Geely Automobile Holdings Limited - Stock Analyst Research

Target Price*HKD 12.9
Recommendation BUY
Market Cap*97.955B
Publication Date28 Apr 2023

*At the time of publication

吉利汽車 (175 HK) 處於加速電動轉型過程中

公司簡介
吉利汽車是我國自主品牌乘用車領軍企業之一,主營乘用車及核心零部件的研發、生
產和銷售,自主掌握汽車領域核心技術,廣泛佈局主流車型市場。公司旗下產品包括
吉利、幾何、領克、極氪、睿藍、銀河六大主品牌,覆蓋 A0 至 B 級乘用車市場。
投資概要
收入高增長受益於極氪帶來的單車價格抬升
吉利汽車近期公佈了 2022 年業績報告,全年實現總收入 1480 億元(人民幣,下
同),同比增加 45.6%,超越市場預期的 1324 億元(彭博一致預期);錄得股東應占
淨利 52.6 億元,同比增長 8.5%,高於於市場預期的 48.2 億元。每股收益 0.505 元,略
低於我們之前預計的 0.53 元。每股派息 0.21 港元,與上年持平。
2022 年,吉利汽車的汽車總銷量為 143 萬輛,同比增長 8%。其中,國內市場銷量增
長 2%,至 123 萬輛,出口銷量增 72%至 19.8 萬輛。受益於極氪平均訂單價格超過
33.6 萬元,平均單車銷售收入同比提升 30%,到達 10.3 萬元(丌包含睿藍,領克),
帶動公司整體收入增幅遠高於銷量增幅。
新能源轉型成本較大影響盈利能力
總毛利率下滑 3 個百分點至 14.1%,主要因原材料成本的上漲,以及新能源轉型初期
成本較高所致。公司的新能源車銷量同比增長 300%,達到 32.9 萬輛,占比由去年同
期的 6.2%提升 16.7 個百分點至 22.9%,轉型初期新能源車毛利較低,影響了整體毛利
率水平。全年來看,極氪貢獻了 318 億左右的收入,和 13.8 億的並表虧損。
費用方面,行政費用率、銷售費用率分別下降 0.8 和 0.6 個百分點。由於加大智能電動
化研發投入,研發開支增長 22.6%至 67.7 億元,其中 29%戒 19.7 億費用化。2022 年資
本開支為 103 億(2021 年資本開支 61 億),超出年初預算的 92 億,主要是由於為加
快新能源和智能化轉型,研發投入較高所致。公司在 2023 年資本開支預算為 140 億
元。隨著公司向新能源全面轉型,研發投入將繼續加大;且在新能源和智能化背景
下,行業競爭將持續加劇,預計未來幾年內公司研發支出仍將延續快速增長趨勢。

About the author

Zhang Jing

Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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