Citi: GEELY AUTO (00175) significantly raises export targets and maintains a "Buy" rating.

Citi released a research report stating that GEELY AUTO (00175) management conveyed several positive messages during the earnings meeting, including a significant upward adjustment of the 2026 export sales target from 640,000 units to 920,000 units and challenging the one million units mark, with a long-term goal of foreign sales accounting for two-thirds of total sales. The group plans to establish five core markets: ASEAN, Pan-Europe, Eastern Europe, Latin America and Africa, as well as the Middle East and Asia-Pacific, with long-term scale targets of 600,000, 500,000, 400,000, 300,000, and 200,000 vehicles respectively. Regarding overseas production capacity, management indicated that they would utilize the Volvo factories in Europe, the Proton factory in Malaysia, the Ford factory in Spain, and the Renault factory in Brazil. Citi currently forecasts that GEELY AUTO's core earnings for the third and fourth quarters will reach approximately 6 billion and 6.6 billion RMB respectively, maintaining a "Buy" rating with a target price of 30 HKD, corresponding to a projected 2026 price-to-earnings ratio of about 13 times.