【招银国际】We see margin lift potential on a solid 3Q25-251118（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 18 Nov 2025 CMB International Global Markets|Equity Research|Company Update Geely Automobile(175 HK)We see margin lift potential on a solid 3Q25 Maintain BUY.We view

2、Geelys 3Q25 earnings as solid and we believe Geely could accomplish its both sales and GPM targets in FY25.We are of the opinion that Geelys sales volume growth could continue at least throughout FY26,given its current incomprehensive NEV model line-up and well-received new models including the Gala

3、xy M9,A7 and Zeekr 9X.We also expect these new models,along with rising NEV exports,to lift its margins in FY26.We believe Geely is well positioned among its peers with attractive valuation.Solid 3Q25 earnings.Geelys 3Q25 revenue rose 48%YoY amid a YoY sales volume growth rate of 43%,or about 6%high

4、er than our prior forecast,mainly due to Zeekrs more resilient-than-expected pricing.GPM in 3Q25 widened by 1ppt YoY but narrowed by 0.5ppts QoQ to 16.6%,or 0.7ppts lower than our projection.SG&A and R&D combined ratio was about 12.4%in 3Q25,0.2ppts lower than our forecast.These key metrics,along wi

5、th better-than-expected forex loss and higher tax rate,resulted in an in-line net profit of RMB3.8bn in 3Q25.Better product mix to lift margins in 4Q25 and FY26.We are of the view that QoQ GPM decline could be short-lived,as high-margin new models,including the Zeekr 9X,Lynk&Co 900 and Galaxy M9 are

6、 to contribute more sales volume in 4Q25 and FY26.We project the sales volume of these three models combined to more than double YoY to 285,000 units in FY26 with a gross margin range of 20-31%.Therefore,we expect GPMs in 4Q25 and FY26 to be 17.1%and 17.8%,respectively.Rising NEV exports to fuel sal