Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [6] Core Insights - In Q1 2025, Geely Automobile achieved revenue of 72.495 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 5.67 billion yuan, a year-on-year increase of 264% [12][4] - The growth in performance is attributed to record sales, strong growth in the new energy business, product structure optimization, and the realization of scale effects [12][4] - The company sold 704,000 vehicles in Q1 2025, representing a year-on-year increase of 47.9%, with new energy vehicles, fuel vehicles, and export sales increasing by 135.4%, 10.0%, and 1.7% respectively [12][4] Summary by Sections Financial Performance - Geely's Q1 2025 revenue was 72.495 billion yuan, up 25% year-on-year, and net profit was 5.67 billion yuan, up 264% year-on-year [12][4] - The gross margin for Q1 2025 was 15.8%, an increase of 0.2 percentage points year-on-year, while the expense ratio decreased by 2.7 percentage points to 11.5% [12][4] Sales and Market Position - The company plans to launch 10 new models in 2025, with expectations to exceed the annual sales target of 2.71 million vehicles [13][12] - The Galaxy brand saw a strong performance with a year-on-year growth of 214%, significantly boosting new energy vehicle sales [12][4] Future Projections - Revenue projections for 2025-2027 are 326.904 billion yuan, 392.285 billion yuan, and 470.742 billion yuan, with corresponding growth rates of 36.1%, 20.0%, and 20.0% [13][15] - Net profit projections for the same period are 14.936 billion yuan, 18.612 billion yuan, and 23.037 billion yuan, with growth rates of -10.2%, 24.6%, and 23.8% respectively [13][15]

乘用车：5 月 1-11 日，全国乘用车市场零售 57.4 万辆，同比去年 5 月 同期增长 12%，较上月同期增长 34%，今年以来累计零售 744.6 万辆， 同比增长 8%；5 月 1-11 日，全国乘用车厂商批发 46.4 万辆，同比去年 5 月同期增长 25%，较上月同期下降 2%，今年以来累计批发 893.2 万 辆，同比增长 12%。 新能源：5 月 1-11 日，全国乘用车新能源市场零售 29.4 万辆，同比去 年 5 月同期增长 32%，较上月同期增长 29%，新能源市场零售渗透率 51.3%，今年以来累计零售 361.8 万辆，同比增长 35%；5 月 1-11 日， 全国乘用车厂商新能源批发 25.7 万辆，同比去年 5 月同期增长 30%， 较上月同期增长 1%，新能源厂商批发渗透率 55.3%，今年以来累计批发 423.8 万辆，同比增长 41%。 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 [Table_Title] 行业维持高景气，关注新科技方向 ——汽车行业周报 [Table_Summary] 报告要点： 国内车市 5 月上旬整体维持健 ...