Financial Performance - Total vehicle sales increased by 32% to 2,176,567 units in 2024, compared to 1,648,515 units in 2023[3]. - Revenue rose by 34% to RMB 240,194,270,000 in 2024, up from RMB 179,203,592,000 in 2023[3]. - Net profit for the year surged by 240% to RMB 16,799,095,000, compared to RMB 4,935,018,000 in the previous year[5]. - Basic earnings per share increased by 219% to RMB 1.64, up from RMB 0.51 in 2023[5]. - The proposed final dividend is HKD 0.33 per share, a 50% increase from HKD 0.22 per share in 2023[4]. - The company reported a pre-tax profit of RMB 18,403,553,000, compared to RMB 4,949,942,000 in 2023[5]. - The total comprehensive income for the year amounted to RMB 16,071,111 thousand, reflecting a significant contribution from profit attributable to equity holders of RMB 16,799,095 thousand[12]. - The company reported a profit of RMB 16,487,558 thousand for the year, which is a substantial increase compared to previous periods[12]. Assets and Liabilities - Total assets increased to RMB 125,321,709,000 in 2024, compared to RMB 94,986,761,000 in 2023[8]. - Non-current assets increased to RMB 104,069,950,000 in 2024, up from RMB 78,962,781,000 in 2023[8]. - The total liabilities classified as held for sale amounted to RMB 7,885,018,000 as of December 31, 2023[131]. - The total liabilities of the Lynk & Co Group are RMB 37,170,835 thousand for 2024, compared to RMB 34,363,313 thousand in 2023[97]. - The total amount of trade receivables from related parties controlled by major shareholders increased to RMB 11,193,408,000 in 2024 from RMB 9,190,957,000 in 2023, a rise of 21.8%[104]. Cash Flow and Investments - Operating cash flow for the year was RMB 30,006,013, up 21.5% from RMB 24,649,561 in the previous year[13]. - The company reported a net increase in cash and cash equivalents of RMB 4,078,984, compared to RMB 3,433,947 in the previous year[15]. - The company incurred a loss of RMB 9,097,711 from the estimated loss of partial interests, which was not present in the previous year[13]. - The company reported a cash inflow of RMB 1,757,540,000 from the acquisition of Ningbo Passenger Vehicle, after accounting for the cash consideration paid[150]. Research and Development - Research and development expenses rose to RMB 10,419,240,000, an increase of 33% from RMB 7,809,997,000 in 2023[5]. - The revenue from research and development and related technical support services grew to RMB 7,900,108 thousand, an increase of 20% from RMB 6,591,992 thousand[42]. - The company plans to launch 9 new energy vehicle products in 2024, including models from the Galaxy, Zeekr, and Lynk & Co brands[179]. Foreign Exchange and Risk Management - The company experienced a foreign exchange loss of RMB 709,227 thousand due to the translation of overseas financial statements[12]. - The company faced significant foreign exchange losses due to currency fluctuations in emerging markets, impacting financial performance[186]. - The company has implemented a comprehensive risk management strategy to mitigate foreign exchange risks, including entering into foreign currency forward contracts[188]. Shareholder Activities - The company declared a final dividend of RMB 1,915,763 thousand for the previous year, impacting retained earnings[11]. - The total amount of transactions with owners during the year was RMB (8,802,679) thousand, highlighting significant shareholder activities[12]. - The company's authorized share capital increased from HKD 240 million (12 billion shares) to HKD 360 million (18 billion shares) as of December 31, 2024, approved at the annual general meeting on May 31, 2024[136]. Acquisitions and Joint Ventures - The company completed the acquisition of Lynk & Co, with a total consideration of RMB 9,000,000,000, which will increase its stake in the company to 51%[160]. - The company aims to reduce ongoing related party transactions and enhance operational independence through strategic acquisitions[151]. - The establishment of the joint venture Horse Powertrain was agreed upon on November 8, 2022, with contributions valued at €2,310,000,000 from the company, €1,190,000,000 from Geely, and €3,500,000,000 from Renault[86][87]. Employee and Operational Metrics - The total number of employees increased to approximately 62,000 as of December 31, 2024, compared to 60,000 a year earlier[193]. - The company has established a comprehensive AI layout, achieving a computing power of 23.5 EFLOPS and developing the first full-stack self-researched automotive AI model, which is certified by the China Academy of Information and Communications Technology[182]. Future Outlook - The company has set a sales target of 2.71 million vehicles for 2025, which is approximately a 25% increase from the total sales achieved in 2024[184]. - The group plans a capital expenditure budget of approximately RMB 15 billion for 2025, focusing on new models and smart technology development[177].

