吉利汽車 (175 HK) 海外佈局和高端化加快步伐 April 20, 2026 3

PSR Recommendation: ACCUMULATE Status: Downgraded
Target Price: HKD26.60

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。集團旗下三個品牌
包括吉利、領克及極氪覆蓋A0至C級乘用車市場,以及大眾化到豪華汽車市場。

投資概要
Q1銷量基本持平, 高端化戰略呈亮點
2026年第一季度,吉利汽車累計交付汽車70.94萬輛,同比+0.8%,創下歷史同期新
高,重回自主品牌榜首。其中,吉利品牌的中國星Q1銷量31.2萬輛,同比-5.5%,銀
河23.9萬輛,同比-8.0%;子品牌中,高端品牌表現突出:領克8.2萬輛,同比
+12.5%,極氪7.7萬輛,同比+86.1%。豪華SUV車型極氪9X爬坡順利,一季度累計超
2萬,3月銷量過萬,是公司首款搭載了超級電混技術的全尺寸豪華SUV,並首搭浩瀚
AI數字底盤與千里浩瀚H9智能輔助駕駛系統,均價超53萬元(人民幣,下同),極
大的提升了品牌力和規模化後的盈利潛力。我們認為,領克900,極氪9X,銀河M9
等9系列旗艦車型的上市,拉開了公司在SUV領域高端化戰略的新序幕。

出口爆發式增長
海外市場方面,一季度吉利汽車累計出口20.3萬輛,同比+125.7%,遠超行業平均增
速+56.7%,呈現爆發式增長,占比達28.6%。在歐洲市場,公司完成在西班牙、德
國、荷蘭、比利時、盧森堡五個歐洲核心國家的品牌佈局,在東南亞市場,吉利星願
開啟交付並逐步推進本地化生產,在拉美及中東市場領克、極氪品牌正加速滲透。公
司給出保64萬輛,爭75萬輛的2026年全年出口銷量目標指引,對應同比增速
+52.4%~+78.6%,出口業務將成為今年最重要的增長引擎。我們相信,海外市場的快速
放量和高盈利性,有助於彌補國內市場的銷量放緩,改善利潤率。

新能源車占比過半
吉利汽車的新能源轉型正進入提速階段,2026年第一季度,公司新能源車累計銷量達
到36.91萬輛,同比+9%,新能源滲透率提升至52%,3月單月滲透率進一步升至
55%。從結構看,插電混動車型在吉利的新能源產品線中貢獻了更多增量,同比
+62%,目前占比44%,純電車型同比-13%,占比56%。
近期中東地緣衝突導致的油價震盪,客觀上大幅度加速了電動汽車在全球市場的普
及,長遠來看,利好掌握產品、技術、成本、供應鏈優勢的龍頭車廠,公司的新能源
汽車板塊,有望迎來量利雙升的良好格局。

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About the author

Profile photo of Zhang Jing

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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