Ge Long Hui·2025-11-19 21:34Core Viewpoint - Geely Automobile reported strong Q3 performance with significant growth in sales and revenue, driven by improved vehicle structure and recovery in exports, despite some pressure on gross margins due to the rising share of new energy vehicles [1][2] Financial Performance - Q3 sales reached 761,000 units, up 42.5% year-on-year and 8.1% quarter-on-quarter, with total revenue of 89.19 billion yuan, reflecting a 47.7% increase year-on-year and 14.7% quarter-on-quarter [1] - The average selling price (ASP) per vehicle in Q3 was 117,000 yuan, showing a 3.7% increase year-on-year and 6.1% quarter-on-quarter [1] - For the first three quarters of 2025, total vehicle sales were 2.169 million units, up 45.6% year-on-year, with revenue of 239.48 billion yuan, a 26.4% increase year-on-year [1] Cost and Profitability - Q3 gross margin was 16.6%, with a year-on-year increase of 1.0 percentage points but a slight decline of 0.5 percentage points quarter-on-quarter [1] - The actual net profit attributable to shareholders for Q2 was 3.96 billion yuan, up 61.3% year-on-year and 20% quarter-on-quarter, with Q3 net profit per vehicle at 5,200 yuan, reflecting a 13.2% increase year-on-year and 11% quarter-on-quarter [1] Operational Analysis and Outlook - Q3 performance was stable, supported by improved vehicle structure and recovery in exports, although gross margin faced slight pressure due to the higher proportion of new energy vehicles and the introduction of lower-margin models [1] - The company is expected to maintain strong performance in Q4, with continued growth in the new energy segment and stable traditional business, as exports have rebounded and fuel vehicle upgrades are anticipated to remain steady [2] Profit Forecast and Valuation - The company maintains a positive outlook for future profitability, projecting net profits of 16.6 billion, 19.68 billion, and 24 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.45, 8.81, and 7.24 [2]