核心观点 奇瑞汽车成立于1997年，发展至今接近30年历史 公司有深厚的历史积淀，目前公司新能源业务、出海进入新篇章。公司近年营收高速增长，盈利能力稳定。目前公司 品牌矩阵为奇瑞、捷途、iCAR、星途、智界五大品牌，以及Omoda、Jaecoo两个海外品牌；公司在海内外产能丰富。 公司2025进入新纪元 公司发展历程整体可分为五个阶段，经历了沉潜和发展；2025年，智能化整合叠加新能源再进化，公司迈入新阶段。 公司研发体系变革，由传统的项目导向转化为研发平台赋能，2025年在此基础上又将芜湖研发中心、大卓智驾、雄狮 科技三大智能化平台整合为"智能化中心"；纯电领域，公司在车展上发布了QQ概念车，将重启经典产品线；混动领 域，公司新品A9L采用新设计理念，上市成为爆款；出海方面，公司加强海外布局，顺利进军欧洲市场。 国内市场，公司混动产品二次发力，子品牌战略清晰 公司混动产品销量高速增长，渗透率快速爬升，但是整体新能源渗透率较行业仍低。截止2025H1，公司新能源车型数 量多但单品销量不足；2025下半年起，A9L上市并热销，标志着公司新能源进入新一阶段，新一代产品力提升，市场 成绩斐然。主品牌奇瑞/风云，渠道 ...

Core Viewpoint - Chery Automobile's stock price surged by 4.66% to HKD 31.90, with a market capitalization of HKD 185.3 billion, reflecting positive market sentiment and a "buy" rating from Zhongtai Securities [1][3][10] Financial Performance - In the first three quarters, Chery achieved revenue of CNY 214.83 billion, a year-on-year increase of 17.94%, and a net profit of CNY 14.365 billion, up 28.01% [5] - Chery sold 2,007,768 vehicles in the first three quarters, marking a 14.5% increase year-on-year, with new energy vehicle sales reaching 587,545 units, a growth of 77.1% [5] Sales Growth - In October, Chery sold 281,161 vehicles, a 3.3% increase year-on-year, with new energy vehicle sales at 110,346 units, up 54.7%, achieving over 110,000 units in a single month for the first time [7] - From January to October, cumulative sales reached 2,288,929 vehicles, a 13% increase year-on-year, setting a record for the same period [7] Market Position and Strategy - Zhongtai Securities highlights Chery's strong export market presence and early mover advantage, anticipating simultaneous growth in volume and profit due to collaboration with Huawei and the orderly advancement of domestic new energy brands [3][9] - Chery's focus on understanding user needs beyond traditional metrics is seen as crucial for enhancing market share in a competitive landscape [9] Technological Advancements - Chery's new generation Kunpeng engine boasts a thermal efficiency of 48%, the highest globally for mass production, with production capacity expected to reach 1 million units by 2026 [19] - The company has introduced over ten leading technologies, including AI smart vehicle architecture and L4 autonomous driving capabilities, enhancing its competitive edge in the market [22] Future Outlook - Chery aims for further growth in sales, revenue, and net profit through strategies such as technology equity, model focus, export expansion, and brand collaboration [24] - The company’s sub-brands, including Jetour and iCAR, are expected to establish a foothold in the high-end personalized automotive market, potentially increasing profit margins [24]

Core Viewpoint - Zhongtai Securities initiates a "Buy" rating for Chery Automobile (09973), highlighting its strong export capabilities and first-mover advantage, with expectations for simultaneous growth in volume and profit due to orderly advancement of domestic new energy brands and deep collaboration with Huawei [1] Group 1: Industry Insights - The shift in core capabilities for automakers emphasizes demand control and the pace of electrification as critical for market share growth, moving away from traditional product cycles [2] - The competitive landscape has evolved post-2021, with domestic and joint venture brands increasing their market share through strategic adjustments [2] Group 2: Growth Review - Chery's market share has significantly increased since 2017, transitioning from reliance on low-cost small cars to a focus on quality and export growth [3] - The company has experienced a resurgence and growth phase from 2017 to 2021, marked by improved product strength and successful sub-brand strategies [3] - The current explosive growth phase (2022-present) is characterized by technological advancements and a rapid transition to new energy vehicles, leading to record sales [3] Group 3: Current Development Status - Chery's internal combustion vehicle lineup, particularly the Aiyre and Ruihu series, continues to perform well, supporting overall growth [4] - The Wind and Cloud sub-brand is beginning to show results in the new energy transition, while the Jietu and Zhijie brands are developing independently [4] - Financially, Chery is projected to achieve revenues of 269.9 billion yuan in 2024, a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [4] Group 4: Core Competitiveness - Chery's first-mover advantage in exports has created a strong competitive moat, with leading engine technology and smart capabilities enhanced by Huawei [5] - The company has established a stable increase in export volumes, focusing on regions such as Europe, Latin America, and Southeast Asia, with overseas production capacity reaching approximately 1 million units [5] - The new Kunpeng engine boasts a thermal efficiency of 48%, the highest globally, with production capacity expected to double by 2026 [5] Group 5: Future Outlook - Chery plans to focus on the Wind and Cloud brands for market penetration, with significant advancements in technology and product offerings [6] - The company aims to enhance its domestic oil vehicle market share, which has increased by 4.1 percentage points over the past three years, positioning it as the second-largest among domestic brands [6] - Continued expansion in key overseas markets is anticipated to contribute positively to profits [6]

