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吉利汽车 | 4月: 新能源持续亮眼 极氪、领克新品密集【民生汽车 崔琰团队】
汽车琰究·2025-05-06 02:45

Core Viewpoint - The company reported strong sales growth in April, particularly in the new energy vehicle segment, indicating a positive trend in market demand and product acceptance [1][3][6]. Sales Performance - In April, the total wholesale sales reached 234,000 units, representing a year-on-year increase of 52.7% and a month-on-month increase of 0.8%. Cumulatively, from January to April, total wholesale sales amounted to 938,000 units, up 49.1% year-on-year [1][3]. - New energy vehicle sales in April were 125,563 units, showing a year-on-year increase of 144.2% and a month-on-month increase of 4.9%, with a penetration rate of 53.6%. Cumulatively, new energy vehicle sales from January to April reached 465,000 units, up 137.7% year-on-year [1][3]. Brand Performance - By brand, Geely sold 193,000 units in April, with the Galaxy model contributing 96,632 units (including Geometry). Zeekr sold 13,727 units, while Lynk & Co sold 27,589 units [2][3]. Product Launches and Market Strategy - The launch of the Geely Galaxy E8 facelift in April, priced between 149,800 to 198,800 RMB, is expected to drive sales. The company plans to introduce five new products under the Galaxy brand, including two SUVs and three sedans, with an annual sales target of over 1 million units for the Galaxy brand [3]. - The company aims for total sales of 710,000 units in 2025, with Zeekr targeting 320,000 units and Lynk & Co aiming for 390,000 units. The Lynk 900 was officially launched in April, with pre-orders exceeding 40,000 units [4]. Technological Advancements - The company is enhancing its AI technology integration, having announced a comprehensive AI strategy in April. This includes the application of advanced technologies in new models, with the Lynk 900 set to feature the Nvidia Thor chip, positioning the company as a leader in smart vehicle technology [5]. Financial Projections - The company forecasts revenues of 364.78 billion RMB in 2025, 439.69 billion RMB in 2026, and 512.83 billion RMB in 2027, with net profits projected at 14.02 billion RMB, 17.78 billion RMB, and 20.38 billion RMB respectively. The expected EPS for these years is 1.39, 1.76, and 2.02 RMB, corresponding to a PE ratio of 11, 9, and 7 times based on the closing price of 16.36 HKD on April 30 [6][8].