GUOTAI HAITONG SECURITIES·2025-08-15 11:32Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant growth in operating performance in the first half of 2025, with optimistic expectations for annual sales and performance due to the launch of several key models in the second half of the year [2] Financial Summary - Total revenue for 2025 is projected to be 179,204 million RMB, with a year-on-year growth of 34.0% [11] - Gross profit is expected to reach 51,810 million RMB in 2025, with a stable gross margin of 16.4% [12] - The net profit for 2025 is estimated at 16,299 million RMB, reflecting a slight decrease of 1% compared to the previous year [11] - The company aims for total sales of 3 million vehicles in 2025, supported by the launch of multiple new models [12] Sales Performance - In the first half of 2025, the company sold 1.409 million vehicles, a year-on-year increase of 47% [12] - New energy vehicle sales reached 725,000 units, with pure electric vehicles at 511,000 units and plug-in hybrids at 214,000 units, marking increases of 173% and 61% respectively [12] - The company’s brands showed strong performance, with the Geely brand selling 1.164 million units (up 57%), Lynk & Co selling 154,000 units (up 22%), and Zeekr selling 91,000 units (up 3%) [12] Valuation - The target price for the company is set at 29.43 HKD, based on a PE ratio of 16.6 times for 2025 [12] - The company’s current market capitalization is approximately 191,105 million HKD [7]