吉利汽车：战略聚焦协同加速，巨头蓄势扶摇直上

Investment Rating - The report maintains a "Buy" rating for Geely Auto (0175 HK) [6] Core Views - Geely Auto is entering a new product cycle driven by its GEA platform, with strong growth potential in its new energy vehicle (NEV) brands including Zeekr, Lynk & Co, and Galaxy [2][3] - The company's NEV transformation is accelerating, with significant cost reductions and improved profitability expected due to economies of scale and product structure optimization [2][3] - Geely's traditional fuel vehicle business remains stable, supported by innovative overseas expansion models through joint ventures [3][5] Business Segments New Energy Vehicles (NEVs) - The GEA platform is enabling a strong product cycle for Geely's NEV brands, with significant cost reductions and improved energy efficiency [4] - Galaxy: The Galaxy E5, the first model on the GEA platform, has delivered 40,000 units in 85 days, with strong pricing and product competitiveness [4] - Zeekr: Positioned in the high-end pure electric market, Zeekr 001 and 007 are driving sales, with Zeekr 009 exceeding expectations in profitability [4] - Lynk & Co: The brand is transitioning from fuel to NEVs, with models like Lynk & Co 08 EM-P and Lynk & Co 07 boosting sales [4] Traditional Fuel Vehicles - Geely's fuel vehicle business remains strong, with a competitive edge in the 8-200,000 RMB price segment [5] - The company is expanding its overseas market presence through joint ventures, such as its collaboration with Volvo and Renault, and the acquisition of Proton in Southeast Asia [5] - Overseas fuel vehicle gross margins are significantly higher than domestic margins, providing additional profit potential [5] Financial Performance - In the first three quarters of 2024, Geely's revenue reached 1677 billion RMB, a 36% YoY increase, with net profit attributable to shareholders (excluding Renault impact) at 53.9 billion RMB, up 894% YoY [3] - The company's gross margin and net margin improved YoY, driven by economies of scale and product structure optimization [3] Future Outlook - Geely is expected to see strong growth in 2024-2026, with net profit forecasts of 160 billion, 118 billion, and 157 billion RMB, respectively [5] - The GEA platform will continue to drive the company's NEV transformation, with a focus on hybrid and electric vehicles entering a volume expansion phase [5]