Orient Securities·2025-05-21 14:17Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown significant growth in Q1, with revenue reaching 72.495 billion yuan, a year-on-year increase of 24.5%, and net profit attributable to shareholders at 5.672 billion yuan, up 263.6% year-on-year [9] - The gross margin improved to 15.8%, reflecting a 0.2 percentage point increase, driven by record sales, growth in the new energy sector, product mix optimization, and scale effects [9] - The company aims to fully integrate its brands under the "One Geely" strategy, enhancing resource synergy and competitiveness in the passenger vehicle market [9] Financial Forecasts and Investment Recommendations - Adjusted revenue and gross margin forecasts predict EPS for 2025-2027 to be 1.36, 1.54, and 1.94 yuan respectively, with a target price set at 20.40 yuan [2] - The company is expected to achieve a revenue of 305.782 billion yuan in 2025, with a year-on-year growth of 27.3% [4] - The net profit attributable to shareholders is projected to be 13.716 billion yuan in 2025, reflecting a year-on-year decrease of 17.5% [4] Key Financial Information - The company reported a revenue of 179.204 billion yuan for 2023, with a year-on-year growth of 21.1% [4] - The gross profit for 2023 was 27.415 billion yuan, with a gross margin of 15.3% [4] - The net profit attributable to shareholders for 2023 was 5.308 billion yuan, with a net margin of 3.0% [4] Sales Performance - The company sold a total of 703,800 vehicles in Q1, marking a 47.9% increase year-on-year, with new energy vehicle sales reaching 339,200 units, up 135.4% [9] - The penetration rate of new energy vehicles in the domestic market reached 52.2%, exceeding the industry average [9] Strategic Developments - The company is advancing its "Taizhou Declaration," focusing on its core automotive business and plans to privatize and integrate the Zeekr brand to enhance operational efficiency [9]