GEELY AUTO(00175) 东方证券·2025-04-09 14:28Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The report forecasts EPS for 2025-2027 to be 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 20.55 HKD based on a PE ratio of 15 times [2] - The report highlights the launch of new models and the advancement in intelligent driving technology, which are expected to enhance sales performance [7] Financial Forecasts - Revenue is projected to grow from 179,204 million RMB in 2023 to 414,141 million RMB in 2027, with a compound annual growth rate (CAGR) of 16.5% [4] - Operating profit is expected to increase from 3,806 million RMB in 2023 to 17,395 million RMB in 2027, reflecting a CAGR of 23.3% [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 18,526 million RMB in 2027, with a notable increase of 213.3% in 2024 [4] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0%, with the Galaxy series achieving a remarkable 290.3% growth [7] - The report indicates that Geely's sales growth is expected to outperform the industry average, which saw a 10% increase in March [7] Model Launches and Innovations - The report details the launch of several new models, including the Galaxy series and the Zeekr brand, which are expected to contribute significantly to sales in 2025 [7] - The introduction of the L3 level intelligent driving technology is highlighted as a strategic move to enhance Geely's competitive edge in the market [7]