Jinwu Financial News | According to the Changjiang Securities Research Report, Geely Auto (00175) was officially launched on December 6, 2024. It is an A-class plug-in hybrid SUV based on the new GEA architecture. It is the first to use next-generation Thor EM superhybrid technology, which can achieve a comprehensive battery life of 1,420 km and a loss of electricity and fuel consumption of 3.75L per 100 kilometers. There are five versions. The initial price is 0.0998-0.1328 million yuan, and it will be delivered as soon as it is launched.
The bank said that the GEA architecture supports the new vehicle cycle, and ZEEKR, Lynk & Co., and Galaxy are improving across the board. The new energy transformation of various brands is progressing smoothly, and the gradual highlighting of scale effects will bring about upward profitability. The company's fuel vehicle base is stable, and joint ventures continue to open up new overseas space by innovating overseas models. Profits are highly elastic under the strong new cycle of vehicles, and current valuations are still low.
The bank expects net profit from 2024-2026 to be 16 billion yuan, 11.8 billion yuan, and 15.7 billion yuan, respectively. Corresponding Hong Kong stock PE is 8.5X, 11.7X, and 8.7X, respectively, maintaining a “buy” rating.
