奇瑞日赚4000万冲上市：燃油车全球「吸金」，新能源国内「吃土」

Core Viewpoint - Chery is preparing for its IPO, marking a significant step for Chinese domestic car brands to enter the capital market, especially as it is the only major domestic automaker yet to be listed [3][11]. Financial Performance - In the first nine months of 2024, Chery reported revenues of 182.1 billion yuan and a net profit of 11.3 billion yuan, with a net profit margin slightly above 6% [5][16]. - The average revenue per vehicle sold is 107,000 yuan, with a gross profit of 16,000 yuan and a net profit of approximately 7,000 yuan [6][18]. - Chery's revenue surged from 92.6 billion yuan in 2022 to 163.2 billion yuan in 2023, nearly doubling [15]. Brand Structure - Chery operates five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, with Chery being the main brand contributing 60% of sales [8]. - Fuel vehicles are the primary revenue source, accounting for 75% of total income, while electric vehicles contribute only 25% [9]. Market Position - Chery's overseas market contributes approximately 44% of its sales and revenue, with prices in some regions exceeding domestic prices by over 50% [10][20]. - In 2024, Chery sold 2.604 million vehicles, ranking fifth in total sales among Chinese automakers [14]. Export Strategy - Chery's export strategy has been highly successful, with overseas sales increasing significantly, contributing to 795 billion yuan in revenue in 2023, a 140% year-on-year increase [22]. - The company has established a strong presence in markets like Russia and Brazil, where it has adapted its vehicles to local preferences [27]. New Energy Transition - Chery's new energy vehicle (NEV) sales have been lagging, with only 22% of total sales in 2024 coming from NEVs, despite a significant increase in overall sales [32][33]. - The company is focusing on hybrid vehicles as a key part of its transition strategy, while pure electric models are still in the early stages [35]. R&D Investment - Chery has invested nearly 17 billion yuan in R&D over the past three years, but its R&D expenditure as a percentage of revenue remains lower than competitors like BYD and Geely [37][38]. IPO Motivation - The upcoming IPO is seen as a crucial move for Chery to alleviate its financial pressures and support its expansion in international markets and new energy vehicle development [40][41].