GEELY AUTO(00175) 国证国际·2025-02-05 02:00Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.0, indicating a potential upside of 33% from the current price of HKD 14.3 [6][4]. Core Insights - The company achieved a record monthly sales figure of 267,000 vehicles in January, representing a year-on-year growth of 25% and a month-on-month increase of 27% [1][2]. - The sales performance of the company's brands shows a positive trend, with the Geely brand selling 225,000 vehicles (up 30%), while Zeekr and Lynk & Co brands experienced a decline and modest growth, respectively [2][3]. - The company has set a sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand, which is positioned in the mid-to-low-end market [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, with a year-on-year increase of 25% and a month-on-month increase of 27% [1][2]. - The Geely brand's sales were 225,000 units, showing a 30% increase year-on-year, while Zeekr's sales were 12,000 units, down 5% [2]. Brand Strategy - The company has completed internal resource integration, leading to clearer brand positioning, which is expected to support long-term growth [3]. - The Geely brand targets cost-conscious consumers and is entering a technology explosion phase with new architectures and technologies [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in FY2023 to HKD 288.7 billion in FY2025, reflecting a compound annual growth rate (CAGR) of approximately 34% [10]. - Net profit is projected to increase significantly from HKD 5.3 billion in FY2023 to HKD 13.8 billion in FY2025, with a notable growth rate of 197% in FY2024 [10].