Core Viewpoint - Geely's decision to privatize Zeekr after less than a year of its IPO is aimed at better business integration and resource allocation within the group, as the company faces challenges in stock performance and sales growth [3][6][9]. Group 1: Privatization and Strategic Integration - Geely has submitted a non-binding offer to acquire all outstanding shares of Zeekr at $2.57 per share, representing a 13.6% premium over the last trading price [3][4]. - The privatization is part of Geely's broader strategy to consolidate its brands and streamline operations, as emphasized by Geely's founder Li Shufu in his "Taizhou Declaration" [6][12]. - Zeekr's market performance post-IPO has been disappointing, with its market cap dropping from $11 billion to $5.74 billion, prompting the need for privatization to enhance internal integration [9][11]. Group 2: Market Challenges and Competitive Landscape - Zeekr's sales have been under pressure, with a reported 15% year-on-year decline in April 2023, highlighting the need for a turnaround strategy [14][22]. - The competitive landscape is intensifying, with rivals like Tesla and Xiaomi aggressively pricing their models, putting pressure on Zeekr's flagship model, the Zeekr 001 [22][23]. - To address these challenges, Zeekr plans to launch three new models in 2025, including the high-end Zeekr 9X, which aims to penetrate the luxury market dominated by established brands [23][25]. Group 3: Leadership and Operational Adjustments - A key leadership change has occurred with Lin Jie taking over marketing and sales responsibilities at Zeekr, tasked with reversing the sales decline and enhancing brand synergy with Lynk & Co [14][16]. - The integration of Zeekr and Lynk & Co is focused on avoiding internal competition and optimizing product offerings, with a 20% reduction in the model lineup to improve marketing efficiency [20][26]. - Both brands are expected to share technological resources and market strategies, with Lynk & Co leveraging Zeekr's advancements in smart driving technology [20][26].

Core Viewpoint - Geely Group is planning to privatize Zeekr, which may lead to its delisting from the US stock market, reflecting a significant strategic shift within the company [1][3]. Group 1: Strategic Changes - Geely submitted a non-binding offer to privatize Zeekr, suggesting a strong commitment to internal restructuring [1]. - The merger of Lynk & Co and Zeekr was initially seen as a way to strengthen Zeekr, but the current move indicates a more severe strategic reassessment by Geely [1][2]. - Geely's leadership has expressed a pessimistic outlook for the next three years, prompting a strategic contraction reminiscent of past restructuring efforts [1][2]. Group 2: Performance Metrics - Zeekr's performance since its IPO has been disappointing, with a 2024 delivery target of 230,000 vehicles not met, achieving only 222,100 deliveries [4]. - For 2024, Geely set a sales target of 710,000 vehicles for Zeekr and Lynk & Co, with Zeekr expected to deliver 320,000 units [4]. - In the first four months of 2024, Zeekr sold 53,000 vehicles, achieving only 16.56% of its annual target, indicating significant pressure to meet future sales goals [4]. Group 3: Internal Impacts - Employees holding original shares in Zeekr will not be adversely affected by the delisting, as the company will buy back shares at a price higher than the issue price [6]. - The merger may lead to personnel adjustments within Zeekr, with reports of potential layoffs and increased performance scrutiny among employees [6][7]. - The integration of Zeekr's technology assets into Geely Group is expected to enhance operational efficiency and resource allocation [3][8]. Group 4: Future Outlook - Geely's ongoing integration efforts may extend to other brands under its umbrella, with discussions about the potential privatization of Lotus and Polestar [9]. - The company aims to achieve ambitious sales targets of 4.11 million vehicles in 2023 and 5 million by 2027, but the success of these goals remains uncertain [2][9].

