GEELY AUTO(00175) 民生证券·2025-03-02 10:23Investment 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 a total of 98,433 new energy vehicles sold, marking a year-on-year increase of 193.8% [1][2] - The company aims to challenge a sales target of 1 million vehicles by 2025, focusing on cost reduction and scaling up its new energy business [2][3] - The establishment of Zeekr Technology Group, following the acquisition of a 51% stake in Lynk & Co, is expected to enhance strategic focus and operational efficiency [3] - The company is accelerating its integration of AI technologies to boost product sales and reshape its valuation [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively, with net profits of 16.42 billion, 14.10 billion, and 17.45 billion RMB [4][5] - The expected EPS for the same period is 1.63, 1.40, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 times [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]