>> 国泰君安-Geely Automobile (00175 HK) 1H2023 Earnings Were in Line with Expectations；New Energy Transformation Continues to Accelerate Further -230823
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研究报告全文：股票研究TableTitleFlashNoteGeelyAutomobile00175HKIvanWu吴凱翔EquityResearch85225092649快讯吉利汽车00175HKivanwugtjascomhk23August20231TableSummaryH2023EarningsWereinLinewithExpectationsNewEnergyTransformationContinuestoAccelerateFurther快WemaintaininvestmentratingofBuyonGeelyAutomobiletheCompanywithatargetpriceofHK1333讯pershareTheCompanysunauditedresultsin1H2023wereinlinewithourexpectationsSincetheCompanyhasFlashNotebeenundergoingnewenergytransformationthusitsearningshavebeenunderpressurein1H2023HoweverconsideringthattheCompanysnewbrandGalaxyL7modelthatwaslaunchedin2Q2023hasachievedgreatsalesrecordtotalsalesof19731unitsinJuneandJuly2023aswellashighsalesgrowthofZeekrin1H2023combinedwithGalaxysnewvehiclemodelslaunchingstrategyin2H2023andZeekrsmarketingstrategyswitchbenefitpackagepricewebelievethattheCompanysearningswillgraduallyreboundin2H2023WemaintainourpreviousEPSforecastsfor2023-2025FwhichwereRMB0617RMB0720RMB0812respectivelyandmaintainaPEvaluationof19xin2023whichishigherthantheaverageofitspeercompaniescorrespondingtotheCompanystargetpriceofHK1333TheCompanys1H2023earningswereinlinewithourexpectationsandsalescontinuetogrowsteadilyTheCompanys1H2023toplinewasRMB732bnup258yoyIn1H2023thegrossprofitmarginslightlydecreasedby证02pptsyoyto144DuringtheperiodtheCompanyincreaseditsRDinvestmentsTheCompanystotalRD券investmentin1H2023exceededRMB59bnmainlyduetoincreasedinvestmentinnewenergyvehicleNEV研intelligentizationandhigh-qualitybrandbuildingMeanwhiletheCompanyisalsovigorouslyexpandingNEVsales告究channelsIn1H2023theCompanyrecordednetprofitattributabletoshareholdersoftheCompanyofRMB157bnup报报12yoyIn1H2023theCompanysoverallvehiclesalesreached694045unitsup131yoyaveragerevenueunitincreasedbyRMB641968yoytoRMB101168amongthemthesalesvolumeofNEVswere159365units告究includingHEVsjumped341yoywithNEVsalespenetrationrateof230Alsothedeliveryofhigh-endbrandEquityResearchReport研Zeekrwasstrongsoaring1243yoytoatotalof42633unitsdeliveredTable券1H2023exportbusinessremainedrobustand2H2023isexpectedtocontinuetowitnesshighexportgrowthInfo1证UndertheclearstrategiclandscapeGeelyGrouptheCompanyisfocusedonEuropeanandASEANoverseasmarketsandenteredMiddleEasternAfricanandSouthAmericanmarketsallofthesemarketsachievedpromisingresultsTheCompanysexportsalesjumped383yoyin1H2023to121185units175oftotalsalesin1H2023汽SinceMarch2023exportsaleshavecontinuouslyexceeded20000unitsmonthofwhichAprilreachedarecordhigh车of22942unitsWebelievethatasmorevehiclemodelsarecurrentlybeingscheduledtolaunchinoverseasmarkets行pairedwiththeCompanysbrandawarenesscontinuingtoincreaseoverseastheCompanys2H2023exportsaleswill业continuetoachievehighgrowthAutomobilesSectorProfitabilityistemporarilyunderpressureandtheCompanysnewenergytransformationcontinuestoacceleratefurtherWebelievethatpressureontheCompanysearningsin1H2023wastemporarymainlybecausetheCompanyhasbeenactivelypromotingnewenergytransformationandiscurrentlyinthemiddleofadjustmentstoproductstructureandsaleschannellandscaperesultinginincreasedinvestmentsinnewenergybrandbuildingandresearchanddevelopmentwhichultimatelyledtotemporarypressureontheCompanysprofitabilityWiththeTablecontinuousdeepeningoftheCompanysfullnewenergytransformationandtheincreaseinsalesofnewNEVsweInfo2expecttheCompanysprofitabilitytograduallybouncebackTheCompanyisschedulingtolaunchmoreplug-inhybridelectricvehicleincludingGalaxyL6inSeptember2023LynkCo08in2H2023AlsotheCompanyisexpectedtolaunchBEVGalazyE8modellaterthisyearTheadditionofmorethan400brandnewstoresunderGalaxybrand吉plusover300existingstoresofZeekrAllofthesefactorsareexpectedtoboostsalesgrowthoftheCompanyin利2H2023TheCompanysnewenergytransformationwillacceleratefurther汽车Risks1Industrycompetitionmayexceedexpectations2salesofnewvehiclemodelsmayfallshortofexpectationsand3therecoveryofpassengervehicleend-marketdemandmaybelowerthanexpectedGeelyAutomobile00175GeelyHKAutomobileSeethelastpagefordisclaimerPage1of2TablePageHeaderGeelyAutomobile00175HKCompanyRatingDefinition1raMthgiRelbaTTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookoftheCompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15August2023orthefundamentaloutlookoftheCompanyorsectorisfavorable23Neutral中性RelativePerformanceis-5to5orthefundamentaloutlookoftheCompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18months2raMthgiRelbaTRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport00175HK2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months吉利汽车5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesGeelyAutomobileDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2
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