机构：国信证券 研究员：唐旭霞/贾济恺 风险提示：产品销量低于预期、盈利能力低于预期的风险；国内外汽车行业竞争加剧的风险；海外地区 本土政策变化的风险；不可抗力的风险等。 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 ...

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、产品、技术三管齐下；iCAR，新品 叠加出海，采用互联网运营思维；捷途，深耕旅行车市场，发力高端硬派市场；星途品牌聚焦新能源转 型；智界改款后销量回升，后续有望扩品类。 国信证券发布研报称，奇瑞汽车(09973)有深厚的历史积淀，目前公司新能源业务、出海进入新篇章。 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。首次覆盖，给予"优于大市"评级。 国信证券主要观点如下： 奇瑞汽车成立于1997年，发展至今接近30年历史 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、 ...

智通财经APP获悉，国信证券发布研报称，奇瑞汽车(09973)有深厚的历史积淀，目前公司新能源业务、 出海进入新篇章。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。首次覆盖，给予"优 于大市"评级。 海外市场，公司体系化出海，在多个地区取得成绩 公司海外业务布局早，目前处于体系化全面出海阶段。2025年，公司深化海外本土生产，多家海外新增 产能将投产；公司从过去的以燃油车出口为主的商业模式，走向多方位、全生态的体系化出海。公司产 能、渠道布局广泛，并建设有海外研发基地，以适配不同地区的需求和法规；O&J两大品牌深耕海外市 场。东南亚，公司加大资源投入，打造海外重要基地；欧洲市场，公司实现本土化生产，进入高速增长 阶段。 盈利预测与估值：预计公司2025-2027年营业收入分别为3014.62/3616.58/4107.44亿元，增速分别为 11.70%/19.97%/13.57%；归属母公司净利润分别为185.97/214.07/254.43亿元，同比增速分别为 31.6%/15.1%/18.9%， ...

Core Viewpoint - Chery Group has transformed from a local Chinese car manufacturer to a "global champion" capable of competing with established giants in the global market, as evidenced by its achievements in quality and design awards [4][5]. Group 1: Achievements and Recognition - Chery has been ranked first among domestic brands in the J.D. Power 2025 China Initial Quality Study (IQS) for three consecutive years (2023-2025) [4]. - In 2025, Chery also secured the top position in the J.D. Power China Sales Satisfaction Index (SSI) and the China Automotive Product Appeal Index (APEAL), becoming the only domestic brand to achieve the "triple crown" in these authoritative studies [4]. - The new QQ concept car won two prestigious awards: the 2025 Red Dot Concept Design Award and the 2025 Red Dot Brand and Communication Design Award, setting a new record for small cars in China [4]. Group 2: Global Expansion Milestones - In July 2025, Chery ranked 233rd in the Fortune Global 500 list with a revenue of $59.6939 billion, marking the fastest rise among car manufacturers [7]. - Chery became the first Chinese brand to export over 5 million vehicles, achieving a significant milestone in its globalization strategy [8]. - In the first seven months of 2025, Chery's export volume reached 669,000 vehicles, maintaining its position as the leading Chinese brand in vehicle exports [12]. Group 3: Strategic Approach to Globalization - Chery emphasizes the importance of integrating into local markets rather than merely exporting products, adopting a philosophy of "In somewhere, for somewhere" to provide differentiated green products and services [15]. - The company collaborates with local manufacturers and component suppliers to promote brand localization and enhance the local economy [15][17]. - Chery's partnership with EV MOTORS in Spain revitalized the historic EBRO brand, creating job opportunities and contributing to local economic growth [17]. Group 4: Success in the European Market - Chery's sales in the European market reached nearly 40,000 units in the first seven months of 2025, a year-on-year increase of 942%, with over 32% of sales coming from new energy vehicles [20]. - The company has established a local production base in Barcelona, becoming the first Chinese car manufacturer to produce vehicles in Europe, which helps avoid trade barriers and enhances brand image [22]. - Chery's success in Europe is attributed to its long-term globalization strategy, technological advancements, and a multi-brand approach that allows it to penetrate various market segments effectively [22][23].

Group 1 - Chery Automobile announced a significant organizational restructuring, establishing a domestic business group with four major divisions: Xingtu, Aihou, Fengyun, and QQ [2] - The restructuring is viewed as a crucial step for Chery in its pursuit of a Hong Kong IPO [2] - The new structure aims to enhance operational efficiency and resource coordination, with a marketing service center established to eliminate internal conflicts [2] Group 2 - Chery's market performance has been strong, with cumulative sales reaching 1,260,124 units in the first half of 2025, a year-on-year increase of 14.5% [3] - The company sold 359,000 new energy vehicles, marking a significant year-on-year growth of 98.6% [3] - Chery exported 550,000 vehicles in the first half of the year, achieving a 3.3% increase and surpassing 5 million cumulative exports, maintaining its position as the top Chinese carmaker in exports [3]