GTJA has released a report maintaining a Buy rating for Geely Auto, with the target price increased slightly from HKD 13.33 to HKD 14. Considering that Geely Auto's sales volume in the first half of the year exceeded expectations, the company raised its full-year sales target to two million vehicles. In addition, the sales of Geely's Cosmos and Galaxy models will be reinforced, and the acceleration of new energy vehicle transformation will improve profitability. The target PE multiple for 2024 to 2026 is 18x, 15x, and 14x respectively. The report stated that Geely's first-quarter performance basically met the bank's previous expectations, and the sales of high-end new energy vehicle brands continued to achieve breakthroughs. With the launch of Cosmos Mix and Cosmos CX1E in the second half of the year, it is expected that automobile sales in the second half of the year will further increase. The new car cycle is expected to drive the company's sales growth.
国泰君安：上调吉利汽车目标价至14港元 维持“买入”评级
GTJA: Raises Geely Auto's target price to HKD 14, maintaining a 'buy' rating.
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