吉利汽车2025年Q1业绩点评：新能源转型加速盈利兑现，业绩符合预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 2025 results with revenue of 72.5 billion, a year-on-year increase of 24.5%, and a net profit of 5.67 billion, up 263.6% year-on-year, indicating strong performance in its transition to new energy vehicles [3][7]. - The new platform is enabling the company to enter a new product era, with significant improvements in sales and profitability driven by the successful transition to new energy vehicles [7]. - The company is expected to launch 10 new energy models in 2025, enhancing its product lineup and driving further growth [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 72.5 billion, with total sales of 704,000 vehicles, a year-on-year increase of 47.9% [3][7]. - The net profit for Q1 2025 was 5.67 billion, reflecting a significant year-on-year increase of 263.6% [3][7]. - The gross margin for Q1 2025 was 15.8%, showing a slight year-on-year improvement [7]. Product Strategy - The company is focusing on electric and intelligent vehicle strategies, with a strong new car cycle expected to continue [7]. - The GEA architecture supports the new vehicle cycle, with brands like Geely, Lynk & Co, and Zeekr performing well [7]. Market Outlook - The company is expected to maintain a solid foundation in fuel vehicles while exploring new overseas markets through innovative partnerships [7]. - The projected net profit for 2025 is estimated at 16.1 billion, with a corresponding PE ratio of 11.6X, indicating a positive outlook for profitability [7].