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吉利汽车(00175.HK):销量增长势能持续 公司经营持续向上
Ge Long Hui· 2025-09-05 20:21
Core Viewpoint - Geely Automobile reported strong sales and revenue growth in August 2025, indicating a positive trend in the company's performance and market position [1] Sales Performance - In August 2025, Geely's wholesale sales reached 250,000 units, a year-on-year increase of 38% and a month-on-month increase of 5.2% [1] - Domestic sales accounted for 214,000 units, up 58% year-on-year, while exports were 36,000 units, down 22% year-on-year [1] - The Galaxy brand showed significant growth, with sales of 111,000 units in August, a year-on-year increase of 320% [1] Financial Performance - For the first half of 2025, Geely achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, and a core net profit of 6.7 billion yuan, up 100% year-on-year [1] - In Q2 2025, the company reported revenue of 77.8 billion yuan, a year-on-year increase of 28%, and a net profit of 3.6 billion yuan, up 19 billion yuan year-on-year [1] Strategic Developments - Geely is advancing its electric and intelligent transformation, with new models set to launch, including the Galaxy M9 and Lynk & Co 10 EM-P [1] - The company has raised its 2025 sales target from 2.71 million to 3 million units, reflecting confidence in its growth trajectory [1] - The integration of Geely, Galaxy, Lynk & Co, and Zeekr brands is expected to enhance cost efficiency and drive profitability [1] Future Outlook - The company forecasts total sales of 3.02 million, 3.4 million, and 3.96 million units for 2025-2027, representing year-on-year growth of 53%, 13%, and 16% respectively [1] - Geely's long-term strategy includes building an AI ecosystem through industry chain integration, which is anticipated to enhance competitiveness and business model [1] Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted upwards to 353.5 billion, 449.7 billion, and 530.1 billion yuan, reflecting year-on-year growth of 47%, 27%, and 18% [2] - The net profit estimates have also been revised to 16 billion, 21.8 billion, and 26.6 billion yuan, corresponding to a PE ratio of 10.8, 7.9, and 6.5 [2] - The target price is set at 26.04 HKD, indicating a potential upside of 39%, maintaining a "strong buy" rating [2]
吉利汽车(00175.HK):银河销量持续向好 预计市占率将持续提升
Ge Long Hui· 2025-09-04 04:18
Group 1 - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [1] - New energy vehicle sales for Geely in August were 147,300 units, showing a year-on-year growth of 95.2% and a month-on-month increase of 13.2% [1] - Geely's total sales from January to August amounted to 1,897,100 units, reflecting a year-on-year increase of 47.3%, achieving 63.2% of the annual target of 3 million units by the end of August [1] Group 2 - In August, Geely's brand sales were 205,300 units, a year-on-year increase of 45.9% and a month-on-month increase of 6.1% [1] - The Geely Galaxy model sold 110,700 units in August, marking a year-on-year increase of 172.6% and a month-on-month increase of 16.4% [1] - The Geely Galaxy M9, a new large six-seat SUV, has begun pre-sales with a competitive price range of 193,800 to 258,800 yuan, achieving over 40,000 orders within 24 hours [1] Group 3 - Zeekr brand sales in August were 17,600 units, a year-on-year decrease of 2.2% but a month-on-month increase of 3.8% [2] - Lynk & Co brand sales in August reached 27,200 units, a year-on-year increase of 20.8% [2] - The Zeekr 9X has officially started pre-sales with a price range of 479,900 to 569,900 yuan, receiving over 42,000 orders within the first hour, indicating strong consumer demand for higher-end versions [2] Group 4 - The forecast for EPS from 2025 to 2027 is 1.49, 1.75, and 2.12 yuan respectively, maintaining a target price of 22.35 yuan [3] - The average PE valuation for comparable companies in 2025 is set at 15 times [3]
吉利汽车(00175):银河销量持续向好,预计市占率将持续提升
Orient Securities· 2025-09-03 12:38
Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7]. Core Views - Geely's sales continue to improve, with a projected increase in market share [2]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.49, 1.75, and 2.12 RMB respectively, while maintaining a target price of 22.35 RMB, equivalent to 24.54 HKD [4]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 179,204 million RMB - 2024A: 240,194 million RMB - 2025E: 319,444 million RMB (33.0% YoY growth) - 2026E: 381,363 million RMB (19.4% YoY growth) - 2027E: 442,685 million RMB (16.1% YoY growth) [6]. - **Operating Profit**: - 2023A: 3,806 million RMB - 2024A: 7,644 million RMB (100.8% YoY growth) - 2025E: 14,116 million RMB (84.7% YoY growth) - 2026E: 16,739 million RMB (18.6% YoY growth) - 2027E: 20,314 million RMB (21.4% YoY growth) [6]. - **Net Profit**: - 2023A: 5,308 million RMB - 2024A: 16,632 million RMB (213.3% YoY growth) - 2025E: 15,121 million RMB (-9.1% YoY decline) - 2026E: 17,735 million RMB (17.3% YoY growth) - 2027E: 21,451 million RMB (21.0% YoY growth) [6]. - **Earnings Per Share (EPS)**: - 2023A: 0.53 RMB - 2024A: 1.65 RMB - 2025E: 1.49 RMB - 2026E: 1.75 RMB - 2027E: 2.12 RMB [6]. - **Profitability Ratios**: - Gross Margin: Expected to increase from 15.3% in 2023A to 16.7% in 2027E - Net Margin: Expected to improve from 3.0% in 2023A to 4.8% in 2027E - Return on Equity (ROE): Expected to rise from 6.6% in 2023A to 14.6% in 2027E [6]. Sales Performance Summary - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [11]. - New energy vehicle sales in August were 147,300 units, showing a year-on-year growth of 95.2% [11]. - The company has achieved 63.2% of its annual sales target of 3 million units by the end of August [11]. Product Development and Market Position - The Galaxy brand's sales are on the rise, with significant contributions from new product launches [11]. - The Galaxy A7 and Galaxy M9 are expected to enhance market competitiveness, with pre-sales showing strong demand [11]. - Zeekr 9X has also shown promising pre-sale figures, indicating strong consumer interest in high-end models [11].
