发布新一代超级电混：新一代超级电混—雷神EM 超级电混，搭载全新一代驭风火龙卷超高效燃烧系统；搭载全球首发E-DHT 11 合1 混动电驱，热效率为46.5%，为行业量产最高；搭载星睿AI 云动力，天地云一体化智能网，充分融合实时感知信息和出行大数据，应用吉利星睿智算中心的强大算力，部署AI 大模型预测和决策算法，实现智慧能量管理、智慧运动控制和智慧云诊断三大全新体；智慧能量管理下平均油耗下降15%，热管理功耗降低30%以上。Event: On November 1, 2024, the company announced the sales volume for October 2024. October sales were 0.171 million vehicles, up 22% year over year. New energy sales in October were 0.109 million units, up 82.7% year on year. Among them, BEV sales in October were 0.079 million units, +131.9% year over year, and PHEV sales in October were 0.03 million units, +17.1% year over year.
0.033 million vehicles were exported in October, +17.8% YoY.
Galaxy and ZEEKR sales increased dramatically, speeding up overseas layout: by brand, Geely sold 0.171 million vehicles in October, up 22% year on year; of these, Galaxy series sold 0.063 million units in October, up more than 83% year on year; China Star Premium series sold 0.041 million vehicles in October; Lynk & Co brand sold 0.031 million vehicles in October, up 26% year on year; Geely brand sold 0.025 million vehicles in October, up 92% year on year. The Geely New Emgrand model was released in Mexico, the Lynk & Co Z20 completed its world debut and European launch in Milan, Italy, officially entered the Norwegian and Egyptian markets in October, and completed the launch in Brazil and Australia.
Released a new generation of superelectric mixes: next-generation superelectric hybrid - Thor EM superhybrid, equipped with a new generation of ultra-efficient combustion systems for wind and fire; equipped with the world's first E-DHT 11-in-1 hybrid electric drive, which has the highest thermal efficiency of 46.5%, which is the highest in mass production in the industry; equipped with Xingrui AI cloud power, Tiandi Cloud integrated smart network, fully integrates real-time sensing information and travel big data, and applies the powerful computing power of Geely Star Smart Computing Center to deploy AI big model prediction and decision algorithms to achieve the three new smart energy systems; Average fuel consumption under management was reduced by 15%, and thermal management power consumption was reduced by more than 30%.
Investment advice: We expect the company to achieve net profit of 15.021/10.374/14.11 billion yuan in 2024-2026. The corresponding PE was 8.66/12.54/9.22 times, respectively, maintaining the “gain” rating.
Risk warning: Consumer demand falls short of expectations, sales of new models fall short of expectations, increased competition in the industry, etc.
