Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile, expecting it to outperform the benchmark index by over 20% in the next six months [5][18]. Core Views - Geely Automobile has initiated a non-binding privatization offer for Zeekr at a premium of 13.6% over the last closing price, aiming to consolidate its high-end electric vehicle assets and enhance operational efficiency [2][8]. - The privatization is expected to significantly increase Geely's profits and long-term shareholder value, with projections indicating a 34.3% increase in net profit from the acquisition [8][9]. - The company is on track for a successful electric transformation starting in 2024, with further acceleration anticipated in 2025, supported by strategic brand integration [8][9]. Financial Summary - **Revenue Projections**: - 2024A: 240,194 million CNY - 2025E: 336,392 million CNY (34.03% YoY growth) - 2026E: 441,972 million CNY (40.05% YoY growth) - 2027E: 514,187 million CNY (31.39% YoY growth) [4][9] - **Net Profit Projections**: - 2024: 16,632 million CNY - 2025: 14,788 million CNY (-11.09% YoY) - 2026: 20,800 million CNY (40.66% YoY) - 2027: 25,699 million CNY (23.55% YoY) [4][9] - **Earnings Per Share (EPS)**: - 2024: 1.65 CNY - 2025: 1.47 CNY - 2026: 2.06 CNY - 2027: 2.55 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 10.6x - Price-to-Book (P/B) ratio for 2025: 1.6x [4][9] Target Price - The target price range for Geely Automobile is set between 23.69 and 28.43 CNY, representing a potential upside of 42% to 70% from the current price of 16.78 CNY [5][8].

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 启动极氪私有化，打造"一个吉利" 事项： ❖ 吉利汽车发布公告，宣布向极氪提交非约束性私有化要约，拟以2.566美元/18.5 元或 1.23 股新发行的吉利汽车股份收购每股极氪股份（以上两种方案股东可 选择，后同），或以 25.66 美元/185 元或 12.3 股新发行的吉利汽车股份收购每 股极氪 ADS。该报价较极氪最后一个交易日收盘价溢价 13.6%，较过去 30 个 交易日成交量加权平均价溢价 20%。目前，吉利汽车持有极氪 65.7%股权，若 私有化建议落实及完成，极氪将成为吉利汽车全资子公司并从纽交所退市。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 240,194 | 336,392 | 441,972 | 514,187 | | 同比增速(%) | 34.03% | 40.05% | 31.39% | 16.34% | | 归母 ...

Summary of Conference Call Records Company and Industry Involved - The records focus on Geely Group and its subsidiary, Zeekr, within the automotive industry, particularly in the electric vehicle (EV) sector. Core Points and Arguments 1. **Strategic Integration Post-Announcement** Since the release of the "Taizhou Declaration" in September 2024, Geely Group has focused on "strategic integration and core business focus," completing significant measures such as brand and product line integration, smart driving technology and R&D system integration, and optimization of supply chain and procurement systems. The privatization of Zeekr is seen as a step to deepen the implementation of the "Taizhou Declaration" to better compete in the passenger car market [1][1][1]. 2. **Strengthening Competitive Position** Geely possesses strong manufacturing, R&D, and supply chain advantages. The "Taizhou Declaration" is expected to maximize these advantages, thereby providing greater assurance for Geely's market share [1][1][1]. 3. **Financial Implications of Privatization** The privatization of Zeekr is anticipated to avoid redundant investments and reduce internal brand positioning and resource allocation issues due to overlapping price segments. The clearer organizational structure is expected to enhance trust in the capital market. However, Geely may face some short-term financial pressure, as it holds approximately 65.7% of Zeekr shares, requiring a payment of about $2.566 per share, totaling approximately $2.24 billion (around 16.2 billion RMB). The company's cash and equivalents at the end of 2024 are projected to be 40.87 billion RMB, indicating that the financial pressure remains manageable [2][2][2]. 4. **Focus on Core Business Post-Privatization** Privatization is expected to help Zeekr distance itself from market noise and focus on cutting-edge technology. Previous market concerns regarding Zeekr's product positioning and resource allocation within the group have led to stock price volatility. Post-privatization, Zeekr is anticipated to concentrate on its core business and solidify its position as a leader in high-end smart electric vehicles [3][3][3]. Other Important but Potentially Overlooked Content - The strategic moves by Geely are part of a broader effort to enhance its competitive edge in the rapidly evolving EV market, which is characterized by intense competition and technological advancements. The emphasis on integrating various aspects of the business suggests a long-term vision for sustainable growth and market leadership.

