Core Viewpoint - China Galaxy Securities initiates coverage on Harmony Auto, giving it a "Buy" rating, with projected revenues and profits for 2025-2027 indicating strong growth potential [1] Group 1: Financial Projections - Expected revenues for Harmony Auto are projected at 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to be 61 million yuan, 243 million yuan, and 416 million yuan for the same years [1] - The estimated earnings per share (EPS) are 0.04 yuan, 0.16 yuan, and 0.27 yuan for 2025, 2026, and 2027 respectively [1] - The reasonable per-share value range is set between 3.28 yuan and 4.11 yuan, translating to a market capitalization range of 4.993 billion yuan to 6.257 billion yuan [1] Group 2: Company Overview - Harmony Auto is a leading pure luxury and ultra-luxury automotive dealership group in China, representing 14 luxury and ultra-luxury brands [2] - The company ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] - Harmony Auto entered the new energy vehicle sector in 2015 and has established strategic partnerships with Tencent and Foxconn [2] Group 3: Strategic Partnerships and Market Expansion - In 2023, Harmony Auto partnered with BYD to establish sales channels in Asia and Europe, focusing on new energy vehicles and exports [2][3] - The company has demonstrated strong dealership capabilities, rapidly expanding its presence in the Asia-Pacific, Europe, and Oceania regions [3] - By 2025, Harmony Auto plans to open its 100th store in Melbourne, showcasing its effective channel construction capabilities [3] Group 4: Future Outlook - BYD's technological advancements, such as blade batteries and CTB, are gaining global recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is anticipated to contribute 7-8% of sales through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Group 1 - The core viewpoint of the report is that Harmony Auto (03836) is expected to achieve significant revenue and profit growth from 2025 to 2027, with projected revenues of 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan, and net profits of 0.61 billion yuan, 2.43 billion yuan, and 4.16 billion yuan respectively [1] - The company is a leading pure luxury and ultra-luxury automotive dealership group in China, with 14 luxury and ultra-luxury brands under its umbrella, including Rolls-Royce, Bentley, Ferrari, Maserati, and Lamborghini [2] - Harmony Auto ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] Group 2 - The company has established a strong partnership with BYD, enhancing its market presence in Asia and Europe, and has begun to transition towards new energy vehicles [3] - Harmony Auto has demonstrated its capability in dealership construction and operations, rapidly expanding its channels in the Asia-Pacific, Europe, and Oceania regions [3] - The company opened its 100th store in Melbourne within two years, showcasing its effective channel-building ability [3] Group 3 - BYD's technological advancements, such as blade batteries and CTB, have gained global market recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is projected to contribute 7-8% of sales volume through its channels in the Asia-Pacific, Europe, and Oceania regions [4]