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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Total revenue increased by 34% and total sales volume increased by 32%.</li>
<li>The operating margin improved to 4% in 2024, compared to 2% in 2023.</li>
<li>We conclude an upside of 51% and a price target of HK$28.00. Buy.</li>
</ul>


Total revenue increased by 34% and total sales volume increased by 32%.
The operating margin improved to 4% in 2024, compared to 2% in 2023.
We conclude an upside of 51% and a price target of HK$28.00. Buy.


Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

<ul>
<li>Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025.</li>
<li>BEV boomed in 2H24 and will be the protagonist in 2025.</li>
<li>We believe the overseas market will also be promising for Geely.</li>
</ul>


Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025.
BEV boomed in 2H24 and will be the protagonist in 2025.
We believe the overseas market will also be promising for Geely.


Geely (175 HK): Deliveries Up by 32% in 2024 - BEV Supporting 2H24

<ul>
<li>Geely’s sales volume grew by 27% YoY in November 2024.</li>
<li>BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.</li>
<li>Geely’s forward financial ratios are lower than its major competitors.</li>
</ul>


Geely’s sales volume grew by 27% YoY in November 2024.
BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.
Geely’s forward financial ratios are lower than its major competitors.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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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 Auto (175 HK): 2024 Result Accelerating, 50% Upside

Total revenue increased by 34% and sales volume increased by 32%. The operating margin improved to 4% in 2024, compared to 2% in 2023. We conclude...

Ming Lu

Geely (175 HK): Deliveries Up by 32% in 2024 - BEV Supporting 2H24

Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025. BEV boomed in 2H24. We believe the overseas market...

Ming Lu

Geely (175 HK): Turning from PHEV to BEV

Geely’s deliveries grew by 27% YoY in November 2024. BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July. Geely’s...

Ming Lu

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

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