Great Wall Securities·2024-08-07 10:01Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with an expected price increase of over 15% relative to the industry index in the next six months [18]. Core Views - Geely has raised its annual overseas sales target to 380,000 units, reflecting strong growth in both domestic and international markets [1][13]. - The company reported a total sales volume of 150,782 units in July, a year-on-year increase of approximately 13%, with new energy vehicle (NEV) sales accounting for about 40% of total sales [1][2]. - Geely's brands, including Geely, Lynk & Co, and Zeekr, have all shown significant sales growth, driven by new model launches and a robust product matrix [7][9][10]. Financial Summary - Revenue for 2023 is projected at 179,203.6 million yuan, with a year-on-year growth rate of 21.1% [1]. - Net profit attributable to shareholders is expected to reach 5,308.4 million yuan in 2023, with a growth rate of 0.91% [1]. - The company anticipates net profits of 6,221.1 million yuan, 7,751.8 million yuan, and 9,506.8 million yuan for 2024, 2025, and 2026, respectively [1][13]. Sales Performance - In July, Geely's brand sales reached 113,855 units, a year-on-year increase of about 9%, with the Galaxy series and the high-end Chinese Star series showing strong growth [1][9]. - Cumulative NEV sales for the first seven months of 2024 reached 379,236 units, a year-on-year increase of approximately 105% [2][10]. - The company has successfully entered the top 20 global brands in terms of sales, according to data from the China Automobile Data Research Institute [2]. International Expansion - Geely's overseas sales in July amounted to 32,382 units, a year-on-year increase of approximately 65%, contributing to a total of 229,810 units in the first seven months of 2024 [10][12]. - The company has expanded its international presence, launching multiple models in various countries and increasing its sales and service network globally [12][13].