坚持自主研发，核心技术全覆盖 智通财经APP获悉，西部证券发布研报称，首次覆盖，给予奇瑞汽车(09973)"买入"评级，奇瑞汽车在海 外先发优势显著，预计随着新能源车加速出海以及新市场不断拓展，海外销量收入有望保持增长;国内 在风云、iCAR等新车型推动下，新能源转型有望步入快车道。 西部证券主要观点如下： 五大品牌各有亮点，新能源转型实现突破/高端化有进展 目前奇瑞汽车旗下涵盖奇瑞、捷途、星途、iCAR及智界五大品牌体系，每个品牌都有独特的定位、出 行风格和审美认知，覆盖各具显著增长潜力的细分赛道。其中新能源化方面，2025年奇瑞品牌旗下风云 序列跃升为独立品牌运营，未来3年计划推出16款新车;iCARV27预计26Q1全球上市，助力Icar品牌成 为"特色新能源车全球第一品牌"。高端化方面，捷途发布纵横序列，切入豪华越野市场并进军国际化， 有望带来销量盈利的双突破。 自成立以来，奇瑞坚持自主研发，目前核心技术包括鲲鹏动力、猎鹰智驾、火星架构、雄狮智舱等，并 于2025年4月完成首批墨甲人形机器人220台的全球交付。 海外市场空间广阔，奇瑞具有先发优势，出海销量有望持续增长 奇瑞汽车在海外布局二十余年，具有 ...

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking the largest IPO of a car company in Hong Kong this year [3][4]. Company Overview - Chery Automobile's listing is a significant milestone, being the last major unlisted vehicle manufacturer in China to enter the capital market after facing multiple challenges since its initial listing attempt in 2004 [4]. - The company priced its shares at HKD 30.75, raising a total of HKD 9.14 billion [4]. Financial Performance - Chery's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7% [4]. - Net profit is expected to increase from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with a CAGR of 57.1%, significantly exceeding the industry average [4]. Market Position - In 2024, Chery is anticipated to achieve a global sales volume of 2.295 million vehicles, setting a new historical record [4]. - The company ranks second among Chinese independent brand passenger vehicles and eleventh globally in passenger vehicle sales [4]. Growth in Electric Vehicles - Chery is the only company among the top twenty global passenger car manufacturers in 2024 to achieve over 25% year-on-year growth in four key metrics: new energy vehicles, fuel vehicles, domestic sales, and overseas sales [5]. Brand Portfolio - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhiji, each with distinct positioning and market segments [7]. Global Expansion - Since exporting its first vehicle in 2001, Chery has established a global sales network covering over 100 countries and regions, with cumulative global sales exceeding 13 million vehicles [10]. - Chery has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with nearly 3,000 overseas dealerships as of March 31, 2025 [11].

Core Viewpoint - Chery Automobile has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant milestone for the only large unlisted automobile group in China, with hopes of finally achieving its long-awaited listing dream [2][6]. Financial Performance - Chery's revenue for 2022, 2023, and the first nine months of 2024 was RMB 92.62 billion, RMB 163.21 billion, and RMB 182.15 billion respectively. Net profit increased from RMB 5.81 billion in 2022 to RMB 10.44 billion in 2023, representing an annual growth rate of nearly 80% [6][8]. - In 2024, Chery's net profit for the first nine months reached RMB 11.31 billion, showing a year-on-year growth of nearly 60% [6][8]. Sales and Market Position - In 2024, Chery's global sales exceeded 154,000 units in the first three quarters, a year-on-year increase of 51.8%. The total sales for the year reached 260,390 units, up 38.4%, setting a new historical record [9]. - Chery's sales of new energy vehicles (NEVs) surpassed 58,000 units in 2024, marking a year-on-year growth of 232.7% [9]. Export Growth - Chery's export volumes from 2021 to 2024 were 269,200 units, 451,300 units, and 1,140,000 units respectively, with a 248% increase in 2023 compared to 2021. The 2024 export volume set a new record for Chinese car manufacturers [10][11]. Strategic Plans - The company plans to launch over 60 new passenger vehicle models and versions by 2025, focusing on electrification and intelligence. This includes the introduction of various plug-in hybrid and pure electric vehicles [12][13]. - Chery aims to enhance its research and development in smart driving technologies and improve the practicality and cost-effectiveness of its smart driving solutions [13]. IPO Motivation and Market Strategy - Chery's management has expressed that listing is crucial for establishing a long-term capital supply channel and activating its equity incentive mechanism. The company is now targeting the Hong Kong market for its IPO instead of the A-share market [17][19]. - The IPO proceeds are intended for expanding product lines, enhancing core technology capabilities, and supporting global market expansion [11][19]. Historical Context - Chery's journey towards listing has faced numerous challenges over the past 20 years, including missed opportunities and internal restructuring. The company has learned valuable lessons from these experiences, which may benefit its current IPO efforts [16][20].