Core Viewpoint - Geely Auto has completed the privatization and merger of Zeekr, making it a wholly-owned subsidiary, which is expected to enhance profits and achieve cost reduction through strategic integration [1] Group 1: Privatization and Financial Impact - The privatization of Zeekr is anticipated to increase Geely's net profit by 2-3 billion yuan by 2026 [1] - Following the privatization, Geely's ownership of Zeekr and Lynk & Co has increased to 100%, facilitating better integration of its four brands: Geely, Galaxy, Lynk & Co, and Zeekr [1] Group 2: New Product Launches and Sales Growth - Geely has entered a strong new product cycle, launching competitive models such as Galaxy A7, Galaxy Star 8, Galaxy Star 6, Galaxy M9, Lynk & Co 10, Lynk & Co 900, and Zeekr 9X [1] - The sales of new models have been robust, with Galaxy A7 and Galaxy Star 8 achieving monthly sales of over 15,000 and 10,000 units respectively [1] - The company expects to introduce 1-2 new models each quarter, maintaining a strong product pipeline [1] Group 3: Sales and Profitability Forecast - In November, Geely achieved sales of 310,000 vehicles, a year-on-year increase of 24% and a month-on-month increase of 1.1% [1] - Projected sales for 2025-2027 are 3.06 million, 3.70 million, and 3.99 million vehicles, representing year-on-year growth of 40%, 21%, and 8% respectively [1] - The introduction of mid-to-high-end models is expected to significantly enhance the company's product structure, leading to higher average selling prices (ASP) and gross margins [1] Group 4: Valuation and Investment Recommendation - Geely is considered one of the top picks for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [2] - The company's projected net profit for 2025-2027 has been revised upwards to 18.6 billion, 26.3 billion, and 31.6 billion yuan, with corresponding price-to-earnings (PE) ratios of 8.8, 6.3, and 5.2 [2] - A target price of 27.01 HKD is set for 2026, indicating a potential upside of 60%, maintaining a "strong buy" rating [2]

Core Viewpoint - Geely Automobile's recent privatization of Zeekr is expected to enhance profitability and streamline operations, leading to increased net profit forecasts for 2025-2027 [1][2]. Group 1: Financial Projections - Geely's net profit estimates for 2025, 2026, and 2027 have been revised upwards to 18.6 billion, 26.3 billion, and 31.6 billion yuan, respectively, with corresponding PE ratios of 8.8x, 6.3x, and 5.2x [1]. - The completion of Zeekr's privatization is anticipated to add 2-3 billion yuan to Geely's net profit in 2026 [2]. - The company expects net profit margins to improve, with projections of 5.5%, 5.9%, and 6.4% for 2025, 2026, and 2027, respectively [4]. Group 2: Sales and Market Performance - Geely's sales reached 310,000 units in November, reflecting a year-on-year increase of 24% and a month-on-month increase of 1.1% [4]. - The company forecasts total sales of 3.06 million, 3.70 million, and 3.99 million units for 2025, 2026, and 2027, representing year-on-year growth of 40%, 21%, and 8% [4]. - The introduction of new models, including the Galaxy A7 and Galaxy M9, is expected to maintain a strong product cycle, with anticipated monthly sales of over 10,000 units for high-end models [3]. Group 3: Strategic Initiatives - The integration of Zeekr, Lynk & Co, and other brands under Geely is expected to create synergies that will lower costs and enhance efficiency [2]. - The company is focusing on high-end models, which are projected to significantly improve product structure and profitability [4]. - Geely is positioned as a preferred stock for potential valuation recovery in the automotive sector, given its strong growth and low valuation compared to peers [5].

