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吉利汽车(00175.HK):新车周期强势开启 新能源销量创历史新高

Geely Automobile (00175.HK): Strong start of the new car cycle, new energy sales reach a record high

Description of the event

Geely announces sales volume for October 2024. The company sold 0.227 million vehicles in October, +28.0% year over year and +12.2% month on month.

The cumulative sales volume for January-October 2024 was 1.716 million vehicles, +31.5% year-on-year.

Incident comments

Total volume continued to grow year on month. Sales of Galaxy E5 and Xingwish were booming, and sales of new energy sources reached record highs. 1) Overall situation: The company achieved sales volume of 0.227 million vehicles in October, +28.0% year over year and +12.2% month over month. The cumulative sales volume for January-October 2024 was 1.716 million vehicles, +31.5% year-on-year. 2) Segmentation: By brand, the Geely brand sold 0.171 million vehicles in October, +22.4% year over month, with Galaxy selling 0.063 million vehicles, +363.1% year over month, +118.6% month on month; ZEEKR sold 0.031 million vehicles, +137.6% year on year, +45.7% month on month; Lynk & Co sold 0.025 million vehicles, +1.4% year on month and -2.2.2% month on month. Looking at the energy structure, Galaxy E5's high sales boom combined with strong NEV sales performance. New energy passenger vehicle sales in October were 0.109 million units, +75.1% year over month, +19.3% month on month, new energy accounting for 48.0%, +13.6pct year on year, +2.8pct month on month; of these, plug-in sales volume was 0.03 million vehicles, +17.1% year over month, +11.7% month-on-month, pure electric vehicle sales 0.079 million vehicles, +115.6% month-on-month, +22.5% month-on-month . In terms of exports, 0.033 million vehicles were exported in October, +13.8% year-on-year, and -16.9% month-on-month. Linker Pure Electric went overseas for the first time, the first batch of Linker Z20 was exported overseas, and ZEEKR officially landed in Norway, Brazil, Australia and Egypt, and the globalization process accelerated.

The GEA platform is strongly starting a new cycle of technology and products, and is expected to continue to explode, and the inflection point for new energy profits is approaching. The new GEA is fully compatible with various energy forms such as pure electricity and hybrid. The technology has significantly reduced costs, low electricity consumption and large space. The Galaxy E5's first GEA architecture has strong pricing and product capabilities. It has delivered a total of 0.04 million vehicles within 85 days of launch, and Starship is willing to deliver more than 0.01 million units in 16 days, superimposing the Starship 7 to be launched later to continuously enhance the new vehicle cycle. The GEA platform's focus in the new cycle is next year, and it continues to gain strength. The new vehicle cycle is gaining momentum, leading to a rapid rise in brand profits. ZEEKR Q2 reversed losses, Linker's profits continued to improve, and new energy sources were gaining momentum across the board. The ZEEKR 7X was released for 25 days, and delivery surpassed 0.01 million units. The ZEEKR MIX was launched, continuing to improve the family product matrix, and is expected to create a new generation of popular models. The transformation of Lynk & Co New Energy boosted sales. From oil to electricity to a new model cycle, the first pure electric Linker Z20 was launched in Europe, and the 2025 Linker 03+ was officially launched.

Empowered by the new platform, Geely Automobile is expected to open a new era of products. The GEA architecture supports the new vehicle cycle, and ZEEKR, Lynk & Co., and Galaxy are improving across the board. After the first GEA architecture for the Galaxy E5 was launched in August, orders were hot, and new cars such as Xingyuan and Galaxy p145 continued to strengthen the new car cycle. The company's total performance is excellent, and the transformation of various brands to new energy is progressing smoothly, and the gradual highlighting of scale effects will bring about upward profitability. In 2024, the Geely, Lynk & ZEEKR brands will launch a variety of new energy models, and the intelligent electrification transformation will accelerate and push hybrid and electric vehicles into the expansion period. Large-scale results in profits. Combined with product structure upgrades and cost reduction efforts, profits have strong upward elasticity. The company has been growing for a long time, and its current valuation is low. The GEA platform is expected to open a new era for Geely and continue to make key recommendations. Net profit due to mother for 2024-2026 is estimated to be 16 billion, 11.8 billion yuan, and 15.7 billion yuan, respectively, corresponding to Hong Kong stock PE is 7.6X, 10.4X, and 7.8X, respectively, maintaining a “buy” rating.

The translation is provided by third-party software.


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