Orient Securities·2026-03-04 00:24Investment Rating - The investment rating for Geely Automobile is maintained as "Buy" with a target price of 23.54 HKD [3][6]. Core Insights - Geely's export sales continue to grow significantly, with a year-on-year increase of 138.3% in February and 129.4% for the cumulative sales in January-February [10]. - The company is focusing on high-end brand development and expanding its overseas market presence, which is expected to contribute significantly to its performance in 2026 [10]. - The forecasted net profit attributable to the parent company for 2025-2027 is projected to be 17.04 billion, 20.60 billion, and 24.32 billion CNY respectively, indicating a strong growth trajectory [3]. Financial Performance Summary - Revenue for 2023 is projected at 179.20 billion CNY, with a year-on-year growth of 21.1%, and is expected to reach 448.69 billion CNY by 2027 [5][11]. - Operating profit is forecasted to grow from 3.81 billion CNY in 2023 to 23.17 billion CNY in 2027, reflecting a significant increase in profitability [5][11]. - The net profit margin is expected to improve from 3.0% in 2023 to 5.4% in 2027, indicating enhanced operational efficiency [5][11]. - The earnings per share (EPS) is projected to increase from 0.49 CNY in 2023 to 2.23 CNY in 2027 [5][11].