吉利汽車 (175 HK) 電動化轉型升級正在加速

25 Apr 2022

投資概要
多重原因令銷量跑輸行業平均
根據公佈的銷量資料顯示,吉利汽車一月銷量同比下降 6.36%至 14.64 萬輛,二月的銷
量則同比增長 1.63%至 7.85 萬輛,三月則同比增長 1.14%至 10.12 萬輛,今年首季度累
計銷量 326024 輛,同比下滑 2.26%,完成全年 165 萬輛目標的 19.8%。
對比乘聯會公佈的行業資料,中國一月狹義乘用車銷量同比下降 4.4%,二月同比增長
27%,三月份同比下降 1.6%,一季度累計同比增長 8.3%。公司銷量的整體增幅低於行
業平均。我們認為主要原因在於:1)還未擺脫晶片(如車身電子穩定系統 ESP 晶片)
短缺困境,2)2022 年昡節假期較前一年提早,3)新能源車型占比較低,未能充分享
受到新能源車需求爆發的行業紅利。
銷量提升主要依靠新能源產品
分品牌來看,吉利品牌一月、二月和三月銷量分別同比下降 6.1%、3.0%和持平,其中
的高端車型中國星系列(星瑞,星越,星越 L)實現銷量 2.5 萬輛,1.4 萬輛,2.16 萬
輛,在總銷量中的比重為 17.1%,17.8%,21.35%,占比進一步提升,吉利品牌的高端
化進程穩步推進。
領克品牌分別實現 1.8 萬,1.1 萬和 1.36 萬的月銷量,同比下降 28.1%,11.0%,
17.2%,我們認為領克作為公司最高端車型,智慧化配置高導致所需晶片受短缺拖累程
度更為嚴重,且新能源車型較少是銷量表現欠佳的主要原因。
純電品牌幾何表現亮眼,銷量分別為 1.02 萬,0.77 萬輛,0.81 萬輛,分別大升
391%,863%和 334%。高端純電品牌極氪,3 月交付 1795 輛,2 月交付量 2916 輛,1
月交付 3530 輛,上市以來累計已交付 1.38 萬輛。換電品牌睿藍汽車 3 月銷量 2008
輛,2 月銷量 1618 輛,今年累計銷量 5309 輛。分市場看,出口市場表現仍舊出色,
一季度出口銷量同比升 15%,至 27417 輛。
整體來看,公司銷量提升主要依靠新能源產品銷量拉動,新能源車型的銷量占比繼續
擴大,2 月份佔比一度上升至 18.5%,而 1 月份和 3 月份佔比分別為 12.2%和 14.4%。
加大轉型升級投入,去年業績受影響下滑逾一成
根據最新公佈的財報數據,在總銷量同比增長 1%至 132.8 萬輛的前提下,2021 年公司
實現總收入同比增長 10%至人民幣 1016.1 億元,其中汽車銷售收入同比增長 5%至
877.0 億元,反映銷售結構進一步優化,剔除領克/極氪後的平均單車售價同比增長 9%
至 8.77 萬元,指導價在 10-15 萬元之間的汽車銷量占比由上一年的 25%增長至 44%,
15 萬元以上的占比由 11%提高到 22%。此外,公司錄得合計 45.3 億元的研發及技術支
援服務+智慧財產權許可收入,對業績的貢獻預計將持續。

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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