Changjiang Securities·2025-09-07 11:12Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a strong sales performance in August 2025, with total sales of 250,000 units, representing a year-on-year increase of 38.0% and a month-on-month increase of 5.2%. Cumulative sales from January to August 2025 reached 1.897 million units, up 47.3% year-on-year. The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4][6]. Summary by Sections Sales Performance - In August 2025, Geely's sales reached 250,000 units, with new energy vehicle sales hitting a record high of 147,000 units, reflecting a year-on-year growth of 95.2% and a month-on-month increase of 13.2%. The new energy vehicles accounted for 58.9% of total sales, up 17.2 percentage points year-on-year [2][4][6]. Brand Strategy - Geely plans to launch 10 new energy models in 2025, with the Galaxy brand expected to introduce five new models and several facelifts. The company is also enhancing its smart driving capabilities, with new products featuring advanced driving solutions [6]. Financial Outlook - The company is projected to achieve a net profit of 16.1 billion (including exchange rate impacts) in 2025, with a corresponding price-to-earnings ratio of 11X. The strong new vehicle cycle is anticipated to provide significant profit elasticity [6].