吉利汽车2025年上半年营收首破1500亿元,上调全年目标至300万辆
Core Insights - Geely Automobile Holdings Limited reported record-high revenue, profit, and sales for the first half of 2025, with revenue reaching 150.3 billion yuan, a 27% year-on-year increase, and a net profit of 9.29 billion yuan, representing a 102% growth [1][2] Financial Performance - The company achieved a gross profit of 24.7 billion yuan, with a gross margin of 16.4%, and total cash levels increased to 58.8 billion yuan [1][2] - The annual sales target was raised from 2.71 million to 3 million units, reflecting strong market confidence and resilience [1] Strategic Initiatives - Geely's "One Geely" strategy has been effectively implemented, enhancing internal resource integration and operational synergy [2] - The merger of Zeekr and Lynk & Co has led to significant synergies in R&D, manufacturing, and management costs [2] New Energy Growth - Geely's total sales reached 1.409 million units, a 47% increase year-on-year, with new energy vehicle sales soaring to 725,000 units, a 126% increase, achieving a market share of over 10% [3] - The Galaxy brand, after becoming independent, saw sales rise by 232% to 548,000 units, while Zeekr maintained its leading position in the high-end market with 90,740 units sold [3] Technological Advancements - Geely has established a comprehensive AI ecosystem, launching the "Smart Geely 2025" strategy, which includes the industry's first "full-domain AI" technology system [4] - The company has developed advanced battery technologies and AI-powered systems, enhancing product competitiveness and safety [4] Global Expansion - Geely's export sales exceeded 180,000 units in the first half of the year, with the Galaxy E5 international version entering 26 countries [5] - The company aims to solidify its leading position in the global smart electric vehicle market with the launch of five new energy products in the second half of the year [5]
海通国际:关注吉利汽车下半年重磅新车发布 维持“优于大市”评级 目标价27.45港元
Zhi Tong Cai Jing· 2025-08-18 08:19
Group 1 - The core viewpoint of the reports indicates that Geely Automobile is expected to see significant growth in vehicle deliveries and profitability from 2025 to 2027, with projected deliveries of 3.09 million, 3.53 million, and 3.93 million vehicles, and a corresponding increase in new energy penetration rates to 54%, 55%, and 63% respectively [1] - The company reported a revenue of 150.28 billion RMB in the first half of the year, representing a year-on-year growth of 27%, which slightly exceeded market expectations [1] - Geely's vehicle sales reached 1.409 million units in the same period, marking a 47% year-on-year increase, leading to a market share increase to 10.4%, up 2.4 percentage points from the previous year [1] Group 2 - The merger between Geely and Zeekr is progressing, with both shareholder meetings scheduled for September, aiming to finalize the merger by the end of the year [2] - Post-merger, Geely plans to establish two major business groups: Geely Galaxy and Zeekr Technology, while retaining its existing fuel vehicle series, thus creating a diversified brand portfolio [2] - The company aims to accelerate the launch of new products in the second half of the year, focusing on healthy and high-quality development amidst market competition [2] Group 3 - Several new models from Geely are anticipated in the second half of 2025, including the Galaxy A7, which has already launched, and the Galaxy M9, expected to set a benchmark in the mid-to-large SUV market [3] - The Galaxy Xingyao 6 is projected to redefine the compact hybrid car segment upon its release in the fourth quarter [3] - The Zeekr 9X, based on the Haohan-S architecture, is expected to launch in the third quarter and is anticipated to represent Geely's new generation of flagship technology [3]
海通国际:关注吉利汽车(00175)下半年重磅新车发布 维持“优于大市”评级 目标价27.45港元
智通财经网· 2025-08-18 08:17
