吉利官方上调2026年海外销售目标17%至75万辆

RatingBuy Date 9 April 2026 Company Update ConsumerAutos & Auto Technology Investor Day Takeaway: CompanyRaises 2026 Overseas Volume Target to Valuation & Risks 750kGeely Officially Raises 2026 Overseas Sales Target by 17% to 750K Following Bin WangResearch Analyst Strong Q1 Performance During its investor day events on April 8-9, Geely officially raised its 2026 overseassales target by 17% from 640,000 to 750,000 units. We attribute this increasedconfidence to the company's robust first-quarter overseas sales, which reached203,024 units (up 126% YoY and 64% QoQ). This strong performance establishesan annual run-rate that already exceeds both the previous and newly revisedtargets. Looking ahead, management stated its ambition for overseas sales to Wei HuangResearch Associate Geely's Global Ambition Underpinned by Leadership in Vehicle Intelligence,Powertrain Options and Global Partnerships During its investor day, management highlighted three core pillars supporting its nVehicle Intelligentization Technology:Geely's in-house "WAM" (WorldAction Model) serves as a unified vehicle "brain," powering its "G-ASD"(Geely Afari Smart Driving) autonomous driving system and the "EVA"super-intelligent AI cockpit agent. We highlight that G-ASD is compliantwith European regulations, a key factor for market entry. This effort issupported by a global network of five R&D centers (China, Sweden, UnitedKingdom, Germany, Malaysia) and five design studios (Shanghai, Ningbo, nMultiple Powertrain Portfolio:Geely's ability to offer a full spectrum ofpowertrains—including internal combustion engine (ICE), hybrid electricvehicle (HEV), plug-in hybrid electric vehicle (PHEV), extended-rangeelectric vehicle (EREV), battery electric vehicle (BEV), and Methanol—provides crucial flexibility to adapt to diverse regulatory environments and nExtensive Global Partnerships:The company effectively leverages itsglobal ecosystem and strategic partnerships to optimize costs, improvequality, and accelerate market access. Key collaborations include: a 9 April 2026Autos & Auto Technology technology and overseas-manufacturing partnership with Renault onpowertrain technology; vehicle architecture authorization and productsharing with partners like Mercedes-Benz, Volvo, Polestar, and Lotus; andextensive supply chain cooperation with these key automakers to enhance Overseas Growth to be Driven by Brands, Production, Supply Chain, and Retail We see four key drivers supporting Geely's path to achieving its ambitious overseastargets, which include targeting regional CAGR by 2030 of 35% in LATAM, 35% inEurope, 25% in the Middle East and Africa, 35% in APAC, and 15% in Central Asia. nMulti-Brand Strategy:Geely will deploy a differentiated brand portfolio tocover a wide array of price points and consumer segments. The "Geely"brand will target the mass market across all regions, highlighting safety,quality, and intelligence. The "Lynk & Co" brand will focus on the mid- nLocalized Production:The company is planning a significant expansion ofits overseas production capacity, targeting 1.1 million units by 2030.Planned manufacturing bases include: Spain and Slovakia in Europe;Kazakhstan and Uzbekistan in Central Asia; Malaysia, Thailand, Indonesia,and Vietnam in the Asia-Pacific region; Colombia, Brazil, Argentina, and nGlobal Supplier Network:To support its localized manufacturing, Geely isbuilding a global supply chain system capable of supporting overseasmarkets, with >70% of its existing supply chain partners having a globalfootprint. The company has open-sourced its R&D, testing technology, andpatents to share with its supplier partners. Furthermore, Geely hasestablished a RMB 1 billion emergency fund to support its small and nExpanding Sales Network:Geely plans a significant retail expansion tosupport its volume growth, with plans to grow its overseas sales and servicefootprint from 2,200 locations in 2026 to over 4,000 by 2030. Geely Targets 3.45 Million Unit Sales in 2026, Emphasizing Overseas Growth forEnhanced Profitability Geely is targeting 3.45 million unit sales in 2026, with a strategy involving 2.7 milliondomestic units and 750,000 overseas units. This international push is crucial forprofitability, as management indicated that the per-vehicle profit in overseasmarkets (RMB 20,000 for NEVs and RMB 10,000 for ICE) is significantly higher thanthe group's 2025 average net profit per vehicle of ~RMB 5,600. This improved sales Along with Chery, Geely is our top pick among automaker names, positioned to bean outperformer in a downcycle thanks to its growing overseas presence. We 9 April 2026Autos & Auto Technology YoY in 2026 to reach 7.0 million units. This growth is supported by several keytrends: new plants, reflecting a strategic shift towards overseas manufacturingrather than solely exporting fully assembled vehicles; new markets, indicatinggeographic expansion into regions like the Middle East, Southeast Asia, Latin A