Guohai Securities·2024-08-23 04:10Investment Rating - The report maintains an "Accumulate" rating for Geely Automobile [1] Core Views - Geely Automobile's Q2 2024 performance shows significant growth in both revenue and profit, with total revenue reaching 54.99 billion yuan, a year-on-year increase of 27.85% and a quarter-on-quarter increase of 4.86% [3] - The company's net profit attributable to shareholders reached 9.04 billion yuan, reflecting a year-on-year increase of 90.52% and a quarter-on-quarter increase of 82.73% [3] - The report highlights the successful transition to new energy vehicles, with a penetration rate of 36.68% in Q2 2024, up 12.14 percentage points year-on-year [3] - Geely's overseas sales have also seen a significant increase, with Q2 2024 overseas sales reaching 110,400 units, a year-on-year increase of 67.81% [5] Summary by Sections Financial Performance - In H1 2024, Geely achieved total revenue of 107.30 billion yuan, a year-on-year increase of 46.63%, and a net profit of 10.60 billion yuan, a year-on-year increase of 574.60% [4] - The average revenue per vehicle (ASP) for H1 2024 was 105,000 yuan, a year-on-year increase of 4.2% [3] Sales and Market Expansion - Geely's total vehicle sales in Q2 2024 reached 480,000 units, a year-on-year increase of 25.06% [3] - The report notes strong sales performance from Geely's high-end brands, with Zeekr and Lynk & Co showing significant growth [3] - The company has expanded its global presence, with sales and service networks established in 76 countries and over 120 new outlets opened in H1 2024 [5] Future Outlook - The report projects Geely's revenue for 2024-2026 to be 189.2 billion, 219.9 billion, and 221.5 billion yuan, with expected growth rates of 6%, 16%, and 1% respectively [6] - The net profit forecast for the same period is 16.43 billion, 11.84 billion, and 15.39 billion yuan, with growth rates of 210%, -28%, and 30% respectively [6] - The report emphasizes the company's strategic focus on high-end products and new energy vehicles, which are expected to drive future growth [5]