GEELY AUTO(00175) 国证国际证券·2025-02-13 05:57Investment 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 [4][6]. 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 slight declines and modest growth, respectively [2][3]. - The company has set an ambitious sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, marking a 25% increase year-on-year and a 27% increase month-on-month [1][2]. - The Geely brand's sales were particularly strong, while Zeekr's sales declined by 5% [2]. Brand Strategy - The company has clarified its brand positioning through internal resource integration, focusing on strategic measures for long-term development [3]. - The Geely brand targets the mid-to-low-end market, while Lynk & Co aims at the premium segment, and Zeekr focuses on technology and luxury [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in 2023 to HKD 288.7 billion in 2025, with a projected net profit of HKD 15.8 billion in 2024 [8][10]. - The gross margin is expected to improve gradually, reaching 16.1% by 2025 [10].