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<Research>CMBI: GEELY AUTO (00175.HK) Profit Resilience Leads Sector; Rating Kept at Buy
Recommend 5 Positive 16 Negative 9 |
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GEELY AUTO (00175.HK)'s 4Q25 revenue increased by 22% YoY to approx. RMB106 billion, broadly in line with expectation, according to CMBI's research report. Quarterly gross margin expanded by 0.3 ppts QoQ to 16.9%, 0.8 ppts lower than the broker's forecast, with the difference likely attributable primarily to the Geely and Galaxy brands CMBI estimated GEELY AUTO's gross margin in 2026 to demonstrate resilience, driven by improved economies of scale, export growth, optimization of model structure (Zeekr 9X/8X, Galaxy M9 and other models), and continued synergies from brand integration. The broker forecasted a YoY gross margin increase of 0.8 ppts to 17.4% in 2026. Based on lower amortization burden from the ongoing cost reductions and decreased R&D capitalization rate, CMBI raised its 2027 net profit forecast by 3% to RMB21.7 billion, with rating/ target price kept at Buy/ $25. AASTOCKS Financial News Website: www.aastocks.com |
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