Group 1 - The core viewpoint of the article highlights the strong performance of Geely Automobile in H1 2025, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%, and total revenue of 150.28 billion yuan, up 26.5% year-on-year [1] - In Q2 2025, Geely's total sales were 705,000 units, reflecting a year-on-year growth of 47.0% and a quarter-on-quarter increase of 0.2%, with total revenue of 77.79 billion yuan, up 28.4% year-on-year and 7.3% quarter-on-quarter [1] - The significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units, a year-on-year increase of 119.2%, contributed to the revenue growth [1] Group 2 - The gross margin for Q2 2025 was reported at 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 1.3 percentage points, primarily due to structural changes in export and product mix [2] - The company has seen a reduction in expense ratios, with sales, administrative, and R&D expense ratios at 6.1%, 1.9%, and 5.1% respectively, indicating a significant decrease year-on-year [2] - Geely plans to privatize Zeekr, proposing to acquire each share at $2.566, which is expected to enhance operational efficiency and brand competitiveness in the luxury electric vehicle market [3] Group 3 - Geely's revenue projections for 2025-2027 are estimated at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan respectively, with net profits expected to be 16.21 billion yuan, 22.09 billion yuan, and 25.97 billion yuan [3] - The earnings per share (EPS) forecasts for the same period are 1.61 yuan, 2.19 yuan, and 2.58 yuan, corresponding to a price-to-earnings (PE) ratio of 11, 8, and 7 times based on the closing price of 19.24 HKD on August 15 [3]

( 237,717 58 | | （部） | （部） | (%) | （部） | （部） | (%) | | --- | --- | --- | --- | --- | --- | --- | | 吉利 | 193,524 | 113,855 | 70 | 1,357,827 | 855,715 | 59 | | 其中: 銀河 | 95,043 | 28,186 | 237 | 643,451 | 193,367 | 233 | | 極氪 | 16,977 | 15,655 | 8 | 107,717 | 103,525 | 4 | | 領克 | 27,216 | 21,272 | 28 | 181,353 | 147,272 | 23 | | | 237,717 | 150,782 | 58 | 1,646,897 | 1,106,512 | 49 | | 其中： | | | | | | | | 純電動(BEVs) | 90,043 | 30,858 | 192 | 600,846 | 217,905 | 176 | | 插電式混動(PHEVs) | 40,081 | 28,193 | 42 | 254,4 ...

Core Viewpoint - The report from China Merchants Securities International indicates that Geely Automobile (00175) is expected to raise its annual sales target due to the launch of significant new models from Galaxy, Lynk & Co, and Zeekr in the second half of the year, which could act as a catalyst for the stock price [1] Group 1: Sales Performance - In May, Geely's total wholesale volume reached 235,000 units, marking a year-on-year increase of 46.4% and a month-on-month increase of 0.5%, setting a historical record [2] - The cumulative wholesale volume from January to May was 1.17 million units, up 49% year-on-year, achieving approximately 43% of the annual sales target of 2.71 million units, with potential for exceeding the target [2] - In May, the wholesale volume of new energy vehicles (NEVs) was 138,000 units, reflecting a year-on-year increase of 178% and a month-on-month increase of 9.9%, significantly outpacing the industry growth [2] - NEVs accounted for 58.7% of total sales in May, up 22.2 percentage points year-on-year [2] - Cumulative NEV wholesale from January to May reached 602,000 units, a year-on-year increase of 137%, representing 51% of total sales [2] - The high-end fuel vehicle, China Star, saw sales of 87,000 units in May, with the high-end series achieving a year-on-year growth of 21% [2] Group 2: Product Launches and Innovations - The company plans to launch multiple significant new models in the second half of the year, including the Galaxy A7 mid-size sedan and a rugged SUV, enhancing its product matrix [3] - The high-end flagship SUV Lynk & Co 900 had nearly 5,600 units delivered in May, with a strong order backlog, and the Lynk & Co hybrid Z10 is set to launch in the second half [3] - Zeekr's new model 007GT is performing well, with additional luxury SUVs set to launch in Q3 and Q4 [3] - The fuel vehicle Star series is leveraging the new energy platform for shared benefits, with the Star Yue L model performing well since its March launch [3] Group 3: International Expansion - The company is accelerating its overseas layout, with the first EX5 produced at the Indonesian KD factory and plans for a light asset model in Latin America and Central Asia [3] - The Galaxy E5 and Star Wish are set to enter multiple markets in the second quarter, with an acceleration of overseas expansion planned for the second half of the year [3]

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 27.5 for Geely Automobile (00175.HK) and a "Buy" rating, highlighting strong sales performance and growth potential in the electric vehicle segment [1] Group 1: Company Performance - In May, Geely's wholesale sales of new energy vehicles showed significant growth, outperforming the industry both month-on-month and year-on-year [1] - The sales of high-end fuel vehicles, particularly the China Star series, have seen notable increases [1] - Geely's recent launches of multiple new models have been well-received, contributing to strong sales momentum [1] Group 2: Future Outlook - The company is expected to potentially revise its annual sales targets upward, which could act as a catalyst for stock price appreciation [1] - The impact of short-term promotions during the off-season is considered limited on overall performance, indicating resilience in sales [1] - The valuation remains attractive, and the earnings forecast has been kept unchanged, supporting the target price maintenance [1]

