吉利官方上调2026年海外销售目标17%至75万辆

RatingBuy Company Update AsiaChina ConsumerAutos & Auto Technology Investor Day Takeaway: CompanyRaises 2026 Overseas Volume Target to750k Valuation & Risks Bin Wang Geely Officially Raises 2026 Overseas Sales Target by 17% to 750K FollowingStrong Q1 Performance Research Analyst+852-220-35496 During its investor day events on April 8-9, Geely officially raised its 2026 overseassales target by 17% from 640,000 to 750,000 units. We attribute this increasedconfidence to the company's robust first-quarter overseas sales, which reached203,024 units (up 126% YoY and 64% QoQ). This strong performance establishesan annual run-rate that already exceeds both the previous and newly revisedtargets. Looking ahead, management stated its ambition for overseas sales toconstitute over 30% of total sales volume by 2030, supported by an expansion of itsoverseas production capacity to 1.1 million units. For example, the Geely group'sMalaysian factory capacity (including Proton) is targeted to increase from 350,000to 500,000 units. This expansion aims to position the Geely Group as the largestautomaker in Malaysia and a top-three player in the ASEAN region. Wei HuangResearch Associate+852-2203-7057 Geely's Global Ambition Underpinned by Leadership in Vehicle Intelligence,Powertrain Options and Global Partnerships During its investor day, management highlighted three core pillars supporting itsglobal expansion strategy: nVehicle Intelligentization Technology:Geely's in-house "WAM" (WorldAction Model) serves as a unified vehicle "brain," powering its "G-ASD"(Geely Afari Smart Driving) autonomous driving system and the "EVA"super-intelligent AI cockpit agent. We highlight that G-ASD is compliantwith European regulations, a key factor for market entry. This effort issupported by a global network of five R&D centers (China, Sweden, UnitedKingdom, Germany, Malaysia) and five design studios (Shanghai, Ningbo,Sweden, United Kingdom, Italy), alongside a RMB 2.0 billion investment inthe world's largest vehicle safety center. nMultiple Powertrain Portfolio:Geely's ability to offer a full spectrum ofpowertrains—including internal combustion engine (ICE), hybrid electricvehicle (HEV), plug-in hybrid electric vehicle (PHEV), extended-rangeelectric vehicle (EREV), battery electric vehicle (BEV), and Methanol—provides crucial flexibility to adapt to diverse regulatory environments andconsumer preferences across its international markets. nExtensive Global Partnerships:The company effectively leverages itsglobal ecosystem and strategic partnerships to optimize costs, improvequality, and accelerate market access. Key collaborations include: a 9 April 2026Autos & Auto TechnologyGeely technology and overseas-manufacturing partnership with Renault onpowertrain technology; vehicle architecture authorization and productsharing with partners like Mercedes-Benz, Volvo, Polestar, and Lotus; andextensive supply chain cooperation with these key automakers to enhancequalityand cost leadership.This strategy includes sharing globalmanufacturing and sales distribution networks, as exemplified by Lynk &Co's recent decision to utilize Volvo's established sales network in Europe. Overseas Growth to be Driven by Brands, Production, Supply Chain, and Retail We see four key drivers supporting Geely's path to achieving its ambitious overseastargets, which include targeting regional CAGR by 2030 of 35% in LATAM, 35% inEurope, 25% in the Middle East and Africa, 35% in APAC, and 15% in Central Asia. nMulti-Brand Strategy:Geely will deploy a differentiated brand portfolio tocover a wide array of price points and consumer segments. The "Geely"brand will target the mass market across all regions, highlighting safety,quality, and intelligence. The "Lynk & Co" brand will focus on the mid-market segment with a sporty, fashionable, and personalized brand image.The "Zeekr" brand will operate as the global luxury technology marque,initially focusing on higher-income countries in Europe, as well as Japanand Korea. nLocalized Production:The company is planning a significant expansion ofits overseas production capacity, targeting 1.1 million units by 2030.Planned manufacturing bases include: Spain and Slovakia in Europe;Kazakhstan and Uzbekistan in Central Asia; Malaysia, Thailand, Indonesia,and Vietnam in the Asia-Pacific region; Colombia, Brazil, Argentina, andMexico in South America; and South Africa and Algeria in Africa. nGlobal Supplier Network:To support its localized manufacturing, Geely isbuilding a global supply chain system capable of supporting overseasmarkets, with >70% of its existing supply chain partners having a globalfootprint. The company has open-sourced its R&D, testing technology, andpatents to share with its supplier partners. Furthermore, Geely hasestablished a RMB 1 billion emergency fund to support its small andmedium-sized component suppliers, ensuring a robust and reliable supplychain. nExpanding Sales Network:Geely plans a signif