Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 42.00, based on a comparable valuation method with a 2026 P/E of 10x [1] - Company is a leading independent automaker in China, with accelerated development in exports and new energy transformation [1] Market Position - Company ranks among the top independent automakers in China, with total sales expected to be among the industry leaders in 2024 [1] - Company maintains a multi-powertrain strategy, with a recent increase in fuel vehicle market share, solidifying its profit base [1] - The company has established five brand series to meet differentiated market demands, including Chery for the mass market and Jetour for the off-road segment [1] Export and Competitive Advantage - Company has the highest overseas sales among independent automakers, leveraging over 20 years of export experience [1] - The company has maintained the top position in export volume for independent passenger car brands in China for 22 consecutive years [1] - A rich channel network, global collaborative R&D system, and comprehensive global production capacity form a competitive moat for the company [1] New Energy Transition - Company has a robust self-research capability and is accelerating its electric and intelligent transformation [2] - A multi-tiered, comprehensive R&D system has been established, creating a wide-reaching and highly applicable automotive platform [2] - The company is expected to launch several new models in 2026, indicating strong growth potential in new energy vehicle sales [2] Financial Projections - Earnings per share (EPS) are projected to be CNY 3.32 and CNY 3.88 for 2025 and 2026, respectively, with a CAGR of 22% from 2024 to 2026 [2] - Current stock price reflects a 2026 P/E of 7x, with a target price of HKD 42 corresponding to a 2026 P/E of 10x, indicating a 35% upside potential [2]

Core Viewpoint - CICC initiates coverage on Chery Automobile (09973) with an "outperform" rating and a target price of HKD 42.00, indicating a 35% upside potential based on a comparable valuation method [1] Group 1: Company Overview - Chery is a leading independent automotive manufacturer in China, with accelerated development in exports and new energy transformation [1] - The company ranks among the top independent car manufacturers in China, with total sales expected to be among the industry leaders in 2024 [2] Group 2: Product and Market Strategy - Chery maintains a multi-power and multi-brand strategy, with a growing market share in fuel vehicles, reinforcing its profitability [2] - The company has established five major brand series to meet diverse market demands, including the Chery brand for the mass market and the Jietu brand for the off-road segment [2] Group 3: Export and International Presence - Chery holds the position of the top independent car manufacturer in China for overseas sales, leveraging over 20 years of export experience [3] - The company has a significant first-mover advantage and has been the leading exporter of independent brand passenger vehicles for 22 consecutive years [3] - Chery is accelerating its entry into new markets in Europe and Asia-Pacific since 2025, which is expected to drive long-term sales and profit growth [3] Group 4: Technological Development - Chery has established a comprehensive R&D system and developed proprietary technologies, including the Kunpeng power system and the Falcon intelligent driving system [4] - The company is forming a new energy brand matrix covering various price segments and is expected to launch several new models by 2026, indicating strong growth potential in new energy vehicle sales [4] Group 5: Catalysts for Growth - Potential catalysts for Chery's growth include continuous improvement in new energy and export sales [5]

中国头部自主车企，多动力、多品牌布局 中金发布研报称，首次覆盖奇瑞汽车(09973)给予跑赢行业评级，目标价42.00港元，当前股价为 26E7xP/E，基于可比估值法，对应估值倍数26E10x P/E，较当前有35%上行空间。公司是中国领先的自 主车企，出口和新能源转型加速发展。预计公司25-26年EPS分别为3.32/3.88元，24-26年CAGR为22%。 市场关注公司出口业务表现，该行提示公司新能源转型/传统油车/出口业务均有稳健发展。 中金主要观点如下： 具备技术自研基因，加速电动智能转型 公司已建立多层次、全方位的研发体系，搭建了广覆盖和高沿用的汽车平台，自研鲲鹏动力系统和猎鹰 智驾体系，打造电动智能转型的技术底座。公司逐步形成覆盖全价格段、多细分市场的新能源品牌矩 阵，新能源产品周期走强，该行预计多款全新车型有望于2026年发布，该行看好公司新能源销量的增长 潜力和后发优势。 潜在催化剂：公司新能源和出口销量持续改善。 风险提示：海外风险，国内需求波动，行业竞争加剧，新能源低于预期。 公司是头部自主车企，2024年总销量位居行业前列。公司坚持多动力类型发展，燃油车份额近年逆势增 长，巩固盈利基 ...