Orient Securities has reiterated its "Buy" rating on GEELY AUTO (00175), forecasting EPS of RMB 1.49, 1.75, and 2.12 for 2025–2027. The firm maintains a 15x average PE valuation for comparable companies in 2025, setting a target price of RMB 22.35 (HK$24.51, with 1 HKD = 0.9120 RMB). Key highlights include:

**October Sales Growth Outperforms Industry, Reaching Record High** GEELY AUTO reported total sales of 307,100 units in October, up 35.5% YoY and 12.5% MoM, marking a historic monthly high. NEV sales surged 63.6% YoY to 177,900 units. Cumulative Jan-Oct sales reached 2.477 million units, a 44.3% YoY increase. Preliminary industry data shows a 1% YoY and 5% MoM decline in wholesale passenger vehicle sales during Oct 1–26, underscoring GEELY's outperformance and strong market competitiveness. The company is on track to achieve its annual sales target of 3 million units.

**Galaxy Brand Hits 1M Sales Target Early, Overseas Partnerships Accelerate** GEELY brand sales rose 43.9% YoY to 245,500 units in October, with the Galaxy sub-brand doubling sales to 127,500 units, achieving its 1M annual sales target ahead of schedule. The China Star series grew 17% YoY to 118,000 units. New models, including the 2026 GEELY Xingyuan (priced at RMB 65,800–95,800) and the Galaxy Xingyao 6 (featuring GEA architecture and advanced tech), expanded the lineup. On November 3, GEELY acquired a 26.4% stake in Renault Brazil, leveraging its industrial base and distribution network for NEV expansion.

**Lynk & Co Brand Value Rises, ZEEKR Models Refresh** Lynk & Co sales hit 40,200 units (+29.4% YoY), with a weighted average price exceeding RMB 200,000 and NEVs accounting for 72.1% of sales. The Lynk 900 exceeded 7,000 monthly sales, while the Lynk 10 EM-P and Lynk 8 EM-P each surpassed 10,000 units at launch. ZEEKR refreshed its flagship 001 (with 900V platform and H7 ADAS) and launched the upgraded 7X, expected to bolster sales momentum.