GEELY AUTO(00175)2025-04-27 22:10Financial Performance - The company's revenue for 2024 reached RMB 240.19 billion, a 34% increase from RMB 179.20 billion in 2023[11] - Profit attributable to equity holders increased by 213% to RMB 16.63 billion, compared to RMB 5.31 billion in the previous year[27] - The total assets of the company grew by 19% to RMB 229.39 billion, up from RMB 192.60 billion in 2023[23] - The basic earnings per share rose to RMB 163.80, a 219% increase from RMB 51.36 in 2023[23] - Net profit for 2024 was RMB 16.8 billion, reflecting a 240% year-on-year growth, while profit attributable to equity holders was RMB 16.63 billion, up 213%[31] - The total revenue of the group increased by 34% year-on-year to RMB 240.2 billion, driven by sales growth and product structure optimization[50] - The company reported a profit attributable to shareholders of RMB 16.63 billion for 2024, a 213% increase year-on-year, with diluted earnings per share of RMB 1.63[54] Sales and Market Performance - The total number of vehicles sold in 2024 was 2,176,567, representing a 32% year-on-year increase[28] - The wholesale volume in China increased by 27% to 1,762,045 vehicles, while export wholesale volume surged by 57% to 414,522 vehicles[28] - The total sales volume for the group reached 494,440 units in 2024, representing an 80% year-on-year increase[29] - The luxury electric vehicle brand Zeekr delivered 222,123 units, marking an 87% year-on-year growth[29] - The proportion of new energy vehicle sales reached 41% in 2024, with total sales projected to reach 888,235 units in 2025, a 92% increase year-on-year[30] - The sales of plug-in hybrid vehicles surged to 4.83 million units, reflecting a year-on-year growth of 79.6%[47] - The total sales of the group in 2024 exceeded the adjusted annual target of 2 million units, achieving a historical high[50] - Sales in the Chinese market were 1,762,045 vehicles, up 27% year-on-year, with a market share of 7.8%, ranking third among domestic brands[52] - Overseas market sales increased by 57% year-on-year to 414,522 vehicles, accounting for 19% of total sales[52] Product Development and Innovation - The company continues to focus on the development of new energy and intelligent vehicles, achieving significant breakthroughs in sales and exports[27] - The company launched new electric vehicle models based on the GEA architecture, contributing to strong market demand[29] - The company launched 9 new energy vehicle models in 2024, expanding its product matrix across different market segments[48] - Geely Galaxy launched new products including the Galaxy E5 and Starship 7, featuring advanced technologies such as the Shield Blade battery and 11-in-1 intelligent electric drive[98] Financial Management and Capital Expenditure - The company maintained a capital debt ratio of 4.5%, down from 7.6% in the previous year[23] - The company plans a capital expenditure budget of approximately RMB 15 billion for 2025, focusing on new vehicle models and smart technology development[61] - The total capital expenditure for the company in 2024 was RMB 13.3 billion, remaining within the budget of RMB 15 billion[123] Strategic Initiatives and Acquisitions - The company is focusing on green methanol and hydrogen-electric vehicles as part of its strategy to align with China's green energy transition goals[37] - The company established Horse Powertrain with Zhejiang Geely Holding Group and Renault, holding 33%, 17%, and 50% stakes respectively[67] - The company agreed to acquire approximately 11.3% of ZEEKR's issued share capital for USD 806.1 million (approximately RMB 5.9 billion) to strengthen its strategic influence[76] - The company completed the acquisition of additional equity in Zeekr for a settlement amount of USD 806.1 million (approximately RMB 5.9 billion) in 2024[123] Research and Development - Research and development expenses for 2024 reached RMB 10.41924 billion, a 33% increase compared to RMB 7.809997 billion in 2023[89] - The company has made significant advancements in battery technology, including the development of new battery types to enhance safety[38] Corporate Governance and Management - The company emphasizes high standards of corporate governance and compliance with the Hong Kong Stock Exchange's corporate governance code, with adherence to most provisions except for specific clauses[146] - The management team includes experienced professionals with backgrounds in finance and management, ensuring effective decision-making and strategic direction[148] - The board consists of six executive directors and five independent non-executive directors, ensuring at least one has appropriate professional qualifications in accounting or finance[166] Sustainability and ESG Commitment - The company is committed to environmental, social, and governance (ESG) measures, with a report to be published alongside the annual report for the year ending December 31, 2024[146] - The company has established a comprehensive risk management strategy to mitigate foreign exchange risks, including entering into several foreign currency forward contracts[121] Employee and Management Changes - The total number of employees increased to approximately 64,000, up from 60,000 in 2023[125] - The management team is focused on overall performance and market conditions for employee compensation reviews[125] - Mr. Mao Jian Ming, with rich experience in overseas asset investment and mergers, joined the group as an executive director on July 12, 2024[133] Future Outlook - The company aims to achieve a sales target of 2.71 million vehicles in 2025, representing an increase of approximately 25% compared to the total sales achieved in 2024[118] - The company plans to further expand its market presence by establishing local assembly plants in Nigeria, Ghana, Cambodia, and Egypt, with plans for more countries[110]