Minsheng Securities·2025-02-04 02:00Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved a strong start in January 2025 with total wholesale sales of 267,000 vehicles, representing a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The new energy vehicle sales reached 121,071 units, up 83.9% year-on-year and 8.9% month-on-month, with a penetration rate of 45.4% [1][2] - The company aims for a total sales target of 2.71 million vehicles in 2025, which is expected to grow approximately 25% year-on-year. This includes 2 million units from the Geely brand, 320,000 units from the Zeekr brand, and 390,000 units from the Lynk & Co brand. The new energy vehicle sales target is set at 1.5 million units, with an anticipated year-on-year growth of about 69% [2] - The company is focusing on enhancing its new energy brand positioning, with the Galaxy and Zeekr brands targeting mainstream consumer markets and tech luxury segments, respectively. The product cycle for 2025 is expected to be robust, with multiple brands contributing to growth [2] - The company has increased its stake in Zeekr and gained control over Lynk & Co, which is expected to facilitate internal resource integration and improve operational efficiency [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively. The net profit forecasts are 16.42 billion, 14.10 billion, and 17.45 billion RMB, with corresponding EPS of 1.63, 1.40, and 1.73 RMB [4][5] - The report indicates a significant increase in net profit for 2024, with a projected growth rate of 209.3%, followed by a decrease of 14.1% in 2025, and a recovery of 23.7% in 2026 [5]