Financial Performance - Total sales volume increased by 18% to 1,686,516 units in 2023 from 1,432,988 units in 2022[4] - Revenue rose by 21% to RMB 179,203,592,000 in 2023 compared to RMB 147,964,647,000 in 2022[4] - Net profit attributable to equity holders increased by 1% to RMB 5,308,408,000 in 2023 from RMB 5,260,353,000 in 2022[4] - Basic earnings per share rose to RMB 0.51 in 2023, up from RMB 0.51 in 2022, while diluted earnings per share increased to RMB 0.51 from RMB 0.50[6] - Proposed final dividend per share increased by 5% to HKD 0.22 in 2023 from HKD 0.21 in 2022, subject to shareholder approval[5] - Gross profit margin improved to 15.3% in 2023 from 14.1% in 2022, reflecting better cost management[6] - Financial income increased by 43% to RMB 544,350,000 in 2023 from RMB 380,472,000 in 2022[6] - Total comprehensive income for the year was RMB 4,659,536,000 in 2023, slightly down from RMB 4,684,225,000 in 2022[7] Assets and Liabilities - Non-current assets totaled RMB 78,962,781,000 in 2023, compared to RMB 78,762,416,000 in 2022[8] - Current liabilities increased to RMB 96,823,927,000 in 2023 from RMB 68,953,214,000 in 2022, indicating a rise in short-term obligations[8] - Total equity increased to RMB 85,151,498 thousand in 2023, up from RMB 76,195,815 thousand in 2022, representing a growth of 11.5%[9] - The company's reserves rose to RMB 76,911,915 thousand in 2023, compared to RMB 71,533,667 thousand in 2022, marking an increase of 7.5%[9] - Non-current liabilities decreased from RMB 12,677,300 thousand in 2022 to RMB 10,622,256 thousand in 2023, a reduction of approximately 16.2%[9] - Trade and other payables increased significantly to RMB 2,721,668 thousand in 2023, up from RMB 1,602,020 thousand in 2022, reflecting a growth of 69.8%[9] Cash Flow and Investments - The company reported a net cash from operating activities of RMB 22,342,369 thousand, significantly higher than RMB 16,018,395 thousand in the previous year, marking an increase of approximately 39.5%[12] - For the year ended December 31, 2023, the net cash flow from investing activities was RMB (16,144,646) thousand, compared to RMB (12,130,350) thousand in 2022, indicating an increase in cash outflow for investments[13] - The cash flow from financing activities showed a net outflow of RMB (2,763,776) thousand in 2023, a significant decrease from a net inflow of RMB 1,325,083 thousand in 2022[13] - The total cash and cash equivalents at the end of 2023 amounted to RMB 36,775,293 thousand, up from RMB 33,341,339 thousand at the end of 2022, reflecting a net increase of RMB 3,433,947 thousand[13] Revenue Sources - Revenue from external customers in China increased to RMB 146.31 billion in 2023, up from RMB 125.12 billion in 2022, representing a growth of 16.9%[28] - Total revenue for 2023 reached RMB 179.20 billion, compared to RMB 147.96 billion in 2022, marking an increase of 21.1%[31] - Sales of automobiles and related services accounted for RMB 149.62 billion in 2023, up from RMB 122.78 billion in 2022, reflecting a growth of 21.8%[31] - The company reported government grants of RMB 958.90 million in 2023, significantly higher than RMB 324.47 million in 2022, indicating a growth of 195.5%[32] Joint Ventures and Acquisitions - The company acquired a 30% stake in Shangjian for RMB 17.35 million, completing the acquisition in November 2023[61] - The acquisition of 49.9% of Proton Holdings Berhad and DHG was completed for approximately RMB 1,450.4 million, providing an entry into the Southeast Asian right-hand drive vehicle market[50] - The company has a 49% stake in Times Geely Power Battery Co., Ltd., which is involved in the R&D, manufacturing, and sales of batteries and battery modules[47] - The company plans to continue collaborating with Proton to develop electric vehicles under the Proton brand following the acquisition[50] Employee and Operational Costs - Employee costs, including directors' remuneration, rose to RMB 10,336,768,000 in 2023, up from RMB 8,715,550,000 in 2022, representing an increase of 18.5%[36] - The total depreciation expense for 2023 was RMB 3,753,550,000, compared to