Core Viewpoint - CICC initiates coverage on Chery Automobile with an "outperform industry" rating and a target price of HKD 42, highlighting its position as a leading Chinese independent automaker with accelerating export and new energy transformation [1] Group 1: Company Performance - Chery Automobile is expected to rank among the top in total sales within the industry for 2024, supported by its multi-powertrain development and multi-brand strategy [1] - The company is projected to release several new models by 2026, which could significantly contribute to its sales growth [1] Group 2: Market Potential - The overseas market is anticipated to become a key driver for Chery's long-term sales and profit growth [1] - CICC forecasts a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026, with expected earnings per share of RMB 3.32 and RMB 3.88 for the next two years [1]
研报掘金丨中金：首予奇瑞汽车“跑赢行业”评级及目标价42港元