CLSA Maintains Geely Auto's "Outperform" Rating, Raises Target Price to HK$30 and Upgrades Export and Domestic Sales Forecasts

CLSA maintains its HK$30 price target and "Outperform" rating on Geely Automobile. The firm noted that Geely's May exports reached 85,000 units, and management indicated that overseas orders could have exceeded 100,000 units were it not for logistics bottlenecks. With logistics constraints gradually easing in June, the firm expects June overseas sales to reach 100,000 units, forecasts second-half overseas sales at approximately 600,000 units, and has raised its 2026 export forecast to 1.06 million units. In the domestic market, driven by strong sales of the Zeekr brand and continuous improvements in intelligent driving features, CLSA has revised its domestic sales forecast upward to 372,000 units.