吉利汽车：We expect more resilient margins than peers-20260319

Geely Automobile (175 HK) We expect more resilient margins than peers Maintain BUY. Although Geely's 4Q25 GPM missed our prior forecast, its management's upbeat tone gives us more confidence in its GPM outlook. We believe that Geely is better positioned than most peers with its sales growth outlook, cost reduction efforts, and overseas sales potential. Unlike some investors, we do not view its synergy with parent company and partnerships with other players as a valuation drag given its track record in the p ...