GEELY AUTO(00175) 长江证券·2025-02-09 12:24Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total vehicle sales of 2.177 million units for the year 2024, exceeding expectations, with a significant increase of 92% in new energy vehicle sales year-on-year [2][4]. - In December 2024, the company achieved sales of 210,000 vehicles, representing a year-on-year increase of 43.3% but a month-on-month decrease of 16.0% [2][4]. - The GEA platform is expected to support a new product cycle, enhancing the company's growth potential with brands like Geely, Lynk & Co, and Zeekr performing well [2][4]. Summary by Sections Overall Performance - The cumulative sales for 2024 reached 2.177 million units, marking a year-on-year growth of 32.0% [2][4]. - In Q4 2024, cumulative sales were 687,000 units, reflecting a year-on-year increase of 31.9% and a month-on-month increase of 28.6% [2][4]. Brand Performance - In December, Geely brand sales were 157,000 units, up 46.0% year-on-year but down 17.7% month-on-month [2][4]. - The Galaxy brand saw sales of 69,000 units, a remarkable year-on-year increase of 474.5% [2][4]. - Zeekr's sales reached 27,000 units, up 101.8% year-on-year, while Lynk & Co sold 26,000 units, a slight increase of 1.5% year-on-year [2][4]. New Energy Vehicles - New energy vehicle sales in December were 111,000 units, up 84.0% year-on-year, accounting for 52.9% of total sales, an increase of 12.8 percentage points year-on-year [2][4]. - The company aims for new energy vehicle sales to reach 1.5 million units in 2025, representing a year-on-year growth of 69% [2][4]. Future Outlook - The GEA platform is set to drive a new cycle of technology and product development, with expectations for strong sales momentum in 2025 [2][4]. - The company has set a sales target of 2.71 million units for 2025, with specific targets for each brand [2][4]. - The projected net profits for 2024-2026 are 16 billion, 12.1 billion, and 15.7 billion yuan, respectively, with corresponding PE ratios of 8.1X, 10.7X, and 8.3X [2][4].