吉利汽车：2026年销量稳健开局-20260303

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - The report anticipates that Geely Automobile will exceed its sales target of 3.45 million units for 2026, with significant improvements in profitability driven by high-end vehicles and exports [2][9] - The "Smart Geely 2025" strategy is expected to enhance the company's global competitiveness, leading to higher achievements [9] Sales Performance - In February 2026, Geely's sales reached 206,000 units, a year-on-year increase of 1%. New energy vehicle sales accounted for 117,000 units, with pure electric vehicles at 68,000 units (down 6%) and plug-in hybrids at 50,000 units (up 89%) [9] - For January-February 2026, total sales were 476,000 units, also a 1% increase year-on-year. New energy vehicle sales were 242,000 units, with pure electric vehicles at 136,000 units (down 11%) and plug-in hybrids at 106,000 units (up 57%) [9] Financial Summary - Total revenue is projected to grow from 179.2 billion RMB in 2025 to 350.2 billion RMB in 2026, representing a growth rate of 45.8% [8] - Net profit is expected to increase from 17.1 billion RMB in 2025 to 23.2 billion RMB in 2026, reflecting a growth rate of 35.5% [8] - The report estimates earnings per share (EPS) to be 1.58 RMB in 2025 and 2.14 RMB in 2026 [11] Valuation - The target price for Geely Automobile is set at 36.61 HKD for 2026, based on a price-to-earnings (PE) ratio of 15 times [9] - The current market capitalization is approximately 170.81 billion HKD [4]