Core Viewpoint - Chery Automobile, established in 1997, is entering a new era in 2025, focusing on smart integration and the evolution of its new energy business, with significant growth in revenue and stable profitability [1] Group 1: Company Development - Chery has a rich history and has developed a brand matrix consisting of five major brands: Chery, Jetour, iCAR, Xingtu, and Zhijie, along with two overseas brands, Omoda and Jaecoo [1] - The company has undergone five developmental phases, transitioning from a period of stagnation to growth, with 2025 marking a new stage characterized by smart integration and new energy evolution [1] - A transformation in the R&D system is underway, shifting from project-oriented to platform-enabled R&D, with the establishment of an "Intelligent Center" integrating multiple smart platforms by 2025 [1] Group 2: Domestic Market Performance - Chery's hybrid products are experiencing rapid sales growth, with a clear sub-brand strategy, although the overall penetration rate of new energy vehicles remains low compared to the industry [2] - By the first half of 2025, the company will have a variety of new energy models, but individual model sales are currently insufficient; the launch of the A9L in the second half of 2025 is expected to mark a new phase for the company's new energy segment [2] - The main brand, Chery/Fengyun, is focusing on a three-pronged approach of channels, products, and technology, while iCAR is leveraging internet operations for new product launches [2] Group 3: International Market Expansion - Chery is in a systematic phase of international expansion, having established a comprehensive overseas business layout, with plans for localized production in multiple regions by 2025 [2] - The company is transitioning from a fuel vehicle export model to a multi-faceted, ecosystem-based international strategy, with extensive production capacity and channel layouts [2] - In Southeast Asia, Chery is increasing resource investment to build a significant overseas base, while in Europe, it has achieved localized production and is entering a phase of rapid growth [2] Group 4: Financial Forecast and Valuation - Revenue projections for Chery from 2025 to 2027 are estimated at 301.46 billion, 361.66 billion, and 410.74 billion yuan, with growth rates of 11.70%, 19.97%, and 13.57% respectively [3] - 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 period, with year-on-year growth rates of 31.6%, 15.1%, and 18.9% [3] - Earnings per share are expected to be 3.20, 3.69, and 4.38 yuan for 2025, 2026, and 2027 respectively, with an initial coverage rating of "outperform the market" [3]
奇瑞汽车(09973.HK)深度报告：全球化+智能化 自主品牌先驱再进化