光大证券发布研报称，维持吉利汽车(00175)"买入"评级，上调目标价至26.01港元，25Q3营收同比增长 26.5%，总销量大增，核心归母净利润实现59%的强劲增长，新车型如银河系列表现亮眼，极氪私有化 顺利推进，全球化布局加速。 光大证券主要观点如下： 极氪私有化顺利推进，全球化加速布局 管理层指引，法律层面极氪退市与吉利汽车合并已无任何障碍、预计将于2025年底完成极氪收购交割。 该行认为1)吉利和极氪整合与公司《台州宣言》打造"一个吉利"的主旨符合，预计整合后集团将实现进 一步资源优化+效益提升;2)公司全球化加速布局(管理层指引海外销量网络2026E可超1,000家、出口销量 2027E冲击百万辆目标)，预计随银河E5、星舰7、星愿等车型登陆多个海外市场，公司有望实现量利齐 升;3)公司通过打造领先技术、夯实新能源豪华细分市场布局，持续推进高端化智能化(极氪9X搭载千里 浩瀚H7+具备L3级能力的H9智驾方案，预售订单中80%来自原豪华品牌)。 盈利预测 看好公司车型周期向上+整合成效持续显现，该行分别上调2025E/2026E/2027E归母净利润预测 10%/3%/6%至177.4/191.8 ...

作者 | 周智宇 编辑 | 张晓玲 中国新能汽车行业正迎来一个关键分水岭。随着明年新能源汽车购置税免征政策退坡，新能源与燃油车 被拉回同一起跑线，汽车行业也将随之进入竞争更加激烈的阶段。 在11月17日的财报会上，吉利汽车控股行政总裁桂生悦坦言，明年行业将开始大浪淘沙，车企如果没有 强大的盈利能力，相信生存下去是非常艰难的。 他的这番话是对2025年中国车市的疯狂"内卷"的思考，也揭示了吉利去年以来一系列内部资源整合动作 的核心逻辑：面对这场即将到来的淘汰赛，谁都必须严阵以待。 这场淘汰赛的核心，是盈利能力的终极比拼。 这正是吉利今年以来疾风骤雨般整合内部资源、强调"一个吉利"的根本动因。从战略回归到组织架构， 再到推进极氪的私有化合并，吉利的目标只有一个：彻底消除内部消耗，将所有力量拧成一股绳，以最 高效率迎战。 桂生悦在会上透露："我们今年坚决落实回归一个吉利，内部的消耗已经完全没有了。"他同时明确了极 氪的合并进展，法律上已无障碍，目前只待ODI（境外直接投资）审批完成，预计今年的年底之前完成 所有的交割。 这场效率革命的成果，已经清晰地体现在了三季度的财务报表上。今年1-9月，管理费用率已从去年同 期 ...

吉利汽车 20251117 摘要 吉利汽车前三季度销量达 217 万辆，同比增长 46%，远超行业平均增 速，市场份额增至 10.2%，新能源车型占比 11%，同比增长 60.4%。 第三季度营收 892 亿元，环比增长 15%，同比增长 27%；前三季度累 计营收 2,395 亿元，同比增长 26%；归属股东核心净利润 39.6 亿元， 环比增长 25%，同比增长 19%。 新能源汽车销量显著增长，前三季度累计销量达 116.8 万辆，同比增长 114%，其中银河系列销量表现突出，同比增长 206%。 出口业务强劲增长，第三季度出口总量达 11.2 万辆，同比增长 19%， 新能源汽车出口销量达 3.6 万辆；前三季度累计出口 29.6 万辆，电动 车销量同比增长 24,018%。 第三季度毛利润 148 亿元，同比增长 11%，毛利率保持稳定，为 16.6%；销售费用率和研发投入率分别下降至 5.7%和 6.1%，运营效 率提升，核心净利润率升至 4.4%。 公司现金储备充足，截至 2025 年 9 月底，现金总余额为 601 亿元人民 币，净现金余额为 452 亿元人民币，为未来发展提供坚实保障。 公司 ...

