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吉利汽车(0175.HK):新能源转型加速盈利兑现 业绩符合预期
Ge Long Hui·2025-05-25 10:30

Core Viewpoint - Geely Automobile reported strong Q1 2025 performance with significant year-on-year growth in revenue and net profit, driven by a robust new vehicle cycle and increased sales of its Galaxy series electric vehicles [1][2][4] Financial Performance - Q1 2025 revenue reached 72.5 billion yuan, up 24.5% year-on-year and flat quarter-on-quarter [1] - Total sales for Q1 2025 were 704,000 vehicles, representing a 47.9% increase year-on-year and a 2.5% increase quarter-on-quarter, marking a historical quarterly high [1] - The net profit attributable to shareholders was 5.67 billion yuan, a remarkable increase of 263.6% year-on-year and 58.5% quarter-on-quarter [2] Product and Sales Insights - Geely's new energy vehicle sales (including Geely, Lynk & Co, and Zeekr) reached 339,000 units in Q1, a 135.4% increase year-on-year, with Galaxy series sales at 260,000 units, up 24.8% quarter-on-quarter [1][3] - The average revenue per vehicle was 103,000 yuan, down 15.8% year-on-year and 2.4% quarter-on-quarter, primarily due to changes in product mix from the large-scale delivery of Galaxy models [1] Profitability and Cost Management - Gross margin for Q1 2025 was 15.8%, an increase of 0.2 percentage points year-on-year [3] - Sales expense ratio was 5.0%, down 2.1 percentage points year-on-year, while management expense ratio was 6.5%, down 0.5 percentage points year-on-year [3] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with five new models and several facelifts expected from the Geely brand [3] - The company is focusing on smart technology integration, with new models set to feature advanced driving assistance systems and the latest Nvidia chips [3][4] Market Outlook - The new platform (GEA architecture) is expected to support a new product cycle, enhancing profitability and market competitiveness [4] - The company anticipates a net profit of 16.1 billion yuan for 2025, with a corresponding PE ratio of 11.6X, maintaining a "buy" rating [4]