Changjiang Securities·2025-10-10 13:35Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Viewpoints - The official launch of Geely's Zeekr 9X on September 29, 2025, redefines the domestic luxury flagship SUV segment, with four models priced between 455,900 to 589,900 yuan, showing a price reduction of approximately 20,000 yuan from the pre-sale price. The vehicle achieved over 10,000 pre-orders within 13 minutes of its launch [2][4]. - The company is progressing smoothly in its transition to new energy vehicles, with scale effects expected to enhance profitability. The solid foundation of fuel vehicles and innovative overseas expansion strategies are opening new markets [2][7]. - Geely's intelligent driving strategy is set to accelerate, enhancing its smart driving capabilities. The new vehicle cycle is expected to bring significant profit elasticity [2][7]. Summary by Sections Event Description - The Zeekr 9X is positioned as a large SUV, featuring luxurious configurations such as a 32-speaker Naim sound system, dual zero-gravity rear seats, and a 47-inch AR-HUD display. It is powered by a 2.0T hybrid system, achieving 0-100 km/h in just 3.1 seconds, with a range exceeding 1200 km [4][7]. Market Strategy - Geely is focusing on electric and intelligent vehicle development, with plans to launch 10 new energy models in 2025, including five new models and several facelifts under the Geely brand. The Zeekr brand will also introduce new models, enhancing the overall product lineup [7]. Financial Outlook - The company is expected to achieve a net profit of 16.1 billion yuan in 2025, with a price-to-earnings ratio of 11X, indicating strong profitability potential in the new vehicle cycle [7].