GEELY AUTO(00175) 民生证券·2025-03-04 08:23Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][4]. Core Viewpoints - Geely is advancing its smart driving capabilities through partnerships, launching the "Qianli Haohang" intelligent driving system, which will be integrated into new and updated models, enhancing product sales and valuation [1][2]. - The introduction of the new E8 electric sedan and the Starry 8 hybrid sedan is expected to drive demand, with promotional pricing strategies in place [2]. - The upgrade of the Galaxy series into the Geely Galaxy brand aims to streamline operations and improve overall efficiency within the group [2]. Financial Forecasts - Projected net profits for 2024-2026 are 16.42 billion, 14.10 billion, and 17.45 billion RMB, respectively, with corresponding EPS of 1.63, 1.40, and 1.73 RMB [3][6]. - Revenue is expected to grow from 179.20 billion RMB in 2023 to 338.83 billion RMB by 2026, reflecting a compound annual growth rate of approximately 28.9% [3][6]. - The report anticipates a significant increase in profitability, with net profit growth rates of 209.3% in 2024, followed by a decrease of 14.1% in 2025, and a rebound of 23.7% in 2026 [3][6]. Product Development - The "Qianli Haohang" intelligent driving system will feature multiple levels of capabilities, including advanced parking and full-scene driving support, with a focus on affordability for high-end solutions [1]. - The new models, including the E8 and Starry 8, are equipped with the latest technology and are priced competitively to stimulate market interest [2]. Strategic Initiatives - The integration of the LEVC Geely Yizhen brand into the Galaxy series is part of a broader strategy to enhance brand focus and operational synergy [2]. - The company is positioning itself to capitalize on the growing demand for electric and hybrid vehicles, aligning with industry trends towards sustainability and innovation [2].