Core Viewpoint - The article emphasizes the importance of timing and sustainability in stock trends for successful short-term investing, highlighting that sound fundamentals and positive earnings revisions are crucial for maintaining momentum in stock prices [1][2]. Group 1: Stock Performance - Geely Automobile Holdings Ltd. (GELYY) has shown a solid price increase of 25.2% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also increased by 20.5% over the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, GELYY is trading at 94.6% of its 52-week high-low range, indicating a potential breakout [5]. Group 2: Fundamental Strength - GELYY holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks like GELYY that are on an uptrend supported by strong fundamentals [3]. - The article suggests that investors should consider other stocks that meet similar criteria and explore various Zacks Premium Screens tailored to different investing styles [8].

Summary of Geely Automobile Conference Call Company Overview - Geely Automobile has completed self-research on the three core components of vehicles, leading to sales growth driven by sedan models (Yuanjing, Emgrand) and SUVs (Boyue) [2][3] - The company is transitioning towards high-end markets through acquisitions (e.g., Volvo) and joint ventures (e.g., Lynk & Co), which has positively impacted sales and stock prices [2][3] Industry and Market Position - Geely Holdings Group encompasses multiple passenger car brands including Geely Automobile, Volvo, smart, and Proton, as well as commercial vehicle brands [2][6] - The company has established a full industry chain layout with subsidiaries listed in Hong Kong, including Geely Galaxy New Energy, Zeekr, Lynk & Co, and joint ventures with Renault [2][6] Key Developments and Strategies - Geely has shifted from a three-stage hybrid development to a single-stage hybrid, significantly enhancing the range of its vehicles [4] - The company has launched the Taizhou Declaration to integrate teams and adjust equity structures, strengthening collaboration in electrification and intelligence [2][5][8] - The "Geely 4.0" era is marked by strategic adjustments to promote electric and intelligent vehicle development [8][9] Financial Performance and Projections - In 2023, Geely's sales entered an upward trajectory, with significant year-on-year growth expected in 2024 [10] - The company anticipates a net profit of 10.037 billion RMB in 2025, increasing to 18 billion RMB by 2026, with a sales target of 2.17 million units in 2024 and 2.7 million in 2025 [21] Brand Performance - Geely Galaxy focuses on plug-in hybrid and pure electric vehicles, competing with BYD, and has seen strong sales performance [12] - The Zeekr brand has established a presence in the high-end electric vehicle market, with sales increasing from 70,000 units in 2022 to over 200,000 units in 2024 [13] - Lynk & Co is transitioning from a mid-to-high-end fuel vehicle brand to a mid-to-high-end new energy brand, facing short-term sales pressure but expected recovery [14] Technological Advancements - Geely has developed two main vehicle platforms: SEA and GEE, covering various energy types and enhancing cost-effectiveness [15] - The company has made significant improvements in hybrid technology, including the introduction of silicon carbide modules and optimized control technologies [17] - In the field of intelligent driving, Geely covers high, medium, and low-level solutions, emphasizing a fully self-developed system [18] AI and Smart Features - Geely is advancing in AI with the development of new AI models and collaborations with leading tech companies [20] - The company employs a dual strategy for smart cockpits, integrating self-developed operating systems with existing technologies [19] Investment Recommendation - Investment in Geely is recommended due to its strategic positioning in the vehicle model cycle, advancements in smart technology, and potential for significant changes in the AI landscape [22]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely Automobile is positioned to enter a new growth phase in the smart electric vehicle era, with its technology foundation and brand structure ready for expansion [7][40] - The company aims to achieve a sales target of 1 million units by 2025, supported by the launch of new models and a focus on resource integration [7][40] Summary by Sections Strategic Focus - The "Taizhou Declaration" marks a new strategic phase for Geely, emphasizing resource integration and optimization of business structures [10][14] - The company plans to enhance its competitive edge through a three-pronged transformation