看完招股书，发现奇瑞1400亿市值稳了！

Core Viewpoint - Chery's IPO is not just a financial maneuver but a demonstration of its readiness and capability as a publicly listed company, supported by solid financial performance and strategic planning [2][7][15]. Financial Performance - Chery's revenue increased from 92.6 billion RMB to 269.9 billion RMB over three years, while net profit rose from 5.8 billion RMB to 14.3 billion RMB, indicating nearly a threefold profit growth [4][5]. - The company's operating cash flow has consistently exceeded net profit, reaching 44.8 billion RMB in 2024 [5]. - R&D investment has more than doubled, with expenditures of 4.1 billion RMB, 6.8 billion RMB, and 10.5 billion RMB from 2022 to 2024, totaling over 20 billion RMB [5][12]. Market Position and Growth - Chery's domestic sales grew by 56%, with a remarkable 277% increase in new energy vehicle sales, while overseas sales rose by 35% [5][12]. - The company has maintained its position as the top exporter of Chinese brands for 22 consecutive years, with overseas revenue accounting for 37.4% of total revenue [5][12]. Strategic Development - Chery has been operating under the standards of a public company for years, completing many processes that companies often struggle with post-IPO [3][7]. - The company aims to release its potential through this IPO, which has been a part of its strategy since 2018 [8][15]. - Chery's multi-brand strategy allows for independent growth across its various brands, enhancing its market positioning and growth prospects [20]. Valuation and Market Perception - The IPO price range is set between 27.75 and 30.75 HKD, corresponding to a market valuation of 146 billion to 163 billion RMB, with a PE ratio of approximately 10-11 times [20]. - Compared to industry peers like BYD and Geely, Chery's valuation appears conservative, providing a safety margin for investors [20].