Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][13]. Core Insights - The company has raised its annual sales target to 3 million vehicles, representing a year-on-year increase of 38% [7]. - In June, the company sold 236,000 vehicles, a year-on-year increase of 42.1%, contributing to a total of 1.41 million vehicles sold in the first half of the year, up 47.4% year-on-year [7]. - The launch of the Zeekr 9X, featuring advanced technologies, is expected to enhance the company's competitive position in the market [9]. Company Overview - The company operates in the automotive industry, with a market capitalization of HKD 135.24 billion and a share price of HKD 17.00 as of July 9, 2025 [2]. - Major shareholders include Holding Inc. with a 25.24% stake [2]. - The company's stock has seen a 12-month high of HKD 19.97 and a low of HKD 7.33 [2]. Sales Performance - The company achieved a significant increase in sales, with June sales reaching 236,000 units, and a total of 1.41 million units sold in the first half of the year [7]. - The sales of electric vehicles accounted for 52% of total sales in June, with the Geely brand leading the sales figures [7]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be RMB 138.4 billion, RMB 179 billion, and RMB 223 billion respectively, with year-on-year growth rates of 47%, 30%, and 24% [9][11]. - Earnings per share (EPS) are expected to be RMB 1.37, RMB 1.78, and RMB 2.20 for the same years [9][11]. Product Development - The Zeekr 9X is set to be the brand's flagship hybrid model, featuring a 900V high-voltage architecture and advanced battery technology [9]. - The vehicle is expected to support rapid charging capabilities and has a maximum electric range of 380 kilometers [9].

Group 1 - Geely Auto raised its annual sales target by 10.7% from 2.71 million to 3 million units, reflecting the company's confidence in its growth for the year [1] - In June, Geely's total sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1] - New energy vehicle sales in June were 122,400 units, showing a year-on-year growth of 85.5%, although there was a month-on-month decrease of 11.3% [1] Group 2 - The sales of the Geely brand in June were 193,000 units, representing a year-on-year increase of 58.8% and a month-on-month increase of 2.3% [2] - Geely Galaxy's sales in June reached 90,200 units, a significant year-on-year increase of 201.8%, despite a month-on-month decrease of 11.4% [2] - The Galaxy A7, featuring advanced technology and competitive pricing, is expected to boost the sales of Geely's new energy vehicles further [2] Group 3 - Zeekr brand sales in June were 16,700 units, a year-on-year decrease of 16.9% and a month-on-month decrease of 11.7% [3] - Lynk & Co brand sales in June were 26,300 units, showing a year-on-year increase of 7.7% but a month-on-month decrease of 4.8% [3] - The introduction of the Zeekr 9X, featuring innovative hybrid technology, is anticipated to positively impact Zeekr's sales in the upcoming quarters [3]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7] Core Views - Geely Automobile has raised its annual sales target by 10.7%, from 2.71 million to 3 million units, reflecting the company's confidence in its growth prospects [11] - The company's sales in June reached 236,000 units, a year-on-year increase of 42.1%, with electric vehicle sales growing by 85.5% [11] - The Galaxy series continues to show strong growth, with sales of 90,200 units in June, a year-on-year increase of 201.8% [11] - The report highlights that Geely's strategy is not merely about price cuts but is supported by technological advancements and strong cost control, which are expected to enhance profitability as scale effects are realized [11] Financial Forecasts and Investment Recommendations - Adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.50, 1.76, and 2.13 RMB respectively, up from previous estimates of 1.36, 1.54, and 1.94 RMB [4] - The target price is set at 22.50 RMB, equivalent to 24.69 HKD, based on a price-to-earnings (PE) ratio of 15 times the average for comparable companies [4] - Revenue projections for 2023A to 2027E are 179,204 million, 240,194 million, 319,444 million, 381,363 million, and 442,685 million RMB, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 19.4%, and 16.1% respectively [6][12] - Operating profit is expected to grow significantly, with projections of 3,806 million, 7,644 million, 14,116 million, 16,739 million, and 20,314 million RMB for the same period [6][12] - The net profit attributable to the parent company is forecasted to be 5,308 million, 16,632 million, 15,121 million, 17,735 million, and 21,451 million RMB, with growth rates of 0.9%, 213.3%, -9.1%, 17.3%, and 21.0% respectively [6][12]

