Lyon: Geely Automobile's overseas expansion pace is accelerating, maintaining a "highly confident outperforming the market" rating.

Lyon's research report stated that Geely Automobile's overseas expansion pace is accelerating, with May's export volume reaching 85,000 vehicles; management also indicated that if not for logistics bottlenecks, monthly overseas orders could exceed 100,000 vehicles. Lyon predicts that as logistics issues are gradually resolved, monthly exports could reach 100,000 vehicles starting from June, driving the second half of the year to export approximately 600,000 vehicles, raising the full-year export forecast from 800,000 vehicles to 1.06 million vehicles, accounting for about 32% of total sales volume. The bank maintains its "highly confident outperforming the market" rating for Geely and its target price of 30 Hong Kong dollars remains unchanged. Currently, Geely is forecasted to have a total sales volume of approximately 3.295 million vehicles in 2026, a year-on-year increase of 8.9%, with a net profit forecast raised by 0.3% to 19.64 billion yuan.