Citi Research has issued a report indicating that management at Geely Automobile (00175) delivered a series of positive signals during the earnings meeting, most notably a significant upward revision of the 2026 export sales target from 640,000 units to 920,000 units, while also setting an ambitious challenge to reach the one-million-unit milestone.

In the long term, the company aims for overseas sales to account for two-thirds of its total sales volume. The group plans to establish five core markets, namely the ASEAN region, pan-Europe, Eastern Europe, Latin America-Africa, and the Middle East-Central Asia-Pacific region, with long-term scale targets of 600,000, 500,000, 400,000, 300,000, and 200,000 units respectively.

Regarding overseas production capacity, management has indicated plans to utilize Volvo's European plant, Proton's Malaysian facility, Ford's Spanish factory, and Renault's Brazilian plant. Citi currently forecasts that Geely Automobile's core earnings for the third and fourth quarters will reach approximately RMB 6 billion and RMB 6.6 billion, respectively.

The bank maintains its "Buy" rating on the stock with a target price of HK$30, which corresponds to a projected 2026 price-to-earnings ratio of approximately 13 times.