机构：辉立证券(香港) 研究员：章晶 公司簡介 吉利汽車是我國自主品牌乘用車領軍企業之一，主營乘用車及核心零部件的研發、生產和銷售，自主掌 握汽車領域核心技術，廣泛佈局主流車型市場。公司旗下產品包括吉利、幾何、領克、極氪、睿藍、銀 河六大子品牌，覆蓋A0 至C 級乘用車市場。 投資概要 上半年業績強勁，核心淨利同比翻番 吉利汽車公佈2025 年中期業績，2025 年上半年的總收入達到 1502.8 億元（人民幣，下同），同比 +26.5%，創歷史新高；歸母淨利潤92.9 億元，同比-13.9%；如果剔除外匯匯兑收益、減值虧損及2024 年視為出售附屬公司之收益後，核心歸母利潤為 66.6億元，同比+102%。 第二季度單季度，公司實現營業收入777.9 億元，同/環比分別+28.4%/+7.3%；我們測算扣除匯兑收益及 一次性收益影響後的核心歸母淨利潤約31.8 億元，同/環比分別+127%/-8.7%。 新能源車銷量快速增加，占比超50% 上半年公司累計總銷量達到140.9 萬輛，同比+47.4%，遠高於同期國內乘用車行業+13%的銷量同比增 速。其中，新能源車累計72.5 萬輛，同比+126.5%，占比5 ...

Core Viewpoint - Tesla has launched the Model Y L in China, priced starting at 339,000 yuan, with deliveries expected in September 2023, amid increasing market competition and declining sales figures [1][3]. Group 1: Product Launch and Specifications - The Model Y L is a large six-seat pure electric SUV, featuring a body length increase of 179mm and a wheelbase extension of 150mm compared to the standard Model Y [3]. - It is equipped with a dual-motor all-wheel drive system, achieving a 0-100 km/h acceleration in just 4.5 seconds, and has a CLTC range of 751 km powered by an 82 kWh lithium-ion battery [3]. Group 2: Market Context and Competition - Tesla's global delivery volume for the first half of the year was 721,000 units, reflecting a 13% year-on-year decline, with China-specific wholesale and retail volumes dropping by 14.6% and 5.4% respectively [3][4]. - The domestic market for electric vehicles priced between 250,000 and 300,000 yuan is highly competitive, with brands like Xiaomi, Zeekr, Xpeng, and Li Auto gaining traction [4][5]. - The introduction of the Model Y L aims to fill a gap in the six-seat mid-size pure electric SUV segment, expanding Tesla's market coverage and catering to family-oriented consumers [5][6].

Core Insights - Zeekr Technology reported a total revenue of 27.431 billion yuan for Q2, with a comprehensive gross margin of 20.6%, marking a year-on-year increase of 2.6 percentage points [1] - The integration of Zeekr and Lynk & Co brands has led to significant cost reductions and improved financial performance, with operating profit reaching 285 million yuan for the first time [2] - The average price of Zeekr vehicles is nearly 300,000 yuan, indicating a focus on the luxury market [5] Financial Performance - Total revenue for the first half of the year reached 49.450 billion yuan, with a year-on-year growth of 14.5% in vehicle deliveries [2] - The gross margin for vehicles reached a record high of 17.3%, up 5.8 percentage points year-on-year [1] - R&D expenses decreased significantly, with Q2 expenses at 2.15 billion yuan compared to 2.9 billion yuan in Q1 [1] Market Position - Zeekr has become a leader in the high-end luxury market, with the Zeekr 009 series being the best-selling MPV in the 400,000 yuan and above category [2][5] - The brand's focus on luxury and technology has attracted high-net-worth individuals, with over 75% of Zeekr 009 users belonging to this demographic [6] - The company aims to redefine the luxury market with the upcoming launch of the Zeekr 9X, targeting the 600,000 yuan and above segment [8] Product Development - Zeekr is set to launch several new models in the second half of the year, including the Zeekr 9X, which features advanced driving assistance technology [8][9] - The integration of Lynk & Co's technology into Zeekr's product lineup is expected to enhance competitiveness in the market [9] - The company is focusing on both brand elevation and user satisfaction through technological advancements and product upgrades [9]

