Core Insights - Geely Galaxy has achieved sales of over 356,000 units from January to April 2023, with an average monthly sales of 89,000 units, and is expected to reach cumulative sales of 1 million units by the end of April [1] - The recently launched Geely Xingyao 8 has contributed to this goal, with initial sales of 1,349 units in its first week [1] - Geely remains confident in achieving the 1 million sales target for Galaxy this year, with plans for further product expansion and a dedicated Galaxy division [1][2] Sales Performance - As of April 30, 2023, Geely Galaxy's cumulative sales exceeded 930,000 units, with a target of reaching 1 million units in just 25 months since the brand's establishment in March 2023 [1] - The Galaxy brand's sales are projected to reach 494,000 units in 2024, representing an 80% year-on-year increase and accounting for 22.7% of Geely's total sales [1] Product Strategy - The turning point for the Galaxy brand was the launch of the Galaxy E5 in August 2024, which competes directly with BYD's Yuan Plus in the A-class SUV market [2] - Geely Galaxy has integrated Geometry into its lineup, enhancing its product offerings across various vehicle categories, including sedans, SUVs, MPVs, and off-road vehicles [2] Competitive Positioning - Geely Galaxy's strategy includes direct competition with BYD's main models, offering superior configurations at lower prices to capture market share [2] - The Galaxy Xingyao 8 is positioned as a "price killer" in the mid-to-large hybrid sedan market, with a starting price of 115,800 yuan, significantly lower than BYD Han DM-i's starting price of 165,800 yuan [3] Distribution Network - Geely Galaxy has established 997 sales channels, with an additional 176 under construction, aiming to exceed 1,000 channels [3] - The sales network is divided into Galaxy A network and Galaxy Star network, with plans to expand into second to fifth-tier markets [3] Future Developments - Geely Galaxy plans to launch two sedans and two SUVs this year, including the Galaxy M9, a large six-seat flagship SUV, which is expected to enhance its presence in the high-end market [3]

点击注册小程序 查看完整报告 我们认为，1）以旧换新政策发力下预计2025E销量提振前景依然可期，车展前后新车密集上市，或有望催 化行业景气度向上抬升；2）中美关税冲突或短期对板块情绪造成扰动，看好2025E全年智能化主线带动板 块成长可能性及相关投资机会。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月23日，第二十一届上海国际汽车工业展览会在上海国家会展中心正式开幕。本届车展以"拥抱创新 共赢 未来"为主题，参展车辆总数约1,300辆，其中新能源车占比超70%。车展亮相重点车型包括：1）新势力： 蔚来（ET9/乐道L90/萤火虫）、小鹏（P7+旗舰版、2025款X9/G6/G9）、理想（MEGA Home家庭特别 版/MEGA Ultra智能焕新版/L6智能焕新版）、零跑（B10/B0 ...

摘要 ► 本 周数据： 2025年3月第3周（3.17-3.23）乘用车销量43.0万辆，同比+15.6%，环比+3.5%；新能源乘用车销量22.4万辆，同比+31.2%，环比+0.8%；新能源渗透率52.1%，环比-1.4pct。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（3月24-28日）A股汽车板块下跌3.89%，在申万子行业中排名第11位，表现弱于沪深300（-1.05%）。细分板块中，商用载货车上涨2.33%，商用载客 车、乘用车、摩托车及其他、汽车零部件、汽车服务分别下跌2.14%、2.63%、2.92%、5.50%、5.62%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 重卡、整车龙头业绩表现亮眼。 3月下旬起迎来业绩期，本周，比亚迪、潍柴、重汽等重点公司业绩表现亮眼。1）比亚迪：2024Q4归母净利为150.2亿元，同比+73.1%，环比+29.4%，还原后汽 车+电池毛利率25.5%，单车毛利提升，表现亮眼；2）中国重汽：2024Q4归母净利润5.46亿元，同比+28.4%，环比+73.0%，大 ...