金吾财讯 | 交银国际研报指，吉利汽车(00175)上半年营收达到1503亿元，同比增长27%；扣非后归母净利润66.6亿元，同比增长102%，超市场预期。经营费用增速均低于收入增长，反映品牌整合效果见效。该机构认为吉利有望受益行业反内卷，行业反内卷政策会直接削弱个别龙头在价格上的主动权。如果不能用价格作为主要卖点，市场比较会更多转向配置、驾驶体验、智能化等综合价值。银河品牌下半年销量有望进一步拉升。该机构分别上调2025年收入/盈利预测9.2%/31.5%，主要反映1)销量预测的上调和2)品牌整合效果较该机构预期强，费用率下降。该机构维持吉利的买入评级，上调目标价至24.21港元，对应2025年预测市盈率14.5倍。
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