Citigroup has issued a research report announcing a 30-day positive catalyst observation period for Geely Auto (00175), maintaining a "Buy" rating with a target price of HK$26. The bank forecasts that the company will deliver 690,000 vehicles in the first quarter of this year, with the average selling price increasing by 8% quarter-on-quarter. Including non-vehicle revenue, first-quarter revenue is expected to reach approximately RMB 91 billion. Citigroup also projects that Geely's consolidated gross profit margin will rise by 0.3 percentage points to 17.2% in the first quarter. Assuming a sales and administrative expense ratio of 12.4% of quarterly revenue, core net profit for the first quarter is estimated to be between RMB 3.8 billion and RMB 4.2 billion, outperforming market expectations. Additionally, Geely anticipates an improvement in profit margins in the second quarter, with sales of the high-margin model 8X expected to reach 10,000 to 20,000 units. The company also forecasts a 10% quarter-on-quarter growth in export volumes for the second quarter.