Geely Automobile Holdings Ltd

00175: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$21.00	Vsxd	Wzsczmtpt

Geely Earnings: Revenue and Core Profit Beat; Zeekr Close to Breakeven on Consolidated Basis

Vincent Sun

Aug 22, 2024

No-moat Geely reported stronger-than-expected revenue and profit growth for the first half. Excluding one-off gains, the company’s net profit posted 1 time year-over-year growth. Despite fierce price competition in the domestic market, first-half gross margin improved 0.7 percentage points from a year ago. We keep our HKD 15 per share fair value estimate. Trading in 5-star territory, we see value at the current share price as investors underestimate longer-term earnings potential from Zeekr and Galaxy.

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