GEELY AUTO(00175) 民生证券·2024-12-02 04:03Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a PE ratio of 8/10/8 for the years 2024-2026 [5][3]. Core Insights - The company reported strong wholesale sales of 250,000 units in November, a year-on-year increase of 25.0% and a month-on-month increase of 10.3%. Cumulatively, sales from January to November reached 1.967 million units, up 28.4% year-on-year [3]. - New energy vehicle (NEV) sales in November were particularly impressive, totaling 122,453 units, representing an 88.3% year-on-year increase and a 12.6% month-on-month increase, with a penetration rate of 49.0% [3]. - The upcoming launch of the Galaxy Starship 7, the first plug-in hybrid product based on the GEA architecture, is expected to enhance the company's market position in the NEV segment [3]. - The company has increased its stake in Zeekr and gained control over Lynk & Co, which is anticipated to improve internal resource integration and operational efficiency [3]. - The financial forecast for 2024-2026 anticipates revenues of 224.78 billion, 277.69 billion, and 308.83 billion yuan, with net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan respectively [3][4]. Financial Summary - Projected revenues for 2024, 2025, and 2026 are 224.78 billion, 277.69 billion, and 308.83 billion yuan, with growth rates of 25.4%, 23.5%, and 11.2% respectively [4][18]. - Net profit estimates for the same years are 16.04 billion, 12.58 billion, and 16.32 billion yuan, with corresponding growth rates of 202.1%, -21.5%, and 29.7% [4][18]. - Earnings per share (EPS) are projected to be 1.59, 1.25, and 1.62 yuan for 2024, 2025, and 2026 respectively [4][18].