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 new energy transformation [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-power and multi-brand strategy, with a growing market share in fuel vehicles, reinforcing its profitability [2] - The company has established five major brand series 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 holds the position of the top independent car manufacturer in China for overseas sales, leveraging over 20 years of export experience [3] - The company has a significant first-mover advantage and has been the leading exporter of independent brand passenger vehicles for 22 consecutive years [3] - Chery 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 established a comprehensive R&D system and developed proprietary technologies, including the Kunpeng power system and the Falcon intelligent driving system [4] - The company is forming a new energy brand matrix covering various price segments and is expected to launch several new models by 2026, indicating strong growth potential in new energy vehicle sales [4] Group 5: Catalysts for Growth - Potential catalysts for Chery's growth include continuous improvement in new energy and export sales [5]
中金：首予奇瑞汽车(09973)跑赢行业评级 目标价42.00港元