Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 107,305,450, a 47% increase from RMB 73,181,745 in the same period of 2023[2] - Profit attributable to equity holders of the company surged to RMB 10,597,868, representing a 575% increase compared to RMB 1,570,728 in the previous year[2] - Basic earnings per share increased to RMB 104.59, up 601% from RMB 14.91 in the same period last year[2] - Total sales volume for the period was 955,730 units, a 41% increase from 677,920 units in the previous year[2] - The company reported a pre-tax profit of RMB 10,939,917, compared to RMB 1,474,100 in the same period last year[5] - Other comprehensive income for the period was RMB 13,333, compared to a loss of RMB 87,810 in the previous year[6] - The pre-tax profit for the six months ended June 30, 2024, was RMB 10,939,917 thousand, a substantial rise from RMB 1,474,100 thousand in the same period of 2023, reflecting an increase of about 642.5%[9] - The company reported a significant adjustment in non-cash items amounting to RMB (3,278,858) thousand for the six months ended June 30, 2024, compared to RMB 4,223,921 thousand in the previous year[9] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 197,017,141, reflecting a 2% increase from RMB 192,597,681 at the end of 2023[2] - Total liabilities as of June 30, 2024, were RMB 10,670,935 thousand, slightly up from RMB 10,622,256 thousand at the end of 2023, showing a marginal increase of about 0.5%[8] - As of June 30, 2024, the total equity amounted to RMB 96,177,997 thousand, an increase from RMB 85,151,498 thousand as of December 31, 2023, representing a growth of approximately 12.0%[8] - Equity attributable to equity holders of the company rose to RMB 89,624,643, an 11% increase from RMB 80,508,824 at the end of 2023[2] - Non-controlling interests increased to RMB 6,553,354 thousand as of June 30, 2024, compared to RMB 4,642,674 thousand at the end of 2023, indicating a growth of approximately 41.1%[8] Cash Flow and Investments - The company’s net cash and cash equivalents stood at RMB 41,487,826 as of June 30, 2024, compared to RMB 35,745,963 at the end of 2023[7] - The cash flow from operating activities before changes in working capital was RMB 7,661,059 thousand for the six months ended June 30, 2024, compared to RMB 5,698,021 thousand for the same period in 2023, reflecting an increase of about 34.4%[9] - The net cash generated from operating activities was RMB 14,151,902 thousand, up from RMB 10,698,972 thousand year-over-year, indicating a growth of approximately 32.3%[9] - The net cash used in investing activities was RMB 10,070,599 thousand for the six months ended June 30, 2024, compared to RMB 8,986,314 thousand in the prior year, representing an increase of about 12.1%[10] - The net cash from financing activities was RMB 548,896 thousand, a significant recovery from a net cash used of RMB 2,206,223 thousand in the same period last year[10] Revenue Sources - Revenue from automobile sales and related services reached RMB 87,479,658, an increase of 45% compared to RMB 60,284,330 in the previous year[16] - Total revenue for the six months ended June 30, 2024, was RMB 107,305,450, up 46.6% from RMB 73,181,745 in the same period last year[16] - R&D and related technical support services generated revenue of RMB 3,274,555, a significant increase of 73.8% from RMB 1,883,870 year-over-year[16] Research and Development - R&D expenses amounted to RMB 2,423,592, significantly higher than RMB 843,808 in the previous year, indicating a focus on innovation[21] - Research and development expenses for the first half of 2024 totaled RMB 4.55 billion, a 52% increase compared to RMB 2.99 billion in the same period of 2023[102][103] - Capitalized product development costs increased by RMB 4.55 billion, primarily related to the development of new energy smart vehicle models[104] Market Performance and Sales - The company achieved total sales of 955,730 vehicles in the first half of 2024, a significant increase of 41% year-on-year, with sales in the Chinese market reaching 758,302 vehicles, up 35%[93] - The average selling price per vehicle increased by RMB 4,000 to RMB 105,000, contributing to a 47% year-on-year increase in total revenue to RMB 107.3 billion[93] - The gross margin improved by 0.7 percentage points to 15.1% despite intensified price competition in the Chinese automotive market[93] - Distribution and selling expenses rose by 33% to RMB 6.33 billion, primarily due to investments in the new energy vehicle brand and export business growth, although the expense ratio decreased by 0.6 percentage points[93] Strategic Initiatives and Future Plans - The company plans to expand its market presence and invest in new product development to enhance competitiveness in the electric vehicle sector[53] - The company plans to launch several new models in the second half of 2024, including the Galaxy E5 and Zeekr 7X, to expand its product lineup[105][106] - The company is actively expanding its market presence in Southeast Asia, the Middle East, and Eastern Europe, while also exploring local partnerships for assembly[112] Corporate Governance and Compliance - The audit committee has been established in accordance with listing rules to review and supervise the financial reporting process, risk management systems, and internal controls[122] - The unaudited interim results for the six months ended June 30, 2024, have been reviewed by the audit committee[122] - The interim report will include all information disclosed in the mid-year performance announcement for the first half of 2024[122]

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 | |-------------------------|----- ...