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]

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]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's profitability continues to improve, with exports expected to become a new growth driver [2] - EPS forecasts for 2025-2027 are adjusted to 1.68, 2.04, and 2.40 RMB respectively, with a target price set at 22.44 RMB and 24.62 HKD, based on a PE ratio of 11 times for comparable companies in 2026 [3] Financial Performance Summary - Revenue (in million RMB) is projected to grow from 179,204 in 2023 to 448,685 in 2027, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 21.3%, and 15.8% respectively [5] - Operating profit (in million RMB) is expected to increase from 3,806 in 2023 to 23,173 in 2027, with significant growth rates of 4.3%, 100.8%, 110.0%, 22.2%, and 18.1% [5] - Net profit attributable to the parent company (in million RMB) is forecasted to rise from 5,308 in 2023 to 24,318 in 2027, with growth rates of 0.9%, 213.3%, 2.5%, 20.9%, and 18.0% [5] - The gross margin is projected to improve from 15.3% in 2023 to 17.3% in 2027, while the net margin is expected to stabilize around 5.3% [5] Market Position and Strategy - The company is expected to maintain a strong market share, with sales growth outpacing the industry average, particularly in the electric vehicle segment [10] - The company is accelerating its global expansion, with exports anticipated to become a significant source of revenue and profit growth [10]

Investment Rating - The report maintains an OUTPERFORM rating for Geely Automobile Holdings with a target price of HK$26.60 [2][4][15]. Core Insights - The company is expected to achieve vehicle deliveries of 3.04 million, 3.52 million, and 3.97 million units for 2025, 2026, and 2027 respectively, with NEV penetration rates projected at 57%, 59%, and 66% [4][15]. - The report anticipates a core net profit attributable to shareholders of Rmb16.40 billion, Rmb18.88 billion, and Rmb22.45 billion for 2025, 2026, and 2027, reflecting a growth rate of -1%, 15%, and 19% respectively [4][15]. - The company is expected to fully realize synergies from its consolidation with ZEEKR by 2026, enhancing profitability and operational efficiency [6][18]. Financial Performance - In Q3 2025, Geely reported revenue of Rmb89.19 billion, a 27% year-on-year increase, while cumulative revenue for the first nine months reached Rmb239.48 billion, up 26% year-on-year [5][16]. - The core net profit for Q3 2025 was Rmb3.96 billion, a 19% increase year-on-year, with a total of Rmb10.62 billion for the first nine months, marking a 59% year-on-year growth [6][17]. - The company maintained a strong cash position with Rmb56.22 billion in cash at the end of September 2025, representing a 31% year-on-year increase [5][16]. Market Position and Strategy - Geely is positioned to achieve its 2025 sales target comfortably, with expectations of 3.04 million units sold, while ZEEKR's overseas sales are projected to grow by 50% to 80% [18][19]. - The report highlights that the company retains strategic advantages in NEV rollout, export expansion, and brand-mix upgrading, which are expected to support continued market share gains in a moderately growing industry [19].

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 89.2 billion yuan for Q3 2025, reflecting a 15% quarter-on-quarter increase and a 27% year-on-year increase [1] - The core net profit attributable to shareholders for Q3 reached 3.96 billion yuan, representing a 19% year-on-year growth [1] - For the first three quarters of the year, Geely's cumulative net profit was 10.62 billion yuan, up 59% year-on-year, indicating robust profitability [1] Financial Performance - Q3 gross profit totaled 14.8 billion yuan, with an 11% increase from the previous quarter [1] - The gross profit margin for the first three quarters was 16.5% [1] - As of the end of September, the company had a net cash level of 45.2 billion yuan, indicating strong cash reserves [1] Sales and Production - By the end of October, Geely had achieved a cumulative sales volume of 2.477 million vehicles, reaching 82.6% of its annual sales target of 3 million vehicles [1] - In Q4, Geely plans to launch several new and updated models, including the Geely Galaxy Star 6, to support the achievement of its annual sales target [1] Corporate Developments - The CEO of Geely confirmed that there are no legal obstacles remaining for the merger of Zeekr and Geely, with the completion of the overall transaction expected by the end of this year [1]