Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Viewpoints - Chery Automobile is transitioning towards globalization and intelligence, with a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, covering various market segments and energy types [8][38]. - The company is experiencing significant revenue growth driven by its electric vehicle (EV) offerings and expanding export markets, with a projected total revenue of 329.4 billion yuan in 2026, reflecting an 8.64% year-on-year growth [1][17]. - Chery's net profit is expected to reach 21.08 billion yuan in 2026, with a strong growth trajectory, particularly in the EV segment [1][17]. Summary by Relevant Sections 1. Basic Information - Chery Automobile was established in 1997 and has evolved from a domestic manufacturer to a global technology-driven automotive enterprise, focusing on core technologies and quality improvement [13][14]. - The company has a clear ownership structure involving state capital, strategic investors, and management, ensuring operational independence [14]. 2. Existing Brand System - Chery's five brands cater to diverse consumer needs, with Chery focusing on mainstream markets, Jetour on family-oriented SUVs, Exeed on high-end users, iCAR on younger demographics, and Zhijie on smart electric vehicles [38][39]. 3. Export Strategy - Chery has a well-established export strategy, initially targeting developing markets and gradually expanding to key markets like Russia and Europe, with a focus on local assembly to adapt to market conditions [55][60]. 4. Technological Foundation - The company is enhancing its platform-based vehicle manufacturing capabilities and pursuing a dual strategy of self-research and collaboration with leading technology partners [8][34]. 5. Profit Forecast and Investment Advice - The report forecasts Chery's net profit to be 18.41 billion yuan in 2025, 21.08 billion yuan in 2026, and 25.38 billion yuan in 2027, suggesting a favorable investment outlook based on strong growth in the EV sector and stable export performance [1][17].