [5]. - 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% [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 179.2 billion yuan in 2023, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 5.31 billion yuan, which is a 0.9% increase year-on-year [2][5]. - In the second half of 2023, the company reported a revenue of 106.02 billion yuan, up 18.1% year-on-year, and a net profit of 3.74 billion yuan, reflecting a growth of 0.8% [2][5]. - The revenue growth is driven by product upgrades, economies of scale, and cost reductions, leading to an improved gross margin [5][6]. - The company is expected to see strong profit elasticity as the scale effect of new energy vehicles becomes more apparent in 2024 [6]. Summary by Sections Revenue Performance - The company reported a total revenue of 179.2 billion yuan in 2023, with automotive sales-related revenue at 149.62 billion yuan, marking a 21.9% increase year-on-year [5]. - The total vehicle sales reached 1.687 million units, a 17.7% increase year-on-year, resulting in a per vehicle revenue of 104,800 yuan, which is a 2.1% increase [5]. Profitability - The net profit attributable to shareholders was 5.31 billion yuan, which is a 51% increase compared to the previous year after excluding one-time gains [5]. - The gross margin improved to 15.3% in 2023, up 1.2 percentage points year-on-year, with the second half of the year showing a gross margin of 15.9%, an increase of 2.1 percentage points [5]. New Energy Transition - The company is entering a new cycle of intelligent electric vehicles, with significant upgrades in its hybrid and electric vehicle technologies [6]. - The launch of new models in 2024 is expected to accelerate the transition to new energy vehicles, with a total of 9 new models planned across its brands [6]. - The projected net profits for 2024, 2025, and 2026 are 7.1 billion, 10.1 billion, and 12.1 billion yuan respectively, with corresponding PE ratios of 12X, 8X, and 7X [6].

Investment Rating - The report maintains an "Outperform" rating for Geely Automobile (0175 HK) [4] Core Views - Geely Automobile's brand structure is considered reasonable and clear, with the gradual implementation of the "Smart Geely 2025" strategy expected to drive continuous growth in overall revenue and net profit [1] - The company's 2023 operating performance showed significant improvement, with record-high revenue of RMB 179 2 billion, a 21% YoY increase, and a gross margin of 15 3%, up 1 2 percentage points YoY [1] - Net profit attributable to the parent company in 2023 reached RMB 5 308 billion, a 51% YoY increase compared to the adjusted net profit of RMB 3 511 billion in 2022 [1] Financial Performance and Forecast - 2023 total sales reached a record high of 1 687 million units, exceeding the sales target, with new energy vehicle sales hitting a record 487,000 units, a 48 3% YoY increase [5] - Export sales reached a record 274,000 units, a 38 3% YoY increase [5] - The company aims for 2024 total sales of 1 9 million units, a 13% YoY increase, with new energy vehicle sales expected to grow 66% YoY [5] - Revenue is forecasted to grow 32% YoY in 2024 to RMB 236 175 billion, with net profit attributable to the parent company expected to reach RMB 7 631 billion, a 43 76% YoY increase [6][9] - EPS is projected to be RMB 0 76 in 2024, RMB 1 14 in 2025, and RMB 1 54 in 2026 [1][6] Valuation and Target Price - The report assigns a 2024 PE multiple of 15-20x, corresponding to a reasonable value range of HKD 12 56-16 74 (based on an exchange rate of 1 HKD = 0 9080 RMB) [1] - The current P E ratio is 16 28x for 2023, expected to decrease to 12 18x in 2024 and 6 00x in 2026 [9] Industry Comparison - Among comparable companies, Great Wall Motor (601633) has a 2024E PE of 19 1x, while BYD and Changan Auto have 2024E PEs of 14 9x and 17 2x respectively [7] - The average PE ratio for comparable companies is 17 1x for 2024 [7]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [2] Core Views - Geely Automobile's core profitability has significantly improved in 2023 due to product structure upgrades, cost control, and economies of scale [2] - The company achieved record-high sales of 1 687 million vehicles in 2023, with new energy vehicle sales growing 48 3% to 487 000 units and exports increasing 38 3% to 274 000 units [2] - Revenue increased by 21% YoY to RMB 179 2 billion in 2023, driven by product value enhancement and business diversification [2] - Net profit attributable to shareholders surged 51% YoY to RMB 5 308 billion in 2023, excluding one-time acquisition gains in 2022 [2] - Gross profit improved significantly, with total gross profit up 31% YoY to RMB 27 4 billion and gross margin increasing from 14 1% in 2022 to 15 3% in 2023 [2] - The company has strong cash reserves, with net cash increasing 46% YoY to RMB 28 4 billion in 2023 [2] 2024 Outlook - Geely Automobile aims to achieve total sales of 1 9 million units in 2024, representing a 13% YoY increase [2] - New energy vehicle sales target is set at 810 000 units, a 66% YoY increase, with new energy penetration rate expected to rise from 29% in 2023 to 42 6% in 2024 [2] - The company plans to launch 9 new energy models across its three brands in 2024 [2] - Geely Automobile is expected to continue its strong product cycle, with recent launches like Galaxy L7 and Lynk & Co 08 performing well, and new models like Zeekr 007 and Galaxy E8 expected to maintain momentum [2] Financial Projections - Revenue is projected to reach RMB 233 76 billion in 2024, with net profit attributable to shareholders expected to be RMB 6 579 billion [3] - The company's main brand is expected to continue contributing stable profits, while losses from Lynk & Co and Zeekr brands are expected to gradually decrease [3] - Sales are forecasted to reach 2 million units in 2024, with Geely main brand, Lynk & Co, and Zeekr expected to sell 1 423 million, 327 000, and 251 000 units respectively [3] Historical Performance - In 2023, Geely Automobile's actual revenue of RMB 179 2 billion exceeded the forecast of RMB 175 7 billion by 2% [6] - The company's gross margin of 15 3% in 2023 was slightly below the forecast of 16 2% [6] - Net profit attributable to shareholders in 2023 was RMB 5 308 billion, 5% below the forecast of RMB 5 601 billion [6]