Core Insights - Geely Automobile reported a revenue of 150.28 billion yuan for the first half of 2023, marking a 27% year-on-year increase, while net profit attributable to shareholders decreased by 14% to 9.29 billion yuan [1][5] - The company achieved a sales volume of 1.409 million vehicles, a 47% increase year-on-year, making it one of the fastest-growing car manufacturers in China [3][9] - Geely's Galaxy brand saw exceptional growth, with sales reaching 548,000 units, a staggering 232% increase year-on-year [3][7] Financial Performance - Revenue reached a historical high of 150.28 billion yuan, while net profit fell to 9.29 billion yuan, primarily due to a one-time gain from a transaction with Renault in the previous year [5][11] - The gross profit margin slightly decreased by 0.3 percentage points to 16.4% [5][7] - Core net profit, excluding foreign exchange losses, was 6.66 billion yuan, representing a 102% increase compared to the previous year [5] Market Position and Strategy - Geely is narrowing the market share gap with leading competitors like BYD, with the difference now reduced to 4 percentage points [3][11] - The company plans to increase its annual sales target from 2.71 million to 3 million vehicles [9][10] - The merger with Zeekr is ongoing, with shareholder meetings scheduled for September to finalize the legal completion of the merger [10][11] Product Development and Sales - Geely Galaxy has become the main force in the company's new energy vehicle segment, contributing over half of the group's total new energy vehicle sales [7][9] - The company plans to launch several new models, including the Galaxy A7 and Galaxy M9, aiming for a total sales target of 1 million units for the Galaxy brand [10][11] - The Lynk & Co brand sold 154,000 vehicles, a 22% increase, while Zeekr's sales reached 91,000 units, a 3% increase [8]

Group 1: Hong Kong Stock Market Performance - Zhengda Enterprise International (03839) surged over 20% after reporting a revenue of approximately $323 million, a year-on-year increase of 199.44%, and a net profit attributable to shareholders of $17.046 million, up 768.36% [2] - Zhenjiu Lidu (06979) rose over 11% as research indicated that the liquor industry is moving towards a performance bottom, with expectations for a trend reversal in stock prices ahead of demand recovery [2] - Lithium stocks fell, with Tianqi Lithium (09696) down over 7.5% and Ganfeng Lithium (01772) down over 5.7%, due to anticipated long-term production halts affecting domestic lithium carbonate output by nearly 12% [2] - China General Nuclear Power (01816) increased over 3% as it plans to commission multiple nuclear units between 2025 and 2030, with expectations of a long-term price rebound in the Guangdong region [2] Group 2: Company Earnings Reports - Hillstone Technology (01478) reported a revenue of 8.832 billion RMB for the first half of the year, a year-on-year increase of 15.1%, and a net profit of 308 million RMB, up 167.6% [4] - Jinsongzi (06896) fell nearly 20% after issuing a profit warning, expecting a profit decrease of about 37% compared to the same period in 2024 [4] - Jinke Services (09666) rose over 7% after announcing an expected net profit of approximately 0 to 100 million RMB for the six months ending June 30, 2025, compared to a net loss of 194.4 million RMB in the same period last year [4] - Jingtai Holdings (02228) increased nearly 5%, forecasting a comprehensive income of no less than 500 million RMB for the first half of 2025, a year-on-year increase of at least 387% [4] Group 3: U.S. Stock Market Highlights - AMD (AMD.US) fell 0.28% after confirming it received preliminary approval for AI chip exports to China [6] - TSMC (TSM.US) rose 0.11% with July sales reaching approximately $10.806 billion, a year-on-year increase of 25.8% [6] - Micron Technology (MU.US) increased by 4.06% after raising its revenue guidance for Q4 2025 to $11.1 billion to $11.3 billion, citing improved DRAM pricing conditions [6] - Intel (INTC.US) rose 3.51% amid news of CEO Pat Gelsinger's planned discussions with the White House [7] Group 4: Emerging Companies and Innovations - Tesla (TSLA.US) rose 2.85% after applying for a power supply license in the UK, aiming to compete with local energy giants [8] - Bilibili (BILI.US) increased by 1.67%, with a report highlighting that 70% of China's Z+ generation are users of the platform, indicating strong user engagement [8] - XPeng Motors (XPEV.US) continued to rise by 5.84% as its new extended-range model entered the new vehicle announcement list, indicating an upcoming launch [8]

