Core Viewpoint - Chery Automobile has a rich historical background and is entering a new chapter in its new energy business and overseas expansion, with rapid revenue growth and stable profitability [1] Group 1: Company Overview - Chery Automobile was established in 1997 and has nearly 30 years of history [1] - The company is expected to enter a new era by 2025, transitioning into a new stage with the integration of smart technology and further evolution in new energy [1] - The company has a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Exeed, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] Group 2: Domestic Market Performance - The company’s hybrid products are experiencing rapid sales growth, with increasing penetration rates, although overall new energy penetration remains low compared to the industry [2] - By the first half of 2025, the company has a variety of new energy models, but individual model sales are insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase in the company’s new energy strategy [2] - The main brand Chery is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operational thinking for new product launches [2] Group 3: Overseas Market Expansion - The company has been expanding its overseas business systematically and is currently in a comprehensive overseas expansion phase [3] - By 2025, the company plans to deepen local production overseas, with several new production capacities set to be launched [3] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based overseas strategy, with extensive capacity and channel layouts [3] Group 4: Financial Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - The net profit attributable to the parent company is forecasted to be 18.60 billion, 21.41 billion, and 25.44 billion yuan for the same years, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% respectively [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 [3]