

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [8] Core Views - Geely Automobile's Q1 2025 performance shows accelerated profitability from its transition to new energy, with results meeting expectations [2][5] - The company achieved a revenue of 72.5 billion yuan in Q1 2025, representing a year-on-year increase of 24.5% and a quarter-on-quarter stability [2][5] - Total sales reached 704,000 vehicles, up 47.9% year-on-year and 2.5% quarter-on-quarter, marking a historical high for a single quarter [2][5] - The net profit attributable to shareholders was 5.67 billion yuan, a significant increase of 263.6% year-on-year and 58.5% quarter-on-quarter [2][5] Summary by Sections Financial Performance - In Q1 2025, Geely's revenue was 72.5 billion yuan, with a year-on-year growth of 24.5% and a stable quarter-on-quarter performance [2][5] - The total vehicle sales were 704,000 units, reflecting a year-on-year increase of 47.9% and a quarter-on-quarter increase of 2.5% [2][5] - The net profit attributable to shareholders reached 5.67 billion yuan, showing a year-on-year growth of 263.6% and a quarter-on-quarter growth of 58.5% [2][5] Product Strategy - Geely is entering a new product era supported by the GEA architecture, with brands like Zeekr, Lynk & Co, and Galaxy performing well [2][5] - The company is successfully advancing its new energy transition, with scale effects gradually enhancing profitability [2][5] - In 2025, Geely plans to launch 10 new energy models, including 5 new models and several updated versions under the Geely brand [2][5] Market Position - Geely's solid foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets [2][5] - The company's intelligent driving strategy is being accelerated, enhancing its driving capabilities [2][5] - The strong new vehicle cycle is expected to provide significant profitability elasticity [2][5]