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【吉利汽车(175.HK)】股权激励与极氪拖累2021业绩,看好节能与智能电动化推进趋势——2021业绩点评报告(倪昱婧)

2022-03-25 07:00:00浏览:14编辑:娱乐第一眼

炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会!

2021业绩公布,派息率达35%

总收入同比增长10%至人民币1,016.1亿元;其中,销量同比增长1%至132.8万辆,剔除领克/极氪后的ASP同比增长9%至人民币8.0万元,汽车销售收入同比增长5%至人民币877.0亿元,技术服务/授权服务收入占比分别同比增加2.4pcts/0.6pcts至3.2%/1.3%。归母净利润同比下降12.4%至人民币48.5亿元,剔除股权激励费用与极氪后的归母净利润同比增长16%至人民币64.3亿元。

毛利率基本符合预期,费用率增加

2021毛利率同比增加1.1pcts至17.1%,SG&A费用率同比增加2.4pcts至14.1%。2021剔除股权激励费用与极氪/领克后的归母单车盈利同比增长19.6%至人民币5,519元;公司应占领克合资公司投资收益同比增长37%至人民币3.5亿元,应占极氪亏损约人民币3.7亿元。管理层指引,1)2022E模块化架构车型占比提升至70%;2)2022E上市吉利品牌2款全新SUV,几何品牌1款全新SUV,极氪品牌1款全新MPV、以及8款雷神车型等;3)加快领克等品牌的海外市场拓展。

看好节能与智能电动化推进趋势

1)传统燃油/混动方面,看好中国星等4.0时代模块化车型驱动的销量与业绩爬坡前景、以及雷神PHEV+HEV混动技术驱动的销量增量前景。2)智能电动方面,看好国内电动车2C需求释放、以及极氪基于门店/充电站等投入力度加大,硬件与FOTA功能导入/用户体验升级带来的销量爬坡趋势。我们看好极氪加大软件/算法等研发投入、与Mobileye合作顺利开展、集团内部自动驾驶核心软硬件技术推进、浩瀚平台架构软硬件集成/开放生态模式、以及吉利模块化平台的降本能力。预计公司仍有望成为转型智能电动化成功的传统车企之一,看好极氪销量爬坡驱动的长期市值撬动前景。

风险提示:需求不及预期,新车型上市/销量爬坡不及预期,芯片短缺加剧,电池/原材料价格上涨,成本费用控制不及预期,疫情反复,市场/金融风险。

发布日期:2022-03-24

福利来了!低位布局良机,送你十大金股!点击查看>>【吉利汽车】股权激励与极氪拖累2021业绩,看好节能与智能电动化推进趋势——2021业绩点评报告海量资讯、精准解读,尽在本站财经APP

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