Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 2025 results with revenue of 72.5 billion, a year-on-year increase of 24.5%, and a net profit of 5.67 billion, up 263.6% year-on-year, indicating strong performance in its transition to new energy vehicles [3][7]. - The new platform is enabling the company to enter a new product era, with significant improvements in sales and profitability driven by the successful transition to new energy vehicles [7]. - The company is expected to launch 10 new energy models in 2025, enhancing its product lineup and driving further growth [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 72.5 billion, with total sales of 704,000 vehicles, a year-on-year increase of 47.9% [3][7]. - The net profit for Q1 2025 was 5.67 billion, reflecting a significant year-on-year increase of 263.6% [3][7]. - The gross margin for Q1 2025 was 15.8%, showing a slight year-on-year improvement [7]. Product Strategy - The company is focusing on electric and intelligent vehicle strategies, with a strong new car cycle expected to continue [7]. - The GEA architecture supports the new vehicle cycle, with brands like Geely, Lynk & Co, and Zeekr performing well [7]. Market Outlook - The company is expected to maintain a solid foundation in fuel vehicles while exploring new overseas markets through innovative partnerships [7]. - The projected net profit for 2025 is estimated at 16.1 billion, with a corresponding PE ratio of 11.6X, indicating a positive outlook for profitability [7].

两轮车行业品牌经营分享 20250515 摘要 • 2025 年第一季度，雅迪销量约为 400.6 万至 400.7 万，爱玛约为 310 万， 台铃约为 195 万至 196 万。九号公司四月份销量约为 48 万至 49 万辆， 同比增长接近 80%。 • 爱玛 2024 年总销量超 1,090 万辆，其中两轮车约 1,029 万辆。各季度销 量分别为：一季度约 250 万辆，二季度约 310 万辆，三季度近 340 万辆， 四季度约 180 万辆。 • 台铃 2024 年总销量 720 万至 730 万辆。各季度销量分别为：一季度约 180 万辆，二季度略超 200 万辆，三季度 240 万至 250 万辆，四季度 70 万至 80 万辆。2023 年全年销量 780 万-800 万辆。 • 雅迪渠道库存正常，约 1.5 至 1.6 个月。爱玛存在结构性缺货，一二线城 市库存约 1.2 至 1.3 个月，北方市场 1.5 至 1.7 个月。小牛电动车库存水 平中等。 • 2024 年雅迪含电池单车均价约 2,200 元，爱玛约 2,100 元。预计 2025 年两家均价将增长 3%至 5%。九号电动车 2 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7]. Core Views - Geely Automobile announced plans to acquire all issued shares of Zeekr at a suggested purchase price of $2.57 per share or $25.66 per American depositary share, aiming for complete integration of Zeekr as a wholly-owned subsidiary [2][5]. - The integration of Zeekr is seen as a positive long-term development for Geely, enhancing brand positioning and internal resource integration, which is expected to lower costs and improve competitiveness [9]. - The company is entering a new product era supported by the GEA architecture, with a strong new vehicle cycle and successful transitions to new energy across its brands [9]. Summary by Sections Acquisition Details - On May 7, 2025, Geely announced its plan to acquire all shares of Zeekr, currently holding approximately 65.7% of the shares [2][5]. - The proposed purchase price represents a premium of about 13.6% over the last trading day’s closing price and a 20% premium over the weighted average price of the last 30 trading days [9]. Financial Performance - Zeekr is expected to contribute positively to Geely's profitability, with Zeekr achieving a quarterly profit of 150 million yuan in Q4 2024 [9]. - Geely's net profit for 2025 is projected to be 16.1 billion yuan, with a corresponding PE ratio of 9.8X [9]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including five new models and several facelifts under the Geely brand [9]. - The company is also focusing on enhancing its smart driving capabilities across its product lines, with significant advancements expected in the upcoming models [9].

Group 1 - The Shanghai International Automobile Industry Exhibition showcased Dongfeng Motor Corporation's theme "Intelligent New Dongfeng," marking the first joint exhibition of all its six independent brands [1] - Dongfeng officially launched the "Tianyuan Intelligent" technology brand, establishing a comprehensive intelligent technology system based on "one core, dual foundation, dual origin" [5][6] - The Tianyuan architecture serves as a central intelligence platform, integrating four major domains: power, body, cabin, and intelligent driving, while the Tianyuan OS is developed in collaboration with industry partners to promote ecosystem co-construction [6] Group 2 - Dongfeng's international expansion is accelerating, highlighted by a strategic cooperation agreement with Saudi Universal Motors Agencies to establish Saudi Arabia as a core strategic hub in the Middle East [7] - In Q1 of this year, Dongfeng's exports of self-owned passenger vehicles increased by 63% year-on-year, with a remarkable 138% surge in electric vehicle exports [7] - The company aims to transition from "market-driven technology" to "technology-driven standards," as stated by Dongfeng's chairman, emphasizing its commitment to leading the Chinese automotive industry [7]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile's Q1 2025 performance is expected to exceed expectations, driven by strong sales in the new energy vehicle segment, with projected net profit before accounting policy changes estimated at 11.6-12.3 billion yuan, representing a year-on-year increase of 640%-690% [2][4]. - The company is entering a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy [2][8]. - The transition to new energy is progressing smoothly, with scale effects expected to enhance profitability, while the solid foundation of fuel vehicles and innovative overseas expansion strategies are opening new markets [8]. Summary by Sections Financial Performance - In Q1 2025, Geely is expected to achieve sales of 704,000 vehicles, a year-on-year increase of 47.9% and a quarter-on-quarter increase of 2.5%, marking a historical quarterly high [8]. - The projected net profit after accounting policy changes is estimated at 5.2-5.8 billion yuan, reflecting a year-on-year increase of 220%-270% [4][8]. - The single vehicle profit is expected to be between 0.74-0.82 million yuan, showing significant improvement [8]. Product Strategy - Geely plans to launch 10 new energy models in 2025, with various new and updated models across its brands [8]. - The company is focusing on both electrification and intelligence, with a significant increase in the adoption of intelligent driving capabilities [8]. Market Position - The new energy transition is accelerating profitability, with structural optimization and scale effects further enhancing profit margins [8]. - Geely's strong new vehicle cycle is expected to provide substantial profit elasticity, with a projected net profit of 16.1 billion yuan for 2025, corresponding to a PE ratio of 8.7X [8].

