东方证券：维持吉利汽车(00175)“买入”评级 品牌高端化逐步见效

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile (00175), predicting net profit for 2025-2027 to be 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, with a target price of 23.54 HKD based on a 26-year average PE of 11 times [1] Sales Performance - In February 2026, Geely's total sales reached 206,200 units, a year-on-year increase of 0.6%, with cumulative sales for January-February at 476,300 units, up 1.0% year-on-year [1] - The automotive market in January 2026 was in a transitional policy phase, leading to weak overall demand, but Geely's sales growth indicates strong product competitiveness [1] - The release of pent-up consumer demand is expected as national subsidies for vehicle replacements are gradually implemented [1] Export Growth - Geely's brand sales in February reached 154,900 units, with new energy vehicle sales at 117,500 units, marking a year-on-year increase of 19.4% and a new energy sales ratio of 57.0% [2] - Exports in February totaled 60,900 units, a year-on-year increase of 138.3%, with cumulative exports for January-February at 121,400 units, up 129.4% [2][3] Global Expansion - Geely's overseas strategy is gaining momentum, with the launch of new energy models in the UAE market, including the Geely EX5 EM-i and Lynk & Co 900, which will also enter Southeast Asia, Latin America, and Central Asia in 2026 [3] - The global expansion is expected to significantly contribute to the company's annual performance, with a focus on enhancing the new energy product matrix and high-end brand positioning [3] Brand Development - Zeekr brand sales in February reached 23,900 units, a year-on-year increase of 70.0%, while Lynk & Co sales were 27,400 units, up 58.7% [4] - The Zeekr 9X has been the best-selling large SUV for three consecutive months, and the upcoming Zeekr 8X is anticipated to further strengthen the brand's high-end market position [4] - The integration of Zeekr with Geely's strategy is expected to yield collaborative and scale effects in the future [4]