摩根士丹利发布研报称，吉利汽车(00175)股价在未来15天内绝对值将会上涨。这是因为该股份近期交 易走弱，使短期估值更具吸引力。大摩表示，公司第三季净利润达38亿元人民币，毛利率16.6%，优于 上半年的16.4%，且前三季核心盈利106亿元人民币，仍有望达成全年150亿元人民币目标。考虑到2026 年强劲的产品规划项目，大摩认为目前未来12个月共识市盈率9倍的估值(相较两年平均10至11倍)提供 具吸引力的风险回报比。大摩估计此情境实现概率约70%至80%(即"极有可能")，评级增持，目标价24 港元。 ...

Core Viewpoint - Morgan Stanley predicts that Geely Automobile's stock price will rise in absolute terms over the next 15 days due to recent trading weakness making short-term valuations more attractive [1] Financial Performance - Geely's net profit for Q3 reached 3.8 billion RMB, with a gross margin of 16.6%, an improvement from 16.4% in the first half of the year [1] - The company's core earnings for the first three quarters totaled 10.6 billion RMB, with a target of achieving 15 billion RMB for the full year [1] Valuation and Market Outlook - Morgan Stanley considers the current consensus price-to-earnings ratio of 9 times for the next 12 months attractive compared to the two-year average of 10 to 11 times, indicating a favorable risk-reward ratio [1] - The probability of achieving this scenario is estimated at 70% to 80%, which is classified as "very likely" [1] - The firm maintains an "overweight" rating with a target price of 24 HKD [1]

November 18, 2025 10:28 PM GMT Geely Automobile Holdings | Asia Pacific 3Q25 NDR takeaways – Targeting 30% unit profit growth in 2026 Geely aims to grow market share in China by 20% in 2026 (~9% YTD '25) thanks to strong model pipeline across group brands. We think this would alleviate industry uncertainty. 50-80% overseas growth in 2026. Management reiterated 300k units of NEV exports in 2026 (vs. 110k in 2025), accounting for most of the YoY overseas sales growth, assuming steady ICEV exports. Geely looks ...

Summary of Geely Automobile Conference Call Industry and Company Overview - **Company**: Geely Automobile - **Industry**: Automotive, specifically focusing on electric and hybrid vehicles Key Points and Arguments Export Performance and Future Plans - Geely's overseas export volume for the first three quarters of 2025 was 296,000 units, a decrease of 7% year-on-year. However, the export of new energy vehicles (NEVs) saw significant growth, with 77,000 units exported, representing over 200% year-on-year growth. The company expects total NEV exports to reach approximately 110,000 units for the year. For 2026, Geely plans to increase NEV exports to 280,000-320,000 units, contributing around 200,000 units to overall sales growth [2][3][5] HEV Strategy and International Market Goals - Geely is advancing a comprehensive HEV strategy, with plans to launch HEV models starting March 2026, leveraging a model similar to Toyota's approach. The company aims for international sales to reach 1 million units by 2027, with a target of 600,000 to 720,000 units in 2026, representing a growth of 50%-80% [2][6][7] Market Position and Competitive Advantages - Geely has established a strong foundation in fuel vehicles and is rapidly advancing in the NEV sector. The company has a robust international presence, with plans to expand its dealer network from approximately 1,260 to 1,500 by early next year. Geely's overseas products have a profit margin that is 5%-10% higher than domestic products, which is expected to enhance overall profitability [8][12][13] High-End Model Performance - High-end models like the Lynk & Co 900 and Zeekr 9X show significant profitability, with gross margins of approximately 40% for Lynk & Co 900 and Zeekr 9X, and around 25% for M9. If Zeekr 9X achieves monthly deliveries of 7,000-8,000 units, it could generate over 10 billion yuan in total profit [18][19] Strategic Partnerships - Geely's partnership with Renault has led to a 26.4% stake in Renault Brazil, facilitating rapid expansion through existing dealer networks. In South Korea, the joint development of the Kona L1 model has resulted in strong sales, with expectations to reach 50,000 units in 2025 [10][11] Technological Advancements and AI Integration - Geely's intelligent strategy includes the launch of the Qianli Haohan platform, integrating autonomous driving technology with AI capabilities to enhance vehicle safety and performance. The company is also focusing on the application of AI in manufacturing and service sectors [14][15] Future Vehicle Launches - In 2026, Geely plans to introduce 10 new models across its brands, including new vehicles in the Chinese Star, Galaxy, Lynk & Co, and Zeekr series. The Galaxy brand will continue to focus on NEV development to close the gap with industry leaders [20][21] Market Expectations and Growth Projections - Geely is optimistic about maintaining its market share growth, which has increased from 8% last year to 11.1% this year. The company aims to further close the gap with leading competitors and expand its NEV offerings in 2026 [27] Additional Important Insights - Geely's strategic focus on high-end models and international expansion positions it well against competitors, despite challenges such as late entry into the NEV market. The company is committed to leveraging its technological advancements and partnerships to enhance its market presence and profitability [9][22][23]

