Changjiang Securities·2024-11-18 02:40Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [10]. Core Views - Geely Automobile's October 2024 sales reached 227,000 units, representing a year-on-year increase of 28.0% and a month-on-month increase of 12.2%. Cumulative sales from January to October 2024 reached 1.716 million units, up 31.5% year-on-year [6][8]. - The company is experiencing strong growth in new energy vehicle (NEV) sales, with October NEV sales hitting a record high of 109,000 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%. NEVs accounted for 48.0% of total sales, up 13.6 percentage points year-on-year [6][8]. - The GEA platform is expected to initiate a new product cycle, enhancing profitability and driving significant sales growth for new models like the Galaxy E5 and the Xingyuan [7][8]. Summary by Sections Sales Performance - In October 2024, Geely's total sales were 227,000 units, with a year-on-year increase of 28.0% and a month-on-month increase of 12.2%. The cumulative sales for the first ten months of 2024 reached 1.716 million units, reflecting a year-on-year growth of 31.5% [6]. Brand Performance - By brand, Geely's sales in October were 171,000 units, up 22.4% year-on-year and 10.2% month-on-month. The Galaxy model saw sales of 63,000 units, a remarkable year-on-year increase of 363.1% and a month-on-month increase of 118.6% [6][8]. New Energy Vehicles - The NEV segment showed robust performance, with October sales of 109,000 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%. The share of NEVs in total sales reached 48.0%, marking a significant increase [6][8]. Future Outlook - The GEA platform is set to support a new product cycle, with expectations for continued strong sales growth. The Galaxy E5 has already achieved 40,000 deliveries within 85 days of its launch, indicating strong market demand [7][8].