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<Research>CICC Lifts GEELY AUTO (00175.HK) Earnings Forecast, Maintains Outperform Rating
Recommend 11 Positive 24 Negative 9 |
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GEELY AUTO (00175.HK) logged passenger car sales of approximately 3.0246 million units in 2025, representing a YoY growth of 39%, topping the company's original annual sales target of 3 million units, CICC said in a report. Geely has set a target for passenger car sales to grow by 14% YoY to 3.45 million units in 2026, with NEV sales mounting 32% YoY to 2.22 million units. By brand, Geely/ ZEEKR/ Lynk & Co sales targets are set at 2.75 million units, 300,000 units, and 400,000 units respectively. Looking ahead, as the integration of Geely, ZEEKR, and Lynk & Co brands gradually progresses, the synergy in production management was expected to be gradually released, paired with an upward product cycle, potentially demonstrating stronger profit elasticity. Due to the upward product cycle and improved profitability through multi-brand synergy, the broker raised Geely's net profit forecast for 2025/2026 by 3.2%/8.9% to RMB17.5 billion/RMB21.5 billion. It introduced a net profit forecast of RMB24.9 billion for 2027 for the first time. The Outperform rating and target price of HKD26 were maintained. AASTOCKS Financial News Website: www.aastocks.com |
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