strategy: organizational culture, competitiveness, and management model [18] Galaxy Division - Geely aims to align with industry leaders and achieve significant scale by 2025, focusing on the mainstream new energy market [23][31] - The company has faced challenges in its transition to new energy vehicles, particularly in the plug-in hybrid segment, but is now positioned for a scale effect [23][31] Zeekr & Lynk & Co - The integration of Zeekr and Lynk & Co is aimed at enhancing brand positioning and resource sharing, with a focus on high-end luxury electric vehicles [19][21] - Both brands are expected to see significant sales growth, entering a critical period for profitability [19][21] Technology and Innovation - Geely has developed a comprehensive AI technology system for smart vehicles, with plans to enhance self-driving capabilities by 2025 [4][21] - The company is advancing its hybrid technology, with the EM-I system expected to compete effectively against rivals like BYD [32][36] Financial Projections and Investment Recommendations - The report revises profit forecasts for Geely, projecting net profits of 16.013 billion, 14.046 billion, and 18.838 billion for 2024, 2025, and 2026 respectively [4][7] - The company is expected to enter a new growth cycle as new models are launched, maintaining a "Buy" rating [7][40]

Core Insights - The collaboration between Jiyue Star and Geely Automobile Group has led to the open-source release of two multimodal large models: Step-Video-T2V for video generation and Step-Audio for voice interaction [1] Group 1: Model Performance - The Step-Video-T2V model is reported to have a leading parameter count and performance in the global open-source video generation field [1] - Step-Audio is noted as the industry's first product-level open-source voice interaction model [1]

Group 1 - Geely Automobile announced that all conditions precedent for the Lynk & Co acquisition and capital injection have been met, with the transaction completed on February 14, 2025 [1] - Following the completion of the acquisition and capital injection, Lynk & Co is now owned 49% by Ningbo Geely and 51% by Zhejiang Zeekr [1] - Lynk & Co has become an indirect non-wholly-owned subsidiary of both Zeekr and Geely [1] - The group is expected to record an unaudited revenue of approximately RMB 6.47 billion post-acquisition [1]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely is positioned to enter a new growth phase in the smart electric vehicle era, with its technology foundation and brand structure ready for expansion as new models are launched [7][40] - The company aims to achieve a sales target of 1 million units by 2025, focusing on the integration of its brands and enhancing its product matrix [7][40] Summary by Sections Strategic Focus - The "Taizhou Declaration" marks a new strategic phase for Geely, emphasizing resource integration and efficient operations across its business segments [10][14] - The company plans to streamline its operations and clarify brand positioning to enhance resource utilization and reduce conflicts [10][14] Galaxy Division - Geely aims to align with industry leaders and achieve significant scale by 2025, focusing on the mainstream new energy market [7][23] - The company has faced challenges in its transition to new energy vehicles, particularly in the hybrid segment, but is now poised for a scale effect with new product launches [23][31] Zeekr & Lynk & Co - The integration of Zeekr and Lynk & Co is aimed at enhancing resource collaboration while maintaining distinct brand identities [19][21] - Both brands are expected to see significant sales growth, entering a critical period for profitability [7][19] Technological Advancements - Geely has developed a comprehensive AI technology system for smart vehicles, with plans to enhance self-driving capabilities by 2025 [7][21] - The company is advancing its hybrid technology, with the new EM-I system expected to compete effectively in the market [32][36] Financial Projections and Investment Recommendations - The report revises profit forecasts for Geely, projecting net profits of 16.013 billion, 14.046 billion, and 18.838 billion for 2024, 2025, and 2026 respectively [4][7] - The company is expected to enter a new growth cycle as new models are launched, reinforcing the "Buy" rating [7][40]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The new vehicle cycle is expected to significantly boost sales in 2024, with a projected total sales volume of 2.169 million units, representing a year-on-year growth of 27.4% [7] - The earnings per share (EPS) forecasts for 2024-2026 are adjusted to 1.43, 