证券研究报告·海外公司深度·汽车(HS) 奇瑞汽车（09973.HK） 深耕出海，多品牌协同拓展增长边界 2026 年 02 月 05 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 163,205 | 269,897 | 303,208 | 329,400 | 372,250 | | 同比(%) | 76.21 | 65.37 | 12.34 | 8.64 | 13.01 | | 归母净利润（百万元） | 11,953 | 14,135 | 18,410 | 21,076 | 25,375 | | 同比(%) | 90.76 | 18.25 | 30.25 | 14.48 | 20.40 | | EPS-最新摊薄（元/股） | 2.06 | 2.43 | 3.17 | 3.63 | 4.37 | | P/E（现价&最新摊薄） | 12.26 | 10.37 | 7.96 | 6.95 | 5.77 | [T ...

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Insights - Chery Automobile is transitioning towards globalization and intelligence, with a focus on multiple brands to meet diverse market demands. The company has established a clear equity structure involving state-owned assets, strategic investors, and management, which enhances operational efficiency and strategic alignment [8][13]. - The financial outlook is positive, with significant revenue growth driven by the expansion of new energy vehicles and increasing overseas sales. The report forecasts a substantial increase in net profit from 11.95 billion yuan in 2023 to 25.38 billion yuan by 2027 [1][17]. - Chery's brand strategy includes five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments and customer needs [38][39]. Summary by Sections 1. Basic Information - Chery Automobile was founded in 1997 and has evolved from a local manufacturer to a global technology-driven automotive enterprise. The company has a clear equity structure that balances state ownership, strategic investments, and management control [13][14]. - The company has seen rapid revenue growth from 2022 to 2024, primarily due to the increasing contribution of new energy vehicles and sustained overseas revenue growth [17][18]. 2. Existing Brand System - Chery's main brand targets the mainstream market with a focus on high cost-performance and diverse powertrain options. Jetour emphasizes family travel and off-road capabilities, while Exeed targets high-end users. iCAR is aimed at younger consumers with a focus on personalization, and Zhijie leverages collaboration with Huawei for smart experiences [38][39]. 3. Export Strategy - Chery has a well-established export strategy that began in developing markets and is now expanding into key markets like Russia and Europe. The company has adapted its product offerings and distribution channels to suit local market conditions [55][60]. - The Tiggo series is central to Chery's product strategy, with a focus on multiple brands and energy types to cater to different regional markets [65]. 4. Technological Foundation - Chery is enhancing its platform-based manufacturing capabilities and pursuing a dual-track strategy of self-research and collaboration with leading technology partners. The company aims to consolidate its R&D efforts to improve efficiency and innovation [8][34]. 5. Profit Forecast and Investment Advice - The report projects Chery's net profit to reach 18.41 billion yuan in 2025, with a corresponding P/E ratio indicating a favorable valuation compared to peers. The strong momentum in new energy development and solid export positioning justify a higher valuation for the company [1][17].

Core Viewpoint - The article highlights the upcoming launch of the Chery QQ3, a new small electric hatchback set to be released in February 2026, with an expected price range of 60,000 to 90,000 yuan [3][5]. Group 1: Vehicle Overview - The Chery QQ3 is designed as a small pure electric hatchback under Chery New Energy, featuring a rounded exterior and simple lines, with a closed front grille and rounded LED headlights [3][4]. - The vehicle dimensions are 4,195mm in length, 1,811mm in width, and 1,569mm in height, with a wheelbase of 2,700mm, providing ample space for daily commuting and family use [3][4]. - The interior design includes a dual-tone color scheme with practical features such as a multifunctional steering wheel, a fully digital instrument panel, and a 15.6-inch floating central control screen [3][4]. Group 2: Performance and Technology - The QQ3 is equipped with a maximum power output of 58kW and a top speed of 125 km/h, utilizing a lithium iron phosphate battery from Guoxuan High-Tech, which balances battery durability and low operating costs [4][5]. - The vehicle offers two power options with a range of 280 km and 401 km under CLTC conditions, catering to different consumer needs [5]. - Advanced technology features include the AI Lingxi smart cockpit powered by the Qualcomm 8155 chip, supporting intelligent voice interaction and vehicle networking, along with the rare Falcon 500 driving assistance system for urban navigation and parking [4][5]. Group 3: Market Context - The article notes that the number of new vehicle launches in February 2026 is limited, primarily due to the Spring Festival holiday affecting operational and consumer demand, as well as logistics [5]. - The market has experienced a preemptive demand surge due to policy changes at the end of 2025, leading to high inventory levels among automakers, prompting a shift in new vehicle launch schedules to March [5].

