金吾财讯 | 东吴证券发研指出，吉利汽车(00175)2025Q1单季度营收725.0亿元，同比+24.5%；归母净利润56.7亿元，同比+263.4%。高于业绩预告中值，表现符合该行预期。该行指，公司Q1实现总销量70.4万台，同环比分别+48.0%/+2.5%，单车ASP为10.3万元，同比-15.8%，原因为价格竞争影响&单价较低的吉利主品牌销量占比同比+3.6pct；2025Q1毛利率为15.8％，同比+0.2pct，改善主要原因为规模效应&新能源产品盈利能力增强；25Q1销售/研发/行政费用率分别为5.0%/4.6%/2.0%，同比分别-2.1/0.0/-0.5pct。费用管控效果显著。该行表示，5月7日吉利汽车宣布计划收购极氪已发行全部股份，进一步落实《台州宣言》，聚焦汽车主业，提升资源利用效率，强化吉利汽车在智能新能源汽车领域的全球竞争力。该行维持公司2025/2026/2027年归母净利润预期为142/196/271亿元。对应PE分别为11/8/6倍，维持吉利汽车“买入”评级。
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