Cathay Haitong Securities: Maintaining Geely Auto's (00175) “Overweight” Rating in September 2026, sales increased 7% year-on-year

The Zhitong Finance App learned that Cathay Pacific Haitong Securities released a research report saying that the net profit of Geely Auto (00175) from 2026 to 2028 is expected to be 20.02 billion yuan, 28.52 billion yuan, and 39.71 billion yuan, respectively, and EPS will be 1.86 yuan, 2.63 yuan, and 3.66 yuan respectively, giving 2026 15 times PE, corresponding to a target price of HK$32.72, maintaining the “increase in holdings” rating; the bank believes that Geely Auto already has the core competitiveness to become a leading global car company. In the future, with the gradual implementation of the strategic plan, sales volume and operating performance will all increase. Reach a new level.

Cathay Pacific Haitong Securities's main views are as follows:

Sales increased 7% year-on-year in September 2026

In September 2026, Geely sold 292,000 vehicles, an increase of 7% over the previous year. Among them, sales of new energy vehicles were 191,000 units, including 125,000 pure electric units and 66,000 plug-in hybrid units, which increased 26% year over year and remained the same, respectively. By brand, the Geely brand sold 236,000 units, up 7% year on year, the Lynk & Co brand 18,000 units, and the Extreme Krypton brand sold 37,000 units, up 104% year on year. Overseas exports amounted to 107,000 vehicles, an increase of 162% over the previous year.

Sales increased 3% year-on-year from January to September 2026

From January to September 2026, Geely sold 2,235,000 vehicles, an increase of 3% over the previous year. Among them, sales of new energy were 1,326 million units, including 813,000 pure electric units and 514,000 plug-in hybrid vehicles, up 2% and 37%, respectively. By brand, the Geely brand sold 1.751 million units, the Lynk & Co brand 196,000 units, and the Krypton brand sold 288,000 units, an increase of 101% over the previous year. Overseas exports amounted to 798,000 vehicles, an increase of 169% over the previous year.

The “Taizhou Declaration” strategic plan is beginning to bear fruit

The bank believes that the “Taizhou Declaration” is Geely Automobile's strong response to the economic environment and industry competition. It will also guide Geely Automobile's overall strategic transformation and create higher achievements. Since the Taizhou Declaration was announced in September 2024, the company has seen initial results in terms of sales scale, high-end sales, and overseas exports.

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