证 券 研 究 报 告 吉利汽车（00175.HK）2 月销量点评 强推（维持） 1+2 月出口表现强劲 事项： 吉利汽车发布 2 月销量，公司实现销量 20.6 万辆，同比+0.6%，环比-23.7%。 其中银河品牌销量 7.3 万辆，同比-3.9%，环比-11.9%；领克品牌 2.7 万辆，同 比+59%，环比-5.3%；极氪 2.4 万辆，同比+70%，环比+0.1%。其中，内销 14.5 万辆，同比-19%，环比-31%；出口 6.1 万辆，同比+1.4 倍、环比+0.6%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 241,099 | 348,925 | 428,959 | 479,364 | | 同比增速(%) | 33.5% | 44.7% | 22.9% | 11.8% | | 归母净利润(百万元) | 16,632 | 17,402 | 25,046 | 27,813 | | 同比增速(%) ...

格隆汇3月1日丨吉利汽车(00175.HK)宣布，集团于2026年2月的汽车总销量为206,160部，较去年同期增 长约1%。其中，领克2月的销量为27,359部，同比增长59%；极氪2月的销量为23,867部，同比增长 70%。 ...

未經審核之二零二六年二月銷量 吉利汽車控股有限公司(「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然宣佈， 本集團於二零二六年二月的汽車總銷量為206,160部，較去年同期增長約1%。詳細如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED | 品牌 | 本月 （部） | 去年同期 （部） | 同比變動 (%) | 今年累計 （部） | 去年同期累計 （部） | 同比變動 (%) | | --- | --- | --- | --- | --- | --- | --- | | 吉利 | 154,934 | 173,633 | -11 | 372,372 | 398,351 | -7 | | 其中: 銀河 | 73,125 | 76,132 | -4 | 156,115 | 169,677 | -8 | | 領克 | 27,359 | 17,238 | 59 | 56,236 | 47 ...

领克汽车销售有限公司副总经理穆军 社交媒体截图 导读：截至目前，吉利集团、极氪尚未对此发表评论。 （文 / 观察者网 周盛明 编辑 / 高莘） 在车机语音系统出现安全缺陷后，领克方面高管出面致歉并表示已修复相关问题。但该缺陷引发了吉利 集团其他品牌车主的焦虑——诸多极氪、银河车主在社交媒体上"实测"，观察自己的车辆是否存在同样 问题。 2月26日，领克汽车销售有限公司副总经理穆军发文称："昨晚发生一起领克Z20车辆行驶中语音误操作 控制关闭大灯的情况，今天我们第一时间完成了语音控制优化方案，现已通过云端推送更新，后续在行 驶状态下只能通过手动控制大灯关闭，请大家放心。" 穆军致歉称："感谢用户的反馈与监督，对此带来的困扰我们深表歉意，领克始终守护您的安全。" 据悉，2月25日，一名领克车主在社交媒体发布视频称，自己向车机语音助手说出"关闭所有阅读灯"的 指令后，车机系统错误地将车外大灯关闭。 此后，该司机多次焦急呼唤车机，但系统并未识别。这一系统缺陷也导致该司机最后撞上隔离带。 系统缺陷导致该车主撞上隔离带 图源网络 本文系观察者网独家稿件，未经授权，不得转载。 截至目前，吉利集团、极氪尚未对此发表评论。 观 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (0175.HK) [5] Core Views - The company is experiencing growth driven by both plug-in hybrid and export sales, with Zeekr leading the growth [9] - The report highlights a differentiated development in the new energy sector, with plug-in hybrid vehicles showing a 37% year-on-year increase, while pure electric vehicle sales declined by 15% [9] - The export market has seen a significant increase of 121% year-on-year, indicating a successful transition from simple product exports to localized operations [9] - The establishment of a joint venture for core technology research and testing services is expected to enhance long-term competitiveness [9] Financial Forecasts and Indicators - Revenue projections for 2024, 2025, 2026, and 2027 are estimated at 240,194 million, 404,783 million, 489,688 million, and 572,828 million RMB respectively, with growth rates of 34.0%, 68.5%, 21.0%, and 17.0% [4] - Net profit forecasts for the same years are 16,632 million, 16,208 million, 22,085 million, and 25,971 million RMB, with growth rates of 213.3%, -2.6%, 36.3%, and 17.6% [4] - Earnings per share (EPS) are projected to be 1.53, 1.49, 2.03, and 2.38 RMB for 2024, 2025, 2026, and 2027 respectively [4] - The price-to-earnings (P/E) ratio is expected to be 10, 10, 7, and 6 for the respective years [4] - The price-to-book (P/B) ratio is projected at 1.8, 1.6, 1.3, and 1.1 [4]

Group 1 - The core viewpoint of the article highlights Geely Automobile's strong performance in January 2026, with a total passenger car sales of 270,167 units, marking a 1% year-on-year increase and a 14% month-on-month increase, as the company aims for an annual sales target of 3.45 million units [1] - In the new energy sector, Geely's sales reached 124,252 units in January 2026, reflecting a year-on-year growth of approximately 3%, with Zeekr's sales doubling to 23,852 units [1] - Geely's overseas export sales in January 2026 reached 60,506 units, showing a significant year-on-year increase of 121%, with a target of 640,000 units for the year, representing over 50% growth [1] Group 2 - Geely plans to gradually introduce Level 3 autonomous driving features on highways and Level 4 in urban areas in 2026, alongside the launch of Robotaxi trial operations [2] - The company will introduce a new manganese iron phosphate battery system, aiming for a 15% increase in energy density, and will complete the first pack of solid-state batteries in 2026 [2] - Geely's four major brands—Zeekr, Lynk & Co, Geely Galaxy, and Geely China Star—will share resources and collaborate to support the high-end product development and accelerate the AI technology transformation [3]

