GEELY AUTO(00175) Ge Long Hui·2025-05-30 10:35Core Viewpoint - Geely Automobile reported strong Q1 2025 results with revenue of 72.495 billion yuan, a 25% year-on-year increase, and a net profit of 5.67 billion yuan, up 264% year-on-year, driven by record sales and robust growth in the new energy vehicle segment [1][2] Financial Performance - In Q1 2025, Geely's revenue reached 72.495 billion yuan, marking a 25% increase compared to the previous year [1] - The net profit attributable to shareholders was 5.67 billion yuan, reflecting a significant year-on-year growth of 264% [1] - The company achieved a sales volume of 704,000 vehicles, a 47.9% increase year-on-year, with new energy vehicle sales growing by 135.4% [1][3] Profitability and Cost Management - The gross margin for Q1 2025 was reported at 15.8%, an increase of 0.2 percentage points year-on-year, while the expense ratio decreased by 2.7 percentage points to 11.5% [2] - The sales, administrative, R&D, and financial expense ratios were 5.0%, 1.9%, 4.6%, and -0.04% respectively, with notable improvements in sales and administrative expenses [2] Product Development and Sales Outlook - Geely plans to launch 10 new models in 2025, enhancing its product matrix with strong sales potential from models like Galaxy E5 and Zeekr 7X [3] - The company has already achieved a monthly average sales volume of 235,000 vehicles in Q1 2025, indicating a strong growth trajectory that may exceed the annual sales target of 2.71 million vehicles [3] Investment Projections - Revenue projections for 2025-2027 are estimated at 326.904 billion yuan, 392.285 billion yuan, and 470.742 billion yuan, with corresponding growth rates of 36.1%, 20.0%, and 20.0% [3] - Net profit forecasts for the same period are 14.936 billion yuan, 18.612 billion yuan, and 23.037 billion yuan, with growth rates of -10.2%, 24.6%, and 23.8% respectively [3]