RMB 3,519,081,000 in 2022, indicating a year-over-year increase of 6.7%[37] Future Outlook and Plans - The group plans a capital expenditure budget of approximately RMB 15 billion for 2024, focusing on new vehicle models and smart technology development[123] - The group has set a sales target of 1,900,000 vehicles for the fiscal year 2024, representing an approximate 13% increase compared to the total sales achieved in 2023[128] - The group aims to reduce carbon emissions per vehicle lifecycle by over 25% by 2025, with a 12% reduction achieved by the end of 2023 compared to the 2020 baseline[121] Legal and Governance - The company held its annual general meeting on May 25, 2023, with the chairman unable to attend due to scheduling conflicts, delegating an executive director to report on shareholder inquiries[136] - The audit committee, consisting of independent non-executive directors, is responsible for reviewing the group's financial reporting processes and risk management[138] - The external auditor confirmed that the preliminary performance announcement data for the year ending December 31, 2023, aligns with the group's financial statements[140]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [1] Core Views - Geely's product matrix is diversifying with positive performance from its new energy sub-brands [1] - Despite seasonal factors and cold weather impacting February sales, Geely's overall performance is better than last year [2] - Geely is strategically deploying resources towards new energy vehicles and implementing a multi-brand strategy to expand profit growth points [4] Financial Performance - Revenue is projected to grow from RMB 101 6 billion in 2021 to RMB 439 1 billion in 2025 with a CAGR of 48 17% [1] - Net profit attributable to shareholders is expected to increase from RMB 4 8 billion in 2021 to RMB 10 4 billion in 2025 [1] - ROE is forecasted to rise from 7 07% in 2022 to 11 58% in 2025 [1] Sales Performance - Total sales in February 2024 reached 111 398 units a 3% YoY increase [1] - January-February 2024 total sales were 324 885 units a 55% YoY growth [1] - New energy vehicle sales accounted for over 30% of total sales in February 2024 [2] Brand Performance - Geely brand sold 90 679 units in February 2024 with the Galaxy series selling 9 120 units and the Geometry series selling 10 514 units [2] - Lynk & Co brand sales increased by over 9% YoY in February 2024 with new energy vehicles accounting for 47% of sales [2] - Zeekr brand delivered 20 047 units in January-February 2024 a 134% YoY increase [2] International Expansion - Overseas sales in February 2024 reached 24 373 units a 39% YoY increase [2] - Geely launched the Okavango SUV in the UAE and expanded the Starray model to Panama Qatar and Kazakhstan [2] - Zeekr entered the Middle East market and plans to expand to Kuwait Lebanon Morocco and Oman [2] New Energy Strategy - Geely is focusing on new energy vehicles with sales of 33 508 units in February 2024 accounting for 30% of total sales [2] - The company launched several new electric models in February 2024 including the Zeekr 007 and the updated Zeekr 001 [4] Market Competition - Geely introduced a RMB 2 billion car purchase discount program in response to market competition [4] - The program covers almost all models including the Xingyue L Xingrui Boyue and Emgrand series [4]

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（ ） 0175.HK [吉Ta利b汽le_车Ti2tl0e2] 年 月销量点评：总量同比增长 4 2 超 ，新能源增速稳健 3% 报告要点 [公Ta司ble2_S月u实mm现a销ry量] 11.1 万辆，同比+3.3%，受春节影响，环比-47.8%。1-2 月公司累计销量 32.5万辆，同比+55.2%。中国星高端系列同比增速约8%，吉利品牌高端化车型占比表现亮眼； 新能源同比增长近 48%，增速表现稳健。2024 年公司旗下各品牌均发力新能源转型，银河迎 来放量期，盈利有望迎来拐点。 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 2 月销量同比微增，极氪换代/银河改款有望 2024 年 03月 04日 引爆销量 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E huangxl@dwzq.com.cn 证券分析师 杨惠冰 营业总收入（百万元） 102,015 148,565 178,338 235,191 300,860 执业证书：S0600523070004 同比 10.44% 45.63% 20.04% 31.88% 27.92% yanghb@dwzq.com.cn 归母净利润（百万元） 4,847 5,260 5,013 8,032 12,054 同比 -12.40% 8.52% -4.70% 60.22% 50.08% 股价走势 EPS-最新摊薄（元/股） 0.48 0.52 0.50 0.80 1.20 吉利汽车 恒生指数 P/E（现价&最新摊薄） 16.49 15.20 15.95 9.95 ...

