被视为"小众"的猎装车市场正逐渐升温。据悉，腾势Z9 GT猎装版预计将于9月推出，星途星纪元 ES猎装版也计划在下半年登场，鸿蒙智行亦将推出智界S7猎装版和享界S9猎装版。目前，自主品牌猎 装车的数量日益增多，功能愈加多样化，从消费升级和品牌布局的趋势来看，猎装车市场呈现出上升势 头。它们有望复制"方盒子"车的成功，成为市场上的新兴力量吗？未来的发展趋势将会怎样？这些问题 已经成为业界关注的热点话题。 猎装车渐成新"蓝海" 随着国内自主品牌猎装车型的日益增多，消费者对这一车型的认知度也在不断提升。 "在当今追求个性化的汽车消费时代，猎装车完美地满足了消费者的需求。"90后汽车爱好者张勇表 示，猎装车既不似SUV，也不像传统轿车，这种独特的外观设计为追求个性化的年轻消费者提供了新的 选择。他提到，最近在4S店看猎装车时，发现许多消费者对猎装车有着相似的喜好和看法。 消费者王广盛则有着更深入的体验。"与过去的燃油猎装车相比，现在的新能源猎装车体验更 佳。"他分享道，10年前他购买了一辆合资品牌的燃油猎装车，相比之下，如今的自主品牌新能源猎装 车在外观设计上更加时尚，智能化程度也远超燃油车。新能源猎装车加速快、性价 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve significant growth with a focus on global expansion, particularly through its Galaxy series [1] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.36, 1.54, and 1.94 RMB respectively, with a target price set at 20.40 RMB or 22.26 HKD, based on a 15x PE ratio [2] Financial Information - Revenue is projected to grow from 179,204 million RMB in 2023 to 424,141 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18% [4] - Operating profit is expected to increase significantly from 3,806 million RMB in 2023 to 18,417 million RMB in 2027, with a notable growth rate of 100.8% in 2024 [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 19,553 million RMB in 2027, despite a projected decline in 2025 [4] - The company’s gross margin is expected to improve slightly from 15.3% in 2023 to 16.7% in 2027 [4] - The net profit margin is projected to stabilize around 4.5% to 4.6% from 2025 to 2027 [4] - The return on equity (ROE) is anticipated to increase from 6.6% in 2023 to 13.8% in 2027 [4] Sales Performance - In May 2025, the company’s total sales reached 235,200 units, marking a year-on-year increase of 46.4% [9] - The Galaxy series saw a remarkable sales increase of 273.2% year-on-year in May 2025, with 101,800 units sold [9] - The company is expanding its international presence, with plans to enter new markets in Southeast Asia and Europe [9]

Core Viewpoint - Geely Automobile reported strong Q1 2025 performance with significant year-on-year growth in revenue and net profit, driven by a robust new vehicle cycle and increased sales of its Galaxy series electric vehicles [1][2][4] Financial Performance - Q1 2025 revenue reached 72.5 billion yuan, up 24.5% year-on-year and flat quarter-on-quarter [1] - Total sales for Q1 2025 were 704,000 vehicles, representing a 47.9% increase year-on-year and a 2.5% increase quarter-on-quarter, marking a historical quarterly high [1] - The net profit attributable to shareholders was 5.67 billion yuan, a remarkable increase of 263.6% year-on-year and 58.5% quarter-on-quarter [2] Product and Sales Insights - Geely's new energy vehicle sales (including Geely, Lynk & Co, and Zeekr) reached 339,000 units in Q1, a 135.4% increase year-on-year, with Galaxy series sales at 260,000 units, up 24.8% quarter-on-quarter [1][3] - The average revenue per vehicle was 103,000 yuan, down 15.8% year-on-year and 2.4% quarter-on-quarter, primarily due to changes in product mix from the large-scale delivery of Galaxy models [1] Profitability and Cost Management - Gross margin for Q1 2025 was 15.8%, an increase of 0.2 percentage points year-on-year [3] - Sales expense ratio was 5.0%, down 2.1 percentage points year-on-year, while management expense ratio was 6.5%, down 0.5 percentage points year-on-year [3] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with five new models and several facelifts expected from the Geely brand [3] - The company is focusing on smart technology integration, with new models set to feature advanced driving assistance systems and the latest Nvidia chips [3][4] Market Outlook - The new platform (GEA architecture) is expected to support a new product cycle, enhancing profitability and market competitiveness [4] - The company anticipates a net profit of 16.1 billion yuan for 2025, with a corresponding PE ratio of 11.6X, maintaining a "buy" rating [4]

丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2025 年 Q1 业绩点评：新能源转型加 速盈利兑现，业绩符合预期 报告要点 [Table_Summary] 吉利汽车发布 2025 年一季度业绩。2025 年 Q1 实现营业收入 725.0 亿元，同比+24.5%，环比 持平，总销量 70.4 万辆，同比+47.9%，环比+2.5%，实现归母净利润 56.7 亿元，同比+263.6%， 环比+58.5%。新平台赋能，吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、 银河全面向好。各品牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃 油车基盘稳固，联营企业创新出海模式持续打开海外新空间。智能化战略开启，加速提升智驾 能力。整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 吉利汽车（0175.HK） c ...

Q&A Can you elaborate on the strategic integration of Zeekr and Lynk & Co brands and its impact on the company's performance in the first quarter of 2025? Since February, following the integration of Lynk & Co and Zeekr brands into Geely Group, significant progress has been made through various strategic initiatives. These include joint product research and development, upgrades to our manufacturing systems, enhanced user engagement, and stronger coordination across domestic and international channels. Thes ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车：推动极氪私有化，《台州宣言》深化 落地，利好公司长期发展 报告要点 [Table_Summary] 2025 年 5 月 7 日，吉利汽车宣布，计划收购极氪已发行全部股份，建议购买价为每股极氪股 份 2.57 美元或每股美国存托股票 25.66 美元。吉利汽车目前持有极氪约 65.7%的股份，如交 易完成，极氪将与吉利汽车实现完全合并，极氪将成为吉利汽车的全资附属公司。新平台赋能， 吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能 源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。智能化战略开启，加速提升智驾能 力。整车强势新周期下盈利具备较大弹性。 2025-05-15 港股研究丨公司点评 [Table_Rank]投 ...

李书福终于下定决心，让极氪以一种看起来不太优雅的方式告别纽交所。 5 月 7 日，吉利汽车控股有限公司（以下简称「吉利汽车」，股票代码：0175.HK）在港交所发布公告称，计划收购极氪智能科技有限公司（以下简称 「极氪」，股票代码：NYSE: ZK） 已发行的全部股份。 这一交易也同时意味着，于 2024 年 5 月 10 日正式登陆纽交所的极氪，在上市不到一年的时间里，就走向私有化，并且将从纽交所退市。 在上述消息发出后，极氪美股盘前大涨超 11%，并在 5 月 7 日当天实现 11.51% 的涨幅——5 月 8 日当天，吉利汽车港股股价也一度出现了 6.5% 的涨幅， 截至港股当日收盘，吉利汽车港股股价涨幅为 4.17%。 不过，无论是极氪上市之后在资本层面的一系列动态，还是极氪和吉利汽车集团也在业务层面的一系列进展，都足以说明，这并不是一个非常容易做出的 决定——相反，即使是整个吉利控股集团的角度来看，这个决定都意义重大。 事实上，这是只有李书福才能够拍板的决定。 两次折腾，都是因为《台州宣言》 极氪私有化，确实显得有些突然。 在官方给出的回应中，吉利汽车的表态是，此举是进一步落实《台州宣言》，聚焦汽车 ...

