重点公司分析吉利汽车近年来销量规模一直保持较高水平，新能源汽车的占比于2022年达到23%，2023年1-7月进一步提升至24%。我们认为吉利汽车的品牌架构较为合理且清晰，技术平台也逐渐成形，随着“智能吉利2025”战略的逐步落地，新能源汽车销量增长有望提速，整体营收和归母净利润有望持续增长。我们预计公司2023-2025年的归母净利润分别为46.3亿元、90.4亿元、169.3亿元，EPS分别为0.46元、0.90元、1.68元，给予2023年25-30倍PE,对应合理价值区间12.67-15.20港元(按1港元=0.9080人民币)，给予“优于大市”评级。
风险提示：新车销量风险，价格战风险，原材料涨价风险
APPENDIX 2
评级定义(从2020年7月1日开始执行)：
海通国际(以下简称“HTI)采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况(比如投资者的现有持仓)以及其他因素。
分析师股票评级
优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据GFINRA /NYSE的评级分布规则，我们会将中性评级划入持有这一类
别。
弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下
各地股票基准指数：日本-TOPIX ,韩国-KOSPI ,台湾-TAIEX ,印度-Nifty 100.美国-SP500;其他所有中国概念股-MSCIChina .
Ratings Definitions (from 1 Jul 2020:
Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong Intemational Research contains more complete information concerning the analyst’s views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor’s decision to buy or sell a stock should depend on individual circumstances (such as the investor’s existing holdings) and other considerations.
Analyst stock Ratings
Outperform: The stodks total retum over the next 12-18 months is expected to exceed the return of its relevant broad market bendhmark, as indicated below.
indicated below. For purposes only of FINRA/ NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.Underperform: The stock s total retum over the next 12-18 months is expected to be below the retum of its relevant broad market benchmark, as indicated below
Benchmarks for each stock’s listed region are as follows: Japan-TOPIX, Korea-KOSPl, Taiwan – TAIEX, India-Nifty100. US-SP500; for all other China-concept stocks-MSCI China.
