Geely Automobile has reported impressive financial results for 2024, with a revenue of 240.19 billion yuan, reflecting a year-on-year growth of 34%. The company’s net profit attributable to shareholders reached 16.63 billion yuan, marking an extraordinary increase of 213%.
During the year, Geely’s total sales hit 2.1766 million vehicles, achieving a 32% increase compared to the previous year. Notably, the sales of new energy vehicles surged by 92%, accounting for approximately 41% of total sales. The company’s brands, Zeekr and Geely Galaxy, experienced sales growth of no less than 80%.
Thanks to scale effects, product structure optimization, and enhancements in vehicle architecture and technology, Geely’s overall gross profit margin improved by 0.6 percentage points to 15.9%.
As of March 21, 2025, Geely’s stock closed at 17.2 Hong Kong dollars per share, with a price-to-earnings ratio (TTM) of approximately 9.65 times and a total market capitalization of around 173.3 billion Hong Kong dollars.
The company invested about 10.42 billion yuan in research and development, representing around 4% of its revenue. This figure reflects a 33.41% increase compared to the previous year.
By the end of 2024, Geely reported bank deposits and cash reserves of 40.865 billion yuan, an increase of 4.09 billion yuan from the previous year. The net cash amount (total cash minus total borrowings and perpetual capital securities) reached 39.8 billion yuan, up by 40%.
In the competitive landscape, other automobile manufacturers have also reported significant profits. For instance, Seres and Great Wall Motors are expected to see net profit increases of over 302.32% and 76.6% respectively. In contrast, Li Auto anticipates a profit decline of approximately 31%.
Geely’s performance stands out among peers, particularly with the impressive sales growth figures from its brands. The total sales for 2024 reached 2.1766 million vehicles, with 888,200 units of new energy vehicles sold, representing a 92% increase and a sales share of 41%.
For its individual brands, Geely Galaxy sold 494,400 vehicles (up 80%), Zeekr delivered 222,100 vehicles (up 87%), and Lynk & Co sold 285,400 vehicles (up 30%). Recently, Zeekr, which went public in the U.S., reported a revenue of 75.91 billion yuan for 2024, marking a 47% increase, while narrowing its net loss to 5.79 billion yuan, a 30% improvement year-on-year.
On a global scale, Geely’s domestic wholesale volume reached 1.762 million vehicles, a 27% increase, while export volume rose to 414,500 vehicles, up by 57%. Domestic revenue accounted for over 77% of total income, showing a slight decrease of 4.08 percentage points, whereas Eastern European revenue increased to approximately 12.59%, up 2.66 percentage points.
Compared to other publicly listed automakers, BYD and SAIC Group both exceeded 4 million vehicles in total sales for 2024, with BYD experiencing a growth rate of over 41%. Changan Automobile and GAC Group reported sales of over 2 million vehicles, although their growth rates lagged behind Geely’s.
Founded in 1986, Geely Holding Group entered the automotive sector in 1997, becoming the first private enterprise in China to receive qualifications for passenger car manufacturing. In May 2005, Geely went public on the Hong Kong Stock Exchange. Over the past decade, Geely’s stock price has fluctuated significantly, reaching a peak of 34.011 Hong Kong dollars per share in 2021. Starting in August 2024, the stock price has surged rapidly, currently hovering around 18 Hong Kong dollars per share.
As of March 21, 2025, Geely’s stock closed at 17.2 Hong Kong dollars per share, with a price-to-earnings ratio (TTM) of around 9.65 times and a total market value of approximately 173.3 billion Hong Kong dollars.
Disclaimer: This article does not constitute investment advice for any individual.
