GEELY AUTO(HK:00175) Wind万得·2025-03-20 22:36Core Viewpoint - Geely Automobile has accelerated its transition to new energy vehicles, significantly improving profitability with total revenue of RMB 240.19 billion, a year-on-year increase of 33.56%, and net profit of RMB 16.63 billion, a year-on-year increase of 213.32% [1][3][6]. Financial Performance - In 2024, total revenue reached RMB 240.19 billion, up 33.56% from RMB 179.85 billion in 2023 [6]. - Pre-tax profit was RMB 18.40 billion, a remarkable increase of 271.79% compared to RMB 4.95 billion in 2023 [6]. - Net profit stood at RMB 16.63 billion, reflecting a 213.32% increase from RMB 5.31 billion in 2023 [6]. - Basic earnings per share (EPS) increased to RMB 1.64 from RMB 0.51 [6]. - Return on equity (ROE) improved to 19.17% from 6.59% [6]. New Energy Vehicle Growth - New energy vehicle (NEV) sales reached 888,235 units, a year-on-year increase of 92%, accounting for 41% of total sales [8][10]. - The company launched multiple NEV models, including the Geely Galaxy series and various models under the Zeekr and Lynk & Co brands [7][8]. - The Zeekr brand delivered 222,123 units, marking an 87% increase, solidifying its position in the luxury electric vehicle market [8][10]. Market Expansion and Export Growth - Overseas revenue reached RMB 53.90 billion, with export volume increasing by 57% to 414,522 units [8][14]. - The company has established a local production and sales network in emerging markets, enhancing its risk management and operational efficiency [14][20]. Dividend and Shareholder Returns - The company announced a final dividend of HKD 0.22 per share for 2023, totaling RMB 2.05 billion, and proposed a dividend of HKD 0.33 per share for 2024, representing a 58.05% increase [14]. Competitive Landscape - The NEV industry is in a rapid growth phase, with Geely's market share in the NEV sector continuing to rise [10][11]. - Domestic brands are increasingly dominating the market, with Lynk & Co's NEV sales accounting for 59% of its total sales, reflecting the growing competitiveness of domestic brands [11]. Technological Advancements - The company has developed over 7.5 million vehicles with L2-level or higher intelligent driving capabilities, accumulating over 10 billion kilometers of actual driving data [15]. - Geely has completed a comprehensive AI layout, including the establishment of the Xingrui AI computing center and the development of its proprietary AI model [15].