Changjiang Securities·2026-03-05 00:40Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 206,000 units in February 2026, representing a year-on-year increase of 0.6% but a month-on-month decrease of 23.7%. Cumulative sales for January and February 2026 reached 476,000 units, up 1.0% year-on-year [2][4]. - 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 effects are expected to enhance profitability [2][8]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The company is set to accelerate its smart driving capabilities as part of its intelligent strategy, indicating significant profit elasticity in the new vehicle cycle [2][8]. Summary by Relevant Sections Sales Performance - In February 2026, Geely's sales included 155,000 units from the Geely brand, 27,000 units from Lynk & Co, and 24,000 units from Zeekr, with year-on-year changes of -10.8%, +58.7%, and +70.0% respectively. The export volume was 61,000 units, showing a year-on-year increase of 138.3% [8]. - The new energy vehicle sales reached 117,000 units in February, up 19.4% year-on-year, accounting for 57.0% of total sales, which is a 9.0 percentage point increase year-on-year [8]. Strategic Outlook - Geely aims for a total sales target of 3.45 million units in 2026, representing a 14% year-on-year increase. The breakdown includes 2.75 million units from the Geely brand, 400,000 from Lynk & Co, and 300,000 from Zeekr [8]. - The company is focusing on brand strategy, with simultaneous efforts in electrification and intelligence, supported by a strong new vehicle cycle [8].