Zhi Tong Cai Jing·2025-12-29 06:07Core Viewpoint - Geely Auto has completed the privatization of Zeekr and its delisting from the New York Stock Exchange, which is expected to enhance operational efficiency through further integration of its automotive business [1][2] Group 1: Privatization and Integration - The privatization involved approximately 70.8% of shareholders opting for stock exchange, resulting in the issuance of 777 million shares, which accounts for 7.7% of the company's total issued share capital [2] - The remaining 29.2% of shareholders chose cash compensation, amounting to $701 million, with the company planning to finance up to $420 million for this transaction [2] - Post-merger, the integration of automotive operations is expected to reduce R&D costs by 10% to 20%, lower BOM costs by 5% to 8%, and improve capacity utilization by 3% to 5% [2] Group 2: Electric Vehicle Strategy - Geely's electric vehicle transition is accelerating, with total vehicle sales reaching 2.7878 million units from January to November, representing a year-over-year increase of 41.8% [3] - Sales of new energy vehicles (NEVs) reached 1.5335 million units, up 97% year-over-year, with NEVs accounting for 55% of total sales, an increase of 14.2 percentage points compared to the full year of 2024 [3] - The company plans to launch multiple new models in 2026, including three SUVs and two sedans under the Galaxy brand, and aims to strengthen its NEV exports, expecting a 50% year-over-year increase [3] Group 3: Profit Forecast - The company is projected to achieve net profits of 17.06 billion, 21.85 billion, and 28.18 billion yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of +80%, +28%, and +29% after excluding one-time gains [4] - Earnings per share (EPS) are expected to be 1.59, 2.04, and 2.62 yuan for the same years, with current price-to-earnings (P/E) ratios of 9.6, 7.5, and 5.8 times [4]