吉利汽车2025年5月销量点评：5月新能源销量再创新高

Investment Rating - The investment rating for Geely Automobile is "Buy" [1][7]. Core Views - In May 2025, Geely's new energy vehicle sales reached a record high of over 138,000 units, with optimistic expectations for annual sales and operating performance due to the launch of several key models [3][7]. - The report anticipates Geely's net profit attributable to shareholders for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [7]. - The report highlights a 46% year-on-year increase in May sales, with total sales reaching 235,000 units, including 138,000 new energy vehicles, which represents a 178% increase in pure electric vehicle sales and a 76% increase in plug-in hybrid sales [7]. Financial Summary - Revenue is projected to grow from 147.965 billion RMB in 2022 to 321.801 billion RMB in 2025, reflecting a growth rate of 34% [6][9]. - Gross profit is expected to increase from 20.896 billion RMB in 2022 to 51.810 billion RMB in 2025 [6]. - Net profit is forecasted to rise significantly from 5.123 billion RMB in 2022 to 16.299 billion RMB in 2025, marking a 222% increase [6][9]. - The report provides a PE ratio forecast of 22 for 2024, decreasing to 12 for 2025, and further to 11 for 2026 [6][9]. Sales Performance - For the first five months of 2025, Geely's total sales reached 1.173 million units, a 49% year-on-year increase, with new energy vehicle sales accounting for 603,000 units, up 184% [7]. - The report outlines a sales target of 2.71 million units for 2025, with a specific target of 1.5 million new energy vehicles [7].