Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In February 2025, the company achieved sales of 205,000 vehicles, representing a year-on-year increase of 83.9% but a month-on-month decrease of 23.2% [2][4]. - Cumulative sales for January and February 2025 reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA platform, with strong performance across its brands including Geely, Lynk & Co, and Zeekr [2][6]. - The transition to new energy vehicles is progressing smoothly, with significant scale effects anticipated to enhance profitability [2][6]. - The company has a solid foundation in fuel vehicles and is exploring innovative overseas expansion strategies [2][6]. - An AI-driven smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities [2][6]. - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 25% year-on-year growth, with specific targets for each brand [2][6]. Summary by Sections Sales Performance - February 2025 sales were 205,000 vehicles, with a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2][4]. - January-February 2025 cumulative sales reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - Breakdown by brand: Geely brand sold 174,000 vehicles (+91.5% YoY), Lynk & Co sold 17,000 vehicles (+30.5% YoY), and Zeekr sold 14,000 vehicles (+86.9% YoY) [2][6]. New Energy Transition - New energy vehicle sales in February reached 98,000 units, a year-on-year increase of 193.8% [2][6]. - The share of new energy vehicles in total sales was 48.0%, up 18.0 percentage points year-on-year [2][6]. - The company is focusing on high-quality overseas expansion, launching models in over 40 countries [2][6]. Strategic Developments - The GEA platform is expected to drive a new cycle of technology and product development, enhancing profitability [2][6]. - The company plans to fully embrace AI technology to improve smart driving capabilities [2][6]. - Expected net profits for 2024-2026 are projected at 16.4 billion, 12.4 billion, and 16.8 billion respectively, with corresponding PE ratios of 9.9X, 13.2X, and 9.7X [2][6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.55 HKD [4][7]. Core Insights - The company achieved a record monthly sales of 266,700 vehicles in January, representing a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The sales of new energy vehicles reached 121,100 units, up 83.9% year-on-year [9]. - The company continues to deepen its global strategic layout, with significant growth in its self-owned brands. The sales of the Geely brand reached 224,700 units in January, a year-on-year increase of 30.1% [9]. - The company plans to expand its overseas sales network, aiming for over 300 sales and service outlets by 2025, with a target overseas sales growth rate of 15.6% [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) are forecasted to be 1.43, 1.08, and 1.29 CNY for 2024, 2025, and 2026 respectively. The company maintains a comparable company PE average valuation of 15 times, leading to a target price of 16.20 CNY [4]. - The projected revenue for 2024 is 224.63 billion CNY, with a year-on-year growth of 25.4%. The revenue is expected to reach 316.01 billion CNY by 2026 [6][10]. - The net profit attributable to the parent company is forecasted to be 14.44 billion CNY in 2024, reflecting a significant year-on-year growth of 172.1% [6][10]. Key Financial Metrics - The company reported a revenue of 147.97 billion CNY in 2022, with a gross profit margin of 14.1% and a net profit margin of 3.6% [6][10]. - The projected net profit for 2025 is 10.88 billion CNY, with a net profit margin of 4.0% [6][10]. - The company's return on equity (ROE) is expected to improve from 6.6% in 2023 to 11.2% by 2026 [6][10].

