公司研究 1Q24 业绩同比显著增长,子品牌势能持续进阶 ——吉利汽车(0175.HK)2024 年一季度业绩点评 要点 1Q24 公司业绩显著增长:1Q24 总收入同比+56.1%至人民币 523.2 亿元,归 母净利润同比+118.6%至人民币 15.6 亿元,剔除极氪亏损后 1Q24 归母净利 润为同比+43.7%至 25.9 亿元。我们测算,公司 1Q24 单车 ASP 同比+4.4%至 11.0 万元,单车盈利同比+46.2%至 0.3 万元,剔除极氪亏损后的单车盈利同 比-1.7%至 0.8 万元。1Q24 公司毛利率同比-0.5pcts 至 13.7%,SG&A 费用 率同比-1.1pcts 至 12.3%。我们认为,一季度业绩同比显著增长主要受益于, 1)销量提升及产品结构优化;2)极氪同比减亏;3)经营费用率管控良好。 极氪实现美股上市,单车显著减亏:5/10 极氪正式以"ZK"为代码在纽交所 挂牌上市,IPO 发行定价为 21 美元,累计发行 2100 万股美国存托股票(高 于前期计划的 1750 万股),募资约 4.41 亿美元。我们认为,1)传统车企 通常通过混改/子公司分拆上市等方式 ...

Investment Rating - Maintained "Buy" rating with a target price of HK$14.00, representing an upside potential of 65% [1][3] Core Views - The company's 2024 Q1 revenue and profit saw significant year-on-year growth, driven by strong sales of mid-to-high-end new energy vehicles and overseas business [1] - The company's 2024 H1 sales volume exceeded expectations, with new energy vehicle penetration increasing by 10.5 percentage points to 33.5% [1] - The high-end brand Zeekr achieved sales of 87,870 units in 2024 H1, a year-on-year increase of 106.1%, solidifying its position in the top tier of new car-making forces [1] - The Galaxy series also performed well, with sales reaching 81,421 units in 2024 H1, establishing itself as a popular mid-to-high-end brand in the domestic market [1] Financial Performance - 2024 Q1 revenue reached RMB 52.3 billion, a year-on-year increase of 56.1% [1] - Gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified domestic competition [1] - Net profit attributable to shareholders surged by 250.1% year-on-year to RMB 1.42 billion in 2024 Q1 [1] Product and Market Strategy - The company plans to launch multiple new models in 2024 H2, including the Galaxy E5, Lynk & Co Z10, Zeekr Mix, and Zeekr CX1E, which are expected to further boost sales [1] - The company continues to strengthen its mid-to-high-end brand strategy and accelerate breakthroughs in intelligent technology, which is expected to drive further growth in vehicle sales in 2024 H2 [1] Overseas Expansion - The company's export sales in 2024 H1 reached 197,428 units, a year-on-year increase of 62.9% [2] - The company is expected to continue expanding its overseas markets, with further growth in export sales anticipated in 2024 H2 [2] Valuation and Forecast - The company is valued at 18x/15x/14x P/E for 2024-2026, with a target price of HK$14.00 [1] - Forecasted revenue for 2024 is RMB 234.8 billion, with net profit expected to reach RMB 7.47 billion [4] - The company's gross profit margin is projected to improve to 16.5% in 2024, up from 15.3% in 2023 [10]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) and slightly raises the target price to HK$14.00, reflecting an upside potential of 65% from the current price of HK$8.480 [2][4]. Core Insights - Geely's sales volume for the first half of 2024 is expected to exceed 2 million units annually, driven by strong performance in mid-to-high-end electric vehicle brands and overseas markets [1][4]. - The company reported a significant year-on-year revenue increase of 56.1% to RMB 52.3 billion in Q1 2024, with net profit soaring by 250.1% to RMB 1.42 billion [1][4]. - The penetration rate of new energy vehicles (NEVs) rose by 10.5 percentage points to 33.5% in the first half of 2024, with high-end brand Zeekr achieving a 106.1% year-on-year sales growth [1][4]. Summary by Sections Financial Performance - In Q1 2024, Geely's revenue reached RMB 52.3 billion, a 56.1% increase year-on-year, while gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified competition [1][4]. - The net profit attributable to shareholders for Q1 2024 was RMB 1.42 billion, marking a substantial increase of 250.1% compared to the previous year [1][4]. Sales and Market Expansion - Geely's NEV sales strategy continues to gain traction, with the Zeekr brand selling 87,870 units in the first half of 2024, a 106.1% increase year-on-year, positioning it among the top new energy vehicle manufacturers [1][4]. - The Galaxy series also performed well, with sales reaching 81,421 units in the first half of 2024, establishing it as a popular mid-to-high-end brand in the domestic market [1][4]. Product Development and Future Outlook - Geely plans to launch several new models in the second half of 2024, including the Galaxy E5 electric SUV and the Lynk & Co Z10, which are expected to further strengthen its mid-to-high-end brand strategy [1][4]. - The company is also focusing on expanding its overseas market presence, with export sales in the first half of 2024 increasing by 62.9% to 197,428 units [1][4].

