【吉利汽车（0175.HK）】全年业绩表现强劲，静待内部整合生效+全域AI智能转型——2024年报业绩点评报告（倪昱婧）

Core Viewpoint - The company demonstrated strong annual performance in 2024, with total revenue increasing by 34.0% year-on-year to 240.19 billion yuan and net profit attributable to shareholders rising by 213% to 16.63 billion yuan, aligning closely with expectations [2]. Group 1: Financial Performance - In Q4 2024, total revenue grew by 29.7% year-on-year and 20.1% quarter-on-quarter to 72.51 billion yuan, while net profit attributable to shareholders increased by 45.4% year-on-year and 45.8% quarter-on-quarter to 3.58 billion yuan [2]. - The net loss of the Zeekr brand in Q4 2024 narrowed by 69.2% quarter-on-quarter and 22.9% year-on-year to 0.91 billion yuan, with the annual net loss for Zeekr decreasing by 34.9% to 5.35 billion yuan [2]. Group 2: Operational Efficiency - The company achieved a total sales volume of 2.177 million vehicles in 2024, a year-on-year increase of 32%, with new energy vehicle sales surging by 92% to 0.888 million units [3]. - The gross margin improved by 0.6 percentage points year-on-year to 15.3%, with Q4 2024 gross margin rising by 1.0 percentage points year-on-year and 1.8 percentage points quarter-on-quarter to 17.3% [3]. - Selling, general and administrative (SG&A) expense ratio decreased by 1.4 percentage points year-on-year to 7.6% [3]. Group 3: Strategic Developments - The completion of the equity transfer of Lynk & Co to Zeekr on February 14, 2025, led to the establishment of Zeekr Technology Group, increasing the company's stake in Zeekr to 62.8% and in Lynk & Co to approximately 81% [4]. - The management plans to launch 10 new products and several updated models in 2025, indicating a focus on internal integration and efficiency improvements through resource collaboration [4]. - The company aims to accelerate its smart transformation by fully implementing its "Smart Geely 2025" strategy, which includes partnerships with Qianli Technology and Jiyue Star to build a comprehensive ecosystem [4]. - The global expansion strategy is progressing, with expectations for overseas sales to exceed 10% of total sales, supported by resources from Volvo and the expansion of KD factory layouts [4].