Core Insights - Geely Automobile reported a record high revenue of 89.2 billion yuan for Q3 2025, marking a 27% year-on-year increase and a 15% quarter-on-quarter growth [1][3] - The net profit attributable to shareholders for Q3 2025 was 3.96 billion yuan, up 19% year-on-year and 25% quarter-on-quarter [3] - Geely's market share reached 10.2% in the first three quarters of 2025, reflecting a 28.1% year-on-year growth [3] Geely Automobile Financial Performance - Q3 2025 revenue: 89.2 billion yuan, a historical high, with a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [3] - Q3 2025 core net profit: 3.96 billion yuan, showing a year-on-year growth of 19% and a quarter-on-quarter growth of 25% [3] - Cumulative revenue for the first nine months of 2025: 239.5 billion yuan, up 26% year-on-year [3] - Cumulative core net profit for the first nine months of 2025: 10.62 billion yuan, a significant increase of 59% year-on-year [3] - Geely's sales volume reached 2.477 million units by the end of October 2025, achieving 82.6% of its annual target of 3 million units [1] Geely's Product Performance - The Galaxy series has surpassed 1 million units in sales this year, with the Xingyuan model consistently selling over 40,000 units per month [3] - The Zeekr brand is performing well in the high-end market, with the Zeekr 9X model receiving over 10,000 orders within 13 minutes of its launch [3] - Geely is positioned to potentially become the top-selling domestic car manufacturer if the growth trend continues into the next year [4] Xiaopeng Automobile Financial Performance - Xiaopeng Automobile reported a revenue of 20.38 billion yuan for Q3 2025, a remarkable year-on-year increase of 101.8% [5][7] - The net loss for Q3 2025 was 380 million yuan, significantly reduced compared to previous periods [5] - Q3 2025 vehicle deliveries reached 116,007 units, reflecting a year-on-year growth of 149.3% [5][7] - The gross margin for Q3 2025 was 20.1%, an increase of 4.8 percentage points year-on-year [5][7] - Cash reserves reached a record high of 48.33 billion yuan, with a quarter-on-quarter increase of 7.6 billion yuan [5][7] Xiaopeng's Market Position - Xiaopeng's Q3 2025 results indicate a strong growth trajectory, with significant increases in revenue, delivery volume, and gross margin [10] - The company's advancements in AI technology, including the recent humanoid robot launch, have sparked discussions and increased attention, suggesting potential for future profitability [10]

Core Insights - Geely Auto Holdings Limited reported strong sales growth for October 2025, with total sales reaching 307,133 units, a 35% increase compared to 226,686 units in the same month last year [3] - Year-to-date sales for 2025 reached 2,477,322 units, reflecting a 44% increase from 1,716,376 units in the same period last year [3] Brand Performance - Geely brand sales in October 2025 were 245,497 units, up 44% from 170,563 units year-on-year [1] - The Galaxy series under the Geely brand saw exceptional performance, with October sales of 127,476 units, a 101% increase from 63,492 units last year [2] - The Zeekr brand experienced a decline, with October sales of 21,423 units, down 14% from 25,049 units year-on-year [2] - Lynk & Co brand sales were 40,213 units in October 2025, a 29% increase from 31,074 units last year [2] New Energy Vehicles - The new energy vehicle segment showed significant growth, with pure electric vehicles (BEVs) selling 98,348 units in October, a 25% increase from 78,858 units year-on-year [2] - Cumulative sales of BEVs reached 892,072 units, a substantial 119% increase from 408,192 units in the same period last year [2] - Plug-in hybrid electric vehicles (PHEVs) saw remarkable growth, with October sales of 79,534 units, a 166% increase from 29,864 units year-on-year [4] - Year-to-date PHEV sales totaled 453,633 units, an 84% increase from 246,384 units last year [4] Export Performance - Geely's export sales in October 2025 were 41,568 units, a 23% increase from 33,904 units year-on-year [4] - Cumulative export sales for 2025 reached 337,696 units, a slight decline of 4% from 353,025 units in the same period last year [4]

