吉利汽车丨11月：批发销量表现亮眼 高端出口加速发力【国联民生汽车 崔琰团队】

Core Viewpoint - The company reported strong sales performance in November, with total wholesale sales reaching 310,000 units, a year-on-year increase of 24.1% and a month-on-month increase of 1.1% [1][2] Sales Performance - In November, the total wholesale sales were 310,000 units, with a year-on-year growth of 24.1% and a month-on-month growth of 1.1%. Cumulatively, from January to November, total wholesale sales reached 2.788 million units, up 41.8% year-on-year [1][2] - The sales of new energy vehicles in November were 187,798 units, representing a year-on-year increase of 53.4% and a month-on-month increase of 5.6%, accounting for 60.5% of total sales [1][2] - From January to November, cumulative sales of new energy vehicles reached 1.534 million units, a year-on-year increase of 97.4% [1][2] Brand Performance - By brand, Geely sold 247,000 units in November, with the Galaxy model contributing 133,000 units (including Geometry). Zeekr sold 28,843 units, while Lynk & Co sold 35,059 units [1][3] - The Zeekr 9X, a new high-end SUV, was successfully launched, and the upcoming Zeekr 8X is expected to enhance overall brand sales and capture high-end market share [3] Future Outlook - The company aims for an annual sales target of 3 million units for the year [2] - Geely Galaxy plans to launch multiple mainstream market models to strengthen its product lineup and gradually boost sales [2] Share Buyback Plan - On October 6, the company announced a share buyback plan with a maximum amount of HKD 2.3 billion, demonstrating confidence in long-term development and aiming to optimize capital structure and enhance earnings per share [4] Financial Projections - Revenue projections for 2025-2027 are estimated at CNY 404.78 billion, CNY 489.69 billion, and CNY 572.83 billion, with net profit attributable to shareholders projected at CNY 16.21 billion, CNY 22.09 billion, and CNY 25.97 billion respectively [5][7] - The earnings per share (EPS) are expected to be CNY 1.61, CNY 2.19, and CNY 2.58 for the years 2025, 2026, and 2027, respectively [5][7]