Jingu Finance News | Soochow Securities issued research reports, indicating that Geely Auto (00175) had a wholesale sales volume of 181,229 vehicles in August, with a month-on-month increase of +18.74% / +20.19%. In terms of brands, Geely brand sales volume was 140,686 vehicles, with a month-on-month increase of +19.02% / +23.57%, of which the sales volume of Silver Galaxy was 26,510 vehicles, with a month-on-month increase of +138.46% / +58.70%; Jike brand sales volume was 18,015 vehicles, with a month-on-month increase of +47.63% / +15.08%; and Lynk brand sales volume was 22,528 vehicles, with a month-on-month increase of +20.50% / +5.90%.
The company's overall sales volume in August increased both month-on-month and year-on-year. Export sales continued to increase year-on-year: 1) Differentiating by fuel type: The company's total sales of new energy vehicles in August was 75,484 vehicles, with a month-on-month increase of +59.59% and a year-on-year increase of +27.83%. The penetration rate of new energy products was 42%, with a month-on-month increase of +10.66/+2.49 percentage points. 2) Differentiating by brand: The Galaxy, Jike, and Lynk & Co brands have made progress in the transformation of new energy, with a clear strategic positioning and a steady increase in brand influence. Galaxy brand sales increased significantly, with a total of 140,686 Geely brand vehicles sold in August, up +19.02%/+23.57% month-on-month, including 26,510 Galaxy vehicles sold, up +138.46%/+58.70% month-on-month; Jike brand sales reached 18,015 vehicles, up +47.63%/+15.08% month-on-month; and Lynk & Co brand sales reached 22,528 vehicles, up +20.50%/+5.90% month-on-month. 3) Overseas: The company's exports in August reached 45,045 vehicles, up +82.27%/+39.11% month-on-month. Globalization maintained high growth, with exports accounting for 24.86% of the group's sales, up +8.66/+3.38 percentage points month-on-month.
The bank maintains the company's revenue expectations for the years 2024 to 2026 at 213.5/258.1/300.1 billion yuan, with year-on-year increases of +19%/+21%/+16% respectively. Net income attributable to shareholders is expected to be 15.1/11.5/13.8 billion yuan, with year-on-year changes of +185%/-24%/+20%. Corresponding EPS for 2024 to 2026 is expected to be 1.50/1.14/1.37 yuan, with corresponding PE ratios of 5/7/6 times. The bank maintains a "buy" rating for the company.
