GEELY AUTO(HK:00175) Minsheng Securities·2024-11-02 17:07Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported strong wholesale sales in October, with total sales of 227,000 units, a year-on-year increase of 25.4% and a month-on-month increase of 12.2%. Cumulatively, from January to October, total sales reached 1.716 million units, up 28.9% year-on-year [2]. - The company’s new energy vehicle (NEV) sales in October were particularly impressive, reaching 108,722 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%, with a penetration rate of 48.0% [2]. - The launch of the Raytheon EM-i Super Electric Hybrid is expected to enhance the company's product lineup, featuring a thermal efficiency of 46.5% and a fuel consumption of only 2.62L per 100km [2]. - The company is positioned to strengthen its market share in the NEV segment, particularly in the 100,000 to 200,000 yuan price range, as new models like the Starship 7 are set to launch [2]. - The financial forecast has been adjusted, with expected revenues of 224.78 billion, 277.68 billion, and 308.83 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan for the same years [2][3]. Summary by Sections Sales Performance - October wholesale sales reached 227,000 units, with NEV sales at 108,722 units, marking significant year-on-year growth [2]. - The company has achieved 85.8% of its annual sales target of 2 million units by the end of October [2]. New Product Launch - The Raytheon EM-i Super Electric Hybrid is set to launch in November, featuring advanced fuel efficiency and intelligent energy management capabilities [2]. Financial Projections - Revenue projections for 2024-2026 are set at 224.78 billion, 277.68 billion, and 308.83 billion yuan, with corresponding net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan [3][15]. - The expected EPS for the same period is 1.59, 1.25, and 1.62 yuan, with a P/E ratio of 8, 10, and 8 respectively [3][15].