On November 29th, Htsc released a report stating that Geely Autos' third-quarter revenue was 60.4 billion yuan, up 20% annually and 10% quarterly; net income was 2.5 billion yuan, up 88% annually. In the first three quarters, the company's revenue was 167.7 billion yuan, up 36% annually; net income was 13.1 billion yuan, up 358% annually. The company's new energy fund brand turned losses into profits, department integration steadily progressing, maintaining a "buy" rating. The report mentioned that since August, the Lynk & Co brand has successively launched the E5 and Star models, quickly penetrating the mainstream consumer market with the advantages of outstanding spaciousness and seamless car systems. The bank believes that with the delivery of three models, the Lynk & Co brand's economies of scale will continue to expand, potentially improving profitability per vehicle or marginally. The brand is expected to quickly turn losses into profits. Looking ahead, the company's new car cycle is strong next year, expected to increase revenue and profit. Htsc estimates Geely's net income for 2024 to 2026 to be 17.2 billion, 12.8 billion, and 15.5 billion yuan, respectively, an increase of 15%, 26%, and 30% over previous values, driven by Zeekr's Lynk & Co collaboration reducing costs and the Galaxy brand's new vehicles enhancing profitability. The target price has been raised from 12.99 Hong Kong dollars to 20.61 Hong Kong dollars, equivalent to a forecasted pe ratio of 15 times next year.