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Key Event**: Privatization of Zeekr and acquisition of Lynk & Co shares Core Points and Arguments - **Privatization of Zeekr**: Geely announced a non-binding offer to privatize Zeekr at $2.566 per share, representing a 13% premium based on the average price over the last 30 trading days. This move aims to enhance internal integration and reduce costs, especially given the low valuation of Zeekr in the US market [2][3] - **Acquisition of Lynk & Co**: Geely completed a 100% acquisition of both Zeekr and Lynk & Co, which is expected to improve operational efficiency and resource integration [2][4] - **Sales Performance**: During the May Day holiday, Geely's sales increased by approximately 10% year-on-year, driven by the popularity of the Galaxy series models, which have received positive customer feedback for their spaciousness and high configuration [2][5] - **Development Stages**: Geely has undergone five development stages, from establishment and listing to technological transformation, launching popular models, and now focusing on strategic integration and brand consolidation through the Taizhou Declaration [2][8] - **Vehicle Platforms**: Geely utilizes multiple vehicle platforms (BMA, CMA, SEA, GEA) to support diverse vehicle production, providing a flexible development foundation [2][10] - **Upcoming Technology Launch**: Geely plans to launch a super electric hybrid system by the end of Q3 2025, alongside the Zeekr 9X, which is expected to significantly enhance market performance [2][11] - **Valuation Analysis**: Despite shrinking profit margins in domestic fuel vehicles, Geely's overall market value has a potential upside of 50%, considering overseas profits, revenue from Galaxy and Zeekr, and investment returns [2][23] Additional Important Content - **Market Trends**: The overall market is expected to recover in the coming months, particularly in the new energy vehicle sector, supporting Geely's new vehicle cycle [2][7] - **Brand Integration**: The integration of brands like Geometry into Galaxy and the merger of Lynk & Co with Zeekr are part of Geely's strategy to optimize resource allocation and improve operational efficiency [2][12][16] - **Competitive Position**: Geely claims to possess comparable technology to BYD and emphasizes the importance of governance and technological iteration over individual model sales [2][17] - **Future Product Plans**: Geely plans to launch five new models this year, including the Starry 8 and Star越 7, to address gaps in fuel vehicle offerings [2][19] - **Lynk & Co's New Energy Strategy**: Lynk & Co has achieved over 60% penetration in the new energy sector and is set to release a hybrid version of a large sedan [2][21] - **Profitability Outlook**: In extreme scenarios, Geely's domestic fuel vehicle profits could drop to around 12 billion RMB, but overall market capitalization could reach 230 billion RMB, indicating significant upside potential [2][23]

作 者丨易思琳 编 辑丨吴晓宇 刘雪莹 5月7日，吉利汽车宣布，公司于2 0 2 5年5月7日向极氪提交非约束性报价函，建议私有化极氪， 收购所有已发行及发行在外的极氪股份及美国存托股票（集团实益拥有者除外）。上述交易完 成后，极氪将成为吉利汽车的全资附属公司， 实现私有化并于纽交所退市。 5月4日， 极氪科技集团紧急官宣了一项人事变动， 宣布极氪科技集团副总裁、领克销售公司总 经理林杰分管极氪品牌国内营销服整体工作，直接管理品牌营销中心、用户增长中心、用户交 付中心；极氪科技集团副总裁林金文直接管理用户服务中心、用户网络中心、用户数字化、运 营与流程。 这极氪和领克正式合并成为极氪科技集团之后，极氪内部做的又一个人事调动。 据公告，本次吉利汽车建议以每股极氪股份2 . 5 7美元或每股美国存托股票2 5 . 6 6美元的价格收购 极氪股份和美国存托股票，较最后交易日美国存托股票于纽交所的收市交易价 溢价约1 3 . 6%。 据证券时报报道， 本次收购是吉利汽车《台州宣言》的深化落地。浙江吉利控股集团有限公司 董事长李书福表示："我们仍将保持与美国和国际资本市场的密切沟通与合作。" 5月7日，美股盘前极氪一度 ...

【文/观察者网 张家栋 编辑/高莘】 据国内媒体报道，极氪科技集团在5月4日发布内部通知，宣布极氪科技集团副总裁、领克销售公司总经 理林杰分管极氪品牌国内营销、销售、服务（以下简称"营销服"）整体工作，直接管理品牌营销中心、 用户增长中心、用户交付中心；极氪科技集团副总裁林金文将直接管理用户服务中心、用户网络中心、 用户数字化、运营与流程，协助林杰管理极氪品牌国内营销服，向林杰汇报。 对此，极氪科技集团内部人士向观察者网肯定了该消息，并称"伴随极氪科技集团成立，极氪与领克在 生产、研发、供应链和营销层面持续融合协同、提升效能。此次人事调整代表着两个品牌战略整合的进 一步深化，且符合吉利一直以来的轮岗文化，有助于干部体系的能力与视野拓展，也将进一步推进业务 发展与组织架构融合，充分发挥业务单元协同优势。" 这也是极氪系高管在上海车展期间揽获吉利核心技术板块职位后，再度进行的人事调整。 从两次调整来看，极氪科技集团的两次动作均为 2024 年《台州宣言》的延续，并意在解决 "多品牌战 略"下的资源分散和销量增长问题。 在《台州宣言》中，吉利表示要通过"品牌整合"与"技术中台搭建"两大重要板块来实现战略转型。 根据 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth and profitability recovery, suggesting a favorable investment stance [1]. Core Viewpoints - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.7%, while the net profit attributable to the parent company was 334 million yuan, down 19.2% [1][6]. - The furniture and home products segment showed strong growth, with revenues of 4.198 billion yuan and a year-on-year increase of 36.8% [2]. - The company is expanding its global supply chain and enhancing brand recognition through the integration of its main brand and sub-brands, which is expected to reduce operational costs and maximize resource utilization [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 81.24 billion yuan, with a net profit of 3.34 billion yuan, and a gross margin of 34.7% [1][3]. - The first quarter of 2025 saw a revenue of 20.91 billion yuan, reflecting a 13.6% increase year-on-year, with a net profit of 1.11 billion yuan, up 10.3% [1][3]. Product and Market Expansion - The company’s product categories, including furniture, home, pet, and outdoor sports, achieved revenues of 4.198 billion yuan, 2.953 billion yuan, 676 million yuan, and 205 million yuan respectively in 2024, with significant year-on-year growth [2]. - The company is focusing on expanding its presence in Europe and North America, with Europe being the largest market, accounting for 61% of revenue [2]. Operational Efficiency - The company maintained a stable inventory turnover period of approximately 75 days in 2024, and generated a net cash flow from operating activities of 2.29 billion yuan [3]. - The gross margin for the first quarter of 2025 was reported at 35.4%, indicating a slight decrease from the previous year [3]. Future Projections - The company forecasts net profits of 4.1 billion yuan, 5.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.6X, 13.5X, and 10.8X [4].

