Ge Long Hui·2026-01-07 06:19Company Performance - In 2025, the company achieved passenger car sales of 3,024,567 units, a year-on-year increase of 39%, exceeding the original target of 3 million units [1] - By brand, sales were 2,449,939 units for the main brand, 224,133 units for Zeekr, and 350,495 units for Lynk & Co, with year-on-year growth of 47%, 1%, and 23% respectively [1] - New energy vehicle sales increased by 90% to 1,687,767 units, accounting for 55.8% of total sales, up 15 percentage points [1] Future Sales Targets - The company set a sales target of 3.45 million units for 2026, representing a year-on-year increase of 14%, with new energy vehicle sales expected to rise by 32% to 2.22 million units [2] - Sales targets for 2026 by brand are 2.75 million units for Geely, 300,000 units for Zeekr, and 400,000 units for Lynk & Co [2] Product Strategy and Profitability - The company is expanding its product matrix, with new models such as the Galaxy E5, A7, and Xingyao 7 aimed at the mainstream market, and six-seat SUVs like Zeekr 9X and Lynk & Co 900 [2] - The integration of Geely, Zeekr, and Lynk & Co is expected to enhance production management synergies and improve profitability [2] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 3.2% and 8.9% to 17.5 billion yuan and 21.5 billion yuan respectively, with a new forecast for 2027 net profit at 24.9 billion yuan [2] - The current stock price corresponds to price-to-earnings ratios of 10.4x for 2025, 8.3x for 2026, and 7.0x for 2027, with a target price of 26.00 HKD, indicating a potential upside of 42.9% [2]