Group 1 - Geely Automobile Holdings Limited plans to acquire all issued shares of Zeekr Intelligent Technology Co., indicating a complete merger if the transaction is completed [1] - This move is part of Geely Holding Group's implementation of the "Taizhou Declaration" strategy, focusing on the automotive core business and accelerating layout in the fields of new energy and intelligence [1][2] - The merger aims to enhance internal resource integration, improve R&D efficiency, reduce operational costs, and enhance user experience, positioning Geely for long-term sustainable development in the global new energy and intelligent competition [1][2] Group 2 - The global automotive industry is undergoing a profound transformation, with Geely Holding Group entering a new strategic phase defined by five core initiatives: strategic focus, integration, collaboration, stability, and talent [2] - In Q1 2025, Geely's sales reached 704,000 units, a 48% year-on-year increase, with new energy vehicle sales at 339,000 units, achieving over 50% penetration in the domestic new energy market [2] - The integration of Zeekr and Lynk & Co has shown initial success, with Q1 sales of 114,000 units for the combined brands, a 21% year-on-year increase, and a reduction in per-unit costs by over 20% [2] Group 3 - Post-merger, each brand will maintain clear market positioning and differentiated technology planning, with Zeekr positioned as a global luxury tech brand and Lynk & Co as a high-end new energy brand [3] - Geely Galaxy and China Star series will cover the mainstream market, providing diverse options for consumers [3] - The brands will collaborate in seven key areas, including vehicle architecture and electric drive systems, to enhance core competitiveness and market share [3] Group 4 - The merger will provide tangible benefits to users, including access to Zeekr's advanced technology across all Geely brands, improving overall product performance and user experience [4] - A unified charging system will address all charging needs, reducing user anxiety regarding energy replenishment [4] - Shared maintenance networks will offer standardized and convenient after-sales service experiences, enhancing user satisfaction [4]

所以，不管接受或是不接受，价格力，就是中长期内影响车企规模表现的最大α因素。 文 | 昭暄 这次上海车展释放的一个重要信息就是，随着国内新能源车供应链能力的整体外溢，这股势能已经影响 且渗透到了合资车企阵营中，在他们推出的最新车型里，我们其实能够很直观地感受到类似于以往新势 力般的品牌理念、产品表达、设计语言、功能逻辑配置等呈现形式及内容。 以此，合资车企们展现了他们意图反扑国内车市的姿态。 此外，上海车展所展现的另一个现象就是，各家车型的表现形式已经很难再构建差异化，意味着其呈现 的结果愈发趋于同质化，而在以产品展现为导向的市场环境下，品牌之间的区别或区隔也正变得越来越 模糊，且随着合资阵营的反扑，这种互相之间焦灼的竞争模式还会继续恶化。 从这个视角出发，在保证产品力的前提下，车企（尤其是大型车企集团）需要不遗余力地释放价格空 间，以此来扩充或是维持自身的市场份额。 在这种形势背景下，近期吉利汽车发布公告，其将所持有的吉利欣旺达的全部股权出售给吉利控股旗下 新成立的电池业务公司，以继续推进吉利系的战略整合及聚焦进程。 事实上，相比于这几年不断引领行业价格均线的比亚迪，与其规模体量相当的吉利控股（或吉利系品牌 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 两个月三次合并后，吉利品牌级别的整合还在继续。 文丨魏冰 司雯雯 编辑丨龚方毅 继雷达汽车并入吉利汽车集团后 ，领克被整合进极氪的消息从 13 日晚开始流传，刺激极氪美股股价跳涨 12%。 11 月 14 日，沃尔沃汽车宣布将把持有领克的 30% 股份出售给极氪，交易价格为 54 亿元，预计明年一季 度完成。同日，吉利控股宣布，极氪将持有领克 51% 股份，其余股份继续由吉利汽车旗下全资子公司持 有。 我们了解到，随着极氪对领克的控股，领克汽车的营销中台、供应链、采购等部门将被整合。此前有报道 称领克品牌会在整合后得到保留，财务和采购团队先整合，今年底或明年初推进产品、研发等部门的调 整。 吉利控股下设吉利汽车、沃尔沃、极氪等业务集团，独立结算、自负盈亏。业务集团下设不同汽车品牌和 产品线。此次极氪和领克的调整，相当于将领克从吉利汽车集团平移到极氪集团旗下，领克仍是吉利控股 集团的二级组织。 吉利控股总裁、吉利汽车集团董事长、极氪科技 CEO 安聪慧将全面统筹领克汽车的管理。安聪 ...