Core Viewpoint - 吉利汽车 reported strong performance in Q3 2025, with revenue reaching 89.2 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [1] Group 1: Financial Performance - In Q3 2025, 吉利汽车 achieved a net profit attributable to shareholders of 3.82 billion yuan, an increase of 1.4 billion yuan year-on-year and 0.2 billion yuan quarter-on-quarter [1] - The company sold 760,000 vehicles in Q3 2025, representing a year-on-year increase of 43% and a quarter-on-quarter increase of 7.9% [1] - The gross profit margin for Q3 2025 was 16.6%, up 1.2 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter [1] Group 2: Cost Management - Sales expense ratio in Q3 2025 was 6.0%, up 1.2 percentage points year-on-year and down 0.1 percentage points quarter-on-quarter [1] - Management expense ratio was 1.5%, down 0.6 percentage points year-on-year and down 0.4 percentage points quarter-on-quarter [1] - R&D expense ratio was 4.9%, up 0.3 percentage points year-on-year and down 0.2 percentage points quarter-on-quarter [1] Group 3: Product Strategy and Market Outlook - 吉利汽车 is launching a new product cycle with competitive models such as 银河A7 and 银河星耀8, which have achieved monthly sales of over 13,000 and 10,000 units respectively [2] - The company expects to maintain strong sales momentum, with projected total sales of 3.04 million, 3.73 million, and 4.02 million vehicles for 2025-2027, representing year-on-year increases of 40%, 23%, and 8% respectively [2] - The introduction of high-end models is expected to significantly enhance the company's product structure and profitability [2] Group 4: Profitability Forecast - Projected net profit margins for 2025-2027 are 5.2%, 6.0%, and 6.4%, with attributable net profits of 17.8 billion, 24 billion, and 27.2 billion yuan respectively [3] - The core net profit estimates for the same period are 14.3 billion, 23 billion, and 26.2 billion yuan [3] - The company is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [3] Group 5: Investment Recommendation - Based on the strong new product cycle and improved product structure, the profit forecasts for 2025-2027 have been revised upwards [3] - The target price for 吉利汽车 is set at 26.00 HKD, representing a potential upside of 51% based on a 10x PE ratio for 2026 [3]

Core Viewpoint - The company reported strong Q3 performance with significant revenue and profit growth, driven by new vehicle launches and an accelerating transition to electric vehicles [1][3][4] Financial Performance - Q3 revenue reached 89.2 billion yuan, up 27% year-on-year and 15% quarter-on-quarter; net profit attributable to shareholders was 3.8 billion yuan, up 59% year-on-year and 6% quarter-on-quarter [1] - For the first three quarters, total revenue was 239.5 billion yuan, a 26% increase year-on-year, while net profit was 13.1 billion yuan, a slight decrease of 1% year-on-year [1] Sales and Margins - Q3 sales reached a record high of 760,000 new vehicles, representing a 43% increase year-on-year and 8% quarter-on-quarter [2] - The gross margin for Q3 was 17%, with an increase of 1.0 percentage point year-on-year and a decrease of 0.5 percentage point quarter-on-quarter [2] - The average selling price (ASP) per vehicle was 117,000 yuan, up 4% year-on-year and 6% quarter-on-quarter [2] New Energy Transition - In Q3, new energy vehicles accounted for 58% of total sales, with 440,000 units sold, a 15% increase quarter-on-quarter [3] - The company plans to expand its overseas market presence in 2026, including acquiring a stake in Renault Brazil and establishing a factory in Malaysia [3] Product Launches - The launch of the Zeekr 9X and Galaxy M9 models in Q3 was successful, with significant pre-orders indicating strong market demand [4] - The company aims to continue its high-end product strategy with upcoming models like the Galaxy Battleship series [4] Profit Forecast and Valuation - The profit forecast for 2026-2027 has been adjusted upwards, with net profit estimates of 17.8 billion yuan for 2026 [4] - The company is valued at 13x PE for 2026, with a target price set at 27.07 HKD [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 27.07 [7][5]. Core Insights - The company reported a revenue of RMB 89.2 billion for Q3 2025, representing a quarter-on-quarter increase of 27% and a year-on-year increase of 15%. The net profit attributable to shareholders was RMB 3.8 billion, up 59% quarter-on-quarter and 6% year-on-year [1]. - The company achieved a record high of 760,000 new car sales in Q3 2025, with a gross margin of 17%, reflecting a positive trend in vehicle pricing and cost management [2]. - The sales of new energy vehicles reached 440,000 units in Q3 2025, accounting for 58% of total sales, indicating a strong focus on the transition to new energy [3]. - The successful launch of high-end models such as Zeekr 9X and Galaxy M9 is expected to enhance profitability and market positioning [4]. - Profit forecasts for 2025-2027 have been adjusted upwards, with net profits projected at RMB 17.8 billion, RMB 19.2 billion, and RMB 24 billion respectively, reflecting strong growth potential [5]. Summary by Sections Q3 Performance - Revenue for Q3 2025 was RMB 89.2 billion, with a net profit of RMB 3.8 billion, aligning with expectations [1]. - The company sold 760,000 vehicles in Q3 2025, achieving a gross margin of 17% [2]. New Energy Transition - New energy vehicle sales reached 440,000 units, representing 58% of total sales, with significant growth in the Galaxy brand [3]. - The company plans to expand its overseas market presence in 2026, including acquisitions and new manufacturing facilities [3]. Product Launches - The Zeekr 9X and Galaxy M9 have seen strong initial sales, contributing to the company's high-margin product offerings [4]. Profitability and Valuation - The net profit forecasts for 2025-2027 have been increased, with a target price set at HKD 27.07 based on a 13x PE ratio for 2026 [5].