智通财经APP获悉，华创证券发布研报称，根据吉利汽车(00175)近期销量以及极氪私有化调整，将公司 2025-27E归母净利预测由178亿、240亿、272亿元上调至186亿、263亿、316亿元，对应PE8.8倍、6.3 倍、5.2倍。参考公司历史估值水平，综合考虑公司基本面以及行业整体趋势，给予公司2026年10倍 PE，对应目标价27.01港元，空间60%，维持"强推"评级。 华创证券主要观点如下： 销量方面，多款新车型助力下公司销量持续突破，11月实现销量31万辆，同比+24%，环比+1.1%。后 续随新车型规模化交付，以及明年吉利海外销量增长，公司总销量提升趋势延续，预计2025-27E销量 306万、370万、399万辆，同比+40%、+21%、+8%。盈利方面，以三款六座SUV为代表的中高端/高端 车型大幅提升公司产品结构，以更高的ASP和更高的毛利率有望显著带来净利总额增长。该行预计公司 2025-27E净利率5.5%、5.9%、6.4%，归母净利186亿、263亿、316亿元，其中核心归母净利润分别151 亿、253亿、306亿元(均考虑极氪私有化)。 低估值+强增长，吉利为明年整车bet ...

极氪私有化完成，三大电车品牌 26 年齐发力 证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 事项： ❖ 12 月 22 日，吉利汽车发布公告，宣布正式完成对极氪的私有化及合并事项的 交易，极氪成为吉利汽车的全资附属公司，并于纽交所退市。此前 12 月 9 日 已公告交易对价选择结果，70.8%的极氪股东选择股份，吉利汽车共为其配发 7.7723 亿股股份；29.2%的股东选择现金，吉利汽车共支付 7.01 亿美元现金。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 241,099 | 349,740 | 448,010 | 496,572 | | 同比增速(%) | 33.5% | 45.1% | 28.1% | 10.8% | | 归母净利润(百万元) | 16,632 | 18,645 | 26,296 | 31,749 | | 同比增速(%) | 213.3% | 12.1 ...

Core Viewpoint - 吉利汽车 reported strong performance in Q3 2025, with revenue reaching 89.2 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [1] Group 1: Financial Performance - In Q3 2025, 吉利汽车 achieved a net profit attributable to shareholders of 3.82 billion yuan, an increase of 1.4 billion yuan year-on-year and 0.2 billion yuan quarter-on-quarter [1] - The company sold 760,000 vehicles in Q3 2025, representing a year-on-year increase of 43% and a quarter-on-quarter increase of 7.9% [1] - The gross profit margin for Q3 2025 was 16.6%, up 1.2 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter [1] Group 2: Cost Management - Sales expense ratio in Q3 2025 was 6.0%, up 1.2 percentage points year-on-year and down 0.1 percentage points quarter-on-quarter [1] - Management expense ratio was 1.5%, down 0.6 percentage points year-on-year and down 0.4 percentage points quarter-on-quarter [1] - R&D expense ratio was 4.9%, up 0.3 percentage points year-on-year and down 0.2 percentage points quarter-on-quarter [1] Group 3: Product Strategy and Market Outlook - 吉利汽车 is launching a new product cycle with competitive models such as 银河A7 and 银河星耀8, which have achieved monthly sales of over 13,000 and 10,000 units respectively [2] - The company expects to maintain strong sales momentum, with projected total sales of 3.04 million, 3.73 million, and 4.02 million vehicles for 2025-2027, representing year-on-year increases of 40%, 23%, and 8% respectively [2] - The introduction of high-end models is expected to significantly enhance the company's product structure and profitability [2] Group 4: Profitability Forecast - Projected net profit margins for 2025-2027 are 5.2%, 6.0%, and 6.4%, with attributable net profits of 17.8 billion, 24 billion, and 27.2 billion yuan respectively [3] - The core net profit estimates for the same period are 14.3 billion, 23 billion, and 26.2 billion yuan [3] - The company is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [3] Group 5: Investment Recommendation - Based on the strong new product cycle and improved product structure, the profit forecasts for 2025-2027 have been revised upwards [3] - The target price for 吉利汽车 is set at 26.00 HKD, representing a potential upside of 51% based on a 10x PE ratio for 2026 [3]

