Key Points - The core viewpoint of the article emphasizes Chery Automobile's transformation into a global technology-driven automotive enterprise, focusing on both globalization and smart technology [2][14][15]. Group 1: Basic Information - Chery Automobile was established in 1997 and has transitioned from reverse engineering to a technology-driven enterprise, initially entering the mainstream and entry-level passenger car market with models like Fengyun and QQ [14]. - The company has a clear shareholding structure involving state-owned capital, strategic investors, and management, ensuring no direct interference in operations from state capital [14][15]. - Financial data shows improvement driven by the growth of new energy vehicles and exports, with significant revenue increases expected from 2022 to 2024 [19][21]. Group 2: Brand System - Chery has developed a five-brand system to meet diverse market demands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer segments [38]. - The main brand, Chery, focuses on the mainstream market with high cost-performance and various powertrain options, while Jetour emphasizes family-oriented SUVs [41][46]. - Exeed targets the high-end market, iCAR is aimed at younger consumers with personalized electric vehicles, and Zhijie collaborates with Huawei to offer smart electric vehicles [41][57]. Group 3: Export Strategy - Chery's export strategy has evolved from focusing on developing markets to expanding into key markets like Russia and Europe, with a significant presence in Russia as of 2023 [62][66]. - The Tiggo series is central to Chery's product strategy, offering a range of energy types and configurations to adapt to different regional markets [70]. - The company has rapidly expanded its overseas dealer network, increasing from 252 to 1092 dealers between 2022 and 2025, supporting its global sales strategy [78]. Group 4: Technological Foundation - Chery is consolidating its smart technology development by integrating its subsidiaries into a centralized "Chery Intelligent Center" to enhance its R&D capabilities [82][83]. - The company employs a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon to advance its smart driving technologies [83]. - Chery's vehicle platform structure includes traditional fuel platforms and new energy platforms, allowing for a layered approach based on price and technology paths [84]. Group 5: Profit Forecast and Investment Recommendations - Chery is projected to achieve net profits of 184 billion, 211 billion, and 254 billion yuan from 2025 to 2027, with a strong growth trajectory in new energy and export markets [6][88]. - The company is expected to maintain a higher valuation compared to its peers due to its robust growth in new energy vehicles and stable export position, receiving a "buy" rating for its stock [6][90].

证券研究报告·海外公司深度·汽车(HS) 奇瑞汽车（09973.HK） 深耕出海，多品牌协同拓展增长边界 2026 年 02 月 05 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 163,205 | 269,897 | 303,208 | 329,400 | 372,250 | | 同比(%) | 76.21 | 65.37 | 12.34 | 8.64 | 13.01 | | 归母净利润（百万元） | 11,953 | 14,135 | 18,410 | 21,076 | 25,375 | | 同比(%) | 90.76 | 18.25 | 30.25 | 14.48 | 20.40 | | EPS-最新摊薄（元/股） | 2.06 | 2.43 | 3.17 | 3.63 | 4.37 | | P/E（现价&最新摊薄） | 12.26 | 10.37 | 7.96 | 6.95 | 5.77 | [T ...

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Insights - Chery Automobile is transitioning towards globalization and intelligence, with a focus on multiple brands to meet diverse market demands. The company has established a clear equity structure involving state-owned assets, strategic investors, and management, which enhances operational efficiency and strategic alignment [8][13]. - The financial outlook is positive, with significant revenue growth driven by the expansion of new energy vehicles and increasing overseas sales. The report forecasts a substantial increase in net profit from 11.95 billion yuan in 2023 to 25.38 billion yuan by 2027 [1][17]. - Chery's brand strategy includes five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments and customer needs [38][39]. Summary by Sections 1. Basic Information - Chery Automobile was founded in 1997 and has evolved from a local manufacturer to a global technology-driven automotive enterprise. The company has a clear equity structure that balances state ownership, strategic investments, and management control [13][14]. - The company has seen rapid revenue growth from 2022 to 2024, primarily due to the increasing contribution of new energy vehicles and sustained overseas revenue growth [17][18]. 2. Existing Brand System - Chery's main brand targets the mainstream market with a focus on high cost-performance and diverse powertrain options. Jetour emphasizes family travel and off-road capabilities, while Exeed targets high-end users. iCAR is aimed at younger consumers with a focus on personalization, and Zhijie leverages collaboration with Huawei for smart experiences [38][39]. 3. Export Strategy - Chery has a well-established export strategy that began in developing markets and is now expanding into key markets like Russia and Europe. The company has adapted its product offerings and distribution channels to suit local market conditions [55][60]. - The Tiggo series is central to Chery's product strategy, with a focus on multiple brands and energy types to cater to different regional markets [65]. 4. Technological Foundation - Chery is enhancing its platform-based manufacturing capabilities and pursuing a dual-track strategy of self-research and collaboration with leading technology partners. The company aims to consolidate its R&D efforts to improve efficiency and innovation [8][34]. 5. Profit Forecast and Investment Advice - The report projects Chery's net profit to reach 18.41 billion yuan in 2025, with a corresponding P/E ratio indicating a favorable valuation compared to peers. The strong momentum in new energy development and solid export positioning justify a higher valuation for the company [1][17].

