GEELY AUTO(HK:00175) 东吴汽车黄细里团队·2025-11-18 14:05Core Viewpoint - The company's Q3 2025 performance met expectations, with significant revenue growth and improved profitability, driven by strong sales and new product launches [2][3][4]. Revenue and Profitability - In Q3 2025, the company achieved a revenue of 89.19 billion yuan, representing a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7% [2]. - The net profit attributable to shareholders was 3.82 billion yuan, with a year-on-year growth of 59.3% and a quarter-on-quarter increase of 5.6% [2]. - Total sales volume reached 761,000 units, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [3]. Margins and Costs - The gross margin for Q3 2025 was 16.6%, showing a year-on-year improvement due to scale effects and product mix enhancement [3]. - The average selling price (ASP) per vehicle was 117,000 yuan, reflecting a year-on-year decline of 11.2% due to price competition and a higher proportion of lower-priced models [3]. Expenses and Other Income - The sales, research and administrative expense ratios were 6.0%, 4.9%, and 1.5% respectively, with year-on-year changes of +1.2%, +0.3%, and -0.6% [3]. - Other income for Q3 2025 was 950 million yuan, down 18.9% from the previous quarter, primarily due to a foreign exchange loss of 250 million yuan [3]. Future Outlook - The company raised its net profit forecast for 2025 to 18.1 billion yuan, up from the previous estimate of 15 billion yuan, while adjusting the 2026 and 2027 forecasts downwards due to potential policy impacts [4]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 9, 8, and 6 times respectively, maintaining a "buy" rating for the stock [4].