Investment Rating - The report assigns a "Buy" rating for Geely Automobile with a target price of 26.94 HKD, based on a current price of 17.16 HKD [6]. Core Viewpoints - Geely Automobile is undergoing a transformation from traditional manufacturing to intelligent electric technology, aiming to become a leading global smart technology car manufacturer [1][13]. - The company has integrated various brands through acquisitions, enhancing its research, production, supply chain, and brand influence [1]. - Geely's dual focus on fuel and new energy vehicles allows it to cover a wide price range from 50,000 to 800,000 RMB, catering to diverse market demands [1][15]. Summary by Sections 1. Business Overview - Geely has diversified its business into multiple sectors, with automotive manufacturing as its core, covering fuel and new energy vehicles [15]. - The company has developed modular architectures like CMA, SEA, and SPA Evo to enhance production efficiency and product stability [1][21]. 2. New Energy Business - Geely is creating a differentiated product matrix to meet diverse market needs, with brands like Zeekr and Lynk & Co focusing on high-end markets [3][2]. - The integration of Zeekr and Lynk & Co is expected to enhance profitability through synergies [2][3]. 3. Overseas Business - Geely is accelerating its global expansion through partnerships, such as with Volvo to create a global powertrain leader and collaborations with Proton and Renault Korea [4][3]. 4. Fuel Vehicle Business - Despite a declining domestic market, Geely's fuel vehicle sales have grown, supported by strong models like Boyue and Xingyue [5][47]. - The company plans to adjust its global fuel vehicle strategy to control costs in Europe while expanding into emerging markets [5]. 5. Financial Performance - Geely's revenue reached 179.85 billion RMB in 2023, with a year-on-year growth of 21.06%, and a projected net profit of 10.6 billion RMB for the first half of 2024 [6][45]. - The company expects to achieve net profits of 16.24 billion, 12.74 billion, and 15.96 billion RMB from 2024 to 2026, with a PE ratio of 20 times in 2025 [6][46]. 6. Future Planning - Geely has clear brand positioning to avoid internal competition, with specific targets for sales growth across its various brands [51]. - The company aims to sell 2.71 million vehicles in 2025, a 25% increase from 2024, with ambitious targets for new energy vehicle sales [52][53].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 26.6, indicating a potential upside of 48.7% from the current price of HKD 17.86 [3][5]. Core Insights - The company is entering a strong new vehicle cycle supported by the launch of its new intelligent driving system "Qianli Haohan," which includes various levels of autonomous driving capabilities [2][5]. - The integration of brands and improved operational efficiency is expected to enhance profitability, with projections indicating that the combined sales of the Zeekr and Lynk & Co brands will exceed 1 million units by 2026 [5]. - The new GEA architecture is set to support the launch of multiple new models in 2025, with expected sales reaching 2.71 million units, including over 1.5 million electric vehicles [5]. Financial Summary - Revenue is projected to grow from RMB 179.2 billion in 2023 to RMB 395.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.7% [3][6]. - Net profit is expected to increase significantly from RMB 5.8 billion in 2023 to RMB 17.9 billion in 2026, with a notable peak of RMB 14.4 billion in 2024 [3][6]. - Earnings per share (EPS) is forecasted to rise from RMB 0.51 in 2023 to RMB 1.78 in 2026, indicating strong growth potential [3][6]. Market Position and Strategy - The company is focusing on enhancing its product lineup and operational efficiency through brand integration, which is expected to reduce overlapping models and improve cost management [5]. - The introduction of the new intelligent driving system is anticipated to cover over 150,000 vehicles, positioning the company competitively in the autonomous driving market [5]. - The strategic focus on electric vehicles and new energy architectures is expected to drive future growth and market share expansion [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 22.0, indicating a potential upside of 23% from the current price [1][4][8]. Core Insights - The company has launched the "Qianli Haohan" intelligent driving system, which is expected to enhance product sales and reshape valuation through its multiple AI-driven initiatives [1][4]. - February sales saw a year-on-year increase of 83.9%, with total sales reaching 205,000 vehicles, while cumulative sales for January and February rose by 45.2% [2]. - The company has completed a comprehensive AI-driven layout, including smart architecture, intelligent cockpit, smart energy solutions, and the establishment of a "Smart Car Computing Power Alliance" [3]. Summary