Investment Rating - The report initiates coverage with a "Buy" rating for Chery Automobile [6][3]. Core Insights - Chery Automobile is positioned as a leading player among domestic car manufacturers, focusing on the transition to new energy vehicles, high-end market penetration, and international expansion to drive new growth [1][18]. - The company has established a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which cater to various market segments from mainstream to high-end and from fuel to new energy vehicles [1][18][21]. - Chery's sales are projected to grow significantly, with a compound annual growth rate (CAGR) of 36.7% for its main brand from 2022 to 2024, and a notable increase in export sales [2][3]. Financial Summary - Revenue forecasts for Chery Automobile are as follows: 2025 at 315 billion CNY, 2026 at 394.3 billion CNY, and 2027 at 485.6 billion CNY, with corresponding net profits of 16.22 billion CNY, 21.36 billion CNY, and 27.19 billion CNY [3][4]. - The company is expected to maintain a strong net profit margin, with a projected price-to-earnings (PE) ratio of 10.40 for 2025, decreasing to 6.20 by 2027 [3][4]. Sales and Market Position - In the 5-20W price segment, Chery ranks second in wholesale sales, with a significant increase in sales from 1.75 million units in 2023 to 2.375 million units in 2024, driven by its strong performance in the new energy vehicle sector [2][3]. - The overall penetration rate of new energy vehicles in the market is 44.9%, with Chery's brands showing robust growth across all segments [2][3]. Brand Performance - The main brand Chery is expected to achieve sales of 1.643 million units in 2024, while Jetour, Exeed, iCAR, and Zhijie are also projected to see substantial sales increases, reflecting the effectiveness of the company's diversified brand strategy [2][21]. - The Jetour brand is particularly noteworthy, with a projected CAGR of 77.7% from 2022 to 2024, indicating strong market demand for its offerings [2][3]. Technological Advancements - Chery has made significant investments in technology, focusing on five key areas: Mars architecture, Kunpeng power, Lion smart cockpit, Falcon intelligent driving, and Galaxy ecosystem, which are expected to enhance its competitive edge in the automotive industry [1][64].

Group 1 - The core message highlights the promotional offers and benefits provided by Jietu Automobile during the upcoming National Day holiday, emphasizing the excitement of the "Super Replacement Season" [1][2][10] - Jietu's fuel vehicles, particularly the Jietu Traveler, have shown strong performance in the market, with the Traveler being the best-selling box SUV for 14 consecutive months [2][4] - The newly launched Jietu X70L is priced between 99,900 yuan and 133,900 yuan (excluding national subsidies) and offers five major benefits including traffic gifts, warranty gifts, financial gifts, replacement gifts, and maintenance gifts [2][4] Group 2 - From now until October 12, customers purchasing Jietu series vehicles can enjoy significant benefits, including a maximum replacement subsidy of 40,000 yuan, interest-free financing for up to 5 years and 100,000 yuan, and a lifetime warranty valued at 6,888 yuan [4][8] - The Jietu Mountain Sea series features popular models like the Mountain Sea L7 PLUS, which is marketed as a "traveling small house" with a starting price of 109,900 yuan, highlighting its unique features such as a 32-variable electric seven-seat configuration and a 220 km pure electric range [6][8] - The Mountain Sea series also offers additional benefits such as replacement subsidies starting from 20,000 yuan for the Mountain Sea T2 and 10,000 yuan for the Mountain Sea T1, along with lifetime warranties for the entire vehicle and battery systems [8][10]

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the automotive sector this year, with a market capitalization nearing 200 billion HKD and a share price of 30.75 HKD, reflecting strong investor confidence and growth potential [3][5]. Group 1: Company Position and Growth - Chery is the second largest independent passenger car brand in China and the eleventh largest globally, with significant growth in both new energy and traditional fuel vehicle sales, achieving over 25% growth across all categories [7]. - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion RMB to 269.897 billion RMB, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion RMB to 14.334 billion RMB, with a CAGR of 57.1% [8][9]. Group 2: Sales and Revenue Performance - In Q1 2025, Chery reported revenue of 68.223 billion RMB, a year-on-year increase of 24.2%, with net profit soaring over 90% [8]. - The sales of new energy vehicles (NEVs) have seen remarkable growth, with plug-in hybrid and range-extended electric vehicles generating 1.07 billion RMB in Q1 2025, a 314% increase year-on-year, while pure electric vehicle revenue reached 795.6 million RMB, up 295% [8][10]. Group 3: Research and Development - Chery has invested heavily in R&D, with over 14,400 R&D personnel, accounting for more than 50% of non-production staff. R&D expenditures have increased significantly, reaching 10.544 billion RMB in 2024 [10]. - The company has established a comprehensive R&D system with multiple centers globally, focusing on innovation and technology development, which has led to breakthroughs in hybrid and electric vehicle technologies [10]. Group 4: International Expansion - Chery has been a leader in exporting Chinese passenger vehicles, maintaining the highest export volume among independent brands for 22 consecutive years, with overseas revenue projected to grow significantly from 30.387 billion RMB in 2022 to 100.897 billion RMB in 2024 [21][22]. - The company has established a robust global dealer network and production bases, enhancing its competitive edge and enabling localized production, as seen with its joint venture in Spain [23]. Group 5: Future Outlook - The global automotive market is expected to grow, with a projected CAGR of 3.5% from 2025 to 2030, and Chery aims to capitalize on this by enhancing its presence in international markets, particularly in Europe and South America [20][21]. - Chery's strategic focus on new energy vehicles and technological innovation positions it well for future growth, with ambitious sales targets set for its iCAR and other brands [17][18].