证券研究报告 公 2024年03月02日 司 报 告 吉利汽车(00175) 行 业： 汽车/乘用车 │ 港 投资评级： 股 当前价格： 8.64港元 春节影响 2 月销量，智能化加速推进 - 公 目标价格： 司 事件： 点 基本数据 评 研 2024 年3月1日，吉利汽车发布2024年2月产销快报，公司 2月实现汽 总股本/流通股本(百万股) 10,063.38/10,063. 38 究 车销量11.1万辆，同比+3.3%，环比-47.8%，其中纯电/插混分别为2.0/1.3 流通市值(百万港元) 86,947.62 万辆，同比分别-2.8%/+571.8%，环比分别-44.6%/-54.6%。1-2月汽车合计 每股净资产(元) 8.26 销量 32.4万辆，同比+55.2%，其中纯电/插混分别为 5.6/4.3 万辆，同比 资产负债率(%) 50.57 分别+90.4%/+1561.7%。  受春节影响，2月销量短期承压 一年内最高/最低(港元) 11.64/7.24 分品牌来看，2月吉利品牌9.1万辆，同比+0.4%，环比-47.5%，其中银河 股价相对走势 系列9120辆，环比-52.6%，几何系列 ...

吉利汽车（0175.HK）系列点评四 极氪表现坚挺 产品周期强劲 2024年03月03日 ➢ 事件概述：公司发布24年2月销量公告，2月批发总销量（含领克）11.1 推荐 维持评级 万辆，同比+2.5%，环比-47.8%。其中，2月公司新能源销量33,508辆，渗透 当前价格： 8.64港元 率30.1%，同比+43.9%，环比-49.1%。2 月公司整体出口销量 24,373 辆，同 比+39.1%。分品牌看： 吉利品牌2月销量9.1万辆，同比+0.4%，环比-47.5%；其中银河2月销量9,120 [Table_Author] 辆，环比-52.6%； 极氪品牌2月销量7,510辆，同比+37.7%，环比-40.1%； 领克品牌2月销量13,209辆，同比+9.3%，环比-53.1%。 ➢ 2 月批发总量受淡季影响 新能源依然坚挺。受 2 月春节假期影响，公司 2 月销量环比下降，批发总销量（含领克）11.1万辆，同比+2.5%，环比-47.8%。 但受益极氪007、银河E8、领克08等新产品上量，新能源表现依然坚挺，2月 分析师 崔琰 新能源批发 33,508 辆，同比+43.9%，环比-49.1%；其中 ...