by Sections Sales Performance - In February, the company sold 205,000 vehicles, marking an 83.9% year-on-year increase and a 23.2% decrease month-on-month. Cumulative sales for January and February reached 472,000 vehicles, up 45.2% year-on-year [2]. AI and Intelligent Driving Initiatives - The "Qianli Haohan" system features five levels of performance planning, with advanced capabilities such as highway NOA and urban commuting NOA. The system aims to promote intelligent driving technology and safety equity [4]. - The company has developed a self-research AI Drive model and integrated various AI technologies into its manufacturing and operational processes [3]. Financial Projections - The report projects sales revenue to grow from RMB 147.965 billion in FY2022 to RMB 288.745 billion in FY2025, with a compound annual growth rate (CAGR) of 34% from FY2023 to FY2025 [5][12]. - Net profit is expected to increase significantly, with projections of RMB 15.779 billion in FY2024 and RMB 13.774 billion in FY2025, reflecting a 197% growth in FY2024 [5][12]. Market Position and Valuation - The company is positioned as a leader in the Chinese automotive industry, with a market capitalization of approximately HKD 1,803.49 million and a significant shareholder structure led by Li Shufu [8][9]. - The report highlights a strong relative performance over the past year, with a 111.96% absolute return [9].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][4]. Core Insights - Geely Automobile is advancing its smart driving capabilities through partnerships, launching the "Qianli Haohang" intelligent driving system, which will be integrated into new and updated models [1]. - The company is focusing on enhancing its electric vehicle lineup, with the new E8 model priced between 149,800 and 198,800 RMB, expected to drive demand [2]. - The integration of the LEVC Geely Yizhen brand into the Geely Galaxy brand aims to streamline operations and improve efficiency [2]. Financial Projections - Expected net profits for 2024-2026 are projected at 16.42 billion, 14.10 billion, and 17.45 billion RMB respectively, with EPS of 1.63, 1.40, and 1.73 RMB [3]. - Revenue forecasts for 2024-2026 are 224.78 billion, 289.69 billion, and 338.83 billion RMB, reflecting growth rates of 25.4%, 28.9%, and 17.0% [3][6]. - The report indicates a significant increase in net profit for 2024, with a projected growth rate of 209.3% [3]. Product Development - The "Qianli Haohang" system will feature various levels of intelligent driving capabilities, with the H1 model supporting highway NOA and automatic parking, while the H9 model will offer advanced L3 architecture [1]. - The new Galaxy series models will be equipped with the H1 system, with future models expected to adopt the H9 system [2]. Market Positioning - The report suggests that Geely's focus on smart technology and electric vehicles will enhance its market position and drive sales growth [1][2].

Investment Rating - The investment rating for Geely Automobile (175 HK) is "Buy" with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely's AI Smart Technology Conference marked 2025 as the "Year of AI+Car," signifying a shift from "Car+AI" to "AI+Car," focusing on AI as the core of automotive transformation [2]. - The launch of the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) with capabilities ranging from basic assistance to full L3 autonomous driving, aims for mass production in the year [2]. - Geely's strategy emphasizes "safety equity," aiming to democratize high-level intelligent driving across all vehicle price segments, contrasting with competitors like BYD and Changan [2]. Summary by Sections AI and Intelligent Driving - Geely's new intelligent driving system, "Qianli Haohan," will be integrated into models like the Galaxy and China Star, with the H9 version being the first L3 autonomous driving solution ready for mass production [2]. - The system boasts a minimum of 100 TOPS computing power for the H1 version, with the H3 version set to feature urban driving capabilities [2]. Technological Trends - The conference highlighted three key technological trends: superhuman-machine interaction, integration of autonomous driving with execution, and the elevation of connected vehicle models [2]. - Collaborations with partners like Jieli Technology aim to enhance data generation for extreme driving scenarios and improve voice interaction experiences [2]. New Model Launches - The 2025 Galaxy E8 was launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, enhancing the user experience [2]. Competitive Positioning - Geely's strategic focus on in-house capabilities aims to reduce reliance on external suppliers, enhancing its competitive edge in the intelligent vehicle market [2]. - The company plans to leverage its Agent OS cockpit operating system for cross-domain collaboration and personalized experiences [2].

