极氪将于下半年迎来混动车型，预计YU7 影响相对可控。6 月极氪品牌销量1.67 万辆，同比减少 16.9%，环比减少11.7%；上半年极氪品牌销量9.07 万辆，同比增长3.3%。6 月领克品牌销量2.63 万辆， 同比增长7.7%，环比减少4.8%；上半年领克品牌销量15.41 万辆，同比增长22.3%。市场担心小米YU7 订单爆发将对极氪品牌销量形成冲击，我们认为极氪品牌受到的影响相对可控：一方面YU7 交付排期 近1年时间，预计部分YU7 用户将转向选择极氪001、极氪7X等竞品车型；另一方面极氪品牌超豪华 SUV 极氪9X 预计将于3 季度正式上市，极氪9X 将首搭革新混动技术——浩瀚超级电混，有望驱动极氪 品牌销量向上。 机构：东方证券 研究员：姜雪晴/杨震/袁俊轩 吉利汽车上调全年销量目标，彰显公司发展信心。6 月吉利汽车总销量23.60 万辆，同比增长42.1%，环 比增长0.4%；其中新能源汽车销量12.24 万辆，同比增长85.5%，环比减少11.3%；出口4.00 万辆，同比 增长11.7%，环比增长33.3%。根据乘联会初步统计，6 月1-22 日全国乘用车批发同比增长14%，环比增 ...

吉利汽车 00175.HK 公司研究 | 动态跟踪 | 上调全年销量目标，预计规模效应将促进 | | --- | | 盈利能力提升 | 核心观点 盈利预测与投资建议 ⚫ 略调整收入等，预测 2025-2027 年 EPS 分别为 1.50、1.76、2.13 元（原为 1.36、 1.54、1.94 元），维持可比公司 25 年 PE 平均估值 15 倍，目标价 22.50 元人民 币，24.69 港元（1 港元=0.9115 元人民币），维持买入评级。 风险提示 吉利、领克、极氪品牌销量低于预期风险、成本控制不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 179,204 | 240,194 | 319,444 | 381,363 | 442,685 | | 同比增长 (%) | 21.1% | 34.0% | 33.0% | 19.4% | 16.1% | | 营业利润(百万元) | 3,806 | 7,644 | 14,116 | ...

Core Insights - Geely Automobile Holdings Limited reported a significant increase in June sales, with passenger vehicle sales reaching 236,036 units, a year-on-year growth of 42%, marking ten consecutive months of sales exceeding 200,000 units. Cumulatively, the group sold 1,409,180 units in the first half of the year, representing a 47% increase [1][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 72.5 billion yuan, reflecting a 25% year-on-year increase. The net profit attributable to shareholders was 5.67 billion yuan, showing a remarkable growth of 264%. The gross profit margin improved significantly, reaching 15.8% with a total gross profit of 11.4 billion yuan [1][4]. Operational Efficiency - The strong sales performance is attributed to enhanced operational efficiency and profitability, allowing the company to invest more in research and development to improve product quality. Cost reductions through technological innovation and process optimization have also contributed to increased sales [4][6]. Strategic Initiatives - The improvement in operational efficiency and profitability is largely credited to the "Taizhou Declaration" strategy and the "Smart Geely 2025" initiative, which have enabled business integration across brands like Geely, Geely Galaxy, Lynk & Co, and Zeekr. These brands are focusing on user needs and clear brand positioning to compete effectively in the market [4][6]. AI and Technology Development - Geely has completed a comprehensive AI integration, enhancing its core competitiveness through advancements in intelligent driving technology and battery systems. The company recently launched the Starry AI Cloud Power 2.0 and the Thor AI Hybrid 2.0, which focus on energy efficiency, performance, and safety [6]. Sales Target Adjustment - Based on strong sales performance in the first half of the year, Geely has raised its annual sales target by approximately 11%, from 2.71 million to 3 million units, achieving a target completion rate of 47%. The Geely Galaxy brand aims to reach a sales target of 1 million units, with June sales reaching 90,222 units, a 202% increase [9]. Future Product Launches - In the second half of the year, Geely plans to launch six new electric vehicle models and will continue to focus on high-value innovative technologies in AI and automotive safety, aiming to create long-term value and promote sustainable development in the automotive industry [9].

