Geely Automobile Reports Record Q3 Growth

Geely Automobile Holdings Ltd. reported a record-breaking Q3 2024, with revenue reaching 60.4 billion yuan, up 20.5% year-on-year, and a net profit of 2.76 billion yuan, reflecting a 116% increase from the previous year. The company's strong performance is attributed to robust sales of new energy vehicles (NEVs), with Q3 sales hitting 534,000 vehicles and cumulative NEV sales for the year soaring by 93%. Macquarie analyst Eugene Hsiao upgraded Geely's rating to Outperform, raising the price target to HK$18 following the company's impressive financial results and strategic acquisitions, including increasing its stake in Zeekr and the consolidation of Lynk & Co. Geely's overall profitability surged, with net profits for the first three quarters reaching 13.05 billion yuan, a staggering 358% increase year-on-year. The company is now the second-largest NEV seller in China, benefiting from strong domestic demand. Geely's focus on expanding the Geely Galaxy lineup has also contributed to its success in the mainstream NEV market.