Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Starry 8 and Lynk 900, is expected to enhance the company's market position in the high-end segment, with the Lynk 900 receiving over 30,000 orders shortly after its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth [1][2]. - The sales performance of the company's brands includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk in May [1][2]. New Product Launches - The Galaxy Starry 8 was launched in May with a price range of 115,800 to 155,800 RMB, and it received over 10,000 pre-orders within six days [2]. - The Lynk 900 was officially launched with four configurations, and it supports advanced driving technologies, achieving over 30,000 orders shortly after its release [3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB for the same years [4][5]. - The earnings per share (EPS) are expected to be 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 7, and 6 [4][5].

吉利汽车（0175.HK）系列点评二十六 极氪计划私有化 资源整合打造"一个吉利" 2025 年 05 月 08 日 ➢ 事件概述：公司发布公告，有意对极氪（ZK.N）进行私有化建议，建议以 2.566 美元或 1.23 股新发行的公司股份收购每股极氪股份（25.66 美元或 12.3 股新发行的公司股份收购每股极氪 ADS），建议购买价较于最后交易日美国存托 股票于纽交所的收市交易价溢价约 13.6%，较截至最后交易日（包括该日）止最 后 30 个交易日期间美国存托股票于纽交所的成交量加权平均价格溢价 20.0%， 若私有化完成，极氪将成为吉利汽车的全资附属子公司、并从美股退市。 ➢ 极氪计划私有化 内部资源整合集中 打造一个吉利。公司持有极氪已发行及 发行在外股本总额约 65.7%，倘若私有化建议完成，极氪将成为公司的全资附属 公司，并于纽交所退市。公司拟透过发行新股、现金储备及债务融资（倘需要）， 为私有化建议提供资金。若采用现金私有化，按照极氪总股本 25.42 亿股、以及 非公司持有的股份比例 34.3%，此次回购若采用现金则需要现金 161.8 亿元；若 采用发行股份私有化，则会新发行股份 10. ...