Investment Rating - Buy (Maintained) [1] Core Views - Geely Auto aims for a group sales target of 2 million units in 2024, with multiple brands showing continuous growth [1] - Geely Auto's June wholesale sales reached 166,085 units, up 20.44% YoY and 3.38% MoM [3] - The company's new energy vehicle (NEV) sales in June were 65,959 units, up 71.00% YoY and 12.42% MoM, with a NEV penetration rate of 40% [3] - Geely Auto's export sales in June were 35,347 units, up 56.22% YoY, accounting for 21.28% of total group sales [3] - The company's brand matrix is well-developed, with significant achievements in both domestic and overseas markets [4] Financial Forecasts and Valuation - Revenue is expected to grow from RMB 213.465 billion in 2024E to RMB 300.070 billion in 2026E, with YoY growth rates of 19%, 21%, and 16% respectively [2][4] - Net profit attributable to shareholders is projected to increase from RMB 7.929 billion in 2024E to RMB 13.816 billion in 2026E, with YoY growth rates of 49%, 45%, and 21% respectively [2][4] - EPS is forecasted to rise from RMB 0.79 in 2024E to RMB 1.37 in 2026E, with corresponding P/E ratios of 10x, 7x, and 6x [2][4] Market and Financial Data - Closing price: HKD 8.48 [5] - 52-week low/high: HKD 7.24/HKD 11.64 [5] - Price-to-book ratio: 1.08x [5] - Market capitalization: HKD 85.337 billion [5] - Total shares outstanding: 10,063.38 million [6] - Net asset per share: RMB 7.88 [6] - Debt-to-asset ratio: 53.90% [6] Brand Performance - Geely brand sales in June were 121,540 units, up 13.92% YoY and 1.06% MoM, with Galaxy sales at 15,975 units, up 12.56% MoM [3] - Zeekr brand sales in June were 20,106 units, up 89.32% YoY and 8.00% MoM [3] - Lynk & Co brand sales in June were 24,439 units, up 49.25% YoY and 12.22% MoM [3] Overseas Market Strategy - Geely's overseas market strategy has shown significant results, with the Emgrand model selling in 17 countries and cumulative sales exceeding 3.86 million units [4] - The company's export sales accounted for 21.28% of total group sales in June, with a YoY increase of 56.22% [3] Product Matrix and New Launches - Geely's domestic product matrix covers the 100,000-300,000 RMB price range, with models like the Lynk & Co 07 EM-P and Lynk & Co Z10 accelerating the brand's electrification transformation [4] - New launches include the Xingrui Longteng Edition, priced at RMB 99,700, and the new Boyue, priced between RMB 92,800 and RMB 118,800 [4]

