Citigroup: Geely Automobile (00175.HK) is the only profitable car company in the first quarter with quarterly growth, the second quarter may have more catalysts.

According to the Smart Finance app, Citibank released a research report stating that Geely Automobile (00175.HK) saw a 31% year-on-year increase in core profit (excluding exchange rate effects) to 4.56 billion yuan in the first quarter, in line with expectations. The bank pointed out that Geely was the only major car company to report a quarterly profit growth during the period, and maintained a "buy" rating with a target price of 30 Hong Kong dollars.