In This Article:
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Sales Volume: 2.177 million units, a growth of 32%.
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Total Revenue: RMB 240.2 billion, a growth of 34%.
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Profit Attributable to Equity Holders: RMB 16.6 billion; excluding extraordinary items: RMB 8.5 billion.
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New Energy Vehicles (NEV) Sales: 888,000 vehicles, a growth of 92%.
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Export Sales: 415,000 vehicles, a growth of 57%.
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Average Unit Price: RMB 107,000.
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Gross Profit: RMB 38.2 billion.
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Gross Profit Margin: 15.9%, an increase of 0.6%.
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Sales and Administrative Expense Ratios: Reduced to 5.5% and 2%, respectively.
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R&D Investment: RMB 15.9 billion, accounting for 60.6% of sales revenue.
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Operating Cash Flow: RMB 26.5 billion.
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Total Cash Level: RMB 40.9 billion at the end of 2024.
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Net Cash Flow: RMB 39.8 billion.
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Proposed Dividend Per Share: HKD 0.33, a 50% increase year-on-year.
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Geely Brand Sales: 1.67 million vehicles, a growth of 27%.
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Geely Galaxy Sales: 494,000 units, an 80% growth.
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ZEEKR Sales: 222,000 units, an increase of 83%.
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Proton Sales: 153,000 units, contributing RMB 95 million.
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Renault Korea Sales: 110,000 units, contributing RMB 121 million.
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Genius AFC Net Profit: RMB 1.07 billion.
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Loan Scale: RMB 54.8 billion.
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ESG Performance: Emission per vehicle decreased by 18% from 2020 levels.
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2025 Sales Target: 2.71 million units, with NEV sales target of 1.5 million.
Release Date: March 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Geely Automobile Holdings Ltd (GELYF) achieved a record sales volume of 2.177 million units in 2024, marking a 32% increase.
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The company's total revenue grew by 34% to RMB240.2 billion, with a significant contribution from new energy vehicles (NEVs), which saw a 92% increase in sales.
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Geely's gross profit margin improved to 15.9%, driven by scale effects and high-value products.
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The company has a strong cash position with RMB40.9 billion in total cash at the end of 2024, supporting its strategic initiatives.
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Geely's international expansion is robust, with a 57% increase in exports, and plans to further penetrate key markets like the Middle East and Europe.
Negative Points
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Despite the growth, Geely acknowledges a gap between itself and the top new energy vehicle brand in China.
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The company faces intense competition in both domestic and international markets, which could impact future profitability.
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Geely's R&D investment, while significant, still accounts for a substantial portion of sales revenue, indicating ongoing cost pressures.
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The company is in the early stages of its strategic transformation, with product matrix optimization still needed for new energy vehicles.
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Geely's reliance on the success of its smart driving and AI initiatives poses a risk if these technologies do not meet market expectations.