Geely (175 HK) Intelligent Electrification Drives the Company to Make Continuous Efforts in High-end Branding December 6, 2022 62

PSR Recommendation: BUY Status: Maintained
Target Price: HKD14.20

Investment Summary
The Momentum for Sales Growth Is Strengthened in October Despite a Sales Decline in
New Energy Vehicles
According to the released sales data for October, Geely Auto reported total sales volume of
152,263 units, a significant increase of 36.4% yoy and a substantial growth of 16.65% mom.
The year-on-year and month-on-month growths increased by 10.8 ppts and 10.2 ppts,
respectively from the previous month. In the first ten months, the Company sold 1,141,901
vehicles accumulatively, up 10% yoy. The Company completed 70% of the annual target of
1,650 thousand units.
The sales volume of new energy vehicles (including battery electric vehicles, plug-in hybrid
electric vehicles, and hybrid electric vehicles) reached 32,277 units in October, down 25%
from the previous month, accounting for 21% of the total sales volume, down from 33% in
the previous month, mainly due to a large sales decline in the Geometry models.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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