中信里昂：料吉利汽车首季经调整每车净利润为至少4500元人民币

Core Viewpoint - Citic Lyon predicts that Geely Automobile's net profit for the first quarter will increase by approximately 220% to 270% year-on-year, exceeding market expectations but aligning with prior forecasts [1] Financial Performance - The adjusted net profit per vehicle for Geely is estimated to be between 4,500 to 5,000 RMB, excluding foreign exchange gains of 2 to 2.3 billion RMB [1] - The strong growth in profitability is attributed to the rapid growth in electric vehicle sales, economies of scale, and cost reductions from technological upgrades [1] Sales Outlook - Geely's annual sales guidance of 2.71 million vehicles for 2025 is considered relatively conservative, as the company achieved sales of 704,000 vehicles in the first quarter, representing 26% of the target [1] - The introduction of new models with significant scale effects is expected to contribute to continued strong profitability for Geely [1]