Domestic News - Hubei Xiaogan offers a maximum subsidy of over 22,500 yuan for purchasing new energy vehicles, with significant consumer interest leading to 150 orders and over 600 test drives recorded at the event [6] - Zhongchuang Innovation and GAC Gaoyue signed a strategic cooperation agreement in the eVTOL field, aiming to standardize power products for eVTOL applications, with a new battery achieving over 300Wh/kg energy density [7] - Chengdu has launched a new round of automobile consumption subsidies, offering up to 6,500 yuan for purchasing new cars in specific districts [8] - GAC Group announced a high-end brand in collaboration with Huawei, expected to launch next year, targeting the high-end market with advanced technology solutions [9] - The ZhiJie brand 2.0 strategy is accelerating, with user centers being established in multiple cities to enhance customer engagement [10] - Zeekr 7X has officially launched in the Australian market with a starting price of 57,900 AUD, featuring advanced battery options and impressive range [11] - From September 1, Jiangsu Province will waive towing fees for vehicles in need of rescue on highways, ensuring free service for stranded motorists [12] - Xiaopeng Motors added 86 self-operated charging stations in July, expanding its network to over 2,440 stations across 430 cities [13] International News - Tesla has received a ride-hailing license in Texas, paving the way for its Robotaxi service under new state regulations [15] - The Indian government has extended its $1.2 billion electric vehicle subsidy program for two more years, aiming to boost EV adoption and infrastructure [16] - Brazil's automotive exports are expected to surge by 38.4% this year, driven by strong demand from Argentina, significantly revising previous forecasts [17] - Italy has approved a new subsidy plan worth approximately 698 million USD to stimulate electric vehicle sales, offering substantial incentives for buyers [18] Commercial Vehicles - Yuanmeng's alcohol-hydrogen products have officially launched in Inner Mongolia, with significant orders for hydrogen-powered trucks and buses [19] - GAC Lingcheng's new energy heavy truck T9 has officially rolled off the production line, marking a breakthrough in high-end new energy commercial vehicles [20] - JAC's electric pickup truck, HanTu EV, has been successfully delivered to a Singaporean airline, enhancing JAC's presence in the international market [21] - Weidu's pure electric heavy truck has completed successful tests in Australia, demonstrating competitive performance in heavy-duty scenarios [22][23]

Core Viewpoint - The Ministry of Industry and Information Technology has announced the new models of Zeekr 001, indicating advancements in electric vehicle technology and product offerings from the company [1] Group 1: Product Specifications - The new Zeekr 001 model has three versions approved, with dimensions of 4977mm in length, 1999mm in width, and a height of 1545/1533mm, and a wheelbase of 3005mm [1] - The single motor version has a maximum power output of 370kW, while the dual motor version has a total power of 680kW, with front and rear power outputs of 310kW and 370kW respectively [1] - The vehicle will utilize both ternary lithium-ion batteries from Geely and lithium iron phosphate batteries from Jiyou [1] Group 2: Product Update Plans - Zeekr has announced its product update plan for the second half of the year, which includes models such as Zeekr X, Zeekr 007, Zeekr 001, and Zeekr 7X [1] - The Zeekr 007 will see adjustments in interior and exterior details, while the assisted driving system and battery drive system will remain unchanged [1] - The Zeekr 001 will feature the Thor-U chip and a 900V high-voltage system, along with minor adjustments to interior and exterior details [1] - Some models of the Zeekr 7X will also be equipped with the Thor-U chip and 900V high-voltage system, with similar minor adjustments to details [1]

Group 1: Advanced Manufacturing Sector - The sales of Zeekr cars have significantly declined, with June sales at 16,702 units, a year-on-year decrease of 16.93%, and a total of 90,740 units sold in the first half of 2025, reflecting a growth of only 3.26% compared to the previous year, which is a stark drop from the 106.1% growth rate in 2024 [1][2] - The brand's reliance on a few popular models, particularly the Zeekr 001 and 7X, which accounted for nearly 70% of total sales in 2024, has led to market share erosion due to increased competition from models like Xiaomi SU7 and XPeng P7i [2] - Frequent quality issues have undermined brand trust, with Zeekr 001 receiving a high number of complaints related to battery failures and unfulfilled smart driving features [2] Group 2: Consumer Sector - Ecovacs has reported a significant increase in performance for the first half of 2025, with net profit expected to be between 960 million to 990 million yuan, representing a year-on-year growth of 57.64% to 62.57% [4] - The strong performance is closely tied to the robust sales of the company's vacuum cleaner business, which saw a 51% increase in online sales in the second quarter of 2025 [4] - The market for vacuum and washing machines continues to thrive, driven by government subsidy policies, with online sales for these categories growing by 36% and 41% respectively in the second quarter of 2025 [4]

Core Viewpoint - The launch of the Lantu FREE+ marks a significant advancement in the company's product lineup, featuring competitive pricing and advanced technology partnerships with Huawei [1][3][5]. Group 1: Product Launch and Features - Lantu FREE+ was officially launched on July 12, with three models priced between 219,900 and 279,900 yuan, reflecting a 10,000 yuan decrease from the pre-sale price [1]. - The vehicle includes various launch benefits such as a 2,000 yuan deposit offsetting 5,000 yuan, up to 30,000 yuan in trade-in subsidies, and enhanced configurations [1]. - The Lantu FREE+ is a successor to the original Lantu FREE, developed over four years with an investment exceeding 500 million yuan and featuring 1,366 upgrades [3]. Group 2: Technology and Collaboration - The Lantu FREE+ is equipped with Huawei's advanced driving assistance system, ADS 4, and HarmonySpace 5 cockpit system, enhancing user experience with features like P2P parking and VPD 2.0 for valet charging [5][16]. - The collaboration with Huawei has resulted in a significant user base, with over 700,000 active users of Huawei's driving assistance and a total of 3.5 billion kilometers driven using the technology [7]. Group 3: Market Position and Competition - Lantu aims to position the FREE+ as a premium offering in the 200,000 to 300,000 yuan electric SUV market, competing against models like Xiaomi YU7, XPeng G7, and Tesla Model Y [9]. - The vehicle received over 35,000 pre-orders within 18 days and achieved 11,583 orders within the first 15 minutes of its official launch, indicating strong market interest [9]. Group 4: Specifications and Design - The Lantu FREE+ features a distinctive design language and dimensions of 4,915 mm in length, 1,960 mm in width, and 1,660 mm in height, with a wheelbase of 2,960 mm [11]. - Interior features include high-quality materials, advanced comfort configurations, and a comprehensive infotainment system capable of supporting over 50,000 applications [14][16]. - The vehicle's powertrain consists of a 1.5T range extender and electric motor, with options for two-wheel and four-wheel drive, offering a range of 235 km to 190 km depending on the configuration [16][17].

Group 1: Order Situation - New orders per store: 35 to 40 units [1] - Store visit rate: 60% to 70% [1] - Increase in store visits: 50% [1] - Notable factors include early arrival of display and test drive vehicles, pricing exceeding expectations, and a significant concentration of orders in first- and second-tier cities, with lead generation reaching historical highs [1] - Introduction of G7 is essential during store visits, with weekend test drives experiencing a surge, positively impacting P7+ and G6 sales [1] Group 2: Customer Profile - Primary customer age range: 25 to 35 years [2] - Male proportion: 70% to 80% [2] - Trade-in and replacement purchase ratio: 60% to 70% [2] - Main customer demographic consists of young couples, with a higher male representation, focusing on the manufacturer's advertised computing power and configuration [2] Group 3: Configuration Choices - Popular colors: New Moon Silver and Star Day Gray [3] - Interior colors: Cosmic Gray and Secret Blue [3] - 50% of customers opt for a 2-year interest-free financing option [3] - Strong customer perception of AR-HUD effects, requiring robust experiential feedback, with chassis quality exceeding expectations; new color options received positive feedback, particularly among family users who prefer darker interiors [3] Group 4: Competitor Comparison - Among 10 customers, 3 compared with Tesla Model Y, 3 with Xiaomi YU7, 2 with Zeekr 7X, and 2 with Li Auto L6 [5] - 5 customers chose the 702 Ultra version priced at 225,800 [5] - 3 customers selected the 702 Max version priced at 205,800 [5] - 2 customers opted for the 602 Max version priced at 195,800 [5] - Notable concerns include younger customers favoring YU7, with a significant price gap post-launch leading to reduced comparison ratios; customers express concerns over Xiaomi's delivery timelines while exhibiting strong observation tendencies [6] - Comparison with Model Y is closely related to the proximity of Tesla stores, with customers prioritizing intelligent driving features and valuing the configuration and space offered by Xiaopeng [6]