吉利汽车：销量业绩创新高，进入新时代

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved record high sales and revenue in Q3 2024, with sales reaching 534,000 units, a year-on-year increase of 18.7% and a quarter-on-quarter increase of 8.6% [10] - Q3 2024 revenue was 60.38 billion yuan, representing a year-on-year growth of 20.5% and a quarter-on-quarter growth of 9.8% [10] - The company is focusing on strategic integration and consolidation, as evidenced by the completion of acquisitions involving its subsidiaries and partnerships [10] Summary by Sections Financial Performance - Q3 2024 net profit attributable to shareholders was 2.46 billion yuan, a year-on-year increase of 92.3% but a quarter-on-quarter decline of 72.8% [10] - The gross margin for Q3 2024 was 15.6%, down 2.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [10] - The company expects total sales of 2.143 million, 2.782 million, and 3.280 million units for 2024, 2025, and 2026 respectively, with corresponding revenues of 239.03 billion, 325.52 billion, and 395.69 billion yuan [10] Strategic Developments - The "Taizhou Declaration" was officially released by Geely Holding Group, outlining five major initiatives to drive strategic transformation [10] - The company has completed the acquisition of a 30% stake in Lynk & Co from Volvo and a 20% stake from Geely Holding, valuing Lynk & Co at 18 billion yuan [10] - Following these transactions, the ownership structure of Zeekr and Lynk & Co has been adjusted to enhance operational efficiency and reduce internal competition [10] Market Outlook - The company is expected to benefit from a favorable new car cycle, leading to an increase in both sales and market share [10] - Projected revenue growth rates for 2024, 2025, and 2026 are 32.9%, 36.2%, and 21.6% respectively, with net profit growth rates of 209.1%, -22.4%, and 29.3% [11]