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<Research>JPM: GEELY AUTO (00175.HK) 1Q24 Results in Line; Improvements Expected to Continue in 2H24
Recommend 24 Positive 42 Negative 23 |
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JPMorgan noted in a report that GEELY AUTO (00175.HK)'s 1Q24 results are in line with expectations, and the broker expected margins to improve in both 2Q24 and 2H24, and to achieve similar levels to those in 2H23. Given the challenging competitive environment, the broker expected GEELY's share price to hover at current levels. The broker expected GEELY to achieve its sales target of 1.9 million units this year, mainly due to the launch of the company's next-generation plug-in hybrid vehicle (PHEV) and accelerated sales of existing models. In addition, the broker expected the automaker's margin performance to continue to improve due to economies of scale and cost savings achieved through the group's shared platform. Summing up the above factors, JPM set a target price of $10 for GEELY and maintained its Neutral rating. AAStocks Financial News |
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