GEELY AUTO(00175) 民生证券·2024-09-02 09:50Investment Rating - The report maintains a "Buy" rating for Geely Automobile [2] Core Views - Geely's wholesale sales in August reached 181,000 units, up 18.7% year-on-year and 20.2% month-on-month, with cumulative sales from January to August at 1.288 million units, a 31.3% increase year-on-year [2] - The company's new energy vehicle (NEV) sales in August were 75,484 units, representing a year-on-year increase of 59.6% and a month-on-month increase of 27.8%, with a penetration rate of 41.7% [2] - Geely's product cycle is strong with the upcoming launches of the Zeekr 7X and Lynk & Co Z10, expected to accelerate the transition to NEVs and enhance profitability [2] - Export sales reached a record high in August, with 45,045 units exported, a year-on-year increase of 82.3% [2] - The company is projected to achieve revenues of 224.78 billion, 268.69 billion, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 15.4 billion, 12.2 billion, and 15.8 billion RMB [2] Summary by Sections Sales Performance - August wholesale sales were 181,000 units, with NEV sales at 75,484 units, achieving a penetration rate of 41.7% [2] - Cumulative sales for the first eight months reached 1.288 million units, completing 64.4% of the annual target of 2 million units [2] Product Launches - The Zeekr 7X SUV is set to launch on September 20, with a starting price of 239,900 RMB, featuring advanced comfort and smart technology [2] - The Lynk & Co Z10, the first pure electric model from Lynk & Co, is available for pre-order with a starting price of 215,800 RMB, launching on September 5 [2] Export Strategy - Export sales in August were 45,045 units, with a cumulative total of 275,000 units for the year, focusing on markets in Southeast Asia, Korea, Europe, and the Middle East [2] - Zeekr is targeting the high-end European market, with plans to expand into Western Europe by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are 224.78 billion, 268.69 billion, and 298.83 billion RMB, with net profits of 15.4 billion, 12.2 billion, and 15.8 billion RMB respectively [2] - Earnings per share (EPS) are forecasted at 1.53, 1.21, and 1.57 RMB for the same period [2]