Geely Automobile Profit Could Be Weighed by Weaker Prices, Margin -- Market Talk

Dow Jones06-19

0841 GMT - Geely Automobile's profit in 2024 will be pressured by lower average selling prices and weaker margins amid the fierce price competition in China's electric-vehicle market, HSBC Global Research analysts write in a note. However, the launch of more new models in 2H could lead to higher sales volume and support the company's top line, the analysts say. Better economies of scale should help Geely's gross profit margin in 2H, though lower prices may remain a drag on its annual margin, they add. HSBC resumes stock coverage with a buy rating and a lowered target price of HK$10.90. Shares closed at HK$9.23. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

June 19, 2024 04:41 ET (08:41 GMT)

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