Core Viewpoint - Chery Automobile is set to launch an IPO, offering approximately 297 million H-shares, with expectations to list on the Hong Kong Stock Exchange on September 25, 2023, marking it as the largest fundraising IPO for a car company this year, potentially revitalizing the Hong Kong market and reshaping global perceptions of Chinese automotive valuations [1][4]. Financial Performance - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion to 269.897 billion, achieving a compound annual growth rate (CAGR) of 70.7%. In Q1 2025, revenue reached 68.223 billion, a year-on-year increase of 24.2% [6]. - Net profit is expected to rise from 5.806 billion to 14.334 billion, with a CAGR of 57.1%. Notably, Q1 2023 net profit was 4.726 billion, reflecting a significant year-on-year growth of 90.9% [6]. - Chery is the only Chinese passenger car company among the top twenty globally to achieve over 25% growth in domestic, overseas, new energy, and fuel vehicle sales compared to 2023 [6]. Market Position and Strategy - Chery has established a comprehensive product matrix with five major brands, allowing it to attract a diverse customer base across various price segments [7]. - The company has a strong global strategy, gaining a first-mover advantage in overseas markets, particularly in the EU and Southeast Asia, which enhances its brand recognition and market share [7][8]. - In 2024, Chery is projected to be the top-selling Chinese independent brand in Europe, South America, the Middle East, and North Africa, with its Exeed brand leading in exports among high-end Chinese brands [8]. Technological Advancements - Chery has developed a "power + architecture + intelligence" technology closed loop, which serves as a competitive moat, enabling it to stand out in the market [10]. - The company is pursuing a multi-pronged approach in the power sector, with advancements in hybrid and electric technologies, including a solid-state battery expected to be operational by 2026 [10][11]. - Chery's modular vehicle development platform, Mars architecture, supports rapid product iteration and market responsiveness [11]. Investment Appeal - The upcoming IPO is seen as a crucial link between industrial strength and capital value, enhancing Chery's competitive edge and providing a solid foundation for future growth [10]. - The shift in valuation logic for Chinese car companies from scale to technology is highlighted, with Chery positioned to benefit from this transformation, making it an attractive investment opportunity [13].
奇瑞汽车(9973.HK)开启招股:业绩“量价齐升”,见证中国汽车产业的估值革命与全球野心