Core Viewpoint - The article highlights the significant growth and strategic positioning of Guoxuan High-Tech in the Chinese power battery market, particularly in the context of the evolving landscape towards commercial vehicles and advanced battery technologies. Market Overview - In 2025, the Chinese power battery industry is entering a critical phase of restructuring, with market growth shifting from passenger vehicles to the commercial vehicle segment [3] - The market share of lithium iron phosphate (LFP) batteries is expected to rise to 81.2%, indicating a trend towards concentrated technology routes among leading companies [3] Company Performance - Guoxuan High-Tech achieved the highest market share growth among top companies, with an increase of over 1.1%, making it the only leading enterprise to exceed 1% growth in a challenging environment [1] - The company has successfully partnered with several high-end models, including Chery and Geely, contributing to its strong market presence [5] Technological Advancements - Guoxuan High-Tech is focusing on R&D and diversified technology routes, leading to the production of LFP batteries with energy densities exceeding 195Wh/kg and the development of next-generation solid-state batteries [4] - The company has established a pilot line for solid-state batteries with a yield rate of over 90%, showcasing its commitment to innovation [4] Commercial Vehicle Market - The commercial vehicle segment is projected to account for 40.5% of the installed capacity in 2025, with a year-on-year growth of 140.9% in the overall commercial vehicle market, positioning Guoxuan High-Tech as a key player in this sector [7] - The company maintains a leading market share in the new energy VAN segment and ranks among the top three in the commercial vehicle market [7] Future Outlook - Guoxuan High-Tech is strategically exploring new applications for lithium batteries in emerging fields such as low-altitude aircraft and humanoid robots, indicating a forward-looking approach to market expansion [8]

机械ETF国泰（516960）跟踪的是细分机械指数（000812），该指数聚焦于机械设备行业，涵盖专用设 备、通用设备等领域的上市公司证券，以反映机械设备行业相关上市公司证券的整体表现及发展趋势。 （文章来源：每日经济新闻） 2月5日，机械ETF国泰（516960）回调超2%，锂电池产业链仍处于向上周期，回调或可布局。 太平洋证券指出，电动化与储能等多重因素加持下，锂电池产业链仍处于向上周期的较好位置。近期锂 电材料企业2025年业绩预告显示利润集中在第四季度爆发，核心驱动在于供需改善与产品价格上涨。展 望未来，中汽协预测2026年新能源汽车销量将持续增长，动力主要来自国内"油改电"推进及出口改善。 当前，近期碳酸锂等上游涨价环节进入调整期，电池、材料等中下游环节有望受益，将迎来较好的上涨 窗口期。此外，全固态电池已进入产业化关键验证阶段，预计将在2027年左右投入实际使用。 ...

Core Viewpoint - The company is actively expanding its capabilities in the robotics and new energy vehicle sectors, focusing on precision gear production and international market development [1] Group 1: Robotics and Precision Gear Production - The company's subsidiary, Huandong Technology, specializes in the research, design, production, and sales of high-precision reducers for robotic joints, including RV reducers, precision components, and harmonic reducers [1] - RV reducers are the main product of the subsidiary and are widely used in high-end manufacturing fields such as robotics and industrial automation [1] Group 2: New Energy Vehicle Gear Business - The company is accelerating the capacity layout of its Hungary base to expand its overseas market for new energy vehicle gears [1] - In recent years, the company has been increasing its market expansion and capacity layout for injection molding and composite material gear businesses, achieving diversification in its product offerings [1]

