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2026-11-02 14:31:11 HSBC Global Investment Research published a research report stating that GEELY AUTO (00175.HK)'s third-quarter results reflected an unfavorable product mix. Net profit reached RMB4.84 billion, up 28% YoY but down 2% QoQ, below the broker's forecast of RMB5.5 billion. The broker noted that the weaker performance was mainly due to ZEEKR's contribution to the group's sales mix declining from 14.2% in the second quarter to 13.5%. Meanwhile, ZEEKR 9X recorded soft sales of around 4,000 units during July and August, dragging down overall average selling prices and gross margin. Third-quarter revenue rose 10% YoY and QoQ to RMB98.96 billion. Gross margin was 18%, up 1.5 ppts YoY but down 0.4 ppts QoQ. The broker maintained its Buy rating and HKD32 TP on GEELY AUTO, while focusing on fourth-quarter delivery trends, whether ZEEKR 9X sales can sustain momentum after rebounding to more than 7,000 units in September, and the overseas sales mix. It also highlighted attention on how the company will respond to cost pressure arising from lower export value-added tax rebates starting from April 2027.(da/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |