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、銀河六大子品牌,覆蓋 A0 至 C 級乘用車市場。
投資概要
上半年業績強勁,核心淨利同比翻番
吉利汽車公佈 2025 年中期業績,2025 年上半年的總收入達到 1502.8 億元(人民幣,
下同),同比+26.5%,創歷史新高;歸母淨利潤 92.9 億元,同比-13.9%;如果剔除外
匯匯兌收益、減值虧損及 2024 年視為出售附屬公司之收益後,核心歸母利潤為 66.6
億元,同比+102%。
第二季度單季度,公司實現營業收入 777.9 億元,同/環比分別+28.4%/+7.3%;我們測
算扣除匯兌收益及一次性收益影響後的核心歸母淨利潤約 31.8 億元,同/環比分別
+127%/-8.7%。
毛利率微降但費用率降低
2025 年上半年,公司整體毛利率同比-0.3 個百分點至 16.4%,主要系經濟型新能源車
型銷售占比提升及行業價格競爭加劇所致,但通過規模效應顯現及 GEA 架構產品盈利
能力提升實現部分抵消。其中,極氪汽車的毛利率達到 19.7%,Q1/Q2 的單季毛利率
分別為 18.8%和 20.5%,反映了 2 月份極氪領克整合後帶來的協同效應開始顯現。
費用方面,銷售費用率/管理費用率分別同比-1.0/-0.7 個百分點,至 5.6%/1.9%,顯示
規模效應和渠道整合成效;研發投入同比-8.6%至 83.5 億元,主要用於新能源及智能化
技術佈局,研發費用率同比-1.1 個百分點至 6.6%,反映了整合帶來的技術協同效應。
因此,公司在單車平均售價同比-1.4 萬元至 9.6 萬元的前提下,仍實現了單車核心歸母
淨利潤同比+37%至 4724 元。
新能源車銷量快速增加,占比超 50%
上半年公司累計總銷量達到 140.9 萬輛,同比+47.4%,遠高於同期國內乘用車行業
+13%的銷量同比增速。其中,新能源車累計 72.5 萬輛,同比+126.5%,占比 51.5%
(其中,Q1 和 Q2 占比分別為 48.2%和 54.7%);燃油車同比+7.5%,呈現穩定增長態
勢。鑒於強勁的銷售表現,公司將今年銷量目標上調至 300 萬輛,對應增速由 25%調
高至 38%。
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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.