吉利汽车：销量同比增长，发布新一代超级电混

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year sales growth of 22% in October, with total sales reaching 171,000 units. The sales of new energy vehicles (NEVs) surged by 82.7% to 109,000 units, including a 131.9% increase in battery electric vehicle (BEV) sales and a 17.1% increase in plug-in hybrid electric vehicle (PHEV) sales [3][4] - The company has launched its next-generation hybrid system, the "Raytheon EM Super Hybrid," featuring a new combustion system with a thermal efficiency of 46.5%, the highest in the industry for mass production [4] - The company is expected to achieve net profits of 15.021 billion, 10.374 billion, and 14.110 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 8.66, 12.54, and 9.22 [4] Summary by Sections Sales Performance - In October, the company sold 171,000 vehicles, marking a 22% increase year-on-year. The Galaxy series saw sales of 63,000 units, up over 83%, while the Lynk brand sold 31,000 units, a 26% increase [3] - The company has expanded its international presence, launching the New Emgrand model in Mexico and debuting the Lynk Z20 in Milan, Italy [3] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 226.176 billion, 283.373 billion, and 354.944 billion RMB respectively, with growth rates of 26.21%, 25.29%, and 25.26% [5][7] - The expected net profit for 2024 is 15.021 billion RMB, with a significant increase of 182.97% compared to 2023 [5][7] Product Development - The new hybrid system integrates advanced AI for energy management and control, resulting in a 15% reduction in average fuel consumption and over a 30% decrease in thermal management power consumption [4]