Core Insights - In September, 10 out of 12 new energy vehicle (NEV) companies reported sales growth, indicating a positive trend for the first three quarters of the year [2] - However, only two new energy vehicle companies achieved over 75% of their annual sales targets, with nine companies falling below 50%, highlighting significant pressure to meet targets in the fourth quarter [2][5] - Traditional automakers showed a more optimistic performance, with three companies achieving over 70% of their sales targets, suggesting a better chance of meeting annual goals [2][8] New Energy Vehicle Companies - Among new energy vehicle companies, only Xiaopeng Motors and Leap Motor reached or exceeded a 75% target completion rate, with Xiaopeng selling 313,000 units (up 218%) and Leap Motor selling 396,000 units (up 129%) in the first nine months [4][6] - Xiaomi Motors also exceeded a 70% completion rate, selling 250,000 units (up 279%) [4] - Other companies, including Hongmeng Zhixing and Li Auto, faced challenges, with Hongmeng achieving only 34% of its target despite selling 344,000 units (up 10%) [6][10] - NIO sold 201,000 units (up 35%) but only reached 45% of its annual target [6][7] Traditional Automakers - BYD led traditional automakers with 3.219 million units sold (up 18%), achieving a 70% completion rate of its annual target of 4.6 million units [10] - Geely followed with 1.168 million units sold (up 114%) and a completion rate of 78% [10][11] - Changan and SAIC-GM-Wuling also exceeded 70% completion rates, with Changan selling 724,000 units (up 60%) [10][11] - Other traditional automakers like Chery and Great Wall Motors reported significant growth, with Chery selling 588,000 units (up 77%) [10][12]

Core Viewpoint - Geely Automobile Holdings Limited announced a share buyback plan with a maximum amount of HKD 2.3 billion, which will be executed in the open market after obtaining approval from the Hong Kong Stock Exchange [1][8] Financial Performance - In the first half of the year, the company achieved revenue of CNY 150.285 billion, a year-on-year increase of 27%, marking a historical high for the same period [3] - The net profit attributable to the parent company was CNY 9.290 billion, a year-on-year decline of 14%, but the core net profit, excluding foreign exchange losses, was approximately CNY 6.66 billion, representing a 102% increase compared to CNY 3.3 billion in the same period of 2024 [3] - The rapid growth in performance is attributed to a significant increase in sales, with total sales for Geely Holding Group reaching 1.9317 million units in the first half of 2025, a year-on-year increase of 30% [3] Sales Data - In September, Geely Automobile's monthly sales reached 273,125 units, a year-on-year increase of 35% [4][6] - For the first nine months of the year, total sales amounted to 2.170189 million units, a year-on-year increase of 46% [4][6] - The sales breakdown shows that the Geely brand grew by 55% to 1.785117 million units, while the Galaxy series saw a remarkable increase of 206% to 875,000 units [4][6] New Energy Vehicles - New energy vehicle sales surged by 126% to 725,200 units, contributing significantly to overall sales growth [3][4] - The Galaxy series has been a standout performer in the transition to smart new energy vehicles, with a rapid product rollout across various market segments [6][8] Future Outlook - Geely has raised its full-year sales target for 2025 from 2.71 million to 3 million units, with more new models set to launch in the second half of the year [8] - The Galaxy series model, Xingyao 6, is scheduled for release in October, with a pre-sale that began on September 26 [8]