Industry Updates - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced a policy allowing residents of Hainan Free Trade Port to purchase imported goods at "zero tariffs," with a tax exemption limit of 10,000 RMB per person per year and no limit on purchase frequency [1] - The State Administration for Market Regulation is intensifying efforts to combat issues in live-streaming e-commerce, focusing on counterfeit goods and false marketing, and has initiated a special rectification campaign [1] - The Ministry of Industry and Information Technology has prioritized addressing the internal competition in the photovoltaic industry, aiming to achieve a dynamic balance between supply and demand through enhanced departmental collaboration [1] - Anhui Province has set a regional GDP growth target of 5% to 5.5% for 2026 [1] - The Internationally first and largest single-unit power compressed air energy storage compressor, developed by the Institute of Engineering Thermophysics of the Chinese Academy of Sciences and China Storage Energy (Beijing) Technology Co., has passed third-party testing with CNAS accreditation, reaching an internationally leading level [1] Company Updates - Kweichow Moutai responded to issues with the iMoutai App, stating that recent high demand and a surge in orders have led to difficulties in app loading and customer service line congestion [1] - Tesla's energy super factory has begun supplying capacity to multiple domestic and international markets [1] - Foxconn's new energy vehicle R&D center officially commenced operations on February 4 in Zhengzhou Airport, focusing on next-generation electronic and electrical architecture and smart driving technologies [1] - NewEase has announced that its 1.6T optical module products have achieved mass delivery and are in the process of continuous capacity enhancement [1] - Lei Jun announced via Weibo that the next-generation SU7 is expected to launch in April 2026, with pre-orders now open [1] - Yunding Xinyao signed an exclusive commercialization licensing agreement with Macao Teo, obtaining exclusive commercialization rights for MT1013 in China and the Asia-Pacific region (excluding Japan) [1] - Changan Automobile, in collaboration with CATL, is introducing sodium-ion batteries, planning to implement them in multiple models by 2026 [1]

Group 1 - The core point of the article is that Zhongchuang Zhiling (601717) has seen a decline of over 6%, currently trading at 22.1 HKD with a transaction volume of 72.95 million HKD [1] - The company announced plans to issue convertible bonds totaling no more than 4.35 billion CNY to unspecified investors [1] - The raised funds will be allocated to projects including a high-end component industrial base for new energy vehicles, intelligent upgrades of high-end hydraulic component production systems, a full-scenario R&D center for intelligent manufacturing, and a manufacturing base for intelligent mobile robots [1] Group 2 - Zhongchuang Zhiling originated from the coal machinery business and has developed a collaborative structure across three main business segments: coal machinery, automotive components, and industrial intelligence [1] - The company plans to invest 2.187 billion CNY specifically in the automotive components segment as part of the fundraising efforts [1]

转自：中国质量报 看见趋势 把握变革 2025微博年度汽车大选在京收官 本报讯 （记者岳 倩）近日，2025微博年度汽车大选在京收官。此次活动是对2025年汽车行业市场的总 结，也是对微博社交舆论场2025年重要的回顾。 2025年，汽车行业产销分别突破3400万台，新能源汽车销量占比跨越50%临界点。与此同时，L3自动驾 驶获得准入试点，城市NOA（领航辅助驾驶）大规模落地，汽车市场从价格战转向技术战。 据介绍，微博年度汽车大选如今已走到第23个年头，越来越多汽车品牌和产品通过积极拥抱社交媒体， 与用户真诚对话。 以技术导向重塑市场正在成为普遍共识，企业的策略选择与新世代用户消费观念转变密不可分。2025 年，一些现象级的汽车热点在微博登榜，汽车社交热点不断助力车企品牌价值增长，车企品牌纷纷开始 重新定义产品功能点。 此次微博年度汽车大选以用户消费趋势的变化为内核，历时3个月，经百万微博网友互动，由百位汽车 KOL（关键意见领袖）与跨领域媒体账号推荐，以及汽车机构及产学研核心评委专业评议盘点产生。 "买车可以买贵的，但不能买贵了。"有年轻消费者在微博写道。当下年轻人的购车理念和购车趋势已发 生变化，消费者对 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...