Orient: Maintain a "buy" rating on GEELY AUTO (00175) with a target price of HK$11.53.

Orient released a research report stating that it maintains a "buy" rating for GEELY AUTO (00175), with forecasted EPS for the years 2024-2026 being 1.48, 0.94, and 1.18 yuan respectively. It maintains a 24-year PE average valuation of comparable companies at 14 times, not considering one-time gains. The target price is 11.53 Hong Kong dollars. The bank stated that GEELY AUTO's sales performance in August was impressive. In August, GEELY AUTO's total sales were 181,200 units, a year-on-year increase of 21.5% and a month-on-month increase of 20.2%. Among them, sales of new energy vehicles were 75,500 units, a year-on-year increase of 64.9% and a month-on-month increase of 27.8%. Exports were 45,000 units, a year-on-year increase of 97.5% and a month-on-month increase of 39.1%. According to data from the China Passenger Car Association, from August 1-25, domestic passenger car wholesale sales decreased by 2% year-on-year but increased by 11% month-on-month. It is expected that GEELY AUTO's overall sales growth rate will be significantly better than the industry average.