【重磅深度/奇瑞汽车】深耕出海，多品牌协同拓展增长边界

Key Points - The core viewpoint of the article emphasizes Chery Automobile's transformation into a global technology-driven automotive enterprise, focusing on both globalization and smart technology [2][14][15]. Group 1: Basic Information - Chery Automobile was established in 1997 and has transitioned from reverse engineering to a technology-driven enterprise, initially entering the mainstream and entry-level passenger car market with models like Fengyun and QQ [14]. - The company has a clear shareholding structure involving state-owned capital, strategic investors, and management, ensuring no direct interference in operations from state capital [14][15]. - Financial data shows improvement driven by the growth of new energy vehicles and exports, with significant revenue increases expected from 2022 to 2024 [19][21]. Group 2: Brand System - Chery has developed a five-brand system to meet diverse market demands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer segments [38]. - The main brand, Chery, focuses on the mainstream market with high cost-performance and various powertrain options, while Jetour emphasizes family-oriented SUVs [41][46]. - Exeed targets the high-end market, iCAR is aimed at younger consumers with personalized electric vehicles, and Zhijie collaborates with Huawei to offer smart electric vehicles [41][57]. Group 3: Export Strategy - Chery's export strategy has evolved from focusing on developing markets to expanding into key markets like Russia and Europe, with a significant presence in Russia as of 2023 [62][66]. - The Tiggo series is central to Chery's product strategy, offering a range of energy types and configurations to adapt to different regional markets [70]. - The company has rapidly expanded its overseas dealer network, increasing from 252 to 1092 dealers between 2022 and 2025, supporting its global sales strategy [78]. Group 4: Technological Foundation - Chery is consolidating its smart technology development by integrating its subsidiaries into a centralized "Chery Intelligent Center" to enhance its R&D capabilities [82][83]. - The company employs a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon to advance its smart driving technologies [83]. - Chery's vehicle platform structure includes traditional fuel platforms and new energy platforms, allowing for a layered approach based on price and technology paths [84]. Group 5: Profit Forecast and Investment Recommendations - Chery is projected to achieve net profits of 184 billion, 211 billion, and 254 billion yuan from 2025 to 2027, with a strong growth trajectory in new energy and export markets [6][88]. - The company is expected to maintain a higher valuation compared to its peers due to its robust growth in new energy vehicles and stable export position, receiving a "buy" rating for its stock [6][90].