
Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a revenue of 240.19 billion yuan for 2024, representing a year-on-year increase of 34.0%. The total sales volume reached 2.177 million vehicles, up 32% year-on-year, with a net profit attributable to shareholders of 16.63 billion yuan, marking a significant increase of 213.3% year-on-year [2][4]. - The company is entering a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4]. - The strong performance in Q4 2024, with revenue exceeding 70 billion yuan, reflects accelerated profitability from the new energy transition [7]. Summary by Sections Financial Performance - In 2024, Geely achieved a total revenue of 240.19 billion yuan, a 34.0% increase year-on-year. The sales volume was 2.177 million vehicles, up 32% year-on-year, and the net profit attributable to shareholders was 16.63 billion yuan, a 213.3% increase year-on-year [2][4]. - For Q4 2024, the revenue was 72.51 billion yuan, a 29.7% increase year-on-year and a 20.1% increase quarter-on-quarter. The sales volume in Q4 was 687,000 vehicles, up 31.9% year-on-year and 28.6% quarter-on-quarter [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, with significant releases from its brands. The focus on electric and intelligent vehicles is expected to enhance the driving capabilities of its models [7]. - The company is leveraging its new platform to support a new product cycle, with a strong emphasis on both electrification and intelligent driving technologies [7]. Market Position - Geely's new energy vehicle sales reached 342,000 units in Q4, achieving a penetration rate of approximately 50%, positioning the company among the top tier of new energy brands [7]. - The company maintains a solid foundation in fuel vehicles while exploring innovative overseas expansion strategies through joint ventures [7].