奇瑞汽车港股IPO获证监会备案通知书 负债率达90%高于其它头部车企

Core Viewpoint - Chery Automobile has received approval for its IPO after a 20-year journey, with plans to issue up to 699 million shares and convert 2.016 billion shares into H-shares for circulation [1] Financial Performance - In 2022 and 2023, Chery's revenue was 92.618 billion and 163.205 billion respectively, with net profit increasing from 5.806 billion to 10.444 billion, a nearly 80% growth [3] - For the first three quarters of 2024, Chery achieved revenue of 182.154 billion, a year-on-year increase of 67.7%, and net profit of 11.312 billion, up 58.5% [4] - In 2024, Chery sold 2.6039 million new vehicles, a 38.4% increase, with exports exceeding 1.14 million units, marking a 21.4% growth [3] Debt and Profitability - Chery's debt ratio was reported at 93%, 92%, and 89% for the end of 2022, 2023, and Q3 2024 respectively, indicating a high and persistent debt burden compared to other leading automakers [4] - The average selling price per vehicle for Chery was 118,300, with a net profit per vehicle of 7,300, which is lower than its competitor Geely, indicating weaker profitability [4] New Energy Vehicle Segment - In 2022, Chery's revenue from fuel vehicles was 70.258 billion, accounting for 75.9% of total revenue, while new energy vehicle revenue was 12.253 billion, making up 13.2% [3] - By 2023, fuel vehicle revenue increased to 143.316 billion, representing 87.8% of total revenue, while new energy vehicle revenue dropped to 7.912 billion, only 4.9% [3] - In the first nine months of 2024, fuel vehicle revenue was 136.203 billion, accounting for 74.8%, while new energy vehicle revenue rose to 29.104 billion, representing 16% [3]