吉利汽车智能电动全面加速，民营汽车龙头再启航

西部证券02-19

【核心结论】我们预计2024-2026年公司营收2449.49/3130.29/3605.47亿元，同比+36.69%/27.79%/15.18%；归母净利润162.28/137.10/182.43亿元，对应当前股价PE9.7/11.4/8.6X。我们选取比亚迪、长安汽车、长城汽车作为可比公司，可比公司2024-2026年PE均值为19/15/12X(估值日期：2025年2月17日)。...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250219163050a24b9c53&s=b><strong>西部证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【核心结论】我们预计2024-2026年公司营收2449.49/3130.29/3605.47亿元，同比+36.69%/27.79%/15.18%；归母净利润162.28/137.10/182.43亿元，对应当前股价PE9.7/11.4/8.6X。我们选取 比亚迪 、 长安汽车 、 长城汽车 作为可比公司，可比公司2024-2026年PE均值为19/15/12X(估值日期：2025年2月17日)。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250219163050a24b9c53&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EVS.SI","symbol_name":"MSCI China Electric Vehicles and Future Mobility 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作为可比公司，可比公司2024-2026年PE均值为19/15/12X(估值日期：2025年2月17日)。考虑公司随着战略转型进入全新阶段，正处于厚积薄发的快速转型成长期，银河、极氪、领克等品牌新车周期强劲，销量有望持续高速增长。首次覆盖，给予“买入”评级。报告亮点：市场担心公司智能电动化转型不及预期。我们认为公司随着战略转型进入全新阶段，经过几年的积累和发展，目前正处于厚积薄发的快速转型的成长期。#1战略端：2020年吉利汽车正式迈入科技吉利4.0时代。2021年正式发布智能吉利2025战略，开启吉利汽车智能化、电气化发展新时代。2024年9月，吉利控股集团发布《台州宣言》，宣布企业进入战略转型全新阶段。#2产品端：银河发力新能源主流市场，产品周期强劲；极氪高端化持续突破，品类扩张加速成长；领克坚定全面转向电动化，销量恢复同比提升。随着公司新能源持续加速，高端化持续突破，以及出口持续增长，有望推动公司销量保持增长。#3技术端：公司通过SEA和GEA架构平台奠定技术底座，通过雷神EM-i助力混动车型突围，通过自研和供应商方案并行的方式加速智能化转型，高、中、低阶智能驾驶方案全面推进，极氪OS、FlymeAuto助力智能座舱体验提升。风险提示：行业整体销量不及预期风险、行业竞争加剧风险、成本上升风险、电动智能化转型不及预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"CCBot/2.0 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