Core Viewpoint - Chery Group has achieved record sales in November, showcasing strong anti-cyclical capabilities driven by the synergy of three core engines: new energy, exports, and a multi-brand matrix, forming a solid growth "iron triangle" [1][2][3] Sales Performance - In November, Chery's total sales exceeded 270,000 units, with new energy vehicles (NEVs) selling 116,794 units, a year-on-year increase of 50.1%, marking a historical high [2] - Cumulative sales of NEVs from January to November surpassed 800,000 units, with a year-on-year growth rate of 69.4% [2] - The Chery brand sold 165,500 units in November, while the Jietu brand contributed 55,100 units, indicating a stable growth pattern across multiple brands [3] Market Response - On November 27, Chery's stock price rose by 4.66%, with a total market capitalization stabilizing at 185.3 billion HKD, reflecting positive market sentiment [1][3] - Institutions like Zhongtai Securities and Dongbei Securities have issued reports with "buy" ratings, recognizing Chery's potential for simultaneous growth in volume and profit [3] Technological Advancements - Chery has established a dual moat of "technological barriers + ecological synergy," with innovations such as the new generation Kunpeng Tianqing hybrid engine achieving a thermal efficiency of 48%, the highest globally [4] - The company has made significant advancements in smart technology, with the "Falcon Smart Driving" system covering scenarios from L2 to L4, enhancing competitive differentiation [4] Brand and Global Strategy - Chery's export business remains a leader in the industry, with November exports reaching 136,700 units, a year-on-year increase of 30.3%, and cumulative exports nearing 1.2 million units [6] - The company's globalization strategy has evolved from "product export" to "brand export," with initiatives to enhance brand recognition in global markets [6][7] Financial Performance - In the first three quarters of the year, Chery achieved revenue of 214.83 billion CNY and a net profit of 14.365 billion CNY, with a net profit growth rate of 28.01%, significantly outpacing revenue growth [5] - The gross profit margin has been rising for three consecutive quarters, exceeding the industry average [5] Future Outlook - As 2025 approaches, Chery's cumulative sales have surpassed 2.56 million units, with both new energy and export businesses achieving historical bests, indicating a clear path towards becoming a "global high-tech ecological group" [8] - The interaction between capital market enthusiasm and strong business performance suggests that Chery's story of simultaneous growth in volume and profit is just beginning [8]