GEELY AUTO(00175) 民生证券·2024-07-01 02:31Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported strong Q1 2024 performance with revenue of 52.32 billion RMB, a year-on-year increase of 56.1%, and a net profit of 1.56 billion RMB, up 118.6% year-on-year [1]. - The increase in revenue is attributed to a significant rise in sales volume and product structure optimization, with total sales reaching 476,000 units, a 49.5% increase year-on-year, including 144,000 units of new energy vehicles, which saw a 130.9% increase [1]. - The company is expected to launch several new models in the second half of 2024, including the Zeekr MIX and Galaxy E5, indicating a strong product cycle [1]. Summary by Sections Financial Performance - Q1 2024 revenue was 52.32 billion RMB, up 56.1% year-on-year, with a gross margin of 13.7%, down 0.5 percentage points [1]. - Net profit for Q1 2024 was 1.56 billion RMB, reflecting a 118.6% increase year-on-year [1]. - The average selling price (ASP) for products was 126,000 RMB, an increase of 7,000 RMB year-on-year, driven by a higher proportion of new energy vehicle sales [1]. Sales and Volume - Total sales volume for Q1 2024 was 476,000 units, a 49.5% increase year-on-year, with new energy vehicle sales contributing significantly [1]. - The ASP increase was supported by a higher sales proportion of premium models, with the share of Zeekr and Galaxy models rising from 5.4% in Q1 2023 to 17.3% in Q1 2024 [1]. Future Outlook - The company plans to launch several new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its market position and drive further growth [1]. - The report forecasts revenues of 224.78 billion RMB, 268.69 billion RMB, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 7.43 billion RMB, 11.61 billion RMB, and 15.01 billion RMB [2][4].