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.
維持 “買入”，目標價爲13.33港元。考慮到1）吉利汽車（“吉利” 或 “公司”）的規模、產品矩陣以及新能源汽車加速轉型帶來的盈利能力和市場份額的提高，以及2）燃油車（FV）和新能源汽車在2024年的銷售增長，我們給吉利2024-2026年的市盈率估值爲19倍/16倍/ 15倍；相應的目標爲13.33港元，根據當前的目標，上行潛力爲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.
收入創歷史新高，GPM同比增長；新能源汽車戰略繼續取得成果。該公司2023年的收入同比增長21.1％，達到人民幣1792億元。毛利率同比增長1.2個百分點至15.3％。在此期間，歸屬於母公司的淨利潤爲人民幣53.1億元，同比增長0.9％。該公司的年新能源汽車滲透率增長了4.7個百分點至29.5％。受益於高端新能源汽車銷售的快速增長，每輛車的收入躍升至人民幣92,091元，同比增長5.0％。該公司2023年的新能源汽車戰略繼續取得成果，高端極客品牌的年銷量達到118,685輛，同比增長65％。2023年第二季度推出的銀河系列的銷售也取得了可喜的業績，年銷量達到83,497臺。Galaxy系列已迅速成爲中高端品牌，月銷量超過10,000臺。
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.
預計吉利將繼續同步拓展海外市場，出口銷售額同比增長。吉利的海外業務在2023年進一步擴大，在中東、東南亞、歐洲和中亞的銷售實現了較高的同比增長。年出口銷量爲27.4萬輛，同比增長38.3％。高端車型將在全球許多市場推出，預計這將進一步促進2024年的高出口銷售增長。
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.
新車週期繼續保持強勁，預計每輛車的收入將繼續增長。2024年，該公司將推出各種新車型，包括2款BEV/1 PHEV Galaxy系列車型（3輛SUV）；3款BEV Zeekr車型（2輛越野車/1輛MPV）；2款BEV/1款PHEV領克車型（2輛轎車/1輛SUV）。我們認爲，該公司的新車週期將在2024年繼續保持強勁，預計這將進一步提高每輛車的收入。
Risks: 1) Domestic industry competition may exceed expectations; and 2) overseas market expansion may fall short of expectations.
風險：1）國內行業競爭可能超出預期；2）海外市場擴張可能低於預期。
譯文內容由第三人軟體翻譯。