Core Viewpoint - Beiqi Foton Motor's 2025 semi-annual report indicates a steady growth in both revenue and net profit, reflecting the company's robust operational performance and sustainable development strategy [1] Financial Performance - In the first half of 2025, Beiqi Foton achieved a revenue of 30.37 billion yuan, representing a year-on-year increase of 26.7% - The net profit attributable to shareholders reached 780 million yuan, up 87.6% compared to the previous year - The company reported an operating cash flow of 1.89 billion yuan, with a significant year-on-year growth of 415% [1] Market Strategy - Beiqi Foton is focusing on its core commercial vehicle business while promoting marketing innovation and leveraging both domestic and international markets, resulting in a sales volume of 327,000 units, a 9.1% increase year-on-year [1] - The company is implementing a "three comprehensive" strategy, emphasizing comprehensive internationalization, new energy, and intelligence to capitalize on industry transformation opportunities [2] International Operations - Despite global economic challenges, Beiqi Foton is committed to its internationalization strategy, enhancing product competitiveness and optimizing global business layout - The company achieved an export volume of 78,500 units in the first half of 2025, maintaining stability compared to the previous year [4] New Energy Development - Beiqi Foton's new energy business is experiencing rapid growth, with sales surpassing 50,000 units, reflecting a year-on-year increase of 151% and a market share rise to 12.5% [7] - The company is advancing its product matrix in new energy vehicles, including various models designed for mainstream markets, and is enhancing its core technology capabilities [6] Heavy-Duty Truck Performance - The heavy-duty truck segment has seen significant growth, with sales reaching 66,500 units, a year-on-year increase of 74.3% - Beiqi Foton is focusing on innovation and market expansion through new product launches and optimizing its marketing network [7] Industry Outlook - The Chinese commercial vehicle market is shifting from "scale growth" to "structural optimization," with new energy and exports as key growth drivers - Beiqi Foton's strategic alignment with industry trends positions it well for future growth, particularly in the context of the "dual carbon" policy and global market recovery [9]

Core Insights - Geely Automobile reported strong mid-year performance for 2025, with revenue of 150.28 billion yuan, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million vehicles, up 47.4% year-on-year, achieving a core net profit of 6.66 billion yuan, a 102% increase year-on-year [1] Group 1: Financial Performance - In Q2 2025, Geely achieved revenue of 77.79 billion yuan, a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3% [1] - Total sales in Q2 2025 reached 705,000 units, with significant growth in the Galaxy series, which saw a year-on-year increase of 249.8% [1] - The gross profit margin in Q2 2025 was 17.1%, a decrease of 0.7 percentage points year-on-year but an increase of 1.3 percentage points quarter-on-quarter [1] Group 2: Product Strategy and Innovation - Geely plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand [2] - The company is focusing on smart technology, with new models expected to feature advanced driving assistance systems and the latest Nvidia Thor chip in flagship models [2] - The GEA architecture supports the new vehicle cycle, enhancing the performance of the Zeekr, Lynk & Co, and Galaxy brands [3] Group 3: Market Position and Outlook - Geely's market share reached 10.4% in the first half of 2025, marking a 2.4 percentage point increase year-on-year [1] - The company is expected to achieve a net profit of 16.1 billion yuan in 2025, with a price-to-earnings ratio of 11.3X, maintaining a "buy" rating [3] - The transition to electric vehicles is progressing well, with scale effects expected to enhance profitability [3]

Core Viewpoint - The company is expected to experience significant profit growth driven by the release of new models and strategic integration, with net profit forecasts for 2025-2027 adjusted upwards due to anticipated strong performance in the second half of 2025 [1][2] Group 1: Financial Performance - The company raised its 2025 annual sales target to 3 million units, supported by the platform-based cost advantages and the introduction of popular models [2] - In Q2 2025, the company reported revenue of 77.8 billion RMB, a year-on-year increase of 28%, primarily driven by a 47% increase in quarterly deliveries to 705,000 units [1] - The net profit for Q2 2025 reached 3.62 billion RMB, with core net profit estimated between 2.44 billion and 2.65 billion RMB, reflecting a year-on-year growth of approximately 42%-55% [1] Group 2: Product and Market Strategy - The upcoming launch of several new models, including the fifth-generation Emgrand and Galaxy A7, is expected to enhance delivery growth, with the Galaxy A7 already achieving over 30,000 pre-orders since its launch [2] - The company is focusing on smart upgrades and a clear product matrix through Zeekr Technology, targeting the luxury market with new models like the Zeekr 9X and Lynk & Co 10 EM-P [2] - The global expansion strategy aims for a more than 30% increase in export sales in the second half of 2025, supported by strategic integrations and operational efficiencies [2]