Investment Rating - The report assigns a "Buy" rating to Geely Automobile (175 HK) with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely Automobile's AI Smart Technology Conference marked the beginning of the "AI+Car" era, transitioning from "Car+AI" to "AI+Car," emphasizing AI as the core of automotive transformation [2]. - The company introduced the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) that cover functionalities from basic assistance to full-scenario L3 autonomous driving, with plans for mass production in the current year [2]. - Geely aims to democratize high-level intelligent driving capabilities across all price segments, promoting the concept of "safety equality" [2]. Summary by Sections AI and Technology Strategy - The report highlights three technological trends presented by Qianli Technology's chairman: superhuman-machine interaction, integration of autonomous driving and execution, and the elevation of connected vehicle models [2]. - Geely's collaboration with partners like Jiyue Xingchen aims to enhance AI applications and reduce barriers for developers through an open-source strategy [2]. Product Launches - The 2025 Geely Galaxy E8 was officially launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, along with an upgraded intelligent driving perception system [2]. Competitive Positioning - Geely's recent announcements are seen as a response to competitors like BYD and Changan, emphasizing its systematic capabilities and platform advantages while minimizing reliance on external suppliers [2].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][4]. Core Viewpoints - Geely is advancing its smart driving capabilities through partnerships, launching the "Qianli Haohang" intelligent driving system, which will be integrated into new and updated models, enhancing product sales and valuation [1][2]. - The introduction of the new E8 electric sedan and the Starry 8 hybrid sedan is expected to drive demand, with promotional pricing strategies in place [2]. - The upgrade of the Galaxy series into the Geely Galaxy brand aims to streamline operations and improve overall efficiency within the group [2]. Financial Forecasts - Projected net profits for 2024-2026 are 16.42 billion, 14.10 billion, and 17.45 billion RMB, respectively, with corresponding EPS of 1.63, 1.40, and 1.73 RMB [3][6]. - Revenue is expected to grow from 179.20 billion RMB in 2023 to 338.83 billion RMB by 2026, reflecting a compound annual growth rate of approximately 28.9% [3][6]. - The report anticipates a significant increase in profitability, with net profit growth rates of 209.3% in 2024, followed by a decrease of 14.1% in 2025, and a rebound of 23.7% in 2026 [3][6]. Product Development - The "Qianli Haohang" intelligent driving system will feature multiple levels of capabilities, including advanced parking and full-scene driving support, with a focus on affordability for high-end solutions [1]. - The new models, including the E8 and Starry 8, are equipped with the latest technology and are priced competitively to stimulate market interest [2]. Strategic Initiatives - The integration of the LEVC Geely Yizhen brand into the Galaxy series is part of a broader strategy to enhance brand focus and operational synergy [2]. - The company is positioning itself to capitalize on the growing demand for electric and hybrid vehicles, aligning with industry trends towards sustainability and innovation [2].

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - Geely's AI technology conference on March 3 showcased its advanced intelligent driving system "Qianli Haohan" and highlighted the company's strategic advancements in AI [2]. - The company is accelerating its transformation towards smart technology, with plans to enhance human-machine interaction, fully implement autonomous driving, and elevate vehicle networking capabilities [9]. - Geely's sales and operational performance are projected to grow rapidly in the coming years, supported by its electric vehicle strategy and product enhancements [9]. Financial Summary - **Revenue Forecast**: - 2023: 179,204 million CNY - 2024E: 245,193 million CNY (growth of 36.8%) - 2025E: 307,205 million CNY (growth of 25.3%) - 2026E: 365,715 million CNY (growth of 19.0%) [5][10] - **Net Profit Forecast**: - 2023: 5,308 million CNY - 2024E: 16,481 million CNY (growth of 216.4%) - 2025E: 13,636 million CNY (decline of 17.4%) - 2026E: 17,052 million CNY (growth of 25.3%) [5][10] - **Earnings Per Share (EPS)**: - 2023: 0.53 CNY - 2024E: 1.64 CNY - 2025E: 1.35 CNY - 2026E: 1.69 CNY [5][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2024E: 10.1x - Price-to-Book (P/B) ratio for 2024E: 1.7x [5][10] Target Price - The target price for Geely is set between 22.0 and 29.4 HKD, with a potential upside of 23% to 48% based on the company's historical valuation levels and recent market performance [6][9].