20151120-JPMorgan Chase Co.-吉利汽车-00175.HK-Geely’s xEV ambitions and blue-sky solution.pdfVIP

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20151120-JPMorgan Chase Co.-吉利汽车-00175.HK-Geely’s xEV ambitions and blue-sky solution.pdf

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JPM-pp1 Asia Pacific Equity Research 19 November 2015 Overweight Geely Automobile Holdings Ltd. (175 Price: HK$3.97 HK) 18 Nov 2015 Price Target: HK$5.10 PT End Date: 30 Dec 2016 Geelys xEV ambitions and blue-sky solution We attended Geely’s first EV debut in China yesterday (Figures 1-2), where management outlined its long-term strategy and ambitions in the new energy vehicle (NEV) business. We came away believing Geely is now likely among the most aggressive OEMs globally in terms of NEV sales targets. Besides this, Geely is scheduled to debut its first Volvo-designed SUV (product code NL-3, official name in Chinese “Bo Yue”; Figures 3-6) in Dec-15, followed by a showroom launch in Mar-16. We believe the NL-3 will be one of Geely’s potential “killer” models, boosting volumes and earnings in 2016. Consensus 2016 earnings have been raised 10% YTD; despite this, we remain nearly 20% above the Street. Geely is one of our top picks in China auto space. • China’s EV endeavor: NEV globally faces two main challenges: (1) cost of ownership, as battery costs remain high, making NEVs less attractive than traditional ICE (internal combustion engine) cars; and (2) the availability of charging facilities. The first issue has la