AutoBeta(AutoBeta.net)03/21 Report--

Geely reported 2018 results, with annual income of 106.595 billion yuan, up 15% from the same period last year. Thanks to an increase in overall sales and profit margins during the year, net profit rose 18% year-on-year to 12.55 billion yuan, slightly lower than the market estimate of 12.59 billion yuan. Basic earnings per share is 1.4 yuan, with a proposed final dividend of HK $0.35 per share.

Geely's average ex-factory price increased by only 1.1% in 2018 compared with the same period last year, which Geely explained was due to the introduction of several low-priced compact SUV models since the second half of 2017, plus the higher-priced "Lecker" brand cars were not included in the calculation.

In terms of sales, Geely sold a total of 1500383 vehicles in 2018, an increase of about 20 per cent over the same period last year, failing to meet its target of 1.58 million vehicles in 2018, reaching only 95 per cent. Among them, Geely SUV camp total sales reached 857922 vehicles in 2018, accounting for 57% of Geely's total annual sales. In addition, in 2018, the cumulative sales of Lecker brand reached 120414 vehicles. Among them, Lectra 01 sold 89405 units in the whole year, while Lok 02 and Lac 03 completed sales of 21751 and 9258 units respectively.

Last year, under the overall depressed environment of the car market for a long time, Geely still showed explosive growth, but the growth momentum of Geely sales no longer appeared in October. Geely's cumulative sales reached 1136858 in the previous September, an increase of 37%, while sales fell back quickly after October, but thanks to the explosive growth in the previous September, sales in 2018 still achieved a year-on-year growth of about 20%. Far exceed the overall level of the market.

In terms of products, Geely will introduce more competitive new energy and electrified car products in 2019 to significantly increase the sales of new energy and electrified vehicles, and there will still be a large number of new products in at least the next two years. At present, Geely already owns Borey GE, Dihao GSe, Dihao EV450 and other new energy models. Geometry A, the first pure electric car after Geely New Energy is independent, is about to join Geely's new energy family. Geometry A has started pre-sale on March 20, including the standard life version 150000 and the long-lasting version 170000. The new car will be officially listed in Singapore on April 11.

Given the current uncertainty in China's passenger car market, Geely has set a sales target of only 1.51 million vehicles in 2019, an increase of less than 10, 000 vehicles over 2018 and 70, 000 vehicles back from last year's target of 1.58 million vehicles.

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