Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 42.00, based on a comparable valuation method with a 2026 P/E of 10x [1] - Company is a leading independent automaker in China, with accelerated development in exports and new energy transformation [1] Market Position - Company ranks among the top independent automakers in China, with total sales expected to be among the industry leaders in 2024 [1] - Company maintains a multi-powertrain strategy, with a recent increase in fuel vehicle market share, solidifying its profit base [1] - The company has established five brand series to meet differentiated market demands, including Chery for the mass market and Jetour for the off-road segment [1] Export and Competitive Advantage - Company has the highest overseas sales among independent automakers, leveraging over 20 years of export experience [1] - The company has maintained the top position in export volume for independent passenger car brands in China for 22 consecutive years [1] - A rich channel network, global collaborative R&D system, and comprehensive global production capacity form a competitive moat for the company [1] New Energy Transition - Company has a robust self-research capability and is accelerating its electric and intelligent transformation [2] - A multi-tiered, comprehensive R&D system has been established, creating a wide-reaching and highly applicable automotive platform [2] - The company is expected to launch several new models in 2026, indicating strong growth potential in new energy vehicle sales [2] Financial Projections - Earnings per share (EPS) are projected to be CNY 3.32 and CNY 3.88 for 2025 and 2026, respectively, with a CAGR of 22% from 2024 to 2026 [2] - Current stock price reflects a 2026 P/E of 7x, with a target price of HKD 42 corresponding to a 2026 P/E of 10x, indicating a 35% upside potential [2]

Core Insights - The automotive industry in mainland China is experiencing a significant divergence in sales performance as major car manufacturers report their November sales figures, with the impact of the "two new" policies fading and sales growth slowing down or even declining [1][2][3] Group 1: Sales Performance - Geely Automobile reported November sales of 310,000 units, a year-on-year increase of 24% and a month-on-month increase of 1%, with a cumulative total of 2.79 million units for the first eleven months, representing a 42% year-on-year increase [1] - Leap Motor achieved over 70,000 units in November, maintaining a year-on-year growth of 75%, with a cumulative delivery of 536,000 units for the first eleven months, up 113% year-on-year [2] - Xiaomi Automobile delivered over 40,000 units in November, maintaining this level for three consecutive months, and is expected to exceed its annual target of 350,000 units by the third week of December [3] Group 2: New Energy Vehicles - Geely's new energy vehicle sales reached 188,000 units in November, a year-on-year increase of 53%, with a penetration rate exceeding 60% [1] - Leap Motor's B and C series vehicles are seeing increased deliveries, with the A10 model recently unveiled at the Guangzhou International Auto Show [2] - The "Five Realms" product matrix of Chery Automobile has been completed, indicating strong future performance potential [2] Group 3: Competitive Landscape - Ideal Auto's November deliveries were 33,000 units, a year-on-year decrease of 32%, with cumulative deliveries for the first eleven months at 362,000 units, down 18% year-on-year [3] - NIO's November sales were 36,000 units, a year-on-year increase of 76%, but cumulative deliveries for the first eleven months were only 278,000 units, indicating challenges in meeting year-end targets [3] - The overall industry is facing a challenging environment with regulatory pressures and the withdrawal of subsidies, limiting the potential for significant changes in market structure in December [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 公司名稱: 奇瑞汽車股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09973 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明 ...

Core Insights - The Chinese electric vehicle market is experiencing significant growth, with BYD leading in November sales at 480,200 units, followed by Hongmeng Zhixing with over 80,000 units, and Zeekr and Leap Motor with over 60,000 and 70,000 units respectively [1][2][6] Group 1: Sales Performance - BYD's November production reached 474,175 units, with a cumulative production of 4,117,760 units for the year, reflecting a year-on-year increase of 7.29% [6][8] - Hongmeng Zhixing achieved a record monthly delivery of 81,864 units, maintaining its position as the industry leader [6][11] - Zeekr's sales reached 63,902 units in November, marking a 7.1% year-on-year increase [11] - Leap Motor delivered 70,327 units, showing a growth of over 75% year-on-year [13] - NIO's multi-brand strategy resulted in 36,275 units delivered, a 76.3% increase year-on-year [19] - Ideal Auto delivered 33,181 units, with total historical deliveries reaching 1,495,969 units [24][28] Group 2: Market Dynamics - The market is showing a clear differentiation, with over half of the companies achieving monthly deliveries exceeding 10,000 units, while leading companies are widening their sales advantages [2] - The "Wei Xiao Li" trio (NIO, Xpeng, and Li Auto) experienced varying degrees of decline in delivery numbers compared to the previous month [2] - Xiaomi's automotive division reported over 40,000 units delivered in November, continuing its strong growth momentum [16][18] Group 3: New Models and Strategies - Several companies are launching new models or updating delivery policies, with the launch of the Zhiji LS9 and the upcoming Lantu Chasing Light L on December 10 [5][36][37] - Ideal Auto is implementing a dual-supplier model for battery supply to enhance production capacity for its i6 model, expecting to stabilize monthly production at 20,000 units early next year [28]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The US stock market saw declines across major indices, with the Dow Jones falling by 427.09 points or 0.90% [2] - Southbound funds maintained a net inflow of 121.9 billion HKD in November, indicating continued interest in Hong Kong stocks [3] Sector Performance - The materials sector, particularly non-ferrous metals, led the gains in the Hong Kong market, with notable increases in stock prices for companies like Sunny Optical Technology, which rose by 6.2%, and Zijin Mining, which increased by 5.3% [1][5] - In the US market, technology stocks faced profit-taking pressure, particularly in AI-related stocks, contributing to the overall market decline [2] Investment Opportunities - The report emphasizes the importance of technological self-reliance as a core theme for future performance in the Hong Kong market, suggesting that leading companies in AI, semiconductors, and industrial software may present long-term growth opportunities [3] - Specific recommendations include focusing on sectors with lower valuations and higher dividends, as well as companies benefiting from anticipated Federal Reserve interest rate cuts [3] Company Highlights - XPeng Motors reported a 19% year-on-year increase in vehicle deliveries for November, totaling 36,728 units, and a cumulative delivery of 391,937 units for the year, reflecting a 156% increase [9] - Alibaba, ZTE, and Meituan were among the top net purchases by southbound funds, indicating strong investor interest in these companies [9] Stock Performance - The Hang Seng Index and its sub-indices showed varied performance over the past month, with the Hang Seng Technology Index up by 0.8% [16] - Notable stock performances include Tencent Holdings, which saw a 1.3% increase, and Alibaba, which rose by 2.2% [16]

