CMB International Securities: Expects Geely Automobile (00175.HK) to have a stable increase in the fourth quarter, maintaining a target price of 32 Hong Kong dollars.

According to the Zhidao Finance APP, CICC International released a research report stating that despite fierce industry competition, Geely Automobile (00175.HK) saw a rebound in per-vehicle profit in the third quarter, and is expected to remain stable in the fourth quarter. Next year, the volume of high-end products is expected to increase, coupled with accelerated expansion overseas, supporting the company's growth in performance. Geely remains the top pick in the sector for the bank, maintaining a target price of HK$32 and an "overweight" investment rating, with current valuation being attractive. In the short term, attention is on the implementation of the share buyback program. The report stated that the group's third-quarter net profit was RMB 3.82 billion, a year-on-year increase of 57.6%, and a quarterly increase of 5.6%, in line with the bank's expectations, and higher than the market consensus of about RMB 3.34 billion, or approximately 14.3%.