Group 1 - Dongfeng Group announced an investment agreement to establish a joint venture with a registered capital of 8.47 billion yuan, focusing on the manufacturing and sales of smart off-road vehicles [2] - The new company will leverage Dongfeng's intangible asset rights, including model platforms and proprietary technology for intelligent driving, as well as the Hummer brand trademark [2] - The light off-road vehicle market is experiencing significant growth, with domestic sales of boxy models exceeding 769,000 units in 2024, growing at more than three times the industry average [4] Group 2 - Dongfeng aims to transition the Hummer brand from a niche market to a more mainstream audience, integrating Huawei's smart capabilities to build a competitive edge in the high-end new energy off-road sector [4] - Dongfeng Group is accelerating internal reforms to enhance resource integration, efficiency, and market expansion, including the establishment of Yipai Technology to consolidate its three major self-owned brands [4] - The company plans to privatize and delist while its subsidiary, Lantu Motors, will pursue a listing in Hong Kong, aiming to broaden financing channels and enhance international presence [5]

《21汽车·一见Auto》独家获悉，东风集团与襄阳国资将合资成立新公司，专注于智能越野车型的研 发、制造与销售。据知情人士透露，东风集团此次出资的无形资产使用权包括车型平台及智能驾驶专有 技术资产组的许可使用权，以及猛士系列的商标权，也就是说这一新公司生产的新车未来将和猛士共用 商标，推出更多智能越野车产品。 不过，与当前东风猛士生产制造的产品相比，东风猛士侧重硬派越野，而新公司聚焦轻越野。 近年来，随着我国户外露营、山林穿越等旅行+文化兴起，以方盒子车型为代表的轻越野市场正成为增 长明显又竞争激烈的赛道之一，这一市场既要满足城市出行的经济性，还得具备一定的通过性。 2023年，捷途汽车首款方盒子车型捷途旅行者乘着这一东风上市，迅速成为方盒子赛道的销量冠军。此 后，捷途山海T1和捷途山海T2也加速进入市场，共同撑起了捷途汽车的销量底盘。有数据显示，2024 年，国内方盒子车型总销量已经突破76.9万辆，增速达到行业均值的3倍以上。 知情人士透露，未来华为与猛士的合作不再仅是车型合作，双方将在智能汽车产品开发、营销及生态服 务等领域，进一步深化合作。具体而言，本次合作中，华为将全面开放自身流程与体系能力，东风则 ...

21世纪经济报道记者郑植文报道 《21汽车·一见Auto》独家获悉，东风集团与襄阳国资将合资成立新公司，专注于智能越野车型的研 发、制造与销售。据知情人士透露，东风集团此次出资的无形资产使用权包括车型平台及智能驾驶专有 技术资产组的许可使用权，以及猛士系列的商标权，也就是说这一新公司生产的新车未来将和猛士共用 商标，推出更多智能越野车产品。 2023年，捷途汽车首款方盒子车型捷途旅行者乘着这一东风上市，迅速成为方盒子赛道的销量冠军。此 后，捷途山海T1和捷途山海T2也加速进入市场，共同撑起了捷途汽车的销量底盘。有数据显示，2024 年，国内方盒子车型总销量已经突破76.9万辆，增速达到行业均值的3倍以上。 如今，东风新公司将目光瞄准智能越野市场的目标也很明确，猛士品牌要从"小众硬核"走向"大众普 及"，"东风猛士依托湖北汽车产业群优势，整合华为智能化能力，要在高端新能源越野领域构建差异化 竞争力。"知情人士表示。 同时，华为在此次合作中也扮演了关键角色，这一新公司也是东风与华为深化合作的又一举措。 此前，东风猛士M817已搭载华为乾崑智能汽车全栈解决方案包括鸿蒙座舱、乾崑智驾系统，成为品牌 智能化转型的标志性 ...

与此同时，新公司将采用市场化运作机制，建立扁平化、独立的企业治理结构，增强自主决策与市场响 应能力。未来，猛士品牌将加快国际化布局，推动中国智能越野品牌走向全球市场。 在新能源汽车行业竞争白热化的当下， "攥紧拳头" 已成应对挑战的必然选择。今年以来，东风集团加 速内部改革，强调整合资源、提高效率、扩大市场。6月26日，东风汽车集团一纸公告率先揭开重要变 革：成立东风奕派汽车科技有限公司（下称"奕派科技"），将东风风神、东风纳米、东风奕派三大自主 品牌的研发、生产、供应链、销售与服务全链条整合至同一主体之下。 《21汽车·一见Auto》独家获悉，东风集团与襄阳国资将合资成立新公司，专注于智能越野车型的研 发、制造与销售。据知情人士透露，东风集团此次出资的无形资产使用权包括车型平台及智能驾驶专有 技术资产组的许可使用权，以及猛士系列的商标权，也就是说这一新公司生产的新车未来将和猛士共用 商标，推出更多智能越野车产品。 不过，与当前东风猛士生产制造的产品相比，东风猛士侧重硬派越野，而新公司聚焦轻越野。 近年来，随着我国户外露营、山林穿越等旅行+文化兴起，以方盒子车型为代表的轻越野市场正成为增 长明显又竞争激烈的赛 ...