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - Geely Automobile's Q1 2025 performance exceeded expectations, with a significant increase in profits driven by a strong new energy vehicle (NEV) sales momentum and an upcoming product cycle [2][3][4] - The company is expected to launch 10 new NEV models in 2025, aiming for a total NEV sales target of 1.5 million units [3] - The merger of Zeekr and Lynk & Co is anticipated to enhance Geely's competitiveness in the mid-to-high-end vehicle market through a focus on smart technology [4][5] - Geely is transitioning into a smart technology company, with a robust technological ecosystem supported by its advanced driving solutions and computing power [5] Financial Summary - The company forecasts a Q1 2025 net profit of RMB 5.2-5.8 billion, representing a year-on-year growth of 220-270% [2] - Revenue projections for 2025-2027 are set at RMB 317.96 billion, RMB 392.94 billion, and RMB 468.08 billion, respectively, with net profits of RMB 14.04 billion, RMB 17.92 billion, and RMB 23.04 billion [7][9] - The expected earnings per share (EPS) for 2025-2027 are RMB 1.39, RMB 1.78, and RMB 2.29, respectively [7][9] - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 9.90, 7.76, and 6.03 times [7][9]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a revenue of 240.19 billion yuan for 2024, representing a year-on-year increase of 34.0%. The total sales volume reached 2.177 million vehicles, up 32% year-on-year, with a net profit attributable to shareholders of 16.63 billion yuan, marking a significant increase of 213.3% year-on-year [2][4]. - The company is entering a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4]. - The strong performance in Q4 2024, with revenue exceeding 70 billion yuan, reflects accelerated profitability from the new energy transition [7]. Summary by Sections Financial Performance - In 2024, Geely achieved a total revenue of 240.19 billion yuan, a 34.0% increase year-on-year. The sales volume was 2.177 million vehicles, up 32% year-on-year, and the net profit attributable to shareholders was 16.63 billion yuan, a 213.3% increase year-on-year [2][4]. - For Q4 2024, the revenue was 72.51 billion yuan, a 29.7% increase year-on-year and a 20.1% increase quarter-on-quarter. The sales volume in Q4 was 687,000 vehicles, up 31.9% year-on-year and 28.6% quarter-on-quarter [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, with significant releases from its brands. The focus on electric and intelligent vehicles is expected to enhance the driving capabilities of its models [7]. - The company is leveraging its new platform to support a new product cycle, with a strong emphasis on both electrification and intelligent driving technologies [7]. Market Position - Geely's new energy vehicle sales reached 342,000 units in Q4, achieving a penetration rate of approximately 50%, positioning the company among the top tier of new energy brands [7]. - The company maintains a solid foundation in fuel vehicles while exploring innovative overseas expansion strategies through joint ventures [7].

Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD announced a placement agreement to issue nearly 130 million new H shares, expected to raise approximately HKD 43.5 billion, which will be used for R&D, overseas business development, working capital, and general corporate purposes [4][14] - The placement attracted significant interest from global long-term investors, indicating strong confidence in BYD's growth prospects [4][14] - The funds raised will support BYD's accelerated globalization efforts, enhancing its international presence in the electric vehicle market [15][16] Summary by Sections Financial Data and Valuation - BYD's projected revenues for 2024-2026 are estimated at CNY 813.06 billion, CNY 952.98 billion, and CNY 1,162.64 billion, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [17] - The net profit attributable to shareholders is expected to reach CNY 40.51 billion, CNY 51.38 billion, and CNY 63.92 billion for the same period, with growth rates of 34.8%, 26.8%, and 24.4% respectively [17] - Earnings per share (EPS) are projected to be CNY 13.92, CNY 17.66, and CNY 21.97 for 2024-2026 [17] Business Strategy - BYD's "Smart Driving for All" strategy aims to enhance its technological capabilities and product offerings, catering to diverse consumer needs [16] - The company is focusing on international expansion, with its electric vehicles already present in over 100 countries and regions [15][16] - The recent financing is expected to significantly strengthen BYD's capital position, enhancing operational stability [16]