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2026-06-24 10:55:56 China's passenger vehicles (PVs) and new energy vehicle passenger vehicles (NEV-PVs) have re-entered a high prosperity cycle, with higher overseas premiums strengthening automakers’ earnings flexibility, CICC said in a research report. The broker continued to recommend GEELY AUTO (00175.HK), a leading automaker with increasingly well-balanced regional expansion and steadily improving NEV exports. As its overseas structural adjustment strategy becomes clearer, GEELY AUTO has embarked on a new upward export cycle this year, the broker said. In 4M26, the company’s cumulative PV exports numbered 286,000 units, up 151% YoY. Among them, NEV-PV exports amounted to 174,000 units, up 620% YoY. The NEV penetration rate of the company’s PV exports added by 31.4 ppts from 2025’s full-year level to 60.8%. The broker believed GEELY AUTO’s internal combustion engines vehicle (ICEV) export base has stabilized, while NEVs are contributing increasing profits. Full-year export sales are expected to exceed 800,000 units. Meanwhile, the company is accelerating the rollout of strategies covering five major overseas market: Europe, Eastern Europe, ASEAN, Latin America and Africa, and the Middle East and Asia-Pacific. It plans to nearly double the number of overseas outlets YoY to 2,200 by the end of this year. The broker maintained its earnings forecasts for GEELY AUTO for 2026 and 2027, reiterated its Outperform rating, and kept its TP at HKD30. ~ AASTOCKS Financial News Website: www.aastocks.com | |