Geely Automobile 0175

[winston]

vested

GEELY AUTO (00175.HK) 2022 NP Soars 8.5% YoY to RMB5.26B; Final DPS Kept HK21 Cents

GEELY AUTO (00175.HK) announced the financial results for the year ended 31 December 2022.

The revenue of the period aggregated RMB147.965 billion, a YoY uptick of 45.6%.

The net profit mushroomed 8.5% YoY to RMB5.26 billion. EPS was RMB51 fen. A final dividend of HK21 cents per share was declared, flattish on a YoY basis.

Dividend History
Announce Date Event Particular
2022/08/18 Interim No Dividend
2022/03/23 Final D:HKD 0.2100
2021/08/18 Interim No Dividend
2021/03/23 Final D:HKD 0.2000

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

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vested

Geely beats estimates, snapping 4-year profit decline

The Chinese automaker aims to sell 1.65 million units in 2023, up 15% from last year.

While revenue climbed, the surging costs of batteries, chips and other components, as well as investment into Zeekr — the firm’s new EV brand — put pressure on profitability.

New energy vehicles, which are accounting for a bigger proportion of the company’s line up, also have lower margins than gasoline cars. All up, the automaker’s gross margin fell 3 percentage points last year to 14.1%.

Export rose 72% last year to just over 198,000 units. Sales in China rose just 2% to 1.23 million vehicles.

While the firm’s EV sales surged 300% last year from 2021, they totalled just 82,100. That’s a fraction of the 1.86 million EVs, including plug-in hybrids, sold by market leader BYD.

Source: Bloomberg

https://www.freemalaysiatoday.com/categ ... t-decline/

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vested

Geely dips as it looks to an electric future

Geely Automobile (0175) says it is well-prepared for electric vehicles and they can contribute to the results this year after posting a 9 percent rise in net profit to 5.26 billion yuan (HK$6 billion) and maintaining a final dividend of 21 HK cents.

Dipped to No 3 among mainland carmakers.

The automobile manufacturer in mainland China sets a sales volume target of 1.65 million units, up by 15 percent from the 1.43 million units sold last year.

Revenue jumped 46 percent to 147.96 billion yuan last year, as the income from sales of vehicles and related services climbed 40 percent and the sales volume grew 8 percent.

The average ex-factory selling price increased by 30 percent yearly, after adjusting the product pricing and product mix.

But the gross profit margin ratio dipped 3 percentage points yearly to 14.1 percent last year, as the EVs still posed a much lower gross margin ratio than that of fuel vehicles, while the proportion of EV sales surged to 22.9 percent last year, compared with 6.2 percent in 2021.

Meanwhile, total borrowing soared 1.84 times yearly to 10.8 billion yuan last year, mainly to support the rapid growth of EV brand Zeekr, which delivered 71,941 units in 2022.

The huge investment thus put Geely's profitability under pressure, in addition to the surging cost of batteries, chips and other components.

Separately, BYD (1211) is reported to have cut worker shifts in two of its factories in China amid weak demand, while looking to launch a smartwatch product to replace car keys next month.

Source: The Standard

https://www.thestandard.com.hk/section- ... ric-future

[winston]

vested

Geely Auto (175 HK)
2H22: Profit Up 50% yoy And 139% hoh, In Line With Estimates

Geely’s 2H22 net profit came in as expected at Rmb3,708m (+50% yoy/+139% hoh).

Looking ahead to 2023, we expect Geely to see headwinds from the roll-back of stimulus for ICE-cars, price competition and the transition of emission standards.

We cut 2023-24 net profit forecasts by 16%/18% to Rmb5,288m/Rmb6,042m respectively and
introduce 2025 net profit forecast of Rmb6,592m.

Cut target price from HK$11.00 to HK$9.00. Upgrade to HOLD on valuations.

Source: UOBKH

https://research.uobkayhian.com/content ... 3250621992

[winston]

vested

Geely Automobile (175 HK)
2H22 net earnings beat expectations

Geely recorded passenger vehicles (PV) sales of 819k units in 2H22, representing y-o-y growth of 25.4%, which contributed to the 58.7% y-o-y growth in revenue to Rmb89.8bn

2H22 gross profit (GP) margin slipped 3.2ppts y-o-y to 13.8% due to change in product mix

Net earnings for 2H22 rose 50.4% y-o-y or c.139% h-o-h to Rmb3.7bn;

Dividend for FY22 is HK$0.21 per ordinary share, which is same with FY21

TP: HK$18.40

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=13413

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not vested

Farizon Auto, Zhejiang Geely Holding Group’s new-energy commercial vehicle brand, is considering raising as much as US$300 million in fresh funds ahead of a potential initial public offering (IPO) in the United States.

The carmaker is seeking a valuation of US$4.5 billion in the new round, up from US$3 billion in its fundraising last year, people familiar with the matter said.

They added that the company is studying the possibility of listing in the US as soon as the end of this year, but no final decision has been made.

Considerations are at an early stage and details of the new funding round and IPO could still change.

Source: Phillips

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Geely's RM30b investment opens new page for national EV ecosystem, says minister

Chinese automaker Zhejiang Geely Holding Group Co Ltd will invest RM30 billion in the development and commercialisation of the Automotive High-Tech Valley (AHTV) in Tanjung Malim, Perak, said Science, Technology and Innovation Minister Chang Lih Kang.

Source: Bernama

https://www.theedgemarkets.com/node/662395

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GEELY AUTO (00175.HK) Mar Total Sales Vol. Elevates 9% to 110K Units

GEELY AUTO (00175.HK) announced that the total sales volume of the Group during the month of March 2023 was 110,300 units, an increase of approximately 9% from the same period last year.

Over the first three months of 2023, the total sales volume amounted to approximately 322,500 units, down 1% on a YoY basis.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

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vested

HSBC Global Research Drops GEELY AUTO (00175.HK) TP to $15.7, Rating Buy

GEELY AUTO (00175.HK)'s share price corrected 14% over the past two months, which should have sufficiently reflected issues including the weak 1Q23 demand and revenue erosion caused by the pricing competition, HSBC Global Research commented in a report.

Given the companies' destocking and potentially more new car launches in 2Q23, the industry pricing level should gradually stabilize, prompting consumers who were originally waiting for more discounts to start purchasing cars.

Related News: JPM Believes Sharp Drop in Lithium Price Could Improve GPM of CN Carmakers at End-2Q23

GEELY AUTO's new EV cycle was believed to begin from 2Q23, with numerous models such as Zeekr X and Galaxy PHEV L7/L6 expected to be launched via expanded distribution channels.

Sequential new model launches and Shanghai Auto show in April should facilitate a sales volume rebound for the company in 2Q23 and 2H23, thus drive up the share price of the stock.

The broker lowered the 2023-24E net profit for GEELY AUTO by 5-7%, on the assumption that the increasing EV mix will weigh on the firm's gross margin in the early stages.

The target price for the stock was trimmed from $16.7 to $15.7, with its rating kept at Buy.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

GEELY AUTO Zeekr Delivers 8,101 Cars in Apr, Up Nearly 2.8x YoY

GEELY AUTO (00175.HK) announced that, ZEEKR Intelligent Technology Holding Limited (Zeekr), a premium intelligent electric vehicle company of the Group, delivered 8,101 units of vehicles in April 2023, up approximately 279% year on year.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN