国证国际港股晨报-20250919

Core Insights - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 1.35%, the Hang Seng China Enterprises Index down by 1.46%, and the Hang Seng Tech Index decreasing by 0.99% [2] - The report highlights a significant interest in the collaboration between Nvidia and Intel, which is expected to impact the semiconductor sector positively [6] Company Overview - Chery Automobile is a leading passenger car manufacturer in China, established in 1997, with five major brands catering to diverse customer needs [8] - The company is projected to achieve revenues of 926.2 billion, 1,632.1 billion, and 2,699.0 billion CNY from 2022 to 2024, with a compound annual growth rate (CAGR) of 70.7% [8] Industry Status and Outlook - The global passenger car industry is entering a mature phase, with total sales expected to reach 74.3 million units in 2024 and a CAGR of 3.5% from 2025 to 2030 [9] - The Chinese passenger car market is robust, with sales projected to reach 22.7 million units in 2024, growing at a CAGR of 1.9% from 2019 to 2024 [9] Advantages and Opportunities - Chery Automobile boasts a diverse brand matrix and strong R&D capabilities, positioning it well for future technological advancements [10] - The company is recognized as a leading Chinese passenger car enterprise with significant global expansion potential [10] Investment Recommendations - The IPO of Chery Automobile is supported by a strong lineup of cornerstone investors, with the offering price set between 27.75 and 30.75 HKD, leading to a post-IPO market capitalization of approximately 160.04 to 177.34 billion HKD [12] - The report suggests that Chery is comparable to other leading domestic brands like Great Wall Motors and Geely, with a lower valuation relative to Geely [12]