“一个吉利”如今势在必行

Core Viewpoint - Geely Auto (0175.HK) has achieved significant sales growth in the first five months of the year, with a total of 1.1731 million units sold, representing a year-on-year increase of 49% [1]. Group 1: Sales Performance - Geely's sales are driven primarily by the Galaxy brand, which has seen a remarkable 239% year-on-year growth, with total sales of 458,200 units [1][6]. - The Galaxy brand's growth is largely attributed to the success of the Star Wish model, which has become the best-selling vehicle in its category, achieving monthly sales of 36,000 units [6]. - Other brands, such as Zeekr and Lynk & Co, are underperforming against their sales targets, indicating a divergence in growth rates among Geely's brands [1][12]. Group 2: Structural Issues - The Galaxy brand faces structural challenges, including a complex product system that confuses consumers regarding product positioning and potential overlaps [4][5]. - The integration of the Geometry brand into the Galaxy brand has created a complicated product matrix, making it difficult for consumers to navigate [4]. - The sales growth of the Galaxy brand is heavily reliant on a few successful models, raising concerns about sustainability if these models do not maintain their momentum [6]. Group 3: Market Positioning - The 20-30 million price segment is identified as a challenging market for new players, as it lacks clear demand and competitive advantages compared to the 10-20 million and 30-40 million segments [13][15]. - Geely's multi-brand strategy aims to cover a wide price range, but operational difficulties are evident in the sales performance of Zeekr and Lynk & Co [18][20]. - The company's strategy is shifting towards a more integrated approach, focusing on the "One Geely" concept to enhance competitiveness and streamline operations [22][32]. Group 4: Future Developments - Geely plans to launch five new models this year, including the recently introduced Galaxy M9 SUV and the Galaxy A7 compact sedan, aiming to penetrate the 100,000 yuan market [9][10]. - The company is undergoing a strategic integration process, which is expected to simplify its product offerings and improve market positioning [10][25]. - The success of Geely's strategy will depend on its ability to avoid the pitfalls of being technologically strong but brand weak, as seen in other market players [32].