[Table_Page] 年报点评|汽车与汽车零部件 证券研究报告 [ 【Table 广_Title 发] 汽车&海外】吉利汽车(00175.HK) 公[Ta司ble评_Inv级est ] 买入-H 当前价格 8.88港元 23 年报点评：毛利率回升，销量及结构拐点确立 合理价值 14.78港元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-03-27 ⚫ 公司23年确立销量及结构拐点，燃油车产品结构持续优化。公司发布 相[Ta对ble市_Pi场cQu表ote现] 2023 年财报实现营收 1792.0 亿元，同比+21.1%，实现归母净利润 53.1亿元，同比+0.9%。公司23年全年销量（含领克、睿蓝）为168.7 18% 万辆，同比+17.7%。公司 23 年吉利银河系列和领克 08 销量表现亮 10% 眼，23年H2公司新能源车销量（含极氪、领克、睿蓝）为33.0万辆， 1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 新能源销量占比为33.2%，环比提升10.5pct，公司新能源销量占比持 -7% 续提升。同时燃油车产品结构持 ...

h 股 c r a 票 e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 tiu Company Report: Geely Automobile (00175 HK) 究 q (852) 2509 2649 E 公司报告： 吉利汽车 (00175 HK) ivan.wu@gtjas.com.hk 25 March 2024 R[Taebvlee_nSuumem aHryi]t A Record High; Strong Sales Growth of FVs And NEVs Further Drives Business Growth; Maintain "Buy" tr 公 o p 司 e R  Maintain "Buy" with TP of HK$13.33. Considering 1) Geely [RTaabtlien_gR:a nk] Buy 报 y n Automobile’s (“Geely” or the “Company”) scale, product matrix and Maintained a profitability and market s ...

2024年3月23日 公司研究 全年业绩表现稳健，产品储备丰富潜力可期 ——吉利汽车（0175.HK）2023 年报点评报告 要点 买入（维持） 当前价/目标价：9.29/11.17港币 2023全年业绩表现稳健：2023年总收入同比+21.1%至人民币1,792.0亿元； 其中，汽车销售收入同比+21.9%至人民币 1,496.2 亿元（包括极氪但剔除领 克/睿蓝后的ASP同比+2.2%至人民币10.5万元）。归母净利润同比+0.9%至 作者 人民币 53.1 亿元（剔除 2022 年一次性收益后的 2023 年归母净利润同比 分析师：倪昱婧, CFA +51.2%），2H23归母净利润环比+138.0%至人民币37.4亿元。 执业证书编号：S0930515090002 021-52523852 极氪亏损收窄，领克业绩低于预期：2023年毛利率同比+1.2pcts至15.3%， niyj@ebscn.com SG&A费用率同比+0.9pcts至13.3%，经营利润率同比+0.4pcts。拆分来看， 联系人：孟祥庭 1）受益于销量爬坡、以及电池PACK+研发和技术授权等业务贡献，极氪2023 mengxian ...