Core Viewpoint - Chery Automobile is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between HKD 82.53 billion and HKD 91.45 billion, marking the largest IPO for an automotive company in Hong Kong since 2025, reflecting its strong market position and growth potential [1][11]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) exceeding 70% [2]. - Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, with a CAGR of 57%, significantly outpacing industry averages [2]. - Total vehicle sales for 2024 are forecasted at 2.295 million units, representing a year-on-year growth of 49.4%, the highest among the top twenty global passenger car companies [2]. Brand and Product Strategy - Chery operates a diversified brand matrix including Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments [3]. - The company has eight models projected to sell over 10,000 units monthly in 2024, indicating strong product demand [4]. - Average sales prices for domestic and international passenger vehicles have increased by 37% and 19.4% respectively from 2022 to 2024, with Chery and Jetour brands seeing average price increases of 30.9% and 39.5% [4]. International Expansion - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, with cumulative global sales exceeding 13 million units [5]. - Revenue from overseas markets is expected to grow from CNY 30.387 billion in 2022 to CNY 100.897 billion in 2024, accounting for 37.4% of total revenue [5]. - The company has established a localized production model, integrating local partnerships and adapting products to meet regional demands [6]. Technological Innovation - Chery plans to allocate 25% of its IPO proceeds to research and development of next-generation vehicles and advanced technologies, with 10% focused on electrification and 15% on intelligent driving solutions [8]. - The company has achieved a 49.6% adoption rate of advanced driver-assistance systems in its vehicles by 2024, surpassing the global average of 35.6% [9]. - R&D investment has increased from CNY 4.128 billion in 2022 to CNY 10.54 billion in 2024, with a CAGR of nearly 60% [10]. Market Reception - The IPO has received strong interest from global investors, with cornerstone investors committing approximately HKD 45.725 billion, indicating positive market sentiment towards Chery's growth prospects [11]. - The listing is expected to enhance market confidence, attract international capital, and contribute to valuation recovery in the electric vehicle sector [11].

Core Insights - Chery Automobile is advancing its "full-domain intelligence" strategy, showcasing its commitment to technological innovation and smart driving capabilities [1][7] - The company aims to become a global leader in intelligent mobility by 2025, with plans to equip all models across its brands with the "Falcon Intelligent Driving" system [3][5] Group 1: Intelligent Driving Technology - Chery introduced the "Falcon Intelligent Driving" solution, which focuses on "precise perception, millisecond decision-making, and full-domain protection" to enhance user experience and safety [3] - The Falcon Intelligent Driving system will be available across all models by 2025, with three series: Falcon 500, Falcon 700, and Falcon 900, each offering advanced features and capabilities [3][6] - The Falcon 900 series will feature L3-level autonomous driving capabilities, providing a higher level of intelligent driving experience [3] Group 2: Market Expansion and Accessibility - Chery plans to launch over 30 models equipped with Falcon Intelligent Driving by the end of 2025, covering various powertrains including fuel, hybrid, extended-range, and pure electric [5] - The company aims to make intelligent driving accessible, with the introduction of the "Little Ant" model priced at 60,000 yuan, featuring 23 smart driving functions [5] - Chery has a global user base of over 16 million across more than 100 countries, with intelligent driving solutions tailored for diverse driving environments [5] Group 3: Future Innovations - Chery is exploring new business models such as robotics, flying cars, and Robotaxi, further emphasizing its commitment to innovation in the intelligent mobility sector [4] - The company has launched the industry's first all-terrain off-road navigation system, covering various driving scenarios to enhance safety and performance [6]