GEELY AUTO(00175) 华西证券·2025-04-11 06:43Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - Geely Automobile's Q1 2025 performance exceeded expectations, with a significant increase in profits driven by a strong new energy vehicle (NEV) sales momentum and an upcoming product cycle [2][3][4] - The company is expected to launch 10 new NEV models in 2025, aiming for a total NEV sales target of 1.5 million units [3] - The merger of Zeekr and Lynk & Co is anticipated to enhance Geely's competitiveness in the mid-to-high-end vehicle market through a focus on smart technology [4][5] - Geely is transitioning into a smart technology company, with a robust technological ecosystem supported by its advanced driving solutions and computing power [5] Financial Summary - The company forecasts a Q1 2025 net profit of RMB 5.2-5.8 billion, representing a year-on-year growth of 220-270% [2] - Revenue projections for 2025-2027 are set at RMB 317.96 billion, RMB 392.94 billion, and RMB 468.08 billion, respectively, with net profits of RMB 14.04 billion, RMB 17.92 billion, and RMB 23.04 billion [7][9] - The expected earnings per share (EPS) for 2025-2027 are RMB 1.39, RMB 1.78, and RMB 2.29, respectively [7][9] - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 9.90, 7.76, and 6.03 times [7][9]