Group 1 - The core point of the article is the restructuring of the management team at Zeekr Technology Group, which reflects the company's strategic adjustments following the merger with Lynk & Co [1][2] - Zeekr Technology Group aims to become a leading global high-end luxury electric vehicle group, with plans to adjust product and technology strategies for both Zeekr and Lynk & Co brands [2] - The management changes indicate that Zeekr Technology Group is facing market pressure amid intense competition [2] Group 2 - For 2025, Zeekr Technology Group has set a sales target of 710,000 units, with Lynk & Co aiming for 390,000 units and Zeekr for 320,000 units, representing a 40% year-on-year growth [5] - In April, Zeekr Technology Group sold 41,316 vehicles, marking an 18.7% year-on-year increase and a 1.5% month-on-month increase, with Zeekr brand sales at 13,727 units and Lynk & Co at 27,589 units [5] - From January to April, the cumulative sales reached 165,300 units, achieving 23.28% of the annual target, with Zeekr brand at 55,000 units (17.19% of its target) and Lynk & Co at 110,400 units (28.31% of its target) [5] Group 3 - Zeekr Technology Group plans to launch five new products in 2025, including three new models for the Zeekr brand, such as the Zeekr 007 GT and two super electric hybrid products [5] - The Zeekr 007 GT has already been launched, priced between 202,900 to 232,900 yuan, while the flagship SUV Zeekr 9X made its global debut at the Shanghai Auto Show [5] - Lynk & Co will introduce two new models, including the Lynk 900 and an EM-P plug-in hybrid product, with the Lynk 900 targeting a top-three position in the mid-large SUV market [6]

● 本报记者 李嫒嫒 "现在购车送52升超大车载冰柜，以及5年免费使用辅助驾驶权益""'五一'期间综合优惠5.2万元""每台车 优惠2万元"…… "五一"假期，中国证券报记者实地探访了北京、杭州等多个汽车销售门店注意到，车企纷纷推出花式促 销活动，包括限时尾款直减、赠送辅助驾驶系统使用权益、赠送充电服务权益等。 车企花式优惠活动，叠加以旧换新政策，部分车型综合优惠超过5万元。业内人士指出，政策组合效应 将持续释放，车企新品密集发布或进一步激发二季度车市消费潜力。 促销手段多样 "小米汽车假期订单比较多，假期结束后进行排产，如果想今年提到车，就得开始订了。"5月5日，北京 荟聚商场的小米汽车销售告诉中国证券报记者，小米SU7标准版提车周期为半年左右。 "现在才下午三点，这款新车极氪007 GT今天已经卖了八台，晚上客流量会更高，订单预计也会增 长。"5月1日，北京一极氪门店的店长难掩兴奋地向顾客展示着店铺的订单情况。 中国证券报记者注意到，在极氪门店显眼位置，张贴着极氪007 GT上市权益海报，下单最高可享5.62万 元权益。店长表示，现在下单极氪007 GT，限时减3000元，如果是极氪车主增换购再减1.5万 ...

" 用四年时间，极氪完成了「从奔跑，到跨越」的品牌转变。 " 作者丨马广宇 编辑丨相辉 在品牌创立初期，极氪一直在思考，作为一家新的品牌，如何参与市场竞争，如何实现品牌向上，如何给 用户带来更好的体验。具体到产品上，那就是极氪应该做一款什么样的车？ 早期在内部设计中，极氪001是按照SUV去做的，核心原因在于，在中国市场做SUV和轿车有着极高的容 错率。但极为巧合的是，极氪是一家罕有的愿意向内剖析的企业，据安聪慧回忆到："极氪的产品理念是 从最难的做起，从豪华高端做起，同时走差异化之路。如果别人问五个'为什么'，我们就要问十个'为什 么'。" "今天，不只是007 GT上市的日子，也是极氪四周年的日子。" 4月15日，极氪宣布了两件大事：首先，极氪品牌成立四周年，并宣布正式进入"极氪 2.0"阶段，开始用 服务构建豪华。第二，极氪发布了进入"极氪 2.0"阶段后的首款新车极氪007 GT，而这也是领克与极氪 合并后，"极氪科技集团"的首款极氪车型。 四周年是极氪品牌从稚嫩走向成熟的时间标记，同时也难得让这个一直在奔跑的品牌有了回忆往昔的机 会。在这场发布会中，极氪科技集团CEO安聪慧感慨："极氪完成了不可能的 ...