Group 1 - The core viewpoint of the report is that Geely Automobile is expected to see significant growth in vehicle deliveries and profitability from 2025 to 2027, with projected deliveries of 3.09 million, 3.53 million, and 3.93 million vehicles, and an increasing penetration rate of new energy vehicles [1] - Geely's revenue for the first half of the year reached 150.28 billion RMB, a year-on-year increase of 27%, slightly exceeding market expectations, while vehicle sales reached 1.409 million units, up 47% year-on-year, leading to a market share increase to 10.4% [1][2] - The company aims to narrow the gap with industry leaders to within 4% and has set a goal to surpass them in market share [1] Group 2 - The merger between Geely and Zeekr is progressing, with both shareholder meetings scheduled for September, and if approved, the merger is expected to be completed by the end of the year [2] - Post-merger, Geely will establish two major business groups: Geely Galaxy and Zeekr Technology, while retaining the China Star fuel vehicle series, creating four distinct brands to cover diverse markets [2] - The company plans to accelerate the launch of new products in the second half of the year, focusing on fair and high-quality development amidst market challenges [2] Group 3 - Several new models from Geely are anticipated in the second half of 2025, including the Galaxy A7, Galaxy M9, and Galaxy Xingyao 6, which are expected to set benchmarks in their respective segments [3] - The Zeekr 9X, based on the Haohan-S architecture, is also expected to launch in the third quarter, representing Geely's new flagship technology [3]
吉利汽车(00175):上半年营收高增,利润符合预期,关注下半年重磅新车发布
Investment Rating - Maintain OUTPERFORM rating with a target price of HK$27.45 [2][4][12] Core Insights - The company achieved a revenue growth of 27% YoY in H1 2025, reaching Rmb150.28 billion, slightly above market expectations, with vehicle sales increasing by 47% YoY to 1.409 million units, resulting in a market share of 10.4% [5][13] - The company aims to narrow the market share gap with the industry leader to less than 4% and ultimately overtake them [5][13] - The gross margin for H1 2025 was reported at 16.4%, a slight decrease of 0.3 percentage points YoY [5][13] - The net cash position stood at Rmb38.91 billion, indicating a strong liquidity position [5][13] Financial Performance - The reported net profit attributable to shareholders was Rmb9.29 billion, down 14% YoY, but core net profit surged 102% YoY to Rmb6.66 billion [5][14] - Selling and administrative expenses (SG&A) saw a significant reduction, with the selling expense ratio at 5.6% and administrative expense ratio at 1.9%, reflecting improved efficiency from brand integration [5][14] - R&D spending decreased by 8.6% YoY to Rmb8.35 billion, with the R&D-to-revenue ratio at 5.6% [5][14] Strategic Developments - The merger with Zeekr is on track, pending shareholder approvals, aiming to streamline operations and enhance efficiency [6][15] - Post-merger, the company will focus on four distinct brands: Geely Auto, Geely Galaxy, Zeekr, and Lynk & Co, with a strategy to accelerate new model launches in H2 2025 [6][15] - The company emphasizes a shift towards fair and high-quality growth in the automotive market, moving away from price wars [6][15] Product Pipeline - Key new launches in H2 2025 include: 1. Galaxy A7, launched in August, targeting the Rmb100k PHEV sedan segment [7][16] 2. Galaxy M9, a flagship PHEV SUV expected in Q3 [7][16] 3. Galaxy Xingyao 6, a compact PHEV sedan launching in Q4 [7][16] 4. Zeekr 9X, set to launch in Q3 as a new tech flagship [7][16]
吉利汽车(00175.HK):Q2业绩符合预期 新车周期强势
Ge Long Hui· 2025-08-16 19:55
Core Viewpoint - The company reported Q2 2025 revenue of 77.79 billion yuan, with year-on-year and quarter-on-quarter growth of 28.4% and 7.3% respectively, while net profit attributable to shareholders was 3.62 billion yuan, showing a decline of 60.0% year-on-year and 36.2% quarter-on-quarter, indicating overall performance in line with expectations [1] Group 1: Revenue and Sales Performance - The company achieved total sales of 705,000 units in Q2, reflecting a year-on-year increase of 46.9% and a slight quarter-on-quarter increase of 0.2% [1] - The average selling price (ASP) per vehicle was 110,000 yuan, with a year-on-year decrease of 12.6% and a quarter-on-quarter increase of 7.1%, primarily due to price competition and an increase in the sales proportion of lower-priced models [1] - The company expects ASP to improve with the upcoming launch of higher-priced models such as the Zeekr 9X in the second half of the year [1] Group 2: Profitability and Margins - The gross margin for Q2 2025 was 17.1%, with a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 1.3 percentage points, attributed to economies of scale and enhanced profitability of new energy products [1] - The overall profit per vehicle was 4,500 yuan (excluding foreign exchange and subsidiary sales impacts), showing significant year-on-year improvement of 64.59% [2] Group 3: Expenses and Other Income - The expense ratios for sales, R&D, and