Core Viewpoint - Geely Holding Group emphasizes the importance of open and healthy competition, advocating for value, technology, quality, service, brand, and corporate ethics over price wars as the automotive industry undergoes significant transformation [1] Group 1: Company Strategy - Geely's core value philosophy is centered around user satisfaction, strategic leadership, and ensuring foundational support through its "元动力" concept [1] - The company believes in the necessity of mastering fundamental skills in automotive manufacturing, highlighting that rapid success can harm user experience [4] - Geely's global acquisitions are aimed at learning from established brands to enhance its own manufacturing capabilities and brand respect [4] Group 2: Dual Development Approach - Geely is committed to a dual approach in its development strategy, investing in both intelligent electric vehicles and traditional internal combustion engine vehicles [6] - The company has achieved significant progress in its electric vehicle brands, while also maintaining a focus on hybrid and traditional fuel vehicles to meet market demands [6] Group 3: Technological Advancements - Geely has developed a robust intelligent driving assistance technology system and has made significant advancements in its Flyme Auto smart cockpit technology [7] - The establishment of Zhejiang Jiyao Tongxing Energy Technology Co., which focuses on battery integration, is a key part of Geely's sustainable development strategy [8] Group 4: Global Expansion Strategy - Geely is actively pursuing international expansion, with a focus on localizing operations in Southeast Asia and enhancing collaboration with companies like Volvo in Europe and the U.S. [8] - The company aims to increase market share globally while ensuring that partnerships yield mutual benefits rather than engaging in zero-sum competition [8]

Core Viewpoint - The integration of Zeekr and Lynk & Co. post-Taizhou Declaration indicates that Geely is refocusing its strategy, which is expected to enhance the group's profitability, making it a potential investment opportunity alongside Xiaomi [1]. Group 1: Marketing and Brand Strategy - Xiaomi is creating significant traffic for Geely, compelling a reform in Geely's marketing system. The next five years are anticipated to be a period of growth for Chinese brands as joint venture brands exit the market. Although Geely's brand power is not as strong as Xiaomi's, the collaboration has introduced a symbiotic relationship, enhancing Geely's market presence [2]. - Geely's product line is strategically segmented across various price ranges, with models like Galaxy priced between $10,000-$20,000, Zeekr between $20,000-$50,000, and Volvo/Polestar/Lotus above $50,000. This segmentation is effective as it caters to different consumer demographics, distinguishing Geely from traditional competitors like Great Wall and Chery [2]. Group 2: Technological Advancements - The automotive industry is witnessing a surge in investment in autonomous driving, with rapid advancements in algorithms and significant movement of engineers. Geely aims to align with top chip suppliers and adopt varied supplier strategies across different price segments to enhance its smart driving experience [3]. Group 3: Historical Development and Strategic Milestones - Geely has undergone several phases of development since its inception in 1986, transitioning from a small startup to a major player in the automotive industry. Key milestones include becoming the first private car manufacturer in China in 2001 and acquiring Volvo in 2010, which significantly boosted its technological capabilities and global presence [4][5]. - The company has set ambitious goals for 2027, aiming for total vehicle sales to exceed 5 million units, following the strategic focus outlined in the Taizhou Declaration [5].

Group 1 - The core viewpoint is that the era of merely discussing market dreams in the new energy vehicle sector may be ending, with a focus shifting towards companies that can deliver tangible results and have a clear organizational structure [1][12][13] - Geely's stock price surged significantly following the announcement of the merger with Zeekr, indicating a strong market response to the company's strategic move to consolidate under the "One Geely" framework [3][4][5] - The market's positive reaction to Geely's integration of Zeekr reflects a desire for clear direction and logical consolidation rather than just new narratives [4][12] Group 2 - Geely's decision to fully integrate Zeekr is seen as a response to the current policy environment encouraging quality Chinese companies to return to domestic markets [5][6] - The integration is characterized by three key aspects: clear direction, effective organizational implementation, and a focus on measurable outcomes rather than speculative growth [6][7][11] - The shift in focus from "market dreams" to "market calculations" signifies a broader industry trend where companies are expected to demonstrate clear profitability models and operational efficiency [7][12][13] Group 3 - Geely's approach contrasts with competitors like BYD and Huawei, as it emphasizes organizational synergy and platform integration to enhance efficiency rather than solely relying on vertical integration or user experience [11][12] - The market's willingness to support Geely's consolidation indicates a preference for companies that can simplify complex operations and deliver results, marking a potential turning point in the new energy vehicle sector [12][14] - The narrative is shifting towards evaluating companies based on their ability to consolidate brands and achieve operational success, rather than just introducing new products [13][14]

Group 1 - The core viewpoint of the article highlights the impressive performance of Geely Automobile in 2024, with total sales reaching 2.177 million units, a year-on-year increase of 32%, and total revenue of 240.2 billion, up 34% year-on-year [1] - The company's net profit attributable to shareholders reached 16.6 billion, a significant increase of 213% year-on-year, while the net profit after deducting non-recurring items was 8.5 billion, up 52% year-on-year [1][2] - The strong revenue performance in Q4 2024 was driven by a substantial increase in sales and product structure optimization, with Q4 revenue at 72.51 billion, a year-on-year increase of 29.7% [2] Group 2 - The gross profit margin for Q4 2024 was 17.3%, an increase of 0.8 percentage points year-on-year, attributed to improved sales structure and profitability from new energy vehicles [2] - The company aims for a gross profit margin of 16.5% in 2025, reflecting a year-on-year increase of 0.6 percentage points [2] - The establishment of Zeekr Technology Group aims to accelerate the company's high-end and intelligent vehicle strategies, with a focus on the pure electric market [3] Group 3 - The company projects net profits of 14.02 billion, 17.78 billion, and 20.38 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.39, 1.76, and 2.02 [4] - The projected P/E ratios for the next three years are 12, 10, and 8, indicating a favorable valuation outlook [4] - The revenue growth rates for the next three years are expected to be 51.9%, 20.5%, and 16.6% respectively, showcasing strong growth potential [4]