产销逆势新高，“一个吉利” 战略的红利释放

Core Viewpoint - Geely Auto has shown significant growth in key performance indicators despite industry challenges, with a projected annual sales target of 3 million units becoming increasingly likely [4][20]. Sales Performance - In Q3, Geely's sales reached 761,000 units, a year-on-year increase of 43%, surpassing the industry average [4]. - The cumulative sales for the first three quarters exceeded 2.17 million units, with market share rising from 8% to 10.2% [5]. - The average sales price increased from 93,000 yuan in Q1 to 105,000 yuan in Q3, reflecting improved product structure and profitability [10][18]. Product Strategy - The "One Geely" strategy has led to better product integration, allowing for a clearer market segmentation across different brands, enhancing competitiveness [5][16]. - The Galaxy brand has seen explosive growth, with Q3 sales reaching 327,000 units, a 170% increase year-on-year [5]. - Key models like the Galaxy Star and Starry 8 have performed exceptionally well, with the Starry 8 becoming the top-selling plug-in hybrid B-class sedan in China [8]. Brand Collaboration - The merger of Lynk & Co and Zeekr into Zeekr Technology Group has clarified brand positioning, with Lynk focusing on high-end markets and Zeekr on luxury electric vehicles [10][11]. - The collaboration has reduced internal competition and improved operational efficiency, with a notable increase in sales for both brands [10][11]. Financial Efficiency - The company has achieved significant cost savings through strategic integration, with R&D expenses reduced by 10%-20% annually [16]. - Management expenses decreased to 1.8% from 2.4% year-on-year, indicating improved operational efficiency [18]. Future Outlook - Geely plans to accelerate new product launches, with several new models expected to hit the market in the coming quarters [20]. - The management believes that the current market challenges present new opportunities for Geely, emphasizing a focus on sustainable profitability [19][20].