External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Geely’s 4Q24 net profit was a mixed bag with many moving parts.</li><li>GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.</li><li>We are more positive than management in Geely and Galaxy sales volume but more conservative on Zeekr and Lynk &amp; Co. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely’s 4Q24 net profit was a mixed bag with many moving parts.GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.We are more positive than management in Geely and Galaxy sales volume but more conservative on Zeekr and Lynk &amp; Co. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Economies of Scale Lays Foundation for FY25 Profit

<ul><li>Maintain BUY. Despite an unexciting net profit, its SG&amp;A cost control and NEV profitability were impressive in 3Q24.</li><li>We expect the current strong NEV sales momentum to extend into 2025, leading to substantial core profit growth.</li><li>3Q24 operating profit beat. Geely’s 3Q24 revenue was 2% lower than our prior forecast.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Despite an unexciting net profit, its SG&amp;A cost control and NEV profitability were impressive in 3Q24.We expect the current strong NEV sales momentum to extend into 2025, leading to substantial core profit growth.3Q24 operating profit beat. Geely’s 3Q24 revenue was 2% lower than our prior forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - 3Q24 NEV Sales and Profits Pave Way for FY25

<ul><li>Maintain BUY. Geely’s 1H24 core earnings beat our prior forecast by 18% even with a lower R&amp;D capitalization ratio.</li><li>We are of the view that the Galaxy E5 BEV based on the GEA platform could be a sales volume driver with better margins than previous Galaxy models.</li><li>Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Geely’s 1H24 core earnings beat our prior forecast by 18% even with a lower R&amp;D capitalization ratio.We are of the view that the Galaxy E5 BEV based on the GEA platform could be a sales volume driver with better margins than previous Galaxy models.Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Solid 1H24 Earnings, Better NEV Outlook

<ul><li>Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn.</li><li>We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E.</li><li>1Q24 earnings slightly beat. Geely reported its quarterly results for the first time in history.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn.We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E.1Q24 earnings slightly beat. Geely reported its quarterly results for the first time in history.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Solid 1Q24 with Better 2H24 Earnings Ahead

<ul><li>Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better than FY21-22.</li><li>We believe most of its businesses are poised to enjoy higher profits in FY24E.</li><li>Some investors may overlook Geely’s recent assets disposal to ease its lingering D&amp;A burden by leveraging its parent’s resources.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better than FY21-22.We believe most of its businesses are poised to enjoy higher profits in FY24E.Some investors may overlook Geely’s recent assets disposal to ease its lingering D&amp;A burden by leveraging its parent’s resources.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Most Businesses Are Trending Up

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Geely Auto (175 HK)

Geely Automobile (175 HK) - Economies of Scale Lays Foundation for FY25 Profit

Geely’s 4Q24 net profit was a mixed bag with many moving parts. GPM beat in 4Q24, which gives us more confidence in both NEV and ICE margins in FY25E.

CMB International

Geely Automobile (175 HK) - 3Q24 NEV Sales and Profits Pave Way for FY25

Maintain BUY. Despite an unexciting net profit, its SG&A cost control and NEV profitability were impressive in 3Q24. We expect the current strong...

CMB International

Geely Automobile (175 HK) - Solid 1H24 Earnings, Better NEV Outlook

Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.

CMB International

Geely Automobile (175 HK) - Solid 1Q24 with Better 2H24 Earnings Ahead

We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)