1Q25业绩超预期，整合步入收获期——吉利汽车（0175.HK）2025年一季报业绩点评报告

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with an updated target price of HK$23.47, corresponding to a 13.5x PE for 2025E [4]. Core Insights - Geely's 1Q25 performance exceeded expectations, with total revenue increasing by 24.5% year-on-year to HK$72.495 billion, and net profit attributable to shareholders rising by 263.6% year-on-year to HK$5.672 billion [1]. - The improvement in product mix and cost efficiency from internal integration are key drivers of the company's performance, with total sales increasing by 47.9% year-on-year to 704,000 units, and new energy vehicle sales up by 135.4% year-on-year [2]. - The privatization of Zeekr and its integration into Geely aims to enhance operational efficiency and profitability, with expected improvements in R&D, management, and marketing efficiencies [3]. Summary by Sections Financial Performance - In 1Q25, Geely's total revenue was HK$72.495 billion, with a gross margin of 15.8%. The net profit attributable to shareholders reached HK$5.672 billion, reflecting significant year-on-year growth [1]. - The company forecasts revenue growth rates of 46.4% for 2025E and 9.4% for 2026E, with net profit estimates of approximately HK$16.16 billion for 2025E [5]. Sales and Product Development - Geely's total sales volume in 1Q25 was 704,000 units, with new energy vehicles accounting for 48.2% of total sales. The Galaxy and Zeekr brands showed substantial growth, with sales increasing by 214% and 25% respectively [2]. - The company is expected to launch several new models in 2Q25, which are anticipated to further boost sales and performance [2]. Strategic Initiatives - The integration of Zeekr as a wholly-owned subsidiary is expected to enhance profitability and operational efficiency, with management projecting overall efficiency gains of over 5% post-integration [3]. - Geely's focus on smart technology across its brands aims to strengthen its competitive position in the mainstream price segment [3].