Key Points - Major international companies are reportedly planning to lay off 30,000 employees due to funding difficulties in AI data center expansions, with Oracle considering selling parts of its business [4][5] - Wenta Technology expects a significant loss of 90 to 135 billion yuan in 2025, primarily due to issues with its core asset, Nexperia Semiconductor, which is under temporary control restrictions [8][9] - Tencent has appointed AI expert Pang Tianyu as the Chief Research Scientist for its AI division, focusing on multimodal reinforcement learning [12][13] - Cambricon has achieved its first annual profit in ten years, with a projected revenue increase of 410.87% to 496.02% in 2025 [16][17] - GAC Group anticipates a loss of 80 to 90 billion yuan in 2025, with a 14% decline in vehicle sales [20][21] - ByteDance's Hongguo short drama app has surpassed 100 million daily active users within three years of its launch [20] - Apple has announced unprecedented innovations for this year, following a record quarterly revenue of $143.76 billion [40][41] - OpenAI is reportedly preparing for an IPO in Q4 2023, aiming for a valuation of approximately $500 billion [56][57] - Waymo plans to raise about $16 billion in a new funding round, which would value the company at nearly $110 billion [44][45] - The global memory chip market is facing supply challenges, with major manufacturers tightening order approvals to prevent excessive stockpiling by clients [52][53]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 未經審核之二零二六年一月銷量 敬請注意，本公佈所披露的數 據為未經審核數字，尚未經本公司核數師確認， 相關數據 或會作出調整，並有待最終確認。 股東及潛在投資者 應於本集團刊發財務業績後， 審慎 閱讀相關財務資料。 承董事會命 吉利汽車控股有限公司 公司秘書 張頌仁 香港，二零二六年二月一日 於本公佈日期，本公司執行董事為李書福先生（主席）、李東輝先生（副主席）、桂生悅先生 （行政總裁）、淦家閱先生及毛鑒明先生；而本公司獨立非執行董事為高劼女士、俞麗萍 女士、朱寒松先生及曾瀞漪女士。 - 2 - 吉利汽車控股有限公司(「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然宣佈， 本集團於二零二 六年一月的汽車總銷量為270,167部，較去年同期增長約1%，其中出口總 銷量和極氪品牌總銷量均較去年同期實現翻倍增長。詳細如下： | 品牌 | 本月 ...

Group 1 - The UK automotive market is attracting attention from Chinese manufacturers due to the lack of domestic automakers targeting the mass market and the absence of tariffs on Asian electric vehicle imports [1][3] - The UK automotive market has not yet recovered to its pre-pandemic level of 2.5 million vehicles annually, and the entry of Chinese brands is expected to accelerate this recovery [1] - Chinese brands, led by SAIC's MG, doubled their market share in the UK to 10% last year, with BYD and Chery increasing their shares significantly in December [3][5] Group 2 - New entrants such as Geely, Changan, Xpeng, and Leap Motor have entered the UK market since 2023, with Geely's premium electric brand targeting the UK after entering 12 European markets [3] - BYD plans to introduce its high-end brand Tengshi, while Chery may launch its new energy brand Lepas in the UK [5] - The UK market is projected to see Chinese brands capture 20% of the market share by 2028, with plans to offer not only electric vehicles but also fuel and hybrid models [5]

Core Insights - Recent agreements between China and the EU, as well as Canada, regarding electric vehicle exports have raised questions about the potential for Chinese cars to enter the U.S. market [2] - UBS report analyzes the challenges Chinese automakers face in entering the U.S. market, highlighting significant barriers [3][7] Group 1: Challenges in Entering the U.S. Market - The first major challenge is tariffs, with current tariffs on Chinese electric vehicles potentially rising from 25% to 100%, making it difficult for Chinese cars to compete on cost [3][5] - The second challenge involves technical certification and market access, as Chinese vehicles must meet U.S. safety standards, which differ significantly from European standards [3] - Consumer recognition and cultural differences present a third challenge, as American consumers have distinct preferences for larger vehicles like SUVs and trucks, which differ from Chinese consumer habits [3] Group 2: Market Dynamics and Strategic Considerations - The fourth challenge is related to market structure and channel development, as U.S. laws require vehicles to be sold through authorized dealers, complicating entry for Chinese manufacturers [4] - Establishing a production base in the U.S. could alleviate tariff issues, as certain tariffs on materials could be waived, providing a potential pathway for Chinese automakers [5] - The report indicates that even if Chinese automakers enter the market, they may struggle to compete with established U.S. brands in the lucrative truck and SUV segments, which are less likely to adopt electric technologies [7] Group 3: Potential for Chinese Automakers - Geely is positioned to potentially enter the U.S. market within the next 24 to 36 months, with brands like Zeekr and Lynk & Co. seen as suitable for American consumers [6] - The possibility of utilizing Volvo's South Carolina plant for local production could enhance Geely's market entry strategy [6] - The UBS report suggests that while Chinese automakers may face significant hurdles, their entry into the U.S. market is likely a matter of time, with some industry leaders acknowledging this potential [7] Group 4: Implications of Trade Agreements - Canada's recent allowance for Chinese electric vehicles may prompt scrutiny from the U.S. as trade negotiations evolve, potentially complicating market entry for Chinese brands [8] - Mexico's response to U.S. pressure to increase tariffs on Chinese goods indicates a challenging environment for Chinese exports in North America [9] - The report describes the U.S.-Canada-Mexico Agreement (USMCA) as a "backdoor" that could lead to more significant barriers for Chinese automakers, emphasizing the importance of supplier relationships in the U.S. market [10]