智通财经网·2025-05-19 01:56Core Viewpoint - Company is expected to benefit from the integration and release of profit elasticity, leading to an upward revision of net profit estimates for 2025 and 2026 by 15.5% and 6.1% to 16.2 billion and 17.6 billion CNY respectively, with a target price increase of 23.5% to 26.00 HKD, indicating a potential upside of 31.7% from the current stock price [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 72.5 billion CNY, a year-on-year increase of 25%, and a net profit attributable to shareholders of 5.67 billion CNY, a significant year-on-year increase of 264%, aligning with the bank's expectations [2] - The revenue growth was driven by strong sales and the consolidation of Lynk & Co, with passenger vehicle sales increasing by 48% year-on-year to 703,800 units, including 339,000 units of new energy vehicles, which accounted for over 50% of total sales [3] Group 2: Profitability Improvement - The company's gross margin improved by 0.2 percentage points year-on-year to 15.8%, attributed to the scale effects of the new energy business and the GEA modular architecture reducing manufacturing costs [4] - The integration of Lynk & Co and Zeekr has led to enhanced cost control, with selling and administrative expense ratios decreasing by 2.1 percentage points and 0.6 percentage points to 5.0% and 1.9% respectively [4] Group 3: Strategic Initiatives - The "One Geely" strategy has accelerated brand integration and resource focus, showing initial effects in Q1 2025, with clearer brand positioning and significant scale effects in supply chain and production capacity [5] - The company is establishing a competitive advantage in global markets, particularly in the Middle East and Asia-Pacific, while leveraging brand synergies with Lynk & Co, Zeekr, and Volvo to penetrate the European market [5]