Core Viewpoint - Chery Automobile, founded in 1997, has nearly 30 years of history and is entering a new era in 2025 with significant advancements in its electric vehicle (EV) and international business strategies [2][4]. Company Overview - Chery has a rich historical foundation, with rapid revenue growth and stable profitability in recent years. The company operates under five major brands: Chery, Jetour, iCAR, Exeed, and Zhijie, along with two overseas brands, Omoda and Jaecoo. It has extensive production capacity both domestically and internationally [3][50]. Development Stages - The company's development can be divided into five phases: 1. Layout and Investment Period (1997-2004) 2. Rapid Development Period (2005-2010) 3. Brand Accumulation Period (2011-2017) 4. Multi-Brand Restructuring Period (2018-2020) 5. Hybrid/Intelligent Transformation Period (2021-2024) [5][59]. Financial Performance - In the first three quarters of 2025, Chery achieved revenue of 214.83 billion yuan, a year-on-year increase of 17.94%, and a net profit of 14.365 billion yuan, up 28.19% [23][43]. - The company’s total sales volume reached 2.5157 million units in 2024, a 42.89% increase year-on-year, with overseas sales exceeding 1 million units for the first time [20][28]. Domestic Market Strategy - Chery's hybrid products are experiencing rapid growth, with a clear sub-brand strategy. The A9L model is expected to significantly boost the company's performance in the hybrid segment starting in the second half of 2025 [6][7]. - The company is focusing on enhancing the quality of its electric vehicle offerings, with a notable increase in the penetration rate of its hybrid products [7][32]. International Market Strategy - Chery has been expanding its international presence systematically, with plans for local production in multiple regions. By 2025, the company aims to deepen its overseas production capabilities, particularly in Southeast Asia and Europe [8][9]. - The company has transitioned from primarily exporting fuel vehicles to a comprehensive, ecosystem-based international strategy [9][56]. Brand Positioning - Chery's brand matrix includes: - **Chery**: Targeting family users with a focus on safety and quality. - **Jetour**: Catering to family travel and outdoor enthusiasts. - **Exeed**: Aiming at performance-oriented users. - **iCAR**: Targeting tech-savvy younger consumers. - **Zhijie**: Focusing on intelligent and high-performance vehicles [50][51][54]. Production Capacity - Chery has a robust domestic production capacity, primarily located in Wuhu, Anhui, with additional facilities in Henan, Liaoning, and Inner Mongolia. This allows the company to meet both domestic and international demand [56][57]. - The company is actively expanding its overseas production capabilities, with multiple production bases in Southeast Asia, Central Asia, South Asia, Europe, North Africa, and South America [56][57].

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 - Chery Automobile is undergoing significant organizational restructuring to enhance strategic focus, resource integration, and brand positioning, particularly in response to the growing trends in new energy and smart technology [2][3][4] Group 1: Brand Integration and Market Positioning - Chery has established a domestic business group for its brand, which includes four major divisions: Xingtu, Aihuo, Fengyun, and QQ, while iCAR, Zhijie, and Jietu will operate independently [1][3] - The restructuring aims to clarify the brand matrix and address internal challenges such as low user recognition and overlapping product definitions among its various brands [3][4] - The new division structure is designed to manage different technology paths (pure electric, hybrid, and fuel) and target specific market segments, with QQ focusing on the A0/A00 market to compete directly with BYD and Geely [3][4][5] Group 2: Strategic Focus on Fuel and New Energy Vehicles - The Aihuo division will focus on the fuel and hybrid vehicle market, targeting a price range of 100,000 to 150,000 yuan, which is considered the company's core market [4][5] - Chery's best-selling models, the瑞虎8 and艾瑞泽8, achieved sales of 202,100 units and 145,800 units respectively over the past year [4] - The Fengyun division will concentrate on the mainstream hybrid market, while the QQ division aims to capture the A0/A00 pure electric market, with a new QQ model set to be a key offering [4][5] Group 3: Smart Technology Integration - Chery has established a Smart Technology Center to streamline its smart vehicle initiatives, focusing on efficient collaboration and product delivery rather than solely on technological leadership [8][9] - The integration of various smart technology units aims to create a comprehensive ecosystem that supports product development and market readiness [8][9] - The restructuring of the smart technology division reflects a shift in industry logic, prioritizing mass production and delivery over extensive self-research and development [8][9] Group 4: IPO Preparation and Future Goals - The organizational changes are seen as a preparatory step for Chery's potential IPO in Hong Kong, aiming to overcome previous setbacks in the listing process [2][9] - Chery's leadership has set ambitious sales targets for its new energy vehicles, with a goal of reaching 600,000 units by the end of 2024, positioning itself as a strong competitor in the industry [5][6][9]