“Featured Summary: Signed a share subscription agreement with Renault Korea, a Korean subsidiary of the French Renault Group. At the beginning of the year, the two parties signed a new cooperation agreement, announcing that they will launch efficient, Energy-saving fuel and intelligent hybrid models mark a new stage for Geely's technology to go overseas, and full-stack self-research has also enhanced Geely's competitiveness. (2) On May 11, Geely Automobile Holdings Co., Ltd. released the "Sustainable Finance Framework". ", which will help reduce the cost of debt financing and protect."
1. Event: 2022 On June 7, 2019, Geely Automobile released sales data for May 2022.
2. The sales volume in May (including Lynk & Co) was 89,070 units, -7.38% year-on-year and 23.45% month-on-month.
3. Comments: The company's sales in May rose steadily, and the performance of new energy & multi-purpose was outstanding.
4. Sales in May decreased by approximately 7% from the same period last year and increased by approximately 23% from April 2022.
5. According to the specific data, the company's average daily sales volume in May was 2873 vehicles, compared with the average daily sales volume of 2405 vehicles in April, the average daily sales volume was +19.5% month-on-month , the overall sales increased significantly; the Chinese market sold 73,315 units in May, -14.5% year-on-year, and +34.1% month-on-month; the export market sold 15,755 units in May, +51.7% year-on-year and -9.93% month-on-month.
6. In terms of brand, Geely brand (excluding Geometry) sold 60,404 vehicles in May, a year-on-year -19.6%, and a month-on-month +22.3%, and the Geometry brand sold 8,967 units in May Vehicles, +198.8% year-on-year, +22.5% month-on-month, 4,330 vehicles sold by Jikr brand in May, 4,030 units sold by Ruilan brand in May, +33.6% month-on-month, 11,339 units sold by Lynk & Co brand in May, -37.2% year-on-year, month-on-month +10.1%.
7. In terms of energy types, the company's sales of new energy models in May were 19,619 units, +39.0% month-on-month.
8. Among them, the sales volume of pure electric models in May was 15,716 units, a year-on-year increase of +423.7%, 43.8% month-on-month, plug-in hybrid models sold 3,903 units in May, +110.6% year-on-year and +22.4% month-on-month, and gasoline-electric hybrid models sold 2,729 units, +79.8% month-on-month.
9. In terms of models, the sales volume of the company's sedans in May was 35,558 units, a year-on-year -3.0%, and a month-on-month +34.37%, and the sales volume of sports utility vehicles in May was 51,345 units , -11.4% year-on-year and +15.65% month-on-month.
10. The sales volume of utility vehicle models in May was 2,167 units, a year-on-year increase of 38.3% and a month-on-month increase of 67.72%.
11. The company has a strong presence in utility vehicle models.
12. According to the current target of 1.65 million in 2022 set by the company, as of May, the company has accumulated 29.5% of the target.
13. In the context of the steady increase in sales in May, combined with the impact of the future epidemic and supply chain shortages will gradually improve, we believe that the company is very likely to achieve this year's sales target.
14. Taking a stake in Renault Korea, Geely accelerates the globalization process and strengthens technical cooperation.
15. (1) On May 10, Geely Automobile and French RenaultThe Group's Korean subsidiary, Renault Korea Motors, signed a share subscription agreement.
16. At the beginning of the year, the two parties signed a new cooperation agreement, announcing that they will launch high-efficiency, energy-saving fuel and intelligent hybrid models in the Korean market, marking the new development of Geely's technology overseas. At this stage, full-stack self-research has also enhanced Geely’s competitiveness.
17. (2) On May 11, Geely Automobile Holdings Co., Ltd. released the "Sustainable Finance Framework", which helps to reduce the cost of debt financing and maintain the quality of financing categories. Cost advantages and improve financing efficiency.
18. The sales volume of Ji Krypton 001 is rising rapidly, and the market performance is getting better.
19. On June 1, the delivery volume of JKr in May was announced, and 4,330 units of JK 001 were delivered, a month-on-month increase of 102.6%. The monthly delivery volume reached a record high, and It broke the 4,000 mark for the first time, and the cumulative delivery volume exceeded 20,000.
20. “Extreme Krypton Speed” is very eye-catching in the high-end smart pure electric brand track , but due to the impact of the epidemic and production capacity constraints, sales have been sluggish since the beginning of 2022.
21. However, in May, the downward momentum was quickly pulled back, and the sales performance was very bright, which seems to indicate that Ji Krypton is gradually getting its own way in the competition of high-end new energy brands Location.
22. A variety of 100,000-class new cars were released to expand the sales base.
23. (1) On May 13, the X3PRO model of Ruilan Auto was launched, with a price range of 49,900-67,900 yuan.
24. The brand sold 4,030 units in May, a month-on-month increase of 33.6%, a record monthly sales record.
25. (2) On May 20th, the new sports sedan Geely Binrui COOL model was released, the price range is 94,800-109,800 yuan, and the order has exceeded 1 since its listing. million units.
26. As one of the representative works of the rejuvenation of Geely sedan, Binrui COOL To shape the domestic A-class sports car market standard, and enhance the competitiveness of Chinese auto brands in the 100,000-class sports car market.
27. (3) On May 26, Geometry Motors launched its new pure electric small SUV Geometry E, with a pre-sale price range of 87,800-104,800 yuan.
28. From the perspective of product positioning, Geometry E is a catering change made for the younger consumption of the current fashionable small electric vehicles, and it has entered the small and medium electric vehicle market. The obvious purpose of expanding sales.
29. (4) Considering the annual sales target of 1.65 million units, it is expected that the version and model updates will be more active in the second half of the year. The field of hybrid and battery swap travel continues to make efforts.
30. Investment suggestion: In 2022, the company will rely on the advantages of the Group's globalization system and sustainable financial framework to further promote the strategic development of Smart Geely 2025, the new model Geely Binrui COOL Considerable sales.
31. We estimate that the company's net profit attributable to the parent in 2022-2023 will be 8.14 billion yuan and 9.00 billion yuan respectively, corresponding to PE of 18.27 times and 16.52 times, respectively. into" rating.
32. Risk warning: supply chain shortages eased, epidemic situation improved, and the promotion of various brand models was less than expected.