Citi: GEELY AUTO Sharply Raises Export Target, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.Citi maintains a Buy rating on Geely Autowith a HKD30 target price, citing positive management signals. The company sharply raised its 2026 export target to 920,000 vehicles, aiming for overseas sales to comprise two-thirds of total volume. Citi forecasts core profits of RMB6 billion and RMB6.6 billion for Q3 and Q4 2026 respectively, leveraging existing partnerships in Europe, Malaysia, Spain, and Brazil for production capacity.
Citi published a research report stating that GEELY AUTO (00175.HK) -0.410 (-2.196%) Short selling $305.53M; Ratio 18.812% management released multiple positive messages during the earnings conference, including sharply raising its 2026 export sales target from 640,000 vehicles to 920,000 vehicles, while targeting the 1 million vehicle milestone. Its long-term goal is for overseas sales to account for two-thirds of total sales. The group plans to establish five core markets, namely ASEAN, pan-Europe, Eastern Europe, Latin America and Africa, as well as the Middle East and Asia-Pacific region, with long-term scales reaching 600,000, 500,000, 400,000, 300,000 and 200,000 vehicles respectively.
Regarding overseas production capacity, management indicated that it will utilize Volvo's European factories, Proton's Malaysia factory, Ford's Spain factory and Renault's Brazil factory. Citi currently forecasts that GEELY AUTO's core profit for 3Q26 and 4Q26 will reach approximately RMB6 billion and RMB6.6 billion respectively. It maintained its Buy rating with a TP of HKD30, corresponding to a forecast 2026 PE ratio of approximately 13x. (gc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-18 16:25.)