GEELY AUTO(00175) 格隆汇· Ge Long Hui·2025-06-06 02:43Core Viewpoint - The report indicates a positive outlook for Geely Automobile's sales and financial performance, driven by the launch of several new models and the implementation of the "Smart Geely 2025" strategy [1][2] Sales Performance - In May 2025, Geely's total sales reached 235,000 units, a year-on-year increase of 46%, with new energy vehicle (NEV) sales at 138,000 units, including 95,000 pure electric vehicles (EVs) and 43,000 plug-in hybrids, representing year-on-year growth of 178% and 76% respectively [1] - From January to May 2025, Geely's total sales amounted to 1.173 million units, up 49% year-on-year, with NEV sales at 603,000 units, including 426,000 EVs and 177,000 plug-in hybrids, showing year-on-year increases of 184% and 70% respectively [2] Brand Performance - In May 2025, sales by brand included 189,000 units for the Geely brand (up 57% year-on-year), 28,000 units for the Lynk & Co brand (up 27%), and 19,000 units for the Zeekr brand (up 2%) [1] - For the first five months of 2025, the Geely brand sold 971,000 units (up 57% year-on-year), Lynk & Co sold 128,000 units (up 26%), and Zeekr sold 74,000 units (up 9%) [2] Export Performance - In May 2025, overseas exports totaled 30,000 units, a year-on-year decline of 20% [1] - For the first five months of 2025, overseas exports reached 144,000 units, down 12% year-on-year [2] Future Outlook - Geely plans to launch 10 new NEV models in 2025, with a sales target of 2.71 million units for the year, including 1.5 million NEVs [2] - The Geely brand aims for a sales target of 2 million units, with plans to introduce 5 new NEV models and several refreshed models [2] - The Zeekr Technology Group targets sales of 710,000 units, including 320,000 units for the Zeekr brand and 390,000 units for the Lynk & Co brand, with plans for 5 new NEV models and multiple refreshed models [2] Financial Projections - The company expects net profit attributable to shareholders to grow, with projections of 16.3 billion yuan, 18.2 billion yuan, and 23.7 billion yuan for 2025, 2026, and 2027 respectively, and corresponding EPS of 1.62 yuan, 1.81 yuan, and 2.35 yuan [1] - A target price of 29.31 HKD is set for 2025, based on a PE ratio of 16.6 times [1]