民生证券:维持吉利汽车“推荐”评级 股份回购彰显信心
Zhi Tong Cai Jing·2025-10-09 08:25

Group 1: Company Performance and Projections - The company is expected to achieve revenue of 404.78 billion, 489.69 billion, and 572.83 billion yuan from 2025 to 2027, with net profit attributable to shareholders projected at 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, leading to EPS of 1.61, 2.19, and 2.58 yuan, corresponding to PE ratios of 11, 8, and 7 based on the closing price of 19.03 HKD on October 6 [1] - In September, the company reported total wholesale sales of 273,000 vehicles, a year-on-year increase of 35.2% and a month-on-month increase of 9.2%; total wholesale sales from January to September reached 2.17 million vehicles, up 45.7% year-on-year [1] Group 2: New Product Launches - The flagship SUV model M9 was launched in September with a promotional price range of 173,800 to 238,800 yuan; the vehicle features dimensions of 5,205mm in length, 1,999mm in width, and 1,800mm in height, with a wheelbase of 3,030mm, and includes advanced safety and driving assistance systems [1] - The Zeekr 9X, a new high-end SUV, was launched on September 29 with a promotional price of 455,900 to 589,900 yuan; it is built on a luxury hybrid architecture and features advanced suspension and driving technology, achieving over 10,000 pre-orders within 13 minutes of its launch [2] Group 3: Share Buyback and Strategic Developments - The company announced a share buyback plan with a maximum amount of 2.3 billion HKD, which will be executed in the open market upon approval from the Hong Kong Stock Exchange; this move reflects the company's confidence in its long-term development and aims to optimize capital structure and enhance per-share earnings [3] - The merger process between Zeekr Technology and the company is expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [3]