Core Insights - The company reported a revenue of 8.12 billion yuan for 2024, a year-on-year increase of 33.7%, but the net profit attributable to shareholders decreased by 19.2% to 330 million yuan [1] - In Q1 2025, the company achieved a revenue of 2.09 billion yuan, a year-on-year increase of 13.6%, with a net profit of 110 million yuan, up 10.3% [1] - The company plans to distribute a total dividend of 0.3 yuan per share for the year, resulting in a dividend yield of 1.8% based on the closing price on April 30 [1] Financial Performance - The gross margin and net profit margin for 2024 were 34.7% and 4.1%, respectively, both showing a decline compared to the previous year [1] - In Q4 2024, the gross margin and net profit margin further decreased to 33.6% and 2.3% [1] - For Q1 2025, the gross margin and net profit margin improved slightly to 35.4% and 5.3%, respectively, compared to Q4 2024 [2] Cost and Expense Analysis - The company's freight costs accounted for 18.5% of revenue in 2024, an increase of 0.8 percentage points year-on-year, primarily due to rising shipping costs influenced by the Red Sea crisis [1] - In Q1 2025, the company's sales, management, R&D, and financial expense ratios were 24.3%, 4.4%, 0.8%, and -1.3%, respectively [2] Strategic Developments - The company is focusing on long-term capability building, enhancing its supply chain, brand, logistics, and channel platforms [3] - It has integrated its main brand "SONGMICS HOME" with three sub-brands to improve brand recognition and resource synergy [3] - The company has expanded its overseas warehouse capabilities, with a self-operated warehouse area of 334,900 square meters by the end of 2024 [3] Profit Forecast - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 420 million yuan and 540 million yuan, respectively, with a projected net profit of 680 million yuan for 2027 [4] - The company maintains a "buy" rating despite the adjustments, considering the stock price has already corrected [4]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 26.6, indicating a potential upside of 48.7% from the current price of HKD 17.86 [3][5]. Core Insights - The company is entering a strong new vehicle cycle supported by the launch of its new intelligent driving system "Qianli Haohan," which includes various levels of autonomous driving capabilities [2][5]. - The integration of brands and improved operational efficiency is expected to enhance profitability, with projections indicating that the combined sales of the Zeekr and Lynk & Co brands will exceed 1 million units by 2026 [5]. - The new GEA architecture is set to support the launch of multiple new models in 2025, with expected sales reaching 2.71 million units, including over 1.5 million electric vehicles [5]. Financial Summary - Revenue is projected to grow from RMB 179.2 billion in 2023 to RMB 395.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.7% [3][6]. - Net profit is expected to increase significantly from RMB 5.8 billion in 2023 to RMB 17.9 billion in 2026, with a notable peak of RMB 14.4 billion in 2024 [3][6]. - Earnings per share (EPS) is forecasted to rise from RMB 0.51 in 2023 to RMB 1.78 in 2026, indicating strong growth potential [3][6]. Market Position and Strategy - The company is focusing on enhancing its product lineup and operational efficiency through brand integration, which is expected to reduce overlapping models and improve cost management [5]. - The introduction of the new intelligent driving system is anticipated to cover over 150,000 vehicles, positioning the company competitively in the autonomous driving market [5]. - The strategic focus on electric vehicles and new energy architectures is expected to drive future growth and market share expansion [5].