GUOTAI HAITONG SECURITIES·2025-07-04 11:10Investment Rating - The investment rating for the company is upgraded to "Buy" [1][7]. Core Views - The company has raised its full-year sales target for 2025 to 3 million units, maintaining an optimistic outlook for its overall operating performance [3][7]. - The report highlights a strong sales performance in June 2025, with total sales reaching 236,000 units, a year-on-year increase of 42% [7]. - The company expects continued growth in revenue and net profit, driven by its "Smart Geely 2025" strategy [7]. Financial Summary - Revenue is projected to grow from 179,204 million RMB in 2023 to 321,801 million RMB in 2025, reflecting a growth rate of 34% [6]. - Net profit is expected to increase significantly from 5,166 million RMB in 2023 to 16,299 million RMB in 2025, with a growth rate of 222% [6]. - The company’s earnings per share (EPS) are forecasted to be 1.62 RMB in 2025, with a price-to-earnings (PE) ratio of 16.6 times, leading to a target price of 29.49 HKD [7]. Sales Performance - In June 2025, the company sold 236,000 vehicles, with new energy vehicle sales reaching 122,000 units, a year-on-year increase of 129% for pure electric vehicles and 30% for plug-in hybrids [7]. - For the first half of 2025, total sales reached 1,409,000 units, a 47% increase year-on-year, with new energy vehicle sales at 725,000 units, reflecting a growth of 173% for pure electric vehicles [7].