GEELY AUTO(00175) 申万宏源证券·2025-04-14 14:11Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [2][7]. Core Views - Geely Automobile's revenue for 2024 is projected to be 240.19 billion RMB, representing a year-on-year growth of 34% [7]. - The company expects a significant increase in net profit for Q1 2025, with estimates ranging from 5.2 to 5.8 billion RMB, indicating a substantial growth compared to previous periods [7]. - The product lineup for 2025 includes several new energy models, enhancing the company's market competitiveness and consumer appeal [7]. - The total sales volume for Q1 2025 reached 704,000 units, with new energy vehicle sales at 340,000 units, marking a year-on-year increase of 124.3% [7]. - The company aims for a total sales target of 2.71 million units in 2025, with 1.5 million units expected to be new energy vehicles [7]. - The report highlights the company's ability to maintain a competitive edge through systematic operations in a complex market environment [7]. Financial Data and Profit Forecast - Revenue projections for Geely Automobile are as follows: - 2023: 179.85 billion RMB - 2024: 240.19 billion RMB - 2025E: 368.14 billion RMB - 2026E: 432.73 billion RMB - 2027E: 486.70 billion RMB - Year-on-year growth rates for revenue are projected at 21% for 2023, 34% for 2024, and 53% for 2025 [3][8]. - Net profit forecasts are: - 2023: 5.17 billion RMB - 2024: 16.63 billion RMB - 2025E: 12.94 billion RMB - 2026E: 15.80 billion RMB - 2027E: 19.57 billion RMB - The report indicates a significant increase in net profit for 2024, with a year-on-year growth of 213% [7][8].