Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Starry 8 and Lynk 900, is expected to enhance the company's market position in the high-end segment, with the Lynk 900 receiving over 30,000 orders shortly after its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth [1][2]. - The sales performance of the company's brands includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk in May [1][2]. New Product Launches - The Galaxy Starry 8 was launched in May with a price range of 115,800 to 155,800 RMB, and it received over 10,000 pre-orders within six days [2]. - The Lynk 900 was officially launched with four configurations, and it supports advanced driving technologies, achieving over 30,000 orders shortly after its release [3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB for the same years [4][5]. - The earnings per share (EPS) are expected to be 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 7, and 6 [4][5].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [6] Core Views - Geely plans to privatize Zeekr (ZK.N) at a price of $2.566 per share, representing a premium of approximately 13.6% over the last trading day [1] - The privatization aims to consolidate resources and create a unified Geely brand, enhancing operational efficiency and competitiveness in the luxury electric vehicle market [2] - The company forecasts significant revenue growth, with projected revenues of RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion for 2025, 2026, and 2027 respectively [4] Summary by Sections Privatization and Resource Integration - Geely holds approximately 65.7% of Zeekr's issued shares and plans to finance the privatization through new share issuance, cash reserves, and debt if necessary [2] - The cash privatization would require RMB 16.18 billion, while the share issuance would dilute existing shares by about 9.6% [2] Product Launches and Market Strategy - Geely aims for total sales of 710,000 vehicles in 2025, with Zeekr targeting 320,000 and Lynk & Co 390,000 [3] - The Lynk & Co 900 was launched in April 2025, with over 10,000 pre-orders within the first hour, indicating strong market interest [3] Technological Advancements - Geely is enhancing its AI integration, launching a comprehensive AI strategy that includes advanced driving technologies and voice models [4] - The integration of AI technologies is expected to boost product sales and reshape the company's valuation [4] Financial Projections - Revenue and net profit forecasts for 2025-2027 are RMB 364.78 billion, RMB 439.69 billion, and RMB 512.83 billion, with net profits of RMB 14.02 billion, RMB 17.78 billion, and RMB 20.38 billion respectively [5] - The projected EPS for the same period is 1.39, 1.76, and 2.02 RMB, corresponding to P/E ratios of 11, 9, and 8 times [4][5]