Hong Kong · HKEX · 00175
Geely Automobile (00175) stock analysis: valuation and financials
汽车
HK$15.56 +3.0% Price as of Oct 13, 2026
Scale automaker growing 25% with 23.2% ROIC and CNY20.1B net cash, but 4.9% net margin in a domestic EV price war; at 8.62x PE the price looks undemanding.
- Market cap
- HK$167.8B
- P/E
- 8.6x
- EV/Sales
- 0.3x
- FCF yield
- 23.8%
- Dividend yield
- 3.2%
- 52-week range
- HK$14.55 – HK$24.98
Research as of Oct 14, 2026
Business quality scorecard
- Growth69
- Profitability30
- Cash flow79
- Balance sheet70
- Capital allocation90
- Innovation63
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Retail buyers and dealers in China and 70 export markets pay for Geely-, Zeekr- and Lynk & Co-badged passenger vehicles; volume vehicle sales are the profit engine, delivering FY2025 revenue of CNY345.2B, gross margin 16.6% and operating margin 5.1%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥101.6B | ¥148.0B | ¥179.2B | ¥275.9B | ¥345.2B |
| Revenue growth | +10.3% | +45.6% | +21.1% | +54.0% | +25.1% |
| Gross margin | 17.1% | 14.1% | 15.3% | 16.6% | 16.6% |
| Operating margin | 3.1% | 2.5% | 2.1% | 5.8% | 5.1% |
| Net income | ¥4.8B | ¥5.3B | ¥5.3B | ¥16.8B | ¥16.9B |
| Free cash flow | ¥9.2B | ¥5.7B | ¥7.0B | ¥20.0B | ¥29.4B |
| FCF margin | 9.1% | 3.8% | 3.9% | 7.2% | 8.5% |
Amounts in CNY · What is free cash flow?
Margins Gross margin flat at 16.6% in FY2025 (16.6% FY2024), TTM improved to 17.3%; operating margin fell to 5.1% from 5.8% (TTM 4.8%) on R&D +28.8% yoy; net margin 4.9% vs 6.1% as tax rate rose.
- Cash flow HealthyOCF CNY47.3B in FY2025 versus net income of CNY16.9B, a 2.73x cash conversion, supported by D&A of CNY15.9B; TTM OCF CNY52.1B on TTM net income of CNY16.7B.
- Debt LowNet cash of CNY20.1B at FY2025, i.e. net debt/EBITDA of -0.60x; total debt CNY35.5B against cash of CNY65.4B. Leverage direction is net cash, not net debt.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥64.8B
- Total debt
- ¥44.7B
- Net cash
- ¥20.1B
- Current ratio
- 0.9x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateExecution is strong: FY2020-25 revenue CAGR 30.2%, ROIC up to 23.2% in FY2025 from 7.8% in FY2023, FCF CNY29.4B. Profitability is still thin, with FY2025 net margin 4.9% and operating margin 5.1%.
Valuation range
Implied value per share · Price when researched: HK$15.56
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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