机构：国泰海通证券 投资要点： 投资建议。我们认为吉利汽车的品牌架构较为合理且清晰，随着"智能吉利2025"战略的逐步落地，公司 整体营收和归母净利润有望持续增长。我们预计公司 2025-2027 年的归母净利润分别为 163.0 亿元、 182.1 亿元、236.6 亿元，EPS 分别为1.62 元、1.81 元、2.35 元，给予2025 年16.6 倍PE，对应目标价 29.49 港元（以2025 年7 月1日为准，按1 港元=0.91190 人民币），维持"增持"评级。 6 月销量同比增长42%。2025 年6 月吉利汽车销量达23.6 万辆，同比增长42%。其中新能源销量12.2 万 辆，包括纯电动8.5 万辆和插电式混动3.7 万辆，分别同比增长129%和30%。分品牌看，吉利品牌销量 19.3 万辆，同比增长59%，领克品牌2.6 万辆，同比增长8%，极氪品牌1.7 万辆，同比下滑17%。海外出 口4.0 万辆，同比增长12%。 1-6 月销量同比增长47%。2025 年1-6 月吉利汽车销量达140.9 万辆，同比增长47%。其中新能源销量 72.5 万辆，包括纯电动51.1 万辆和插电式混动 ...

股票研究 /[Table_Date] 2025.07.04 上调 2025 年销量目标 吉利汽车(0175) ——吉利汽车 2025 年 6 月销量点评 [Table_Industry] 可选消费品 [Table_Invest] 评级： 增持 | [table_Authors] 王猛(分析师) | 刘一鸣(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 16.46 | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880525040016 | S0880525040050 | [Table_Market] | | | | | 交易数据 | | 本报告导读： 公司上调 2025 年全年销量目标至 300 万辆，对全年经营业绩保持乐观预期。 投资要点： -18% 8% 33% 59% 84% 109% 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 ...

Core Viewpoint - The overall business outlook for Geely Automobile in Q1 2025 is optimistic, with expectations for continued growth in sales and operating performance due to the launch of several key models [1][2] Group 1: Financial Performance - In Q1 2025, Geely Automobile achieved a sales volume of 704,000 units, representing a year-on-year increase of 48% [2] - Revenue for the same period reached 72.5 billion yuan, up 25% year-on-year, while net profit attributable to shareholders was 5.67 billion yuan, marking a significant increase of 264% [1][2] - The company forecasts net profits for 2025-2027 to be 16.3 billion yuan, 18.21 billion yuan, and 23.66 billion yuan respectively, with corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] Group 2: Sales and Market Strategy - Geely plans to launch 10 new energy models in 2025, with a sales target of 2.71 million units, including 1.5 million units from new energy vehicles [2] - The sales target for the Geely brand is set at 2 million units, with plans to introduce 5 new energy models and several updated models [2] - The strong growth in the new energy segment is highlighted, with sales of new energy vehicles reaching 339,000 units, including 239,000 pure electric vehicles and 101,000 plug-in hybrids, reflecting year-on-year growth of 181% and 70% respectively [2]