GEELY AUTO(HK:00175) 贝塔投资智库·2025-05-07 03:38Financial Analysis - The main revenue source for the company comes from L2 level and below intelligent driving solutions, with revenues of 333 million, 328 million, 908 million, and 312 million RMB for the years 2021 to the first half of 2024, showing significant growth rates of -1.61%, 176.95%, and 33.68% respectively [2] - The company has been experiencing continuous net losses, with net profits of -296 million, -855 million, -738 million, and -278 million RMB from 2021 to the first half of 2024, accumulating losses of 2.87 billion RMB by June 2024 [3] - The gross margin has been declining and is lower than industry peers, with gross margins of 11.2%, 6.2%, 7.3%, and 6% for the years 2021 to the first half of 2024 [4] Industry Outlook - China is the largest automotive market globally, with 30.5 million vehicles sold in 2023, accounting for 32.9% of global sales. It has also become the largest market for intelligent driving solutions [8] - The market size for mass-produced L0 to L2+/L2++ intelligent driving solutions in China has grown from 17.5 billion RMB in 2019 to 71.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of 42.2%, expected to reach 210.3 billion RMB by 2028 [8] Shareholding Structure - The company has four shareholders holding more than 5% of shares, including Ningbo Junma (12.31%), Hangzhou Langma (7.31%), Jiaxing Xichuang (7.84%), and China Internet Investment (6.75%). The company has undergone nine rounds of financing, raising a total of 1.6 billion RMB, with the last round post-investment valuation reaching 6.06 billion RMB [10] Competitive Advantages - The company has developed a self-researched integrated intelligent driving platform, ODIN, which is modular and scalable. It aims to promote the technology to mid-range vehicles and is advancing towards L3 level solutions [12] - The company ranks second in market share for L2 level solutions and third for L2+/L2++ level solutions in China, with a market share of 16.2% for L2 level solutions [12][13] Customer Base and Global Expansion - The number of customers has increased from 20 in 2021 to 46 in 2024, with over 200 mass production projects, including major clients like Geely, SAIC, and GAC. The company plans to follow Chinese automakers abroad for overseas development [16]