Core Viewpoint - West Securities initiates coverage on Chery Automobile (09973) with a "Buy" rating, highlighting its significant first-mover advantage in overseas markets and the expected growth in overseas sales revenue as new energy vehicles accelerate their international expansion and new markets are developed [1] Group 1: Brand and Product Development - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—each have unique positioning and growth potential in various segments, with a focus on new energy vehicles and high-end market penetration [1] - The Chery brand plans to elevate the Fengyun series to an independent brand by 2025, with a goal of launching 16 new models in the next three years; the iCAR V27 is expected to launch globally in Q1 2026, aiming to establish iCAR as a leading global brand in specialty new energy vehicles [1] - Jetour has introduced the Zongheng series, targeting the luxury off-road market and international expansion, which is anticipated to drive both sales and profitability [1] Group 2: Technological Advancements - Chery has consistently focused on independent research and development, achieving comprehensive coverage of core technologies, including Kunpeng Power, Falcon Intelligent Driving, Mars Architecture, and Lion Intelligent Cockpit [2] - The company is set to complete the global delivery of the first batch of 220 Moke humanoid robots by April 2025, showcasing its commitment to innovation [2] Group 3: Overseas Market Expansion - Chery has over 20 years of experience in overseas markets, providing it with a significant first-mover advantage, supported by a broad network of over 1,000 overseas dealers expected by 2025 and a global presence in production and R&D [3] - In the first half of 2025, Chery's retail sales in overseas markets increased by 20% year-on-year, with a notable rise in the proportion of new energy vehicles; this trend is expected to continue as Chery accelerates its international expansion and explores new markets [3]