CMSC International released a research report stating that GEELY AUTO (00175) is expected to see significant recovery in per-vehicle profit during the second half, driven by blockbuster models that enhance scale effects and the increased volume of high-priced, high-margin vehicle models. Additionally, the second-half export guidance remains optimistic. The firm maintains its target price of HK$32 and "Overweight" rating unchanged, with GEELY AUTO continuing as their top recommended stock. Furthermore, the firm anticipates that after the new energy vehicle purchase tax policy retreat next year, the price gap between fuel and electric vehicles will widen, potentially causing short-term disruption to demand for mid-to-low-end new energy vehicles. The group's China Star series fuel vehicles demonstrate strong competitiveness and are well-positioned to capture potential customers who may switch back to fuel vehicles due to price sensitivity.