Guotai Haitong maintains "buy" rating on GEELY AUTO (00175) with a target price of HK$29.2.

Guotai Haitong released a research report stating that GEELY AUTO's brand architecture is relatively reasonable and clear. With the gradual implementation of the "Intelligent Geely 2025" strategy, the company's overall revenue and net profit attributable to shareholders are expected to continue to grow. The bank predicts that the company's net profit attributable to shareholders for 2025-2027 will be 16.3 billion yuan, 18.21 billion yuan, and 23.66 billion yuan, with earnings per share of 1.61 yuan, 1.80 yuan, and 2.34 yuan, respectively. It gives a 16.6 times PE for 2025, with a target price of 29.2 Hong Kong dollars, and maintains a "buy" rating. The report stated that in September 2025, GEELY AUTO's sales reached 273,000 units, a year-on-year increase of 35%. Among them, new energy vehicle sales reached 165,000 units, including 100,000 pure electric vehicles and 66,000 plug-in hybrid vehicles, with year-on-year increases of 55% and 146% respectively. Overseas exports reached 41,000 units, a year-on-year increase of 1%. From January to September 2025, GEELY AUTO's sales reached 2.17 million units, a year-on-year increase of 46%. Among them, new energy vehicle sales reached 1.168 million units, including 794,000 pure electric vehicles and 374,000 plug-in hybrid vehicles, with year-on-year increases of 141% and 73% respectively. In terms of individual brands, Geely brand sales reached 1.785 million units, a year-on-year increase of 55%, Lynk & Co brand sales reached 241,000 units, a year-on-year increase of 23%, and Geometry brand sales reached 144,000 units, a year-on-year increase of 1%. The bank points out that GEELY AUTO's target sales for the full year of 2025 is 3 million units. In the second half of 2025, multiple new models including Geely Galaxy A7, Geely Galaxy M9, Geely Galaxy Star 6, Geometry 9X, and Lynk & Co 10 EM-P will be launched successively. At the same time, the globalization process of Geely brand, Geometry brand, and Lynk & Co brand will accelerate, and GEELY AUTO will steadily advance towards the 3 million units annual target.