Core Viewpoint - CICC has upgraded Geely Automobile's profit forecasts for the next two years due to strong new car cycles and improved profitability from models like Galaxy M9 and Lynk & Co 900, raising net profit estimates by 4.5% and 11.9% to 16.9 billion and 19.7 billion RMB respectively [1] Financial Performance - Geely's revenue for the first three quarters of this year increased by 43% year-on-year to 239.5 billion RMB [1] - The net profit attributable to shareholders remained flat at 13.1 billion RMB [1] - In Q3, Geely's revenue grew by 48% year-on-year to 89.2 billion RMB, while net profit increased by 56% to 3.82 billion RMB, aligning with CICC's expectations [1] Investment Rating - CICC maintains a "Outperform" rating for Geely and sets a target price of 26 HKD, which corresponds to a 14.2 times P/E ratio for 2025 and 12.1 times for 2026, indicating a potential upside of 51.2% from the current stock price [1]

Core Viewpoint - CICC has upgraded Geely Automobile's (00175) net profit forecasts for the next two years by 4.5% and 11.9% to 16.9 billion and 19.7 billion RMB respectively, due to a strong new car cycle and improved profitability from models like the Galaxy M9 and Lynk & Co 900 [1] Financial Performance - Geely's revenue for the first three quarters of this year increased by 43% year-on-year to 239.5 billion RMB [1] - The net profit attributable to shareholders remained flat at 13.1 billion RMB [1] - In the third quarter, revenue grew by 48% year-on-year to 89.2 billion RMB, while net profit increased by 56% year-on-year to 3.82 billion RMB, aligning with CICC's expectations [1] Investment Rating - CICC maintains a "outperform" rating for Geely and sets a target price of 26 HKD, which corresponds to a price-to-earnings ratio of 14.2 times for 2025 and 12.1 times for 2026, indicating a potential upside of 51.2% from the current stock price [1]

Core Viewpoint - The launch of the 5th generation Emgrand marks a significant milestone for Geely, making it the first and only Chinese brand to complete a five-generation evolution in the sedan market [1] Group 1: Product Features - The 5th generation Emgrand offers four configurations with a limited-time price range of 65,900 to 82,900 yuan, along with seven promotional gifts for purchases made before November 30, 2025 [3] - It introduces advanced driver assistance systems, including AEB emergency braking and AES active emergency avoidance, providing a high level of safety comparable to premium brands [3] - The vehicle is built on the new BMA Evo global modular architecture, emphasizing a comprehensive reconstruction of technology in fuel vehicles through hardware, systems, ecology, and AI [3][7] Group 2: Performance and Specifications - The 5th generation Emgrand features two powertrain options: a 1.5TD engine paired with a 7DCT transmission and a 1.5L engine with an 8CVT, catering to both performance and comfort needs [3] - The 1.5TD engine delivers a maximum power of 133 kW and a peak torque of 290 N·m, achieving a 0-100 km/h acceleration in 7.9 seconds and a fuel consumption as low as 5.95 L per 100 km [3] Group 3: Design and Comfort - The vehicle's design incorporates Eastern aesthetics, featuring unique front, headlight, side, and rear designs, along with a luxurious interior that includes a 14.6-inch high-definition screen and a 50W wireless fast charging system [5] - It offers a spacious interior with 27 storage compartments and optimized noise reduction features, enhancing overall comfort for passengers [7] Group 4: Market Impact - The Emgrand family has achieved cumulative sales of over 4 million units in 16 years, with the 5th generation poised to redefine user experience in the A-class sedan market and initiate a new era of value for Chinese sedans [9]

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Li Ning (82331), and JD Group (89618) having the highest short-selling ratios at 100.00%, 100.00%, and 91.68% respectively [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with figures of 3.531 billion, 1.787 billion, and 1.421 billion respectively [1][3] - China Mobile (80941), Shanghai Industrial Holdings (00807), and AIA Group (81299) have the highest deviation values, indicating significant differences from their historical short-selling averages [1][3] Short-Selling Ratios - AIA Group (81299) and Li Ning (82331) both have a short-selling ratio of 100.00%, while JD Group (89618) has a ratio of 91.68% [2] - Other notable companies with high short-selling ratios include Kuaishou (81024) at 90.75% and China Mobile (80941) at 90.20% [2] Short-Selling Amounts - Alibaba (09988) has the highest short-selling amount at 3.531 billion, followed by Xiaomi (01810) at 1.787 billion and Tencent (00700) at 1.421 billion [3] - Other companies with significant short-selling amounts include XPeng Motors (09868) at 1.012 billion and BYD (01211) at 1.001 billion [3] Deviation Values - China Mobile (80941) leads with a deviation value of 43.82%, indicating a significant increase in its short-selling ratio compared to its historical average [3] - Other companies with high deviation values include Shanghai Industrial Holdings (00807) at 40.85% and AIA Group (81299) at 36.63% [3]

Core Insights - Renault and Geely announced a partnership to invest 3.8 billion Brazilian Reais (approximately 714 million USD) in Paraná, Brazil, to develop new vehicle models that are "safe, efficient, and affordable" [1] Investment Details - The investment will support Geely's new zero-emission and low-emission platform, laying the groundwork for two new vehicles to be produced starting in the second half of 2026 [1] - Remaining funds will be allocated to update an existing Renault model next year and to launch a new model in 2027 [1]