Investment Rating - The investment rating for Geely Automobile is not explicitly stated in the provided content, but the report suggests to "continue to pay attention" to the company, indicating a positive outlook [6]. Core Views - Geely Automobile has divested its stake in Ruin Blue Automobile, which is expected to enhance its performance by shedding underperforming assets. The sale is projected to generate approximately 117 million yuan in revenue [2][3]. - The company reported a significant increase in sales for January 2024, with total sales reaching 213,000 units, a year-on-year increase of 110.5%. The penetration rate of new energy vehicles reached 30.8%, up 21.4 percentage points year-on-year [4]. - Geely aims for a sales target of 1.9 million units for 2024, representing a 13% increase year-on-year, with new energy vehicle sales expected to grow by 66% [5]. Summary by Sections Financial Performance - Geely's projected revenues for 2023, 2024, and 2025 are 180.92 billion yuan, 269.87 billion yuan, and 371.10 billion yuan, respectively, with year-on-year growth rates of 22.3%, 49.2%, and 37.5% [6][7]. - The net profit attributable to the parent company is expected to be 5.90 billion yuan in 2023, 8.93 billion yuan in 2024, and 12.48 billion yuan in 2025, with growth rates of 15.2%, 51.3%, and 39.7% [6][7]. Sales and Market Position - January 2024 saw Geely's sales of pure electric and plug-in hybrid vehicles reach 36,000 and 30,000 units, respectively, marking year-on-year increases of 306.2% and 4918.5% [4]. - The company has launched several new models, including the Galaxy E8 and the Emgrand L HiP, which are expected to drive sales growth throughout the year [5]. Valuation Metrics - The projected earnings per share (EPS) for Geely are 0.59 yuan, 0.89 yuan, and 1.24 yuan for 2023, 2024, and 2025, respectively [6][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.52 in 2023 to 5.92 in 2025, indicating an improving valuation as earnings grow [7].

Volvo Cars shares surged 23% as the Swedish automaker said it will stop providing funding to EV startup Polestar as it ramps up its own investment. Volvo Cars said it’s “evaluating a potential adjustment to Volvo Cars’ shareholding in Polestar, including a distribution of shares to Volvo Cars shareholders” in which Geely 175, -0.54% would become a significant new shareholder in Polestar. Volvo Cars VOLCAR.B, +22.62% holds a 48% stake in Polestar PSNY, -3.13%, while Geely holds 79% of Volvo. Geely will co ...

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was RMB 73,181,745 thousand, an increase of 25.7% compared to RMB 58,183,773 thousand for the same period in 2022[17]. - Gross profit for the same period was RMB 10,540,492 thousand, up from RMB 8,475,802 thousand, reflecting a gross margin improvement[17]. - Profit before tax increased to RMB 1,474,100 thousand, compared to RMB 1,316,513 thousand in the previous year, representing a growth of 12%[17]. - Net profit attributable to equity holders of the company was RMB 1,273,508 thousand, slightly down from RMB 1,277,848 thousand in 2022[17]. - Basic earnings per share for the period was RMB 14.91 cents, compared to RMB 14.83 cents for the same period last year[17]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 1,185,698,000, a decrease of 31.4% compared to RMB 1,726,252,000 in the same period of 2022[18]. - The net profit for the period was RMB 1,273,508,000, slightly down from RMB 1,277,848,000 in the previous year, indicating a marginal decline of 0.2%[18]. - For the six months ended June 30, 2023, the total comprehensive income amounted to RMB 1,506,117,000, a decrease of 320,419,000 compared to the previous period[24]. - The company reported a profit of RMB 71,064,000 for the current period, with other comprehensive income contributing an additional RMB 5,952,000[24]. - The company’s net profit attributable to shareholders for the period was RMB 1,499,664,000, showing a decline compared to the previous period[24]. Expenses and Costs - Distribution and selling expenses increased to RMB 4,767,790 thousand from RMB 3,303,773 thousand, indicating higher marketing and sales costs[17]. - Administrative expenses rose to RMB 4,867,108 thousand, compared to RMB 4,660,511 thousand in the previous year[17]. - Employee costs totaled RMB 4,260,043,000 for the six months ended June 30, 2023, up from RMB 3,837,265,000 in the same period of 2022, representing an increase of approximately 11%[47]. - Depreciation expenses amounted to RMB 1,910,988,000 for the six months ended June 30, 2023, compared to RMB 1,687,199,000 in the previous year, indicating an increase of about 13%[47]. - The group reported a total financial expense of RMB 267,584,000 for the six months ended June 30, 2023, compared to RMB 208,589,000 in the same period of 2022, marking an increase of about 28%[45]. Assets