Zhi Tong Cai Jing·2025-11-19 01:21Core Viewpoint - CICC has upgraded Geely Automobile's (00175) net profit forecasts for the next two years by 4.5% and 11.9% to 16.9 billion and 19.7 billion RMB respectively, due to a strong new car cycle and improved profitability from models like the Galaxy M9 and Lynk & Co 900 [1] Financial Performance - Geely's revenue for the first three quarters of this year increased by 43% year-on-year to 239.5 billion RMB [1] - The net profit attributable to shareholders remained flat at 13.1 billion RMB [1] - In the third quarter, revenue grew by 48% year-on-year to 89.2 billion RMB, while net profit increased by 56% year-on-year to 3.82 billion RMB, aligning with CICC's expectations [1] Investment Rating - CICC maintains a "outperform" rating for Geely and sets a target price of 26 HKD, which corresponds to a price-to-earnings ratio of 14.2 times for 2025 and 12.1 times for 2026, indicating a potential upside of 51.2% from the current stock price [1]