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [2]. Core Insights - Chery has demonstrated significant growth in both domestic and export markets, with a focus on electric and intelligent vehicle integration. The company has successfully transitioned from a low-cost strategy to enhancing product quality and brand value, leading to a substantial increase in market share [5][21]. - The financial forecasts indicate a strong revenue growth trajectory, with projected revenues of CNY 269.9 billion in 2024, representing a year-on-year increase of 65.4%, and a net profit of CNY 14.1 billion, up 18.3% year-on-year [5][32]. Summary by Sections Company Overview - Chery's total share capital is approximately 5.81 billion shares, with a market capitalization of around HKD 175.77 billion as of November 25, 2025 [2]. Financial Performance - Revenue projections for Chery are as follows: - 2023: CNY 163.2 billion - 2024: CNY 269.9 billion (up 65%) - 2025: CNY 289.7 billion (up 7%) - 2026: CNY 325.1 billion (up 12%) - 2027: CNY 359.1 billion (up 10%) [2][78]. - Net profit forecasts are: - 2023: CNY 11.95 billion - 2024: CNY 14.1 billion (up 18%) - 2025: CNY 17.3 billion (up 23%) - 2026: CNY 21.9 billion (up 26%) - 2027: CNY 24.3 billion (up 11%) [2][78]. Market Position and Strategy - Chery has established itself as a leader in exports, with a focus on enhancing its product lineup and expanding into new markets, particularly in Europe, Latin America, and Southeast Asia. The company has also made significant advancements in engine technology, with the new Kunpeng engine achieving a thermal efficiency of 48%, the highest globally [5][44][68]. - The company is integrating its various brands, including the high-end brand Starway and the electric brand Windcloud, to streamline operations and enhance market competitiveness [5][50]. Future Outlook - The report anticipates continued growth in Chery's market share, particularly in the fuel vehicle segment, with a projected increase in sales driven by the successful launch of new models and ongoing improvements in engine technology [5][62]. - The company is expected to maintain a strong focus on electric vehicle development, with the Windcloud brand positioned to capture market share in the competitive landscape [5][52]. Valuation and Investment Recommendation - The projected price-to-earnings (P/E) ratios for Chery from 2025 to 2027 are 9.2X, 7.3X, and 6.6X, respectively, which are below the industry average, reinforcing the "Buy" rating [2][82].

Core Viewpoint - BYD has initiated a significant price reduction across 22 models, marking the largest discount yet, which signals the beginning of a new price war in the automotive industry [2][4] Group 1: Price Reductions and Market Impact - BYD's price cuts range from 12,000 to 53,000 yuan, and the promotion will last until the end of June [2] - This is the third price reduction since March, indicating a trend of aggressive pricing strategies in the industry [2] - Other manufacturers like Geely and Chery have also followed suit with substantial price cuts, with Chery's reductions nearing 50% for some models [2] - The automotive industry is facing a historical low profit margin of 4.3% in 2024, with cumulative retail losses approaching 200 billion yuan due to the price war [4] Group 2: BYD's Sales Performance - In 2024, BYD sold 4.2722 million vehicles, generating revenue of 617.38 billion yuan, with an average revenue contribution of 144,500 yuan per vehicle [4] - Despite a leading gross margin of 22.31%, the net profit per vehicle is less than 10,000 yuan, indicating lower profitability in the automotive sector [4] - BYD's sales target for 2025 is set at 5.5 million vehicles, with a domestic market goal of 4.7 million [6] Group 3: Competitive Landscape - BYD faces increasing competition in both the low-end and high-end markets, with competitors like Geely gaining market share [8][10] - The sales of BYD's A0-class models have declined, with competitors like Geely's Xingyuan surpassing them in sales [10] - The Han series has seen a significant drop in sales, reflecting challenges in the 200,000 yuan market segment [10][11] Group 4: Financial and Operational Challenges - BYD's asset-liability ratio stands at 74.64%, which is relatively lower compared to other domestic manufacturers [16] - The company has significantly increased its R&D investment, reaching 54.2 billion yuan in 2024, but faces high operational debts [18][19] - Maintaining high sales growth is crucial for BYD to manage its debt levels and support ongoing R&D investments [20] Group 5: Future Outlook - BYD is focusing on low-end models to stabilize its market position while aiming for overseas expansion, targeting over 800,000 units in international sales [22] - The company has sold approximately 290,000 vehicles overseas in the first four months of the year, indicating potential for exceeding its sales target [22]