Movement Alert｜Geely Auto Falls 3.2% in Regular Trading, Auto Sector Under Sustained Demand Weakness Pressure

Market Focus06-24

On June 24, Geely Auto fell 3.2% in regular trading, trading at 17.31 HKD/share, with turnover of 242 million HKD. The decline comes amid persistent fundamental deterioration across the automobile industry.

On the data front, May domestic auto retail sales fell 16.1% year-over-year, while cumulative January-to-May auto sales of 8.147 million units dropped 20.6% YoY, with both fuel vehicles and new energy vehicles weakening simultaneously. Geely's Q1 net profit declined 27% YoY to 4.2 billion yuan despite revenue growing 15% to 83.8 billion yuan, confirming margin compression from ongoing price wars and rising input costs.

Notably, Daiwa Securities upgraded Geely to a Buy rating on June 23 with a target price of 27 HKD, yet short-term industry pessimism continues to dominate market sentiment. Within the Automobile Manufacturers sector, BYD Company fell 1.98%, Leapmotor declined 2.4%, NIO slipped 0.21%, while Li Auto rose 1.16% and XPeng gained 0.41%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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