GEELY AUTO(00175) 国海证券·2024-11-18 04:46Investment Rating - The report maintains an "Accumulate" rating for Geely Automobile [1][9] Core Views - Geely Automobile reported a total revenue of 167.68 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 36.01%. The net profit attributable to shareholders reached 13.05 billion RMB, up 358.48% year-on-year, with total sales of 1.4897 million vehicles, a 32.09% increase year-on-year [3][9] - The company has increased its stake in Zeekr to 62.8% by acquiring an additional 11.3% of shares, while Zeekr has acquired 51% of Lynk & Co [3][8] - Geely's Q3 2024 performance showed a revenue of 60.38 billion RMB, with a year-on-year increase of 20.50% and a quarter-on-quarter increase of 9.80%. The net profit attributable to shareholders was 2.455 billion RMB, reflecting a year-on-year increase of 92.40% [5][9] Summary by Sections Revenue and Profitability - In Q3 2024, Geely's average revenue per vehicle (ASP) was 113,100 RMB, with a year-on-year increase of 0.44 thousand RMB and a quarter-on-quarter decrease of 0.15 thousand RMB. The gross margin for Q3 was 15.58%, showing a year-on-year increase of 0.14 percentage points [5][9] - The company’s sales, administrative, and financial expense ratios were 4.47%, 5.82%, and -0.19% respectively, indicating a significant reduction in sales and administrative expense ratios year-on-year [5][9] Sales Performance - Geely's Q3 2024 sales reached 534,000 vehicles, a year-on-year increase of 15.77% and a quarter-on-quarter increase of 11.24%. The sales of new energy vehicles reached 225,700 units, with a year-on-year increase of 58.92% [5][9] - The new energy penetration rate reached 42.26%, up 11.48 percentage points year-on-year [5][9] Strategic Developments - The acquisition of Lynk & Co by Zeekr is expected to enhance resource integration and brand positioning, improving overall operational efficiency and market expansion capabilities [8][9] - The company is projected to achieve revenues of 203.3 billion RMB, 222.4 billion RMB, and 233.3 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 16.03 billion RMB, 11.96 billion RMB, and 15.21 billion RMB [9][10]