吉利汽车：产品线强劲且按计划推进，重申“高度确信跑赢大市”评级，目标价23港元-20250605

Investment Rating - The report maintains a "Highly Confident to Outperform the Market" rating for Geely Automobile (00175) with a target price of HKD 23 [1] Core Viewpoints - The recent launch of the plug-in hybrid model (PHEV) Galaxy A7 is expected to drive strong sales growth and enhance profitability for Geely Automobile [1] - The actual price reduction in the current competitive landscape is milder than market expectations, approximately between RMB 1,000 to 2,000 [1] - The increasing penetration of the new GEA platform and the growing sales mix of new energy vehicles (NEV) are anticipated to improve per-vehicle profitability [1] - Geely Automobile is projected to have a robust product lineup in the fiscal year 2025 [1]