Core Insights - Chery Automobile has undergone significant transformation since its establishment in 1997, evolving through four distinct phases: rapid rise (2001-2010), strategic missteps (2011-2013), difficult progress (2014-2019), and resurgence (2020-present) [1] - The company has developed a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, with a focus on various market segments including SUVs, sedans, and new energy vehicles [1] - Chery has achieved a strong market position in the 5-20W price segment, ranking second in wholesale sales, with significant growth projected for 2024 [2] Sales Performance - In the 5-20W price segment, the wholesale sales of passenger vehicles reached 9.266 million units in H1 2025, reflecting a year-on-year growth of 16%, with Chery's sales expected to increase from 1.75 million units in 2023 to 2.375 million units in 2024 [2] - The main brand's sales are projected to grow from 879,000 units in 2022 to 1.643 million units in 2024, with a compound annual growth rate (CAGR) of 36.7% [3] - Jetour's sales are expected to rise from 180,000 units in 2022 to 568,000 units in 2024, achieving a remarkable CAGR of 77.7% [3] Export and Market Strategy - By 2024, Chery's export ratio is anticipated to reach 54.4% for its main brand, 30.6% for Jetour, and 36.2% for Exeed, indicating a strong focus on international markets [3] - The overall penetration rate of new energy vehicles in the market has reached 44.9%, with Chery's market share in the self-owned brand segment at 76.0% [2] Financial Projections - The company forecasts revenues of 315 billion, 394.3 billion, and 485.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 16.22 billion, 21.36 billion, and 27.19 billion yuan [3]
奇瑞汽车(09973.HK)：自主车企领头羊之一新能源转型+高端化+出海带动新增长