Investment Rating - The report maintains a "Buy" rating for Geely Automobile (0175.HK) [5] Core Views - The company is experiencing growth driven by both plug-in hybrid and export sales, with Zeekr leading the growth [9] - The report highlights a differentiated development in the new energy sector, with plug-in hybrid vehicles showing a 37% year-on-year increase, while pure electric vehicle sales declined by 15% [9] - The export market has seen a significant increase of 121% year-on-year, indicating a successful transition from simple product exports to localized operations [9] - The establishment of a joint venture for core technology research and testing services is expected to enhance long-term competitiveness [9] Financial Forecasts and Indicators - Revenue projections for 2024, 2025, 2026, and 2027 are estimated at 240,194 million, 404,783 million, 489,688 million, and 572,828 million RMB respectively, with growth rates of 34.0%, 68.5%, 21.0%, and 17.0% [4] - Net profit forecasts for the same years are 16,632 million, 16,208 million, 22,085 million, and 25,971 million RMB, with growth rates of 213.3%, -2.6%, 36.3%, and 17.6% [4] - Earnings per share (EPS) are projected to be 1.53, 1.49, 2.03, and 2.38 RMB for 2024, 2025, 2026, and 2027 respectively [4] - The price-to-earnings (P/E) ratio is expected to be 10, 10, 7, and 6 for the respective years [4] - The price-to-book (P/B) ratio is projected at 1.8, 1.6, 1.3, and 1.1 [4]

Core Insights - Geely Automobile Holdings Limited reported a total passenger car sales of 270,167 units in January 2026, marking a year-on-year increase of 1% and a month-on-month increase of 14% [1][2] - The company aims to achieve a sales target of 3.45 million units for the year 2026, with plans to launch 1-2 new models each quarter, including hybrid and hydrogen energy vehicles [1][20] Sales Performance - In January 2026, Geely's new energy vehicle sales reached 124,252 units, reflecting a year-on-year growth of approximately 3% [1] - The sales of Geely's premium brand Zeekr reached 23,852 units, doubling year-on-year [1][3] - Overseas exports amounted to 60,506 units, representing a significant year-on-year increase of 121% [1][20] Brand Development - Geely is focusing on product premiumization, with a clear brand matrix established post-integration [3][12] - The luxury brand Zeekr's sales in January were 23,852 units, with the Zeekr 9X and Zeekr 009 leading in their respective segments [3] - Lynk & Co sold 28,877 units in January, with 17,410 units being new energy vehicles, accounting for 60% of its total sales [5] Technological Advancements - Geely is advancing its AI technology with the launch of the WAM (World Action Model) at CES 2026, enhancing the integration of AI across vehicle systems [13][15] - The new generation assisted driving system, 千里浩瀚G-ASD, aims to provide superior user experience and will gradually introduce advanced driving features [15][16] - In the battery sector, Geely plans to launch a new lithium iron phosphate battery system in 2026, aiming for a 15% increase in energy density [17] Global Expansion Strategy - Geely's global strategy emphasizes regional deepening and global collaboration, with a target of 640,000 export units in 2026, representing over 50% growth [20][22] - The company is establishing a comprehensive industrial park in Malaysia to serve as a hub for Southeast Asia, aiming for an annual production capacity of 500,000 units [22] - Geely is also focusing on high-end market penetration in developed regions, leveraging partnerships with Volvo and Renault [22]

Group 1 - The core viewpoint of the article highlights Geely Automobile's strong performance in January 2026, with a total passenger car sales of 270,167 units, marking a 1% year-on-year increase and a 14% month-on-month increase, as the company aims for an annual sales target of 3.45 million units [1] - In the new energy sector, Geely's sales reached 124,252 units in January 2026, reflecting a year-on-year growth of approximately 3%, with Zeekr's sales doubling to 23,852 units [1] - Geely's overseas export sales in January 2026 reached 60,506 units, showing a significant year-on-year increase of 121%, with a target of 640,000 units for the year, representing over 50% growth [1] Group 2 - Geely plans to gradually introduce Level 3 autonomous driving features on highways and Level 4 in urban areas in 2026, alongside the launch of Robotaxi trial operations [2] - The company will introduce a new manganese iron phosphate battery system, aiming for a 15% increase in energy density, and will complete the first pack of solid-state batteries in 2026 [2] - Geely's four major brands—Zeekr, Lynk & Co, Geely Galaxy, and Geely China Star—will share resources and collaborate to support the high-end product development and accelerate the AI technology transformation [3]

