Deutsche Bank: Geely's first-quarter core net profit may reach a record high

Deutsche Bank analyst Wang Bin wrote in a report that Geely Auto's net profit in the first quarter may reach a historical high of 4.1 billion yuan. He said the main driver of growth was the improvement in gross margin in the first quarter. He added that thanks to strong reserves orders from weeks 11 to 14, the sales volume of the Geely 9X flagship SUV reached 22,035 units in the first quarter of 2026. He also mentioned that the high-profit overseas sales volume in that quarter reached a new record of 203,024 units. Deutsche Bank stated that although total sales volume in the first quarter declined seasonally to 709,358 units, improvements in the product portfolio are expected to boost the gross margin in the second quarter.