吉利汽车(00175) 新能源转型持续加速,上调全年目标彰显增长信心 事件: 2024 年 7 月 1 日,吉利汽车发布 2024 年 6 月产销快报,公司 6 月实现汽车销 量 16.6 万辆,同比+24.2%,环比+3.4%。2024H1 汽车累计销量 95.6 万辆,同 比+41.0%。 6 月销量同环比增长,上调全年目标彰显增长信心 分品牌来看,6 月吉利品牌 12.2 万辆,同比+13.9%,环比+1.1%,其中银河系 列 1.6 万辆,同比+65.2%,环比+12.6%;极氪品牌 2.0 万辆,同比+89.3%,环 比+8.0%,领克品牌 2.4 万辆,同比+49.2%,环比+12.2%,6 月公司各品牌销量 环比均有所提升。2024H1 吉利品牌累计销量 74.2 万辆,同比+34.1%,其中银 河系列 8.1 万辆,同比+742%,领克 12.6 万辆,同比+53.6%,极氪 8.8 万辆, 同比+106.1%,高端品牌(领克+极氪)占比 22.4%,同比+4.0pct。分动力类型 来看,2024 年 6 月新能源车型合计 6.6 万辆,同比+88.3%,环比+12.4%,新能 源渗透率为 3 ...

24Q1 业绩符合预期,多品牌发力带动利润高增长 吉利汽车(0175.HK)/汽车 证券研究报告/公司点评 2024 年 7 月 2 日 | 评级:买入(维持) | 公司盈利预测及估值 | | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------ ...

港股通 运营效率提升,出口加速拓展 | | | | | |---------------------------------------|--------|------------------|-------| | 华泰研究 季报点评 | | 投资评级 (维持): | 买入 | | 2024 年 7 月 02 日│中国香港 | 乘用车 | 目标价(港币 ): | 14.27 | Q1 净利高增,海外市场持续扩张,维持买入评级 24Q1 公司实现营收 523 亿元,同比+56%。归母净利润 16 亿元,同比+119%。 考虑到公司多款新车型即将实现上市交付,同时加速拓展海外市场,已于东 盟、中东、西欧多地区开设门店并构建销售网络,看好公司 24 年下半年出口 销量和整体营收保持高速增长。我们预计 24-26 年公司归母净利为 63/82/89 亿元,可比公司 24E PE 的 Wind 一致预期均值为 18 倍,考虑公司在出口 积极布局及高端品牌 24 年盈利预期转正,我们给予公司 24 年 21x PE,对 应目标价为 14.27 港币(前值 13.66 港币),给予"买入"评级。 全年销量目标上调至 200 ...

新能源、出口表现亮眼 全年销量预期上调 2024 年 07 月 02 日 ➢ 事件概述:公司发布 2024 年 6 月销量公告,6 月批发总销量 16.6 万辆, | 同比 +24.2% ,环比 +3.4% | ; 1-6 月累计 | 95.6 万辆,同比 | +71.8% 。其中,6 月 | |----------------------------------------|--------------------------|------------------------|---------------------------------| | 新能源销量 65,959 辆,同比 | +71.0%,环比+12.4% | | 39.7% ; 1-6 月新 | | 能源销售 32.0 万辆,同比 | +102.8% 。 | | | | 分品牌看: 吉利品牌 6 | 月销量 12.2 | 万辆(银河 15,975 | 1-6 月累计 74.2 万 | | 辆(银河 8.1 万辆),同比 | +34.1% ;极氪 6 | 月销量 20,106 | 1-6 月累计 87,870 | | 辆,同比 +106.1% ...

交银国际研究 公司更新 吉利汽车 (175 HK) 1 年股价表现 6/23 10/23 2/24 6/24 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%175 HK 恒生指数 资料来源: FactSet 1 季度业绩符合预期;下半年电动化再提速 个股评级 买入 汽车 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 8.79 港元 12.50 +42.2% | 股份资料 | | |-----------------------|-----------| | 52 周高位 (港元 ) | 11.26 | | 52 周低位 (港元) | 7.34 | | 市值 (百万港元 ) | 88,457.29 | | 日均成交量 (百万 ) | 36.48 | | 年初至今变化 (%) | 2.33 | | 200 天平均价 (港元) | 8.81 | | | | 财务数据一览 | 年结12月31日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|---- ...

CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Solid 1Q24 with better 2H24 earnings ahead Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn. We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E. 1Q24 earnings slightly beat. Geely reported its quarterly re ...