交银国际研究 行业更新 2025 年 3 月 11 日 行业评级 领先 2 月乘用车销量同比增 26%，以旧换新政策+车企促销推动车市回暖 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 比亚迪股份 | 1211 HK | 买入 | 379.22 | 350.20 | 23.261 | 28.629 | 14.1 | 11.4 | 3.11 | 2.42 | 0.1 | | 理想汽车 | 2015 HK | 买入 | 120.34 | 113 ...

Investment Rating - The report assigns a "Buy" rating to Geely Automobile (175 HK) with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely Automobile's AI Smart Technology Conference marked the beginning of the "AI+Car" era, transitioning from "Car+AI" to "AI+Car," emphasizing AI as the core of automotive transformation [2]. - The company introduced the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) that cover functionalities from basic assistance to full-scenario L3 autonomous driving, with plans for mass production in the current year [2]. - Geely aims to democratize high-level intelligent driving capabilities across all price segments, promoting the concept of "safety equality" [2]. Summary by Sections AI and Technology Strategy - The report highlights three technological trends presented by Qianli Technology's chairman: superhuman-machine interaction, integration of autonomous driving and execution, and the elevation of connected vehicle models [2]. - Geely's collaboration with partners like Jiyue Xingchen aims to enhance AI applications and reduce barriers for developers through an open-source strategy [2]. Product Launches - The 2025 Geely Galaxy E8 was officially launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, along with an upgraded intelligent driving perception system [2]. Competitive Positioning - Geely's recent announcements are seen as a response to competitors like BYD and Changan, emphasizing its systematic capabilities and platform advantages while minimizing reliance on external suppliers [2].