以下文章来源于一见Auto ，作者郑植文 一见Auto . 汽车竞争中的野心、方法论与新秩序。21世纪经济报道旗下汽车报道品牌。 记者丨郑植文 编辑丨吴晓宇 图源 丨东风汽车官方 《21汽车·一见Auto》独家获悉， 东风集团与襄阳国资将合资成立新公司，专注于智能越野车型的研发、制造与销售。 据知情人士透露，东风 集团此次出资的无形资产使用权包括车型平台及智能驾驶专有技术资产组的许可使用权，以及猛士系列的商标权， 也 就是说这一新公司生产 的新车未来将和猛士共用商标 ，推出更多智能越野车产品。 如今，东风新公司将目光瞄准智能越野市场的目标也很明确，猛士品牌要从"小众硬核"走向"大众普及"，"东风猛士依托湖北汽车产业群优势， 整合华为智能化能力，要在高端新能源越野领域构建差异化竞争力。"知情人士表示。 不过，与当前东风猛士生产制造的产品相比，东风猛士侧重硬派越野，而新公司聚焦轻越野。 同时， 华为在此次合作中也扮演了关键角色，这一新公司也是东风与华为深化合作的又一举措。 此前，东风猛士M817已搭载华为乾崑智能汽车全栈解决方案包括鸿蒙座舱、乾崑智驾系统，成为品牌智能化转型的标志性产品，这也是双方 首款联合开发的 ...

Core Viewpoint - Suzhou Jinhongshun Automotive Parts Co., Ltd. reported significant revenue growth in 2024 but continued to face net profit losses, highlighting a divergence between revenue and profitability [2][3][4] Group 1: Performance Overview - In 2024, the company achieved operating revenue of 867 million yuan, a year-on-year increase of 87.21%, while the net profit attributable to shareholders was -12 million yuan, marking a continued trend of alternating profits and losses over the past four years [2] - The automotive parts business sold a total of 37.3 million units, a year-on-year increase of 2.88%, generating revenue of 694 million yuan, up 69.48% [2] - The mold business saw revenue of 62 million yuan, a substantial increase of 554.15% compared to the previous year [2] Group 2: Client and Revenue Analysis - The company detailed its top five clients for 2023 and 2024, noting significant changes such as Suzhou Dongyue's revenue surge due to the temporary Tesla Model Y battery tray project, which ended in August 2024 [2] - Wuhu Da'ao's revenue increased by 466.04% due to higher sales of the Jietu Traveler model [2] - The revenue growth in 2024 was primarily driven by Wuhu Da'ao and Suzhou Dongyue, with their combined revenue accounting for 47.75% of total revenue [2] Group 3: Profitability Challenges - The net profit loss was attributed to negative gross margins from the two major clients, with Wuhu Da'ao's margin improving over time and Suzhou Dongyue's real gross margin at 0.33% after considering waste income [3] - The company anticipates a turnaround in net profit by Q1 2025 as production approval processes are completed and Wuhu Da'ao's gross margin turns positive [3] Group 4: Gross Margin and Cost Analysis - The gross margin for the automotive parts business was 3.75%, a decrease of 0.28 percentage points from the previous year, while the mold business gross margin was 21.22%, down 35.19 percentage points [4] - The decline in mold business gross margin was linked to changes in cost structure and special project impacts, with no significant differences compared to industry peers [4] - Inventory turnover rate improved to 4.53 times, a year-on-year increase of 120.01%, influenced by reduced mold balances and cost transfers from key clients [4]

Core Viewpoint - The article emphasizes the need for the Chinese automotive industry to pursue orderly international expansion to avoid excessive competition and ensure sustainable growth [1][6]. Group 1: Export Growth - In the first half of this year, China's automotive exports reached 3.083 million units, marking a year-on-year increase of 10.4% [2]. - The Middle East has emerged as a significant growth market, with exports to the UAE and Saudi Arabia showing notable increases [4]. - In the first five months of 2025, the UAE and Saudi Arabia ranked second and seventh, respectively, in China's total vehicle exports, with the UAE contributing significantly to export growth [4]. Group 2: Industry Calls for Orderly Expansion - Industry leaders at the forum called for a sustainable and orderly environment for international expansion, highlighting the importance of patience from the government regarding companies' operational capabilities [7]. - Companies are encouraged to deepen local integration by understanding target market needs, cultural habits, and regulatory frameworks [7]. - Risk management is crucial, including addressing currency fluctuation risks, compliance risks, and quality risks [7]. - The China Automotive Industry Association is taking measures to ensure that companies respect local cultures and laws during their internationalization efforts [8].