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<Research>HTSC Lifts GEELY AUTO (00175.HK) TP to $20.61 w/ Higher Earnings Forecasts
Recommend 17 Positive 41 Negative 8 |
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GEELY AUTO (00175.HK)'s 3Q24 revenue hiked 20% YoY or 10% QoQ to RMB60.4 billion, while its net profit amounted to RMB2.5 billion, marking a YoY surge of 88%, but a QoQ slump of 72% because of a non-recurring gain/loss of RMB7.5 billion from the sale of a subsidiary in 2Q24, according to a report from Huatai Securities. GEELY AUTO's revenue for 1-3Q24 was RMB167.7 billion, up 36% YoY, while its net profit spiked 358% YoY to RMB13.1 billion. The company's new energy brand turned losses into gains, and department integration is steadily advancing. The broker kept the Buy rating unchanged. The broker forecasted GEELY AUTO's 2024-2026 net profits to be RMB17.2 billion/ RMB12.8 billion/ RMB15.5 billion, revised up by 15%/ 26%/ 30% from previous estimates based on cost reduction synergy from Zeekr and Lynk & Co and the scale effect improvement from the new Galaxy brand vehicles. The broker lifted its target price for the company from $12.99 to $20.61. AAStocks Financial News |
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