GEELY AUTO(HK:00175) Minsheng Securities·2025-03-02 09:53Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with new energy sales of 98,433 vehicles, a year-on-year increase of 193.8% [1][2] - The company plans to launch five new energy models to strengthen its position in the market segment priced below 200,000 RMB, aiming for a sales target of 1 million vehicles by 2025 [2][3] - The establishment of Zeekr Technology Group aims to enhance strategic focus and resource integration, targeting a total sales volume of 710,000 vehicles by 2025 [3] - The company is accelerating its smart technology integration, with plans to release a comprehensive AI strategy and new models featuring advanced AI capabilities [3] Financial Projections - Revenue projections for 2024-2026 are 224.8 billion RMB, 289.7 billion RMB, and 338.8 billion RMB respectively, with net profits of 16.4 billion RMB, 14.1 billion RMB, and 17.4 billion RMB [4][5] - The expected EPS for 2024-2026 is 1.63 RMB, 1.40 RMB, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 respectively [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]