FY export target raised from 640k to 920k units. Now targeting 1mn.

Geely Auto is entering a relatively strong Davis Double Play. It is poised to deliver idiosyncratic alpha.

H1 attributable net profit was nearly RMB 10 bn, with NPM around 5.6%, far above the industry avg of 1.6%. Q2 GPM reached 18.4%, and management guided Q3 not lower than Q2.

Q2 GPM is expected to be stable to slightly higher vs. Q1. Product mix should further improve.

$GEELY AUTO(00175.HK) released its Q1 2026 results at midday in the Hong Kong session on Apr 29, 2026 (Beijing time). While headline revenue and net profit attributable to shareholders missed, core GPM and per-vehicle OP moved higher against the trend, underscoring strong operating resilience:

1. Total revenue slightly missed, but per-vehicle ASP remained solid. Quarterly revenue was RMB 83.8bn (+15% YoY), below market est. of RMB 92.3bn.

On exports, the announced target is 640k units. Internally, the stretch goal is 750k.

SG&A and R&D spend rose sharply. This severely eroded OP for the period.

The pace of new energy transition continues to accelerate

The easing of BYD's price war has provided Geely with a competitive window.

Regarding the next Evergrande issue in the automotive sector, Dolphin Research provides a detailed analysis of the accounts payable issues in the automotive supply chain through the article "BYD: Will...