Workflow
吉利汽车(00175.HK):1H25盈利韧性突出 推进全球化与智能化
Ge Long Hui·2025-08-16 19:55

Core Insights - The company reported a revenue of 150.285 billion yuan for 1H25, a year-on-year increase of 40%, while the net profit attributable to shareholders was 9.29 billion yuan, a year-on-year decrease of 12% [1] - In 2Q25, revenue reached 77.79 billion yuan, reflecting a quarter-on-quarter increase of 41% and a year-on-year increase of 7%, while net profit dropped 60% year-on-year to 3.62 billion yuan, primarily due to one-time gains in the previous year [1] Performance Trends - Total sales volume surged by 47% year-on-year to 1.409 million vehicles in 1H25, driving a 40% increase in total revenue [1] - New energy vehicle sales soared by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [1] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [1] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million vehicles for the year [1] Profitability and R&D - The gross margin for 1H25 decreased by 0.3 percentage points to 16.4%, mainly due to intensified competition in domestic terminal prices, although profitability from GEA architecture models mitigated some price pressures [2] - The company achieved a 21.3% year-on-year increase in R&D investment to 7.33 billion yuan, focusing on advanced driving assistance systems and new architecture development [2] - Core operating profit for 1H25 increased by 102% year-on-year to 6.66 billion yuan, indicating a trend of profit recovery [2] Strategic Initiatives - The company is advancing its "One Geely" strategy to enhance brand integration and resource synergy [2] - Global expansion efforts include investments in Renault Brazil to leverage its production and distribution networks in the Latin American market, as well as the commencement of operations at its Egypt factory and trial production at its Indonesia base [2] - The company plans to launch new products equipped with advanced driving technologies, covering a range from budget to luxury markets [2] Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 10.8 times and 9.8 times the earnings for those years [3] - The target price is set at 26.00 HKD, implying a potential upside of 37.2% based on the projected earnings multiples for 2025 and 2026 [3]