Core Insights - Geely Automobile reported a revenue of 89.2 billion yuan for Q3 2025, marking a 27% year-on-year increase, with a core net profit of 3.96 billion yuan, up 19% [1][4] - The company achieved a cash reserve of 45.2 billion yuan by the end of September, indicating strong liquidity [1] - Geely's total sales of new energy vehicles reached 443,000 units in Q3, with a penetration rate of 58.2%, surpassing industry averages [4] Financial Performance - Revenue for Q3 2025 was 89.2 billion yuan, a 27% increase compared to the previous year [1] - Core net profit reached 3.96 billion yuan, reflecting a 19% growth year-on-year [1] - By the end of September, Geely's net cash level stood at 45.2 billion yuan, showcasing robust cash reserves [1] New Energy Strategy - Geely's new energy vehicle sales accounted for 11% market share from January to September, with a year-on-year growth rate of 60.4% [4] - The company has successfully transitioned to new energy, with significant improvements in profitability and product offerings [4] - The launch of high-end products in the 9 series is expected to further enhance per-vehicle revenue and net profit [4] Market Outlook - Geely's CEO expressed confidence in the company's strategic direction, anticipating that future performance will continue to set historical records [4] - The company is preparing for potential market changes due to policy adjustments in 2026, viewing it as an opportunity for growth [5] - Geely has already achieved 2.47 million units in sales from January to October, with a target of 3 million units for the full year [5] Operational Efficiency - The merger with Zeekr is progressing, with legal hurdles cleared and investor share exchange pending approval [6] - The company expects to enhance operational efficiency across management, sales, and R&D expenses by 2025, benefiting from organizational synergies [6]

Core Insights - Bank of America Securities reports that Geely Automobile's Q3 revenue increased by 27% year-on-year to 89.2 billion yuan, driven by a 43% year-on-year increase in delivery volume and higher average selling prices [1] - Gross margin improved by 1.2 percentage points to 16.6% due to enhanced economies of scale, improved operational efficiency, and optimized product mix [1] - Net profit for the period rose by 59% year-on-year to 3.8 billion yuan, with cumulative net profit for the first three quarters reaching 13.1 billion yuan [1] Forecast Adjustments - Sales forecasts for 2025 to 2027 have been raised by 2%, 1%, and 2% respectively [1] - Total revenue forecasts have been adjusted upward by 1%, 2%, and 2% for the same years [1] - Earnings per share forecasts have been increased by 1%, 6%, and 5% for 2025 to 2027 [1] Target Price and Rating - The target price has been raised from 24 HKD to 25 HKD [1] - The "Buy" rating has been reaffirmed [1]

Group 1 - Geely Automobile has announced a share repurchase agreement with Morgan Stanley & Co. International plc, initiating a share repurchase plan with a maximum amount of HKD 2.3 billion [2] - The repurchase plan is linked to the privatization process of Zeekr Intelligent Technology Holdings Limited, with Geely planning to issue up to 1,098,059,328 new ordinary shares as consideration for the privatization [2] - The repurchase will commence on the first trading day after the deadline for Zeekr's eligible shareholders to choose cash or shares, expected around mid-December 2025, and will last for six months or until the total repurchase amount is reached [2] Group 2 - On July 15, Geely Holding Group announced that Geely Automobile has signed a merger agreement with Zeekr, where Geely will acquire all remaining shares of Zeekr, allowing shareholders to choose cash or Geely shares as consideration [3] - This merger marks a significant step in Geely Holding Group's strategy to return to a unified "One Geely" approach, in line with the principles of the "Taizhou Declaration" [3]

期内净利润同比增长59%至38亿元人民币，首三季累计净利润达131亿元人民币，占该行全年预期的 77%。计及外汇损失及特殊项目后，集团第三季经调整利润为40亿元人民币，按季增长25%;估算单车净 利润为5,200元人民币，同比及按季分别增长27%及17%。 美银证券发布研报称，吉利汽车(00175)第三季收入同比增长27%至892亿元人民币，主要受交付量同比 增长43%及平均售价提升所推动。得益于规模经济效益提升、营运效率改善及产品组合优化，毛利率同 比上升1.2个百分点至16.6%。该行将2025至27年销量预测分别上调2%、1%及2%，总收入预测上调 1%、2%及2%，每股盈利预测上调1%、6%及5%，目标价由24港元升至25港元，重申"买入"评级。 ...

期内净利润同比增长59%至38亿元人民币，首三季累计净利润达131亿元人民币，占该行全年预期的 77%。计及外汇损失及特殊项目后，集团第三季经调整利润为40亿元人民币，按季增长25%; 估算单车 净利润为5,200元人民币，同比及按季分别增长27%及17%。 智通财经APP获悉，美银证券发布研报称，吉利汽车(00175)第三季收入同比增长27%至892亿元人民 币，主要受交付量同比增长43%及平均售价提升所推动。得益于规模经济效益提升、营运效率改善及产 品组合优化，毛利率同比上升1.2个百分点至16.6%。该行将2025至27年销量预测分别上调2%、1%及 2%，总收入预测上调1%、2%及2%，每股盈利预测上调1%、6%及5%，目标价由24港元升至25港元， 重申"买入"评级。 ...

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]