Group 1 - The company has raised its full-year sales target for 2025 to 3 million units, reflecting a positive outlook for overall operating performance [1][2] - The company expects net profit attributable to shareholders for 2025-2027 to be 16.3 billion, 18.2 billion, and 23.7 billion yuan respectively, with corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - The company maintains a "buy" rating with a target price of 29.49 HKD based on a PE ratio of 16.6 times for 2025 [1] Group 2 - In June 2025, the company's sales reached 236,000 units, a year-on-year increase of 42%, with new energy vehicle sales of 122,000 units, including 85,000 pure electric and 37,000 plug-in hybrid vehicles, representing year-on-year growth of 129% and 30% respectively [1] - For the first half of 2025, the company's sales totaled 1.409 million units, a year-on-year increase of 47%, with new energy vehicle sales of 725,000 units, including 511,000 pure electric and 214,000 plug-in hybrid vehicles, showing year-on-year growth of 173% and 61% respectively [2] - The company’s brand performance showed that Geely brand sales were 1.164 million units, a year-on-year increase of 57%, while Lynk & Co brand sales were 154,000 units, up 22%, and Zeekr brand sales were 91,000 units, up 3% [2]

Core Insights - Geely Automobile Holdings Limited reported a significant increase in June sales, with passenger vehicle sales reaching 236,036 units, a year-on-year growth of 42%, marking ten consecutive months of sales exceeding 200,000 units. Cumulatively, the group sold 1,409,180 units in the first half of the year, representing a 47% increase [1][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 72.5 billion yuan, reflecting a 25% year-on-year increase. The net profit attributable to shareholders was 5.67 billion yuan, showing a remarkable growth of 264%. The gross profit margin improved significantly, reaching 15.8% with a total gross profit of 11.4 billion yuan [1][4]. Operational Efficiency - The strong sales performance is attributed to enhanced operational efficiency and profitability, allowing the company to invest more in research and development to improve product quality. Cost reductions through technological innovation and process optimization have also contributed to increased sales [4][6]. Strategic Initiatives - The improvement in operational efficiency and profitability is largely credited to the "Taizhou Declaration" strategy and the "Smart Geely 2025" initiative, which have enabled business integration across brands like Geely, Geely Galaxy, Lynk & Co, and Zeekr. These brands are focusing on user needs and clear brand positioning to compete effectively in the market [4][6]. AI and Technology Development - Geely has completed a comprehensive AI integration, enhancing its core competitiveness through advancements in intelligent driving technology and battery systems. The company recently launched the Starry AI Cloud Power 2.0 and the Thor AI Hybrid 2.0, which focus on energy efficiency, performance, and safety [6]. Sales Target Adjustment - Based on strong sales performance in the first half of the year, Geely has raised its annual sales target by approximately 11%, from 2.71 million to 3 million units, achieving a target completion rate of 47%. The Geely Galaxy brand aims to reach a sales target of 1 million units, with June sales reaching 90,222 units, a 202% increase [9]. Future Product Launches - In the second half of the year, Geely plans to launch six new electric vehicle models and will continue to focus on high-value innovative technologies in AI and automotive safety, aiming to create long-term value and promote sustainable development in the automotive industry [9].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1][7]. Core Views - The company has raised its full-year sales target for 2025 to 3 million units, maintaining an optimistic outlook for its overall operating performance [3][7]. - The report highlights a strong sales performance in June 2025, with total sales reaching 236,000 units, a year-on-year increase of 42% [7]. - The company expects continued growth in revenue and net profit, driven by its "Smart Geely 2025" strategy [7]. Financial Summary - Revenue is projected to grow from 179,204 million RMB in 2023 to 321,801 million RMB in 2025, reflecting a growth rate of 34% [6]. - Net profit is expected to increase significantly from 5,166 million RMB in 2023 to 16,299 million RMB in 2025, with a growth rate of 222% [6]. - The company’s earnings per share (EPS) are forecasted to be 1.62 RMB in 2025, with a price-to-earnings (PE) ratio of 16.6 times, leading to a target price of 29.49 HKD [7]. Sales Performance - In June 2025, the company sold 236,000 vehicles, with new energy vehicle sales reaching 122,000 units, a year-on-year increase of 129% for pure electric vehicles and 30% for plug-in hybrids [7]. - For the first half of 2025, total sales reached 1,409,000 units, a 47% increase year-on-year, with new energy vehicle sales at 725,000 units, reflecting a growth of 173% for pure electric vehicles [7].

