奇瑞汽车（DY1487HK）：技术立本、出海领航，开启智能电动新序章

Company Overview - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: Chery Automobile is positioned for a new chapter in intelligent electric vehicles, focusing on technology and global expansion [2][3] Company Development - Chery Automobile has evolved from reverse engineering to independent innovation, establishing itself as a global leader [3][4] - The company has a rich history of milestones, including the launch of its first car in 1999 and the establishment of its electric vehicle technology company in 2010 [5][9] Business Strategy - Chery's business model includes a dual focus on passenger and commercial vehicles, with a strong emphasis on both traditional fuel and new energy vehicles [12][14] - The company operates multiple brands, including Chery, EXEED, and iCAR, to cover various market segments and consumer needs [93][96] Financial Performance - In 2022, Chery Group's automotive sales reached 1.23 million units, with revenue exceeding 200 billion yuan for the first time [33] - By 2024, the group expects to achieve sales of 2.6 million units and revenue of 480 billion yuan, reflecting a year-on-year growth of over 50% [33][41] Industry Trends - The automotive industry is undergoing a transformation driven by electrification, intelligence, and globalization [42] - Global automotive sales are projected to reach 90.87 million units in 2024, with a growth rate of 2.8% [43][44] Market Position - Chery is positioned as a key player in the domestic market, with a focus on expanding its international presence [96] - The company has seen significant growth in export volumes, leading the Chinese brand passenger car exports for 22 consecutive years [76][96] Technological Advancements - Chery has invested heavily in R&D, with expenditures reaching 6.66 billion yuan in 2023, representing a year-on-year increase of 82.8% [84] - The company has developed a comprehensive R&D system with over 13,000 patents, enhancing its competitive edge in the automotive sector [84][87] Global Expansion - Chery's global strategy includes entering emerging markets and strengthening its presence in traditional markets like Russia [96] - The company aims to leverage its multi-brand strategy to capture diverse market segments and enhance international competitiveness [96]