Core Viewpoint - CICC initiates coverage on Chery Automobile (09973) with an "outperform" rating and a target price of HKD 42.00, indicating a 35% upside potential based on a comparable valuation method [1] Group 1: Company Overview - Chery is a leading independent automotive manufacturer in China, with accelerated development in exports and new energy transformation [1] - The company ranks among the top independent car manufacturers in China, with total sales expected to be among the industry leaders in 2024 [2] Group 2: Product and Market Strategy - Chery maintains a multi-power and multi-brand strategy, with a growing market share in fuel vehicles, reinforcing its profitability [2] - The company has established five major brand series to meet diverse market demands, including the Chery brand for the mass market and the Jietu brand for the off-road segment [2] Group 3: Export and International Presence - Chery holds the position of the top independent car manufacturer in China for overseas sales, leveraging over 20 years of export experience [3] - The company has a significant first-mover advantage and has been the leading exporter of independent brand passenger vehicles for 22 consecutive years [3] - Chery is accelerating its entry into new markets in Europe and Asia-Pacific since 2025, which is expected to drive long-term sales and profit growth [3] Group 4: Technological Development - Chery has established a comprehensive R&D system and developed proprietary technologies, including the Kunpeng power system and the Falcon intelligent driving system [4] - The company is forming a new energy brand matrix covering various price segments and is expected to launch several new models by 2026, indicating strong growth potential in new energy vehicle sales [4] Group 5: Catalysts for Growth - Potential catalysts for Chery's growth include continuous improvement in new energy and export sales [5]

中国头部自主车企，多动力、多品牌布局 中金发布研报称，首次覆盖奇瑞汽车(09973)给予跑赢行业评级，目标价42.00港元，当前股价为 26E7xP/E，基于可比估值法，对应估值倍数26E10x P/E，较当前有35%上行空间。公司是中国领先的自 主车企，出口和新能源转型加速发展。预计公司25-26年EPS分别为3.32/3.88元，24-26年CAGR为22%。 市场关注公司出口业务表现，该行提示公司新能源转型/传统油车/出口业务均有稳健发展。 中金主要观点如下： 具备技术自研基因，加速电动智能转型 公司已建立多层次、全方位的研发体系，搭建了广覆盖和高沿用的汽车平台，自研鲲鹏动力系统和猎鹰 智驾体系，打造电动智能转型的技术底座。公司逐步形成覆盖全价格段、多细分市场的新能源品牌矩 阵，新能源产品周期走强，该行预计多款全新车型有望于2026年发布，该行看好公司新能源销量的增长 潜力和后发优势。 潜在催化剂：公司新能源和出口销量持续改善。 风险提示：海外风险，国内需求波动，行业竞争加剧，新能源低于预期。 公司是头部自主车企，2024年总销量位居行业前列。公司坚持多动力类型发展，燃油车份额近年逆势增 长，巩固盈利基 ...

Core Viewpoint - Chery Automobile reported a total sales volume of 255,809 vehicles in November 2025, representing a year-on-year decrease of approximately 2% [1] - Cumulative sales from January to November reached 2,399,073 vehicles, showing a year-on-year increase of 11% [1] Group 1: Brand Performance - The Zhijie brand achieved sales of 11,761 vehicles in November, reflecting a year-on-year growth of 3% [1] - The iCAR brand saw significant growth in November, with sales of 11,428 vehicles, marking a year-on-year increase of 99% [1]

奇瑞汽车公布，集团于2025年11月的五大品牌总销量为25.58万辆汽车，较去年同期减少约2%。其中： 新能源销量11万辆，出口销量13.2万辆。 ...

奇瑞汽车(09973)发布公告，集团于2025年11月的五大品牌总销量为25.58万辆汽车，较去年同期减少约 2%。 ...