吉利汽车私有化极氪回归“一个吉利”，进一步推动内部资源整合和高效协同

交银国际2025-05-09

吉利汽车溢价约13.6%私有化极氪。吉利汽车宣布已向旗下极氪汽车(ZKUS，未评级)提交非约束性报价函，计划以每股极氪股份2.57美元或每股美国存托股票(ADS)25.66美元的价格，收购所有已发行及流通在外的极氪股份及ADS。此价格较极氪ADS于最后交易日(2025/05/06)的纽交所收市价溢价约13.6%。目前，吉利汽车持有极氪约65.7%的股权。极氪股东可选择以现金或按比例兑换吉利汽车新股...

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collaboration","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.9,"00175":1,"GELYY":0.6,"EVS.SI":0.6},"content_text":"吉利汽车溢价约13.6%私有化极氪。吉利汽车宣布已向旗下极氪汽车(ZKUS，未评级)提交非约束性报价函，计划以每股极氪股份2.57美元或每股美国存托股票(ADS)25.66美元的价格，收购所有已发行及流通在外的极氪股份及ADS。此价格较极氪ADS于最后交易日(2025/05/06)的纽交所收市价溢价约13.6%。目前，吉利汽车持有极氪约65.7%的股权。极氪股东可选择以现金或按比例兑换吉利汽车新股(每股极氪股份兑换1.23股吉利股份，或每ADS兑换12.3股)。若股东未明确选择，则默认以现金结算。我们认为，此次私有化利好吉利控股集团内部资源的深度整合和高效协同，杜绝重复投入，降低成本，提高企业竞争力。合并后，新的管理架构下，各品牌保持独特清晰的定位、差异化的技术规划和产品组合。极氪估值低迷，维持上市地位意义有限，同时吉利急需调整高端品牌以应对高端品牌销量低迷的困境。我们认为私有化最核心原因是目前极氪的估值低迷，据Factset数据，极氪的2025年预测市销率只有0.3x，明显低于一众新势力如：小鹏1.7x，理想1.2x，蔚来0.7x和零跑1x。同时极氪并入领克后，市场对合并后前景持怀疑看法，估值持续低迷。从目前估值水平来看，我们认为维持上市地位意义有限，难以融资和上市地位的合规考量，亦会阻碍吉利推动内部资源整合和协同。同时，目前极氪纯电车型竞争力有待提升：1)销量疲弱，极氪001和极氪007等核心车型销量均出现明显下滑，如极氪001月销量从高峰的1.4万辆跌至0.3万辆。2)技术优势逐渐缩小，其三电等核心技术优势逐渐被小米等新势力车企追赶，优势不再明显。此外，极氪还面临资金压力，现金流水平偏低。私有化极氪，有望调整其高端品牌的定位，吉利对极氪的支持力度也有望加大。维持买入，私有化极氪利好吉利。我们认为私有化极氪利好吉利，私有化极氪后，吉利将建立起统一的上市平台，全面整合极氪资产、资源，BOM成本，研发投入和费用支出等有望降低。我们看好吉利在整合后的销量表现，维持买入评级及目标价22.5港元。","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":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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