GEELY AUTOMOBILE(00175.HK):REVENUE HIT A RECORD HIGH;STRONG SALES GROWTH OF FVS AND NEVS FURTHER DRIVES BUSINESS GROWTH;MAINTAIN "BUY"
GEELY AUTOMOBILE(00175.HK):REVENUE HIT A RECORD HIGH;STRONG SALES GROWTH OF FVS AND NEVS FURTHER DRIVES BUSINESS GROWTH;MAINTAIN "BUY"
Maintain "Buy" with TP of HK$13.33. Considering 1) Geely Automobile's ("Geely" or the "Company") scale, product matrix and profitability and market share improvement brought by the accelerated transformation of NEVs, and 2) the sales growth of both fuel vehicles (FVs) and NEVs in 2024, we give Geely 2024-2026 PE valuation of 19x / 16x/ 15x; corresponding TP is HK$13.33, with upside potential of 45% based on current TP.
维持 “买入”，目标价为13.33港元。考虑到1）吉利汽车（“吉利” 或 “公司”）的规模、产品矩阵以及新能源汽车加速转型带来的盈利能力和市场份额的提高，以及2）燃油车（FV）和新能源汽车在2024年的销售增长，我们给吉利2024-2026年的市盈率估值为19倍/16倍/ 15倍；相应的目标为13.33港元，根据当前的目标，上行潜力为45％。
Revenue hit record high, GPM grew yoy; NEV strategy continued to reap results. The Company's 2023 revenue rose by 21.1% yoy to RMB179.2 bn. GPM grew by 1.2 ppts yoy to 15.3%. During the period, net profit attributable to the parent company was RMB5.31 bn, up 0.9% yoy. The Company's annual NEV penetration rate increased by 4.7 ppts to 29.5%. Revenue per vehicle jumped to RMB92,091, a yoy increase of 5.0%, benefiting from the rapid growth in sales of premium NEVs. The Company's NEV strategy in 2023 continued to reap results, with annual sales of high-end Zeekr brand reaching 118,685 units, up 65% yoy. The sales of the Galaxy Series launched in the second quarter of 2023 also achieved promising results, with annual sales reaching 83,497 units. The Galaxy Series has quickly become a mid-to-high-end brand with monthly sales of over 10,000 units.
收入创历史新高，GPM同比增长；新能源汽车战略继续取得成果。该公司2023年的收入同比增长21.1％，达到人民币1792亿元。毛利率同比增长1.2个百分点至15.3％。在此期间，归属于母公司的净利润为人民币53.1亿元，同比增长0.9％。该公司的年新能源汽车渗透率增长了4.7个百分点至29.5％。受益于高端新能源汽车销售的快速增长，每辆车的收入跃升至人民币92,091元，同比增长5.0％。该公司2023年的新能源汽车战略继续取得成果，高端极客品牌的年销量达到118,685辆，同比增长65％。2023年第二季度推出的银河系列的销售也取得了可喜的业绩，年销量达到83,497台。Galaxy系列已迅速成为中高端品牌，月销量超过10,000台。
Geely is expected to continue to expand overseas markets simultaneously, with export sales increasing yoy. Geely's overseas business was further expanded in 2023, with sales in the Middle East, Southeast Asia, Europe and Central Asia achieving high yoy growth. Annual export sales were 274,000 units, a yoy increase of 38.3%. High-end models will be launched in many markets around the world, which is expected to further promote high export sales growth in 2024.
预计吉利将继续同步拓展海外市场，出口销售额同比增长。吉利的海外业务在2023年进一步扩大，在中东、东南亚、欧洲和中亚的销售实现了较高的同比增长。年出口销量为27.4万辆，同比增长38.3％。高端车型将在全球许多市场推出，预计这将进一步促进2024年的高出口销售增长。
New vehicle cycle continues to be strong, and revenue per vehicle is expected to continue to rise. In 2024, the Company will launch a variety of new models, including 2 BEV/1 PHEV Galaxy Series models (3 SUVs); 3 BEV Zeekr models (2 SUVs/1 MPV); 2 BEV/1 PHEV Lynk & Co models (2 Sedans/1 SUV). We believe that the Company's new vehicle cycle will continue to be strong in 2024, which is expected to further boost revenue per vehicle.
新车周期继续保持强劲，预计每辆车的收入将继续增长。2024年，该公司将推出各种新车型，包括2款BEV/1 PHEV Galaxy系列车型（3辆SUV）；3款BEV Zeekr车型（2辆越野车/1辆MPV）；2款BEV/1款PHEV领克车型（2辆轿车/1辆SUV）。我们认为，该公司的新车周期将在2024年继续保持强劲，预计这将进一步提高每辆车的收入。
Risks: 1) Domestic industry competition may exceed expectations; and 2) overseas market expansion may fall short of expectations.
风险：1）国内行业竞争可能超出预期；2）海外市场扩张可能低于预期。
译文内容由第三方软件翻译。