GEELY AUTO(00175) 民生证券·2025-04-02 08:28Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total wholesale sales volume of 232,000 vehicles in March, representing a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. Cumulatively, from January to March, the total wholesale sales reached 704,000 vehicles, up 47.9% year-on-year [2][3] - The sales of new energy vehicles (NEVs) in March reached 119,696 units, a significant year-on-year increase of 167.2% and a month-on-month increase of 21.6%, with a penetration rate of 51.6%. For the first quarter, cumulative NEV sales were 339,000 units, up 135.4% year-on-year [2][3] - The company is expected to achieve a net profit of 3.58 billion yuan in Q4 2024, exceeding market expectations, with a gross margin of 17.3%, reflecting a gradual realization of profitability improvement driven by new energy [2][4] Summary by Sections Sales Performance - In March, the company's total sales were 232,000 vehicles, with the Galaxy brand contributing 90,032 units. The Zeekr brand sold 15,422 units, and Lynk & Co sold 25,293 units [2][3] New Energy Vehicle Strategy - The company plans to launch five new products under the Galaxy brand, including two SUVs and three sedans, with an annual sales target of over 1 million units for the Galaxy brand [2][4] Technological Advancements - The establishment of Zeekr Technology Group aims to enhance strategic focus and integration, targeting the pure electric market above 300,000 yuan, while Lynk & Co will focus on hybrid models priced around 200,000 yuan [3][4] - The company is integrating AI technologies into its vehicles, with plans to fully implement its AI strategy across new models [4] Financial Forecast - The company is projected to achieve net profits of 14.02 billion yuan in 2025, 17.78 billion yuan in 2026, and 20.38 billion yuan in 2027, with corresponding EPS of 1.39, 1.76, and 2.02 yuan [5][8]