吉利汽车：业绩符合预期，未来新车值得期待

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 12, indicating a potential upside of 52% from the current price of HKD 7.9 [1][3]. Core Insights - The company achieved a record revenue of HKD 107.3 billion in the first half of the year, representing a 47% year-on-year increase, driven by a 41% increase in total sales to 956,000 vehicles [2][3]. - The adjusted net profit for the first half was HKD 3.37 billion, a 114% increase year-on-year, aligning with expectations [1][2]. - The company has raised its full-year sales target from 1.9 million to 2 million vehicles, with new models set to launch in the second half of the year [2][3]. - The introduction of new energy vehicles is expected to enhance profitability, with several new models planned for release, including the Galaxy E5, Zeekr 7X, and Lynk & Co Z10 [2][3]. Financial Performance Summary - Revenue for 2022 was HKD 147.965 billion, with a growth rate of 46%, and is projected to reach HKD 210.6 billion in 2024, with a growth rate of 18% [3][5]. - The adjusted net profit for 2022 was HKD 5.26 billion, with a projected increase to HKD 13.966 billion in 2024, reflecting a growth rate of 163% [3][5]. - Gross margin is expected to improve from 14.1% in 2022 to 15.9% by 2026, while net profit margin is projected to rise from 3.6% to 5.1% over the same period [3][7]. Market Dynamics - The company is positioned to benefit from government policies that enhance demand for new energy vehicles, with subsidies for trade-in programs significantly increased [2][3]. - The company plans to expand its market presence in overseas markets, particularly in Mexico and Australia, while enhancing its product competitiveness through new model launches [2][3].