BOCOM International: GEELY AUTO 1Q Revenue Growth Outpaces Sales; Overseas and Premium Products Drive Earnings Recovery
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BOCOM International's report indicates that GEELY AUTOexperienced a 15% YoY revenue growth in Q1, reaching RMB83.776 billion, despite a 27% YoY decline in net profit due to foreign exchange losses. Core profit rose 31% YoY to RMB4.561 billion, alleviating earnings pressure concerns. Sales increased by 1% YoY to 709,400 units, with a gross margin of approximately 17.5%. The broker maintains a Buy rating with a target price of HKD24.21, citing overseas market growth and premium products as key drivers for earnings recovery.
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