KAIYUAN SECURITIES·2025-07-01 07:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain its cost advantages in vehicle manufacturing, with brand integration driving operational efficiency. The forecasted revenue for 2025-2027 is CNY 336.7 billion, CNY 368.5 billion, and CNY 395.6 billion, representing year-on-year growth of 40%, 10%, and 7% respectively. The net profit forecast for the same period is CNY 15.2 billion, CNY 17.8 billion, and CNY 21.7 billion, with year-on-year growth rates of -8%, 17%, and 22% respectively. The current stock price corresponds to a PE ratio of 9.6, 8.3, and 6.8 for 2025-2027 [7][10]. Summary by Sections 1. New Energy Acceleration and Strategic Transformation - The company has entered the 4.0 era of vehicle manufacturing, focusing on new energy and high-end models. The brand matrix includes four major brands: Geely, Galaxy, Zeekr, and Lynk & Co, covering various market segments and energy types [19][20][22]. 2. Galaxy: Platformization Ensures Cost-Effectiveness - The GEA architecture is designed for new energy vehicles, enhancing safety and performance. The Galaxy brand has seen significant sales growth, with models like E5 and Star Wish achieving monthly sales exceeding 10,000 units [36][44]. 3. Zeekr Technology: Balanced Product Strength - Zeekr's SEA architecture supports a wide range of vehicle types, from sedans to SUVs. The brand has successfully launched models that cater to both high-end and mainstream markets, establishing a strong brand presence [52][57]. 4. Oil Vehicles: Competitive Pricing Maintained - The main brand continues to offer competitive pricing in the oil vehicle segment, contributing to stable revenue and profit generation. The company is also expanding its export capabilities, leveraging its global production footprint [9][10][25]. 5. Financial Summary and Valuation Metrics - The company’s revenue and net profit forecasts indicate a strong growth trajectory, with a projected revenue of CNY 336.7 billion in 2025 and a net profit of CNY 15.2 billion. The gross margin is expected to improve gradually, reflecting operational efficiencies from brand integration [10][25].