行 业 研 究 [Table_Reportdate] 2026年01月09日 [table_invest] 标配 行 业 深 度 [证券分析师 Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn [table_stockTrend] -15% -5% 4% 14% 24% 34% 44% 25-01 25-04 25-07 25-10 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1.长安汽车（000625）：2025Q3营收 同环比增长，智驾、机器人发展规划 清晰 ——公司简评报告 2.继峰股份（603997）：2025Q3归母 净利环比高增，乘用车座椅订单持续 放量——公司简评报告 3.保隆科技（603197）：2025Q3毛利 率环比修复，业绩静待Q4订单释放 ——公司简评报告 [Table_NewTitle 出海引领，链动未来：奇瑞"技术筑基 ] + 电动智能+全球突破"下的产业链重构机 遇 ——汽车行业深度报告 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM ...

Core Insights - The article discusses the transformation of the automotive industry, particularly focusing on the competitive dynamics between domestic and joint venture manufacturers, highlighting the shift from a multi-model approach to a focus on winning rates in market share [1] Group 1: Growth and Market Dynamics - The company has experienced significant market share growth since 2021, driven by a rapid increase in demand and the electrification of vehicles [1] - Historical growth phases are outlined: initial reliance on low-cost small cars (2008-2012), a strategic shift towards quality improvement (2013-2016), a recovery period with successful sub-brand strategies (2017-2021), and an explosive growth phase from 2022 onwards due to technological advancements and a strong export performance [1][2] Group 2: Current Performance - The company’s current performance is supported by strong sales of traditional fuel vehicles, with notable models like the Aiyre and Ruihu series achieving good market reception [2] - The company is projected to achieve revenue of 269.9 billion yuan in 2024, representing a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [2] Group 3: Competitive Advantages - The company has established a strong export position, with a focus on regions such as Europe, Latin America, and Southeast Asia, and is expanding production capacity in overseas factories [2][3] - Technological innovation is a key competitive advantage, with the launch of the new Kunpeng engine achieving a thermal efficiency of 48%, the highest globally, and plans to increase production capacity significantly by 2026 [2] Group 4: Future Outlook - The company plans to focus on the integration of its domestic brands and the development of its Wind and Cloud series, aiming to capture market share through technological advancements [3] - Continued growth in the domestic market is expected, with a projected increase in market share for traditional fuel vehicles over the next three years [3] Group 5: Financial Projections - The company is expected to see net profits of 17.34 billion, 21.86 billion, and 24.34 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 9.2X, 7.3X, and 6.6X, which are below the industry average [4]

Core Viewpoint - Chery Automobile Co., Ltd. has launched the Fengyun A9L, a luxury electric hybrid sedan, marking a significant step for Chinese brands in the new energy luxury car sector with a price range of 139,900 to 197,900 yuan [1] Group 1: Product Launch and Features - The Fengyun A9L is built on a high-performance luxury electric hybrid E platform, offering four variants and nine limited-time purchase benefits [1] - The vehicle features a length of 5,150mm and a wheelbase of 3,100mm, providing D-class interior space with a rear knee room of 165mm [2] - The powertrain includes the Kunpeng Super Energy Electric Hybrid CDM 6.0, achieving a pure electric range of 260km and a comprehensive range exceeding 2,500km [2] - The A9L can accelerate from 0 to 100 km/h in 4 seconds, showcasing the performance potential of electric hybrid technology [2] Group 2: Safety and Technology - The vehicle's body structure consists of 88% high-strength steel and aluminum, ensuring a solid passive safety foundation [2] - The Falcon Intelligent Driving Assistance System, supported by Momenta, enhances safety with capabilities such as active braking at 130 km/h and high-speed evasive maneuvers at 135 km/h [2] - The chassis system features advanced suspension technology, providing a balance of comfort and handling performance [3] Group 3: User-Centric Development - Since becoming an independent brand in November 2023, Fengyun has collected feedback from over 5 million users, incorporating 1,278 suggestions into the A9L's development [3] - The company emphasizes a user-driven research and development model, aiming to align product features with customer needs [3] Group 4: Company Vision and Future - Chery's chairman, Yin Tongyue, stated the company's commitment to genuine values, solid technology, and a focus on user experience, aiming for high-quality development [4] - The Fengyun A9L represents Chery's aspiration to position itself on the global stage, showcasing the appeal of Chinese brands [4]