这张上市入场券，奇瑞等了21年

Core Viewpoint - Chery Automobile has finally succeeded in its long-awaited IPO after six failed attempts, marking a significant milestone in its 21-year journey towards capital market entry [1][4]. Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks due to complex shareholding structures and operational challenges [2][4]. - The company attempted its first IPO in 2004, but issues related to shareholding led to its postponement [2][3]. - Despite the failures, Chery continued to pursue IPO opportunities, with attempts in 2007, 2009, 2016, and 2022, all of which were unsuccessful due to various internal and external factors [3][4]. Group 2: Financial Performance - Chery's revenue grew from 92.62 billion yuan in 2022 to 163.21 billion yuan in 2023, with profits increasing from 5.81 billion yuan to 10.44 billion yuan, representing year-on-year growth of 76.2% and 79.9% respectively [5]. - In the first three quarters of 2024, Chery achieved revenue of 182.15 billion yuan, a 67.7% increase year-on-year, and a net profit of 11.31 billion yuan, up 58.5% [5]. - Despite rapid growth, a significant portion of Chery's revenue still comes from traditional fuel vehicles, with revenue contributions of 75.9%, 87.8%, and 74.8% in 2022, 2023, and the first three quarters of 2024 respectively [5]. Group 3: Strategic Focus - Chery plans to use the funds raised from its IPO to enhance R&D in passenger vehicles, improve core technologies, and expand into overseas markets [6]. - The company aims to increase investment in electric and intelligent vehicle technologies, reflecting a strategic shift towards innovation [6]. - Chery's future strategy includes focusing on brand elevation, smart transformation, and global expansion to address challenges in the competitive automotive market [7]. Group 4: Market Challenges - Chery's reliance on overseas markets is significant, with over 40% of its revenue coming from international sales, exposing the company to geopolitical and trade policy risks [7]. - The company faces liquidity pressures, with net current liabilities reaching 17.39 billion yuan, which may hinder its global expansion efforts [7]. - Chery's gross margin has been under pressure, recorded at 14.8% in the first three quarters of 2024, lower than competitors like BYD and Li Auto, which exceed 20% [7].