吉利汽车中报点评：新能源转型成效显现，盈利改善超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for the first half of 2024 reached 107.31 billion, representing a year-on-year increase of 46.6%, with a net profit attributable to shareholders of 10.6 billion, up 574.7% year-on-year. In Q2 2024, revenue was 54.99 billion, a year-on-year increase of 38.6%, and net profit was 9.04 billion, up 954.8% year-on-year [2][6] - The effects of the company's transition to new energy are evident, with rapid revenue growth and better-than-expected profit improvements driven by product upgrades, economies of scale, and cost reductions. Future profitability is expected to have strong upward elasticity as the scale effects of new energy become more pronounced [6][7] Summary by Sections Revenue and Profitability - In H1 2024, the company achieved revenue of 107.31 billion, a 46.6% increase year-on-year, with automotive sales revenue of 87.48 billion, up 45.1%. The total sales volume was 956,000 units, a 37.7% increase year-on-year. The average revenue per vehicle sold was 105,400, a 4.2% increase year-on-year [6][7] - The net profit attributable to shareholders for H1 2024 was 10.6 billion, a 574.7% increase year-on-year, including a gain of 7.66 billion from the establishment of a joint venture. The gross margin improved to 15.1%, up 0.7 percentage points year-on-year [6][7] Product and Brand Performance - The company is advancing its new energy transition across all brands, with significant sales growth in its premium brands. The sales volume for the Zeekr brand was 88,000 units, up 106.1% year-on-year, while Lynk & Co sold 126,000 units, a 53.6% increase year-on-year [6][7] - The GEA architecture supports the new vehicle cycle, with strong demand for new models like the Galaxy E5, which was launched in August [7] Future Outlook - The company is expected to launch multiple new energy models across its brands in 2024, accelerating the transition to smart electric vehicles. The projected net profits for 2024-2026 are 14.6 billion, 10.3 billion, and 12.3 billion, respectively, with corresponding PE ratios of 5X, 7X, and 6X [7]