Core Viewpoint - CICC initiates coverage on Chery Automobile (09973) with an "outperform" rating and a target price of HKD 42.00, indicating a 35% upside potential based on a comparable valuation method [1] Group 1: Company Overview - Chery is a leading independent automotive manufacturer in China, with accelerated development in exports and the transition to new energy vehicles [1] - The company ranks among the top independent car manufacturers in China, with total sales expected to be among the industry leaders in 2024 [2] Group 2: Product and Market Strategy - Chery maintains a multi-powertrain and multi-brand strategy, with a growing market share in fuel vehicles, reinforcing its profitability [2] - The company has established five major brand sequences to meet diverse market demands, including the Chery brand for the mass market and the Jietu brand for the off-road segment [2] Group 3: Export and International Presence - Chery has a significant first-mover advantage in overseas sales, being the top exporter of independent Chinese passenger vehicles for 22 consecutive years [3] - The company is accelerating its entry into new markets in Europe and Asia-Pacific since 2025, which is expected to drive long-term sales and profit growth [3] Group 4: Technological Development - Chery has developed a comprehensive R&D system and established a robust automotive platform, focusing on self-developed power systems and intelligent driving technologies [4] - The company is forming a diverse matrix of new energy brands across various price segments, with several new models expected to be launched by 2026 [4]
中金：首予奇瑞汽车跑赢行业评级 目标价42.00港元