Group 1 - Geely Automobile reported total vehicle sales of 270,200 units in January 2026, representing a year-on-year increase of approximately 1% [1][3] - Both export sales and sales of the Zeekr brand doubled compared to the same period last year [1][3] - Proton achieved vehicle sales of 16,106 units in January 2026, marking a year-on-year growth of approximately 36% [1][3]

Group 1 - The core viewpoint of the articles indicates that Geely's overall sales performance in January showed mixed results, with some brands experiencing declines while others saw significant growth [1][2] Group 2 - In January, Geely brand sales totaled 217,438 units, a year-on-year decrease of approximately 3% [1] - The Galaxy series sold 82,990 units, down 11% year-on-year, while Lynk & Co. sales were 28,877 units, down 4% [1] - Zeekr brand performed exceptionally well with sales of 23,852 units in January, achieving a 100% year-on-year increase [1] - In terms of power types, sales of battery electric vehicles (BEVs) were 68,012 units, down 15% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw a significant increase of 37%, totaling 56,240 units [1] - Geely's total export sales in January reached 60,506 units, marking a 121% year-on-year increase [1] - Proton brand achieved sales of 16,106 units in January 2026, a growth of approximately 36% compared to the previous year [1] - On February 1, Geely announced that total sales for January 2026 reached 270,167 units, reflecting a year-on-year growth of about 1% [2]

Group 1 - In January 2026, Geely Automobile sold 270,167 vehicles, representing a month-on-month increase of 14% [1] - The overseas export volume doubled year-on-year [1] - The sales of new energy vehicles accounted for 46% of total sales, with 124,252 units sold, marking a year-on-year growth of 3% [1]

格隆汇2月1日丨吉利汽车(00175.HK)公告，集团于2026年1月的汽车总销量为270,167部，较去年同期增 长约1%，其中出口总销量和极氪品牌总销量均较去年同期实现翻倍增长。宝腾于2026年1月实现汽车销 量16,106部，较去年同期增长约36%。 (相关资料图) ...

Core Viewpoint - Geely Automobile Holdings Limited reported its January 2026 unaudited vehicle sales data, showing a total sales volume of 270,200 units, a year-on-year increase of 1%, with significant growth in exports and Zeekr brand sales [1] Brand Performance - Geely brand sales reached 217,400 units, a year-on-year decline of 3%, with the Galaxy series selling 83,000 units, down 11% [1] - Lynk & Co sales were 28,900 units, reflecting a 4% year-on-year decrease [1] - Zeekr brand sales surged to 23,900 units, marking a 100% year-on-year increase [1] Vehicle Type Performance - Plug-in hybrid vehicle sales totaled 56,200 units, representing a year-on-year increase of 37% [1] - Pure electric vehicle sales were 68,000 units, showing a year-on-year decline of 15% [1] Other Brands - Proton's sales in January reached 16,100 units, which is a year-on-year increase of 36% [1]

格隆汇2月1日｜吉利汽车发布公告，集团于2026年1月的汽车总销量为27.02万部，较去年同期增长约 1%，其中出口总销量和极氪品牌总销量均较去年同期实现翻倍增长。此外，宝腾于2026年1月实现汽车 销量16106部，较去年同期增长约36%。 ...

Group 1 - The core point of the article is that Geely Automobile reported a total vehicle sales of 270,200 units in January 2026, representing an approximate 1% increase year-on-year [1] - The export sales and Zeekr brand sales both doubled compared to the same period last year [1] - Proton achieved vehicle sales of 16,106 units in January 2026, marking a year-on-year growth of approximately 36% [1]