吉利汽车：深度报告一：战略聚焦新能源腾飞“让世界充满吉利”

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is entering a new growth phase, focusing on resource integration and strategic alignment, particularly in the electric vehicle (EV) sector [1][12]. - The company has established itself as a leading player in the domestic EV market, with a clear multi-brand strategy that enhances its competitive positioning [2][35]. - The profitability of the main brand in the EV segment is expected to improve significantly, driven by cost reductions and increased sales volume [3][4]. Summary by Sections 1. Introduction - The company has a strong foundation in vehicle manufacturing and is positioned to increase market share and brand value through revenue and profit expansion [10]. 2. New Energy Brand Momentum - The company has clarified its brand positioning with three main brands: Galaxy (mainstream), Zeekr (luxury), and Lynk & Co (youthful) [35][21]. - As of July 2024, the company's new energy vehicle (NEV) sales accounted for over 40% of total sales, with expectations for further growth [35][36]. 3. Profitability - The company is expected to see a turnaround in profitability, with revenue projections of 224.8 billion, 289.7 billion, and 338.8 billion RMB for 2024, 2025, and 2026 respectively [4][5]. - The main brand's EV segment is entering a positive profit cycle, supported by new model launches and cost efficiencies [3][4]. 4. International Expansion - The company is leveraging its global resources to enhance its international market presence, particularly in regions with high demand for its products [4][12]. 5. Smart Technology - The company is advancing its smart driving and cockpit technologies, with significant investments in self-developed systems and collaborations with suppliers [5][12]. 6. Financial Forecast and Investment Recommendations - The report adjusts the profit forecast, expecting net profits of 9.02 billion, 14.1 billion, and 17.45 billion RMB for 2024, 2025, and 2026 respectively [4][5]. - The company is positioned for a strong valuation with a PE ratio of 14, 9, and 8 for the respective years [4][5].