超额完成24 年销量目标。12 月吉利汽车销量表现出色，总销量达到21.0 万辆，同比增长43%，其中吉利品牌销量15.7 万辆，同比增长46.0%，环比下降17.7%，极氪2.7 万辆，同比增长101.8%，环比增长0.7%，领克2.6 万辆，同比增长1.5%，环比下降20.2%。2024 全年吉利汽车累计销量217.7 万辆，同比增长32%,超额完成销量目标，吉利品牌累计销量166.9 万辆，同比增长27.4%，极氪累计销量22.2 万辆，同比增长87.2%，领克累计销量28.5 万辆，同比增长29.6%。2024年吉利汽车的新能源累计销量88.8 万辆，同比增长91.9%，新能源渗透率40.8%，同比增长12.7 个百分点。In 2024, Geely's cumulative sales volume was 2.177 million vehicles, an increase of 32% year over year, exceeding the sales target. We are optimistic that Geely's major brands will continue to upgrade and iterate, with the power of new technology, to drive sales and performance growth.
We maintain our target price of HK$19.0, which is 13.0 times over 25 yearsForecast price-earnings ratioThere is room for a 35% increase from the current price, maintaining the buy rating.
Report summary
Exceeded the 24-year sales target. Geely's sales in December were outstanding, with total sales reaching 0.21 million vehicles, up 43% year on year. Among them, the Geely brand sold 0.157 million vehicles, up 46.0% year on year, down 17.7% month on month, ZEEKR 0.027 million vehicles, up 101.8% year on year, 0.7% month on month, Linker 0.026 million vehicles, up 1.5% year on year and 20.2% month on month. In 2024, Geely's cumulative sales volume was 2.177 million vehicles, up 32% year on year, exceeding the sales target. The Geely brand's cumulative sales volume was 1.669 million vehicles, up 27.4% year on year, the cumulative sales volume of ZEEKR was 0.222 million vehicles, up 87.2% year on year, and Lynk & Co had cumulative sales volume of 0.285 million vehicles, up 29.6% year on year. In 2024, Geely Automobile's cumulative sales volume of new energy vehicles was 0.888 million vehicles, up 91.9% year on year, and the new energy penetration rate was 40.8%, up 12.7 percentage points year on year.
The 2025 sales target is 2.71 million vehicles, up 25% year over year. Among them, the Geely brand sold 2 million vehicles, an increase of 20%, the ZEEKR brand sold 0.32 million vehicles, an increase of 44%, and the Lynk & Co brand sold 0.39 million vehicles, an increase of 37%.
The target sales volume for new energy vehicles in '25 reached 1.5 million units, a year-on-year increase of 69%. The penetration rate has reached 55%, and the transformation of new energy sources has achieved remarkable results.
2025 will be Geely's new product year, and plug-in hybrid products will be the main focus. New cars are a key driver driving sales growth. The Geely brand plans to launch five new energy products. According to the rhythm of one every two months, the products cover two SUVs and three sedans, and will use new hybrid technology to enhance product competitiveness. At the same time, in the field of fuel vehicles, the Geely brand will also lay out new generation products. The ZEEKR brand will increase intelligent investment to make up for shortcomings. It plans to launch a new car each in the second to fourth quarter, including two super electric hybrid SUVs and a pure electric hunting vehicle. The Lynk & Co brand is committed to becoming a global high-end new energy brand, upgrading existing products, and plans to launch two new electric hybrid products in the second and third quarters.
Investment advice. Based on the good trend of Geely Automobile brands continuing to upgrade and iterate under the power of new technology, and their potential for growth in sales volume and market share. We maintain our target price of HK$19.0, which corresponds to a projected price-earnings ratio of 13.0 times over 25 years. There is room for a 35% increase from the current price, and we maintain our buying rating.
Risk warning: industry competition intensifies; prices fall short of expectations
