J.P. Morgan: Geely Auto's third quarter performance exceeds expectations, maintains "overweight" rating.

J.P. Morgan released a report stating that Geely Auto's third-quarter performance exceeded expectations, primarily driven by economies of scale, improved product mix, and expanded contributions from exports. The core net profit for the period exceeded the bank's forecast by 4%, with a quarterly increase of 15% to 5200 yuan per vehicle. The bank believes that Geely's stock price has risen this year, mainly due to profit upgrades and an expansion of target multiples. During the performance conference, the management emphasized plans to launch new models next year, as well as autonomous driving and export strategies, which the bank views positively. They expect stronger growth in the fourth quarter of this year and next year. The bank maintains a "hold" rating on Geely with a target price of HK$24.