Guolian Minsheng Securities·2026-02-03 09:05Investment Rating - The report maintains a "Buy" rating for Geely Automobile (0175.HK) [5] Core Views - The company is experiencing growth driven by both plug-in hybrid and export sales, with Zeekr leading the growth [9] - The report highlights a differentiated development in the new energy sector, with plug-in hybrid vehicles showing a 37% year-on-year increase, while pure electric vehicle sales declined by 15% [9] - The export market has seen a significant increase of 121% year-on-year, indicating a successful transition from simple product exports to localized operations [9] - The establishment of a joint venture for core technology research and testing services is expected to enhance long-term competitiveness [9] Financial Forecasts and Indicators - Revenue projections for 2024, 2025, 2026, and 2027 are estimated at 240,194 million, 404,783 million, 489,688 million, and 572,828 million RMB respectively, with growth rates of 34.0%, 68.5%, 21.0%, and 17.0% [4] - Net profit forecasts for the same years are 16,632 million, 16,208 million, 22,085 million, and 25,971 million RMB, with growth rates of 213.3%, -2.6%, 36.3%, and 17.6% [4] - Earnings per share (EPS) are projected to be 1.53, 1.49, 2.03, and 2.38 RMB for 2024, 2025, 2026, and 2027 respectively [4] - The price-to-earnings (P/E) ratio is expected to be 10, 10, 7, and 6 for the respective years [4] - The price-to-book (P/B) ratio is projected at 1.8, 1.6, 1.3, and 1.1 [4]