Zhi Tong Cai Jing·2025-11-18 09:16Core Viewpoint - Morgan Stanley's report indicates that Geely Automobile (00175) exceeded expectations in its third-quarter performance, with core net profit surpassing the bank's forecast by 4% [1] Financial Performance - The net profit per vehicle increased by 15% quarter-on-quarter to 5,200 RMB [1] - The third-quarter performance was solid, driven by economies of scale, improved product mix, and contributions from export expansion [1] Market Outlook - The bank believes that Geely's stock price increase this year is more attributable to profit upgrades rather than multiple expansions [1] - During the earnings conference, management emphasized plans for new vehicle launches, advancements in autonomous driving (AD), and export strategies [1] - The bank welcomes these developments and anticipates stronger growth momentum in the fourth quarter of this year and into next year [1] Investment Rating - The bank maintains an "Overweight" rating with a target price of 24 HKD [1]