Guolian Securities·2024-09-04 06:13Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [7] Core Views - In August 2024, Geely Automobile reported a significant increase in sales, achieving 181,000 vehicles sold, which represents a year-on-year growth of 21.5% and a month-on-month growth of 20.2% [4][11] - The cumulative sales from January to August 2024 reached 1.288 million vehicles, marking a year-on-year increase of 34.0% [4][11] - The company is expected to maintain a high growth trajectory in sales for the second half of the year, driven by a series of new product launches and enhanced subsidies for trade-in policies [4][11] Summary by Sections Sales Performance - In August 2024, Geely's brand sales reached 141,000 vehicles, with a year-on-year increase of 19.0% and a month-on-month increase of 23.6% [11] - The Galaxy series sold 27,000 units in August, showing a year-on-year growth of 138.5% and a month-on-month growth of 58.7% [11] - The penetration rate of new energy vehicles reached 41.7% in August, up 11.0 percentage points year-on-year [11] Export Growth - In August 2024, Geely's exports totaled 45,000 vehicles, reflecting a year-on-year increase of 97.5% and a month-on-month increase of 39.1% [11] - The company is expanding its presence in Southeast Asia, with plans to launch the Zeekr X in Singapore and enter markets such as Cambodia, Malaysia, Myanmar, Indonesia, and Vietnam by the end of the year [11] New Product Launches - August saw the launch of several new models, including the Lynk & Co 03 Champion Edition and the 2025 Lynk & Co 08 EM-P [11] - The Galaxy E5 has already seen over 12,000 deliveries as of August 26 [11] Financial Projections - Revenue forecasts for Geely from 2024 to 2026 are projected at 229.8 billion, 272.9 billion, and 318.5 billion yuan, with year-on-year growth rates of 28.2%, 18.8%, and 16.7% respectively [11] - Net profit attributable to shareholders is expected to be 7.64 billion, 11.61 billion, and 14.08 billion yuan for the same period, with growth rates of 44.0%, 51.9%, and 21.3% respectively [11]