增长“奇点”来临，解剖奇瑞新能源的确定性与爆发力

Core Insights - The automotive industry is undergoing a significant transformation driven by electrification and intelligence, with Chery emerging as a key player in the new energy vehicle (NEV) sector [1][20] - Chery's NEV sales reached 587,545 units in the first three quarters of 2025, marking a 77.1% year-on-year increase, positioning the company among the top five in the industry [5][6] - The company has shifted its growth narrative from a focus on traditional fuel vehicles to a dual emphasis on electric and hybrid technologies, enhancing its resilience against market fluctuations [6][12] Sales Performance - Chery achieved total vehicle sales of 2,007,768 units in the first three quarters of 2025, a 14.5% increase year-on-year, marking the fastest time to surpass 2 million units in its history [5][6] - The penetration rate of NEVs in Chery's total sales is approaching 30%, indicating a structural shift in its product strategy [6][12] Product Development - Chery has launched several successful models, including the Fengyun A9L and the Mountain Sea L7 PLUS, which have significantly contributed to its sales growth [6][8] - The company plans to introduce over 60 new models within the year, showcasing its robust R&D capabilities and commitment to expanding its product lineup [13][14] Technological Advancements - Chery's success is attributed to its long-term technological accumulation and the implementation of a "product explosion methodology" that effectively translates technical advantages into market success [9][10] - The company has developed advanced technologies such as the Kunpeng Tianqing hybrid system and the Falcon ADAS, enhancing its competitive edge in the NEV market [10][11] Global Expansion - Chery has successfully expanded its presence in international markets, achieving a total export of 936,428 vehicles in the first three quarters of 2025, a 12.9% increase year-on-year [17][18] - The company is focusing on a "technology + brand" strategy to establish localized R&D, production, and sales systems globally, enhancing its competitiveness in the NEV sector [16][18] Future Outlook - With a clear strategic vision and substantial investment in R&D, Chery is well-positioned to capitalize on the growing NEV market and further enhance its brand value [14][20] - The company's ongoing commitment to innovation and product development is expected to drive its growth trajectory in the coming years [20]