Core Viewpoint - The company has shown significant growth in sales, particularly in the electric vehicle segment, and has adjusted its annual sales target upwards due to strong performance and new product launches [1][2][3] Sales Performance - In June, the company achieved a total sales volume of 236,000 vehicles, representing a year-on-year increase of 42% [1] - Cumulatively, from January to June, the company sold 1.409 million vehicles, up 47% year-on-year [1] - In June, the company sold 122,000 new energy vehicles, a year-on-year increase of 86%, accounting for 52% of total sales [1] - The breakdown of new energy vehicle sales includes 85,000 pure electric vehicles (up 129% year-on-year) and 37,000 plug-in hybrids (up 30% year-on-year) [1] Product Launches and Future Plans - The company has launched several successful models, including the Galaxy Starry 8, which sold over 10,000 units in its first month [2] - The company plans to introduce multiple new models in the second half of 2025, including Galaxy A7, Galaxy M9, Lynk & Co 10 EM-P, Lynk & Co Z20, Zeekr 9X, and others [2] - The annual sales target for 2024 has been raised from 2.71 million to 3 million vehicles, increasing the expected growth rate from 25% to 38% [2] Global Expansion - In June, the company exported 40,000 vehicles, a year-on-year increase of 12%, while total exports for the first half of the year reached 184,000 vehicles, down 8% year-on-year [2] - The company is actively expanding its global presence, with plans to add over 300 overseas sales and service outlets by 2025 [3] - The company has established a presence in key markets such as the Middle East, Asia-Pacific, Africa, Latin America, and Europe, with 891 sales and service points across 81 countries [2][3] Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 351.27 billion, 413.26 billion, and 469.53 billion yuan, respectively [3] - Expected net profits for the same period are 15.20 billion, 17.28 billion, and 20.79 billion yuan, with earnings per share (EPS) of 1.51, 1.71, and 2.06 yuan [3]

Core Viewpoint - The company reported strong sales growth in June and the first half of the year, particularly in the new energy vehicle segment, leading to an upward revision of annual sales targets to 3 million units [1][2]. Sales Performance - In June, total wholesale sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1][2]. - Cumulative wholesale sales for the first half of the year were 1.409 million units, up 47.4% year-on-year [1]. - New energy vehicle sales in June were 122,367 units, representing an 85.5% year-on-year increase but a 11.3% decrease month-on-month, with a penetration rate of 51.8% [1][2]. - Total new energy vehicle sales for the first half of the year reached 725,000 units, a significant increase of 126.5% year-on-year [1]. Product Launches and Future Outlook - The company plans to launch the Galaxy A7 and M9 models in Q3 2025, targeting the hybrid sedan and large six-seat hybrid SUV markets, respectively [2][3]. - The Galaxy A7 will feature a new hybrid system with a comprehensive range of approximately 2,100 kilometers, while the M9 will include advanced driving assistance features [2]. - The company aims for total sales of 710,000 units in 2025, with specific targets for the Zeekr and Lynk brands [3]. Strategic Moves - The company is considering the privatization of Zeekr to consolidate resources and enhance operational efficiency, aligning with its strategic focus on high-end electric vehicles [3]. - The proposed acquisition price for Zeekr shares is $2.566 or 1.23 newly issued shares for each Zeekr share [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 404.78 billion, 489.69 billion, and 572.83 billion yuan, with net profits of 16.21 billion, 22.09 billion, and 25.98 billion yuan, respectively [4]. - Earnings per share (EPS) are forecasted at 1.61, 2.19, and 2.58 yuan for the same period, corresponding to price-to-earnings ratios of 9, 7, and 6 times based on the closing price of 16.32 HKD on July 2 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Views - The company has set an ambitious annual sales target of 3 million vehicles, reflecting confidence in its growth trajectory, particularly in the new energy vehicle (NEV) segment, which has shown significant year-on-year growth [2][4]. - The company reported a total wholesale volume of 236,000 vehicles in June, a year-on-year increase of 42.1%, with NEV sales reaching 122,367 units, up 85.5% year-on-year [1][2]. - The introduction of new models, such as the Galaxy A7 and M9, is expected to enhance the company's market position and drive sales growth in the coming years [2][3]. Summary by Sections Sales Performance - In the first half of the year, the company achieved a total wholesale volume of 1.409 million vehicles, representing a 47.4% increase year-on-year [1]. - The NEV segment accounted for 725,000 units sold in the first half, marking a 126.5% increase compared to the same period last year [2]. Product Development - The Galaxy A7 is set to launch in Q3 2025, featuring advanced hybrid technology and a comprehensive range of 2,100 kilometers on a full charge [2]. - The Galaxy M9, a large six-seat plug-in hybrid SUV, is also expected to debut in Q3 2025, equipped with cutting-edge driving assistance systems [2][3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 404.8 billion, 489.7 billion, and 572.8 billion RMB, respectively, with net profits expected to reach 16.2 billion, 22.1 billion, and 26.0 billion RMB [4][5]. - The earnings per share (EPS) is anticipated to grow from 1.61 RMB in 2025 to 2.58 RMB by 2027, reflecting a positive trend in profitability [4][5]. Strategic Moves - The company plans to privatize its high-end brand, Zeekr, to streamline operations and enhance resource allocation, which is expected to improve overall efficiency and competitiveness [3][4].

智通财经7月1日电，吉利汽车将财年销售目标从271万辆上调至300万辆。 ...