Guolian Securities·2024-06-03 08:02Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.47 HKD [7]. Core Insights - The company achieved a significant year-on-year increase in May sales, with a total of 161,000 vehicles sold, representing a 38.5% increase compared to the previous year [1]. - The company is accelerating its transformation towards new energy vehicles and high-end products, with a notable increase in the penetration rate of new energy vehicles [2]. - The company is expanding its global market presence, with exports increasing by 67.8% year-on-year in May [3]. - The listing of the Zeekr brand on the New York Stock Exchange is expected to support the long-term development of the brand and enhance the company's product matrix [4]. Sales Performance - In May, the Geely brand sold 120,000 vehicles, a 29.5% increase year-on-year, while the Zeekr brand saw a remarkable 114.5% increase [2]. - Cumulative sales for the first five months of 2024 reached 790,000 vehicles, a 45.1% increase year-on-year [1]. New Energy Vehicle Growth - In May, the company sold 59,000 new energy vehicles, marking a 145.9% increase year-on-year, with a penetration rate of 36.5% [2]. - Cumulative sales of new energy vehicles for the first five months reached 254,000 units, a 125.8% increase year-on-year [2]. Export Performance - The company exported 37,000 vehicles in May, accounting for 23.0% of total sales, with cumulative exports for the first five months reaching 162,000 vehicles [3]. Financial Forecast - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion CNY for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 24.6%, 19.3%, and 15.1% [5]. - The net profit attributable to shareholders is expected to be 70.8 billion, 85.3 billion, and 99.8 billion CNY for the same years, with growth rates of 33.4%, 20.5%, and 16.9% respectively [5].