民生证券:维持吉利汽车“推荐”评级 股份回购展现发展信心
Zhi Tong Cai Jing·2025-11-04 06:50

Group 1 - The core viewpoint of the reports indicates that Geely Automobile's (00175) new energy brand is gaining momentum, with accelerating profitability expected from 2025 to 2027, projecting revenues of 404.78 billion, 489.69 billion, and 572.83 billion yuan, and net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, with an EPS of 1.61, 2.19, and 2.58 yuan, maintaining a "recommended" rating [1] - In October, the company achieved total wholesale sales of 307,000 units, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, with export sales of 42,000 units, showing a month-on-month increase of 2.2% [1] - The launch of the new hybrid sedan, Xingyao 6, under the Galaxy brand on October 30, features a price range of 68,800 to 99,800 yuan and is equipped with advanced technologies such as the new generation Raytheon AI hybrid system and intelligent cockpit [1] Group 2 - The company announced a share repurchase plan with a maximum amount of 2.3 billion HKD, which will be executed in the open market through an automated mechanism, reflecting confidence in long-term development and aiming to optimize capital structure and enhance EPS [2] - Geely and Zeekr submitted a CB form to the U.S. Securities and Exchange Commission, with the "big merger" expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [2]