GEELY AUTO(00175) 长江证券·2024-12-04 11:33Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [10]. Core Insights - Geely Automobile reported a record sales figure of 250,000 vehicles in November 2024, marking a year-on-year increase of 27.0% and a month-on-month increase of 10.3% [6]. - Cumulative sales from January to November 2024 reached 1.967 million vehicles, reflecting a year-on-year growth of 30.9% [6]. - The GEA platform is expected to initiate a new product cycle, enhancing profitability and driving sales growth across its brands [8]. Summary by Sections Sales Performance - In November 2024, Geely's total sales reached 250,000 vehicles, with a year-on-year increase of 27.0% and a month-on-month increase of 10.3% [6]. - For the period from January to November 2024, cumulative sales were 1.967 million vehicles, up 30.9% year-on-year [6]. - By brand, Geely's sales in November included 190,000 units for the Geely brand, 75,000 units for Galaxy, 27,000 units for Zeekr, and 33,000 units for Lynk & Co [6]. New Energy Vehicles - November saw strong performance in new energy vehicle sales, totaling 122,000 units, which is an increase of 88.3% year-on-year and 12.6% month-on-month [6]. - New energy vehicles accounted for 49.0% of total sales, up 16.5 percentage points year-on-year [6]. Product Development and Strategy - The GEA platform is set to support a new cycle of product launches, with significant cost reductions and improved efficiency [7]. - The Galaxy E5 and Star Wish models have shown strong sales, contributing to the overall growth [7]. - The integration of Zeekr and Lynk & Co is expected to optimize brand architecture and enhance resource collaboration [8]. Financial Projections - The projected net profits for Geely from 2024 to 2026 are estimated at 16 billion, 11.8 billion, and 15.7 billion respectively, with corresponding PE ratios of 8.0X, 11.0X, and 8.2X [8].