Soochow Securities·2024-09-05 08:16Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1][4] Core Views - In August, Geely's wholesale sales reached 181,229 units, showing a month-on-month increase of 18.74% and a year-on-year increase of 20.19% [3] - The company continues to enhance its product matrix, with new models and advancements in intelligent driving technology [3] - Geely's revenue forecasts for 2024 to 2026 are set at 213.5 billion, 258.1 billion, and 300.1 billion CNY respectively, with year-on-year growth rates of 19%, 21%, and 16% [4] Financial Performance Summary - Total revenue (in million CNY) for 2022A was 148,565, 2023A was 179,846, and projections for 2024E, 2025E, and 2026E are 213,465, 258,106, and 300,070 respectively, indicating a growth trend [2][4] - Net profit attributable to shareholders (in million CNY) for 2022A was 5,260, 2023A was 5,308, with projections for 2024E, 2025E, and 2026E at 15,142, 11,518, and 13,833 respectively [2][4] - The latest diluted EPS for 2024E is projected at 1.50 CNY, with corresponding P/E ratios of 5.43, 7.14, and 5.95 for 2024E, 2025E, and 2026E respectively [2][4] Sales and Market Expansion - In August, Geely's total sales of new energy vehicles reached 75,484 units, reflecting a month-on-month increase of 59.59% and a year-on-year increase of 27.83% [3] - The export volume in August was 45,045 units, showing a year-on-year increase of 82.27% [3] - The penetration rate of new energy products reached 42%, with a month-on-month increase of 10.66% [3]