Daimler: Geely Automobile (00175.HK) is in line with expectations for the quarter and is on track to achieve its full-year profit target.

Zhito Finance APP learned that Morgan Stanley released a research report stating that Geely Auto (00175.HK) performed in line with expectations in the third quarter and is on track to achieve its full-year targets. The rating is "hold" with a target price of 24 Hong Kong dollars. The report stated that Geely's net profit in the third quarter was 3.8 billion yuan, up 6% quarter-on-quarter and 58% year-on-year, slightly exceeding the bank's expectation of 3.7 billion yuan and meeting market expectations. Excluding forex gains and impairment losses, the core net profit in the previous quarter was 4 billion yuan, higher than the 3.2 billion yuan in the second quarter. The core net profit in the first three quarters increased by 59% to 10.6 billion yuan, moving towards the target of 15 billion yuan for the full year.