administrative costs in Q2 were 6.1%, 5.1%, and 3.7% respectively, with year-on-year changes of -0.1, -0.4, and +1.0 percentage points, and quarter-on-quarter changes of +1.1, +0.6, and +1.8 percentage points [2] - Other income for Q2 was 1.17 billion yuan, with a year-on-year increase of 156.4% but a quarter-on-quarter decrease of 67.5%, including foreign exchange gains of approximately 450 million yuan [2] Group 4: Future Outlook and Profit Forecast - The company plans to launch several new energy models by the end of the year, including the Galaxy M9 and Zeekr 9X, contributing to an upward revision of the annual sales target to 3 million units [3] - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 15 billion, 22.1 billion, and 29.5 billion yuan respectively, with corresponding price-to-earnings ratios of 12, 8, and 6 times, maintaining a "buy" rating for the company [3]
【2025二季报点评/吉利汽车】Q2业绩符合预期,新车周期强势
Core Viewpoint - The company's Q2 2025 performance aligns with expectations, showing a significant increase in revenue but a decline in net profit due to various factors including pricing competition and changes in product mix [2][3]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 77.79 billion yuan, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3% [2]. - The net profit attributable to the parent company was 3.62 billion yuan, reflecting a year-on-year decrease of 60.0% and a quarter-on-quarter decrease of 36.2% [2]. - The total sales volume for Q2 was 705,000 units, with a year-on-year increase of 46.9% and a quarter-on-quarter increase of 0.2% [3]. Margin and Cost Structure - The gross margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 1.3 percentage points [3]. - The company’s operating expenses for sales, R&D, and administrative costs were 6.1%, 5.1%, and 3.7% respectively, with year-on-year changes of -0.1%, -0.4%, and +1.0 percentage points [3]. Other Income and Profitability - Other income for Q2 2025 was 1.17 billion yuan, with a year-on-year increase of 156.4% but a quarter-on-quarter decrease of 67.5% [3]. - Excluding foreign exchange impacts, the adjusted net profit was approximately 3.17 billion yuan, with a year-on-year increase of 141.8% and a quarter-on-quarter decrease of 9.0% [3]. Future Outlook and Investment Rating - The company plans to launch several new energy vehicle models by the end of the year, including the Galaxy M9 and Zeekr 9X, which are expected to improve the average selling price (ASP) [4]. - The annual sales target has been revised upward to 3 million units, leading to an increase in profit forecasts for 2025, 2026, and 2027 to 15 billion, 22.1 billion, and 29.5 billion yuan respectively [4]. - The company maintains a "buy" rating with projected price-to-earnings ratios of 12, 8, and 6 for the respective years [4].
吉利汽车(00175):吉利汽车(00175.HK)2025二季报点评:Q2业绩符合预期,新车周期强势
Soochow Securities· 2025-08-15 11:37
Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [1] Core Views - The Q2 performance of Geely Automobile met expectations, with a strong new vehicle cycle [1] - The company has adjusted its annual sales target to 3 million units due to strong performance in the first half of the year [8] - New models are set to launch, including the Galaxy A7 and several other new energy vehicles, which are expected to improve average selling price (ASP) [8] Financial Summary - Total revenue for Q2 was 77.79 billion yuan, with a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3% [8] - Net profit for Q2 was 3.62 billion yuan, showing a year-on-year decrease of 60.0% and a quarter-on-quarter decrease of 36.2% [8] - The company achieved total sales of 705,000 units in Q2, with a year-on-year increase of 46.9% [8] - The ASP for vehicles was 110,000 yuan, with a year-on-year decrease of 12.6% [8] - Gross margin for Q2 was 17.1%, with a year-on-year decrease of 0.7 percentage points [8] - The company expects to achieve net profits of 15 billion yuan, 22.1 billion yuan, and 29.5 billion yuan for 2025, 2026, and 2027 respectively [8] Earnings Forecast and Valuation - The earnings per share (EPS) for 2023, 2024, 2025, 2026, and 2027 are projected to be 0.53 yuan, 1.65 yuan, 1.49 yuan, 2.20 yuan, and 2.93 yuan respectively [1] - The price-to-earnings (P/E) ratios for the same years are projected to be 33.26, 10.62, 11.79, 7.98, and 5.98 respectively [1] - The company’s total revenue is expected to grow from 179.85 billion yuan in 2023 to 511.66 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.15% [1]