GEELY AUTO(HK:00175) Guolian Securities·2024-10-05 14:10Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [7] Core Views - Geely Automobile reported a total vehicle sales of 202,000 units in September 2024, representing a year-on-year increase of 21.0% and a month-on-month increase of 11.4% [11] - The cumulative sales for the first nine months of 2024 reached 1.49 million units, up 32.1% year-on-year [11] - The launch of the Galaxy E5 has significantly boosted sales, with the new energy vehicle sales reaching a historical high [11] - The company is expected to maintain a high growth trajectory due to the launch of new products and increased subsidies for trade-in policies [11] Summary by Sections Sales Performance - In September 2024, Geely brand sales were 155,000 units, up 16.4% year-on-year and 10.0% month-on-month [11] - The Galaxy series sold 29,000 units, a year-on-year increase of 122.1% [11] - Cumulative sales for the Geely brand in the first nine months of 2024 were 1.151 million units, up 26.6% year-on-year [11] New Energy Vehicles - In September 2024, new energy vehicle sales totaled 91,000 units, a year-on-year increase of 75.8% [11] - The penetration rate for new energy vehicles reached 45.1%, up 14.1 percentage points year-on-year [11] Export Strategy - In September 2024, the company exported 39,000 vehicles, a year-on-year increase of 51.2% [11] - Cumulative exports for the first nine months of 2024 reached 314,000 units, up 68.4% year-on-year [11] Financial Projections - Revenue projections for 2024-2026 are 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 [12] - Net profit projections for the same period are 7.64 billion, 11.61 billion, and 14.08 billion yuan, with growth rates of 44.0%, 51.9%, and 21.3% respectively [12]