GEELY AUTO(00175) 财通证券·2024-10-14 08:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to launch new models, steadily enhancing its international competitiveness [1] - In September, the company reported sales of 202,000 vehicles, representing a year-on-year increase of 21% and a month-on-month increase of 11%. New energy vehicle sales reached 91,000 units, up 76% year-on-year and 20% month-on-month [3] - The company is accelerating its overseas expansion, with exports in September reaching 39,000 units, a year-on-year increase of 51% [3] - The company is steadily introducing new models and continuously improving its technological capabilities, with recent launches including the Lynk & Co Z10 and Z9, and the Zeekr 7X [3] Financial Summary - The company is expected to achieve net profits attributable to shareholders of 15.463 billion, 10.720 billion, and 14.232 billion RMB for the years 2024 to 2026, respectively [4] - The corresponding price-to-earnings (PE) ratios are projected to be 7.72, 11.13, and 8.38 times for the same years [4] - Revenue is forecasted to grow from 179.204 billion RMB in 2023 to 354.944 billion RMB in 2026, with a revenue growth rate of 26.21% in 2024 [5][6] - The company's return on equity (ROE) is expected to increase from 6.59% in 2023 to 11.75% in 2026 [7]