透视奇瑞出海成绩单，前三季度近百万辆出口“含金量”如何？

Core Viewpoint - The current trend of Chinese automotive companies going global is not only a sign of industry upgrade but also a focal point for capital market attention, with companies that can sustain overseas expansion and penetrate high-barrier markets expected to enjoy higher valuation levels [1][4]. Summary by Sections Export Performance - In the first three quarters of this year, China's automotive export volume reached 4.95 million units, a year-on-year increase of 14.8%. In September alone, the export volume was 652,000 units, up 21% year-on-year, indicating strong momentum [1]. - Chery's export performance stands out, with a single-month export of 137,624 units in September, a year-on-year increase of 26.2%, setting a new record. From January to September, Chery exported a total of 936,428 units, up 12.9% year-on-year [1][5]. Market Positioning - Chery leads the industry with an export volume that is double that of the second-ranked company, showcasing its strong scale effect. The models Chery exported, such as the Tiggo 7 and Tiggo 5X, consistently ranked among the top two in September [5][6]. - Chery has maintained its position as the top exporter of passenger cars in China for 22 consecutive years, achieving significant milestones such as the first Chinese brand to export over 5 million units cumulatively [8][9]. Growth Logic - Chery's success in overseas markets is attributed to its dual strategy of "technology defining standards" and "localization reconstructing ecosystems." The company has established a robust technological foundation through its "Yaoguang 2025" strategy, which includes five core technology matrices [11][12]. - Chery's global expansion is supported by eight R&D centers worldwide, allowing for localized product adaptations to meet regional market demands [11][12]. Financial Performance - Chery's overseas revenue has shown a consistent upward trend, with revenues of 30.39 billion yuan, 77.06 billion yuan, 100.90 billion yuan, and 26.29 billion yuan from 2022 to the first quarter of 2025, representing 32.8%, 47.2%, 37.4%, and 38.5% of total revenue respectively [10]. - The company plans to establish 45 sales outlets in Europe by the end of 2025, expanding to 100 by 2026, which will further solidify its market presence and revenue growth [17][18]. Investment Potential - Chery is transitioning from an "export champion" to a "global industrial ecosystem builder," which is expected to release significant value for investors. The company's focus on high-value markets like Europe positions it for quality growth [17][18]. - Chery's current PE TTM is 10.10, which is considered undervalued in the context of the recent automotive sector pullback. The company is expected to achieve revenues of 269.90 billion yuan and a net profit of 14.33 billion yuan in 2024, indicating a robust operational style [18][19]. Conclusion - Chery's impressive export achievements are the result of over two decades of commitment to globalization, technology development, and localization. This case serves as a benchmark for the global competitiveness of Chinese automotive brands, emphasizing the importance of solid technological foundations and sustainable global strategies [22].