Core Viewpoint - Geely Holding Group emphasizes the importance of open and healthy competition, advocating for value, technology, quality, service, brand, and corporate ethics over price wars as the automotive industry undergoes significant transformation [1] Group 1: Company Strategy - Geely's core value philosophy is centered around user satisfaction, strategic leadership, and ensuring foundational support through its "元动力" concept [1] - The company believes in the necessity of mastering fundamental skills in automotive manufacturing, highlighting that rapid success can harm user experience [4] - Geely's global acquisitions are aimed at learning from established brands to enhance its own manufacturing capabilities and brand respect [4] Group 2: Dual Development Approach - Geely is committed to a dual approach in its development strategy, investing in both intelligent electric vehicles and traditional internal combustion engine vehicles [6] - The company has achieved significant progress in its electric vehicle brands, while also maintaining a focus on hybrid and traditional fuel vehicles to meet market demands [6] Group 3: Technological Advancements - Geely has developed a robust intelligent driving assistance technology system and has made significant advancements in its Flyme Auto smart cockpit technology [7] - The establishment of Zhejiang Jiyao Tongxing Energy Technology Co., which focuses on battery integration, is a key part of Geely's sustainable development strategy [8] Group 4: Global Expansion Strategy - Geely is actively pursuing international expansion, with a focus on localizing operations in Southeast Asia and enhancing collaboration with companies like Volvo in Europe and the U.S. [8] - The company aims to increase market share globally while ensuring that partnerships yield mutual benefits rather than engaging in zero-sum competition [8]

5月15日，吉利汽车控股有限公司（以下简称"吉利汽车"）（0175.HK）发布2025年第一季度财报，财 报显示，2025年第一季度，吉利汽车实现营收、净利双增。其中营收为724.95亿元，同比增长25%；归 母净利润达56.72亿元，较去年同期增超两倍，此外，销量方面也创下历史新高。 与此同时，极氪智能科技有限公司（以下简称"极氪"）（NYSE：ZK）也披露了同期业绩情况。这也是 自去年吉利集团宣布将领克并入极氪后，其交出的第一份季度成绩单，总体来看，极氪已实现扭亏为 盈。 此外，近期吉利正计划私有化极氪，在一季度财报会上，吉利方面宣布，二者合并完成后，将由李东辉 出任吉利控股集团副董事长，现极氪科技集团CEO安聪慧出任吉利控股集团CEO，淦家阅则出任合并后 的吉利汽车集团CEO。 净利润增超两倍，总销量创历史新高 5月15日，吉利汽车发布2025年第一季度财报。财报数据显示，2025年第一季度吉利汽车实现营收、净 利双增。其中营收为724.95亿元，较之去年同期的582.25亿元，同比增长25%；归母净利润达56.72亿 元，与去年同期的15.60亿元相比增长264%，增超两倍。此外，毛利总额提升至114 ...

由此，中国汽十大集团一季度销量位次如下： 第一名，比亚迪，乘用车销量98万辆，同比增长57%；包括商用车在内，比亚迪一季度累计销量 100.08万辆，同比增长59.81%。 撰 文 / 牛跟尚 设 计 / 张 萌 在中国车企还有一部分集团尚未公布4月销量时，我们先来复习3月及一季度中国车企的销量情况。 从3月中国车企批发榜看，造车新势力头部零跑真正领跑，单月超过理想；造车老实力头部上汽王 者归来，单月超过比亚迪。 如果按中国汽车集团一季度批发量算，吉利控股——大吉利超了上汽，名列第二，北汽超了广汽， 名列第八。 第二名，吉利控股，946627辆，同比增长31%。 第三名，上汽集团，94.5万辆，同比增长13.3%，终端交付超108万辆。 以上10家中国汽车集团，一季度批发量"七升三降"，奠定了中国汽车行业稳中有升的基调。 需要说明的是，吉利汽车是吉利汽车集团的简称，只是吉利控股集团的一个重要汽车主体。吉利控 股包含吉利汽车集团（含银河），极氪科技集团（含领克），莲花集团，沃尔沃汽车集团，极星集 团，远程新能源商用车，以及曹操出行、耀出行等出行公司。若按吉利控股集团的销量，吉利控股 可以排中国汽车集团第二。 按 ...