Glonghui, Feb. 27 | According to Daiwa Development Research Report, Geely Auto (0175.HK) recently released the new Aegis battery safety system, claiming to be the industry's first battery protection function with electromagnetic radiation. It also announced a new new energy vehicle brand Geely Galaxy (Geely Galaxy), which focuses on the middle and high-end markets; the bank believes that the group has a clear brand plan and maintains a “hold” rating. The target price for December is HK$11.5. According to Yamato, Geely plans to streamline its new energy vehicle product line, focus on building a flagship brand, and that it will no longer invest in the pure internal combustion engine business of its brand Lynk & Co (Lynk & Co). The goal is to establish 650 direct sales stores this year, with more than 20 being self-operated, while most of the others use the traditional agency model. Seven new models will also be launched in 2024, and Geely Galaxy's first L-series SUV will be delivered in the second quarter of 2023. The bank expects Geely to make a profit of 0.49 yuan per share in 2023, which is 34% to 37% lower than market estimates because it is more cautious about predicting the Group's net profit; the price-earnings ratio remains 20 times. The stock is currently reported at HK$10.7, with a total market value of HK$107.6 billion.