吉利汽车 | 25Q1业绩超预期 规模效应驱动盈利改善【民生汽车 崔琰团队】

Core Viewpoint - The company has announced a change in accounting policy and a positive profit forecast, indicating strong growth in Q1 2025 driven by increased sales and improvements in the new energy sector [1][2]. Group 1: Financial Performance - In Q1 2025, the company reported cumulative sales of 704,000 vehicles, a year-on-year increase of 47.9%, with new energy vehicle sales reaching 339,000, up 135.4% [1]. - The expected net profit for Q1 2025 is projected to be between RMB 5.2 billion and RMB 5.8 billion, representing a year-on-year growth of 220-270% [1]. - The company anticipates a total revenue of RMB 364.8 billion for 2025, with a growth rate of 51.9% [4]. Group 2: Product Development and Market Strategy - The company aims for a total sales target of 710,000 vehicles in 2025, with specific targets of 320,000 for Zeekr and 390,000 for Lynk & Co [2]. - New product launches include five new models under the Galaxy brand and the Zeekr 007 GT, which is set to launch in Q2 2025 [2]. - The Lynk 900, a high-end electric hybrid SUV, has already seen significant pre-order interest, indicating strong market demand [2]. Group 3: Technological Advancements - The company is integrating AI technologies into its vehicles, with plans to implement advanced features in new models, enhancing product appeal and driving sales [3]. - The Lynk 900 will be among the first vehicles to utilize NVIDIA's Thor chip, positioning the company as a leader in automotive intelligence [3]. Group 4: Investment Outlook - The company is expected to see net profits of RMB 140.2 billion, RMB 177.8 billion, and RMB 203.8 billion from 2025 to 2027, with corresponding EPS of 1.39, 1.76, and 2.02 [3][4]. - The current P/E ratios are projected to be 10, 8, and 7 for the years 2025 to 2027, indicating a favorable valuation compared to the current market price [4].