汽车行业深度报告：出海引领，链动未来：奇瑞“技术筑基+电动智能+全球突破”下的产业链重构机遇

Investment Rating - The report provides a standard investment rating for the automotive industry, specifically focusing on Chery Automobile [5]. Core Insights - Chery Automobile has undergone three significant phases since its establishment in 1997: technological self-reliance, strategic restructuring, and comprehensive transformation towards new energy and intelligence [6][12]. - The company has achieved a notable global presence, with overseas sales reaching 1.145 million units in 2024, marking a 21.4% increase year-on-year, and overseas revenue accounting for 37.4% of total income [6][16]. - Chery's new energy vehicle (NEV) business is experiencing rapid growth, with a year-on-year sales increase of 98.6% in 2025H1, contributing to 28.1% of total revenue [16][18]. - The company is focusing on a dual strategy of hybrid and pure electric vehicles, with significant advancements in technology and product offerings [6][21]. Summary by Sections 1. Chery Automobile's Development Journey - Chery has evolved through three stages: initial breakthroughs in technology, strategic restructuring to focus on core competencies, and a current phase emphasizing new energy and smart technologies [12][13]. - The company successfully completed its IPO on the Hong Kong Stock Exchange in September 2025, with funds primarily allocated to R&D and global expansion [12][16]. 2. Competitive Advantages - Chery has established a robust technological foundation with over 13,900 patents, including significant advancements in engine and transmission technologies [20][21]. - The company has a comprehensive product lineup covering various market segments through its five brands: Chery, Exeed, Jetour, iCAR, and Zhijie, ensuring broad market coverage from economy to luxury vehicles [23][24]. 3. Growth Drivers - Chery's overseas market strategy has solidified its position as a leading exporter of passenger vehicles in China, with a focus on emerging markets and local production to mitigate trade barriers [33][36]. - The NEV segment is a key growth area, with Chery's hybrid and electric vehicles leading the industry in sales growth [6][18]. - Collaborations with technology partners like Huawei are enhancing Chery's capabilities in smart driving technologies [6][21]. 4. Investment Opportunities - The report suggests focusing on three main investment lines: technology positioning and domestic substitution, performance resonance and growth elasticity, and manufacturing upgrades and industry extensions [7].