Core Viewpoint - The company reported strong sales growth in August, with total wholesale sales reaching 250,000 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [2][3]. Sales Performance - In August, the total wholesale sales were 250,000 units, with a year-on-year growth of 38.0% and a month-on-month growth of 5.2%. Cumulative wholesale sales from January to August reached 1.897 million units, up 47.3% year-on-year [2][3]. - The sales of new energy vehicles in August were 147,347 units, representing a year-on-year increase of 95.2% and a month-on-month increase of 13.2%, with a penetration rate of 58.9%. Cumulative sales of new energy vehicles from January to August reached 1.003 million units, up 120.5% year-on-year [2][3]. Brand Performance - In August, the sales figures for different brands were as follows: Geely brand sold 205,000 units (including 111,000 units from Galaxy), Zeekr sold 17,626 units, and Lynk & Co sold 27,217 units [2][3][4]. - The Galaxy A7 was launched on August 8 with a limited-time price range of 81,800 to 117,800 RMB, achieving over 10,000 pre-orders within 27 minutes. The Galaxy M9 is expected to launch in mid-September with a pre-sale of over 40,000 units [3]. New Product Launches - Zeekr and Lynk & Co are focusing on high-end market segments with new product launches. The Zeekr 9X, priced between 479,900 to 569,900 RMB, has received 42,667 orders within the first hour of pre-sale. Lynk & Co 10 is expected to launch in September with a pre-sale price of 192,000 to 222,000 RMB [4][5]. Strategic Moves - The company is considering privatizing Zeekr to consolidate resources and enhance operational efficiency, aligning with its strategic focus on high-end luxury electric vehicles [5]. - The expected revenue for the company from 2025 to 2027 is projected to be 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB, respectively, with net profits of 16.21 billion RMB, 22.09 billion RMB, and 25.97 billion RMB [6][7]. Financial Projections - The company forecasts significant revenue growth with a projected increase in earnings per share (EPS) from 1.61 RMB in 2025 to 2.58 RMB in 2027, corresponding to price-to-earnings (P/E) ratios of 11, 8, and 7 [6][7].

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Period**: First half of 2025 Key Points Sales and Financial Performance - Geely's sales reached **1.41 million vehicles** in the first half of 2025, with **operating profit** of approximately **3.1 billion RMB** in Q2 and a total of **6.6 billion RMB** for the first half, meeting market expectations [2][13] - The company raised its full-year sales forecast to **3 million vehicles**, expecting an operating profit of **14 billion RMB**, driven by new model launches and high-end product releases in the second half [2][14] Market Position and Growth - Despite a shrinking market for fuel vehicles, Geely achieved growth, becoming the top-selling brand in the domestic fuel vehicle segment, with exports expected to reach **450,000 vehicles**, 20% of which are to the Russian market [2][4] - The Galaxy series products, particularly the Galaxy M9, exceeded expectations with over **40,000 orders** in 24 hours, indicating strong market acceptance of high-end products [3][9] Product Strategy and New Releases - Geely launched several high-end SUVs, including the Galaxy M9, Lynk & Co 900, and Zeekr 9X, targeting different price segments [2][9] - The company plans to integrate Zeekr and Lynk & Co to streamline costs, with Zeekr achieving profitability in Q1 2025 [2][10] Sales Performance of Key Models - The Wish model saw sales rise to **40,000 units** in June 2025, while the Galaxy E5 maintained monthly sales of **13,000 to 15,000 units** [8] - The Starry 8, a B-class plug-in hybrid positioned at A-class pricing, achieved monthly sales exceeding **10,000 units** [8] Resource Integration and Cost Management - Geely's integration of Zeekr and Lynk & Co has led to cost reductions through streamlined processes and procurement [10] - The company plans to fully incorporate Zeekr into the listed entity by September 2025 to further reduce costs [10] Electric Vehicle Progress - In Q1 2025, Geely sold **340,000** new energy vehicles, with **240,000** being pure electric and **100,000** plug-in hybrids; Q2 sales increased to **386,000** [12] - The Galaxy series accounted for **40%** of total sales in Q2, with five new models expected to launch this year [12] Future Outlook - Geely anticipates launching over five new Galaxy series models in 2026, aiming for annual sales exceeding **1 million vehicles** [15] - The company is positioned for growth in electric, high-end, and global markets, with a favorable long-term outlook [15] Valuation - Based on the forecasted operating profit of **14 billion RMB**, Geely's current valuation is approximately **12 times** this figure, with positive market sentiment regarding its future performance [16]