1.08, and 1.29 yuan respectively, with a target price set at 16.20 yuan (RMB) or 17.60 HKD [2][5] Financial Performance Summary - **Revenue Forecasts**: - 2022: 147,965 million yuan - 2023: 179,204 million yuan (21.1% YoY growth) - 2024: 224,632 million yuan (25.4% YoY growth) - 2025: 269,476 million yuan (20.0% YoY growth) - 2026: 316,008 million yuan (17.3% YoY growth) [4][10] - **Net Profit Forecasts**: - 2022: 5,260 million yuan - 2023: 5,308 million yuan (0.9% YoY growth) - 2024: 14,442 million yuan (172.1% YoY growth) - 2025: 10,884 million yuan (-24.6% YoY growth) - 2026: 12,948 million yuan (19.0% YoY growth) [4][10] - **Profitability Ratios**: - Gross Margin: - 2022: 14.1% - 2023: 15.3% - 2024: 15.6% - 2025: 15.6% - 2026: 15.6% [4][10] - Net Margin: - 2022: 3.6% - 2023: 3.0% - 2024: 6.4% - 2025: 4.0% - 2026: 4.1% [4][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: - 2022: 23.8 - 2023: 23.5 - 2024: 8.7 - 2025: 11.5 - 2026: 9.7 [4][10] Sales Performance Summary - In December 2024, the total sales volume reached 210,100 units, a year-on-year increase of 43.3% [7] - The company exceeded its annual sales target for 2024, achieving a cumulative sales volume of 1,669,000 units [7] - The sales of new energy vehicles in December 2024 reached 111,200 units, marking a year-on-year growth of 93.1% [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.0, indicating a potential upside of 33% from the current price of HKD 14.3 [4][6]. Core Insights - The company achieved a record monthly sales figure of 267,000 vehicles in January, representing a year-on-year growth of 25% and a month-on-month increase of 27% [1][2]. - The sales performance of the company's brands shows a positive trend, with the Geely brand selling 225,000 vehicles (up 30%), while Zeekr and Lynk & Co brands experienced slight declines and modest growth, respectively [2][3]. - The company has set an ambitious sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, marking a 25% increase year-on-year and a 27% increase month-on-month [1][2]. - The Geely brand's sales were particularly strong, while Zeekr's sales declined by 5% [2]. Brand Strategy - The company has clarified its brand positioning through internal resource integration, focusing on strategic measures for long-term development [3]. - The Geely brand targets the mid-to-low-end market, while Lynk & Co aims at the premium segment, and Zeekr focuses on technology and luxury [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in 2023 to HKD 288.7 billion in 2025, with a projected net profit of HKD 15.8 billion in 2024 [8][10]. - The gross margin is expected to improve gradually, reaching 16.1% by 2025 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total vehicle sales of 2.177 million units for the year 2024, exceeding expectations, with a significant increase of 92% in new energy vehicle sales year-on-year [2][4]. - In December 2024, the company achieved sales of 210,000 vehicles, representing a year-on-year increase of 43.3% but a month-on-month decrease of 16.0% [2][4]. - The GEA platform is expected to support a new product cycle, enhancing the company's growth potential with brands like Geely, Lynk & Co, and Zeekr performing well [2][4]. Summary by Sections Overall Performance - The cumulative sales for 2024 reached 2.177 million units, marking a year-on-year growth of 32.0% [2][4]. - In Q4 2024, cumulative sales were 687,000 units, reflecting a year-on-year increase of 31.9% and a month-on-month increase of 28.6% [2][4]. Brand Performance - In December, Geely brand sales were 157,000 units, up 46.0% year-on-year but down 17.7% month-on-month [2][4]. - The Galaxy brand saw sales of 69,000 units, a remarkable year-on-year increase of 474.5% [2][4]. - Zeekr's sales reached 27,000 units, up 101.8% year-on-year, while Lynk & Co sold 26,000 units, a slight increase of 1.5% year-on-year [2][4]. New Energy Vehicles - New energy vehicle sales in December were 111,000 units, up 84.0% year-on-year, accounting for 52.9% of total sales, an increase of 12.8 percentage points year-on-year [2][4]. - The company aims for new energy vehicle sales to reach 1.5 million units in 2025, representing a year-on-year growth of 69% [2][4]. Future Outlook - The GEA platform is set to drive a new cycle of technology and product development, with expectations for strong sales momentum in 2025 [2][4]. - The company has set a sales target of 2.71 million units for 2025, with specific targets for each brand [2][4]. - The projected net profits for 2024-2026 are 16 billion, 12.1 billion, and 15.7 billion yuan, respectively, with corresponding PE ratios of 8.1X, 10.7X, and 8.3X [2][4].