and Liabilities - Non-current assets increased to RMB 87,678,628,000 as of June 30, 2023, up from RMB 78,762,416,000 at the end of 2022, reflecting a growth of 11.5%[19]. - The company's inventory rose to RMB 11,737,592,000, an increase of 8.5% from RMB 10,822,330,000 at the end of 2022[19]. - Trade and other receivables decreased to RMB 31,010,539,000, down 10.4% from RMB 34,392,326,000 at the end of 2022[19]. - The total equity attributable to the company's shareholders increased to RMB 76,569,089,000, compared to RMB 75,130,455,000 at the end of 2022, marking a growth of 1.9%[20]. - The company's cash and cash equivalents stood at RMB 32,847,813,000, a slight decrease from RMB 33,341,339,000 at the end of 2022[19]. - The current liabilities increased to RMB 74,258,420,000, up from RMB 68,953,214,000 at the end of 2022, indicating an increase of 7.5%[19]. - The company reported a significant increase in intangible assets, which rose to RMB 25,473,260,000, up from RMB 22,547,705,000, reflecting a growth of 12.9%[19]. - The company’s goodwill increased to RMB 64,309,000, compared to RMB 61,418,000 at the end of 2022, showing a growth of 4.7%[19]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was RMB 10,698,972 thousand, an increase from RMB 9,807,546 thousand in the same period of 2022, representing a growth of approximately 9.05%[26]. - Net cash used in investing activities for the six months ended June 30, 2023, was RMB (8,986,314) thousand, compared to RMB (5,609,171) thousand in the same period of 2022, indicating a significant increase in investment outflows[26]. - Net cash from financing activities for the six months ended June 30, 2023, was RMB (2,206,223) thousand, a decrease from RMB 5,277,787 thousand in the same period of 2022, reflecting a shift in financing strategy[26]. - The cash and cash equivalents at the end of the period were RMB 32,847,813 thousand, down from RMB 37,562,245 thousand at the end of the same period in 2022, indicating a reduction in liquidity[26]. - The company paid income tax of RMB (1,531,719) thousand for the six months ended June 30, 2023, compared to RMB (1,318,680) thousand in the same period of 2022, reflecting an increase in tax obligations[26]. Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing product offerings through new technology developments[17]. - Future outlook includes continued investment in research and development to drive innovation and market expansion strategies[17]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance its competitive edge[101]. - The company is actively addressing challenges during its transition to new energy, maintaining overall profitability and healthy business development[174]. - The company plans to focus on launching multiple new energy vehicle models in the second half of 2023, including the "Geely Galaxy L6" and "Geely Galaxy E8"[192]. Related Party Transactions - Total revenue from related party transactions with Zhejiang Geely Automobile Co., Ltd. reached RMB 13.8 billion for the six months ended June 30, 2023, compared to RMB 19.0 billion in the same period of 2022, representing a decrease of approximately 27.4%[141]. - Revenue from product research and technical licensing services with Ningbo Geely Automobile Research and Development Co., Ltd. was RMB 1.67 billion for the six months ended June 30, 2023, up from RMB 947.3 million in 2022, indicating an increase of approximately 76.5%[143]. - The company reported operational service income of RMB 97.7 million from Geely Automobile Group Co., Ltd. for the six months ended June 30, 2023, compared to RMB 50.3 million in 2022[143]. Acquisitions and Joint Ventures - The company completed the acquisition of 100% equity in Xi'an Geely Automobile Co., Ltd. for a cash consideration of RMB 382,450,000, finalized in April 2023[119]. - The company established a joint venture with CATL, with a registered capital of RMB 1,000,000,000, where Geely holds a 49% stake[121]. - The group conditionally agreed to acquire 49.9% of the issued and paid-up ordinary shares of Baoteng and DHG for approximately RMB 1,450.4 million, including USD 56,390,000 (approximately RMB 387.4 million) related to receivables sold to the group[68]. Research and Development - Research and development expenses for the first half of 2023 totaled approximately RMB 3 billion, down from RMB 3.3 billion in the same period of 2022[183]. - The company incurred RMB 436.4 million in research and development costs capitalized as intangible assets for the six months ended June 30, 2023, compared to RMB 852.8 million in the same period of 2022[139]. - In the first half of 2023, the company's capitalized R&D expenses increased by 87% year-on-year to RMB 5.1 billion, primarily driven by the rapid growth in R&D spending for the Zeekr brand[184].

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