Investment Rating - The report initiates coverage with a "Buy" rating for Chery Automobile [6][3]. Core Insights - Chery Automobile is positioned as a leading player among domestic car manufacturers, focusing on the transition to new energy vehicles, high-end market penetration, and international expansion to drive new growth [1][18]. - The company has established a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which cater to various market segments from mainstream to high-end and from fuel to new energy vehicles [1][18][21]. - Chery's sales are projected to grow significantly, with a compound annual growth rate (CAGR) of 36.7% for its main brand from 2022 to 2024, and a notable increase in export sales [2][3]. Financial Summary - Revenue forecasts for Chery Automobile are as follows: 2025 at 315 billion CNY, 2026 at 394.3 billion CNY, and 2027 at 485.6 billion CNY, with corresponding net profits of 16.22 billion CNY, 21.36 billion CNY, and 27.19 billion CNY [3][4]. - The company is expected to maintain a strong net profit margin, with a projected price-to-earnings (PE) ratio of 10.40 for 2025, decreasing to 6.20 by 2027 [3][4]. Sales and Market Position - In the 5-20W price segment, Chery ranks second in wholesale sales, with a significant increase in sales from 1.75 million units in 2023 to 2.375 million units in 2024, driven by its strong performance in the new energy vehicle sector [2][3]. - The overall penetration rate of new energy vehicles in the market is 44.9%, with Chery's brands showing robust growth across all segments [2][3]. Brand Performance - The main brand Chery is expected to achieve sales of 1.643 million units in 2024, while Jetour, Exeed, iCAR, and Zhijie are also projected to see substantial sales increases, reflecting the effectiveness of the company's diversified brand strategy [2][21]. - The Jetour brand is particularly noteworthy, with a projected CAGR of 77.7% from 2022 to 2024, indicating strong market demand for its offerings [2][3]. Technological Advancements - Chery has made significant investments in technology, focusing on five key areas: Mars architecture, Kunpeng power, Lion smart cockpit, Falcon intelligent driving, and Galaxy ecosystem, which are expected to enhance its competitive edge in the automotive industry [1][64].

风云X3定位"精美时尚户外方盒"，针对时尚年轻群体、女性用户，提供纯电两驱产品。风云X3将作 为"女性、年轻人的第一台方盒子"，降低硬派风格方盒的入门门槛，满足城市代步基础需求。相比 iCAR03，风云X3在造型、动力、智能、配置、品质等6大方面大幅升级，共包含100项升级点。 风云X3PLUS定位"智趣时尚户外方盒"，针对科技爱好者、都市小家庭核心用户群体，提供纯电两驱、 四驱产品，带给用户"家庭出游新搭子"。相比iCAR03T，风云X3PLUS在造型、动力、智能、配置、品 质等7大方面大幅升级，共包含110项升级点，以"6大同级第一、6大同级唯一、8大全系标配"的领先优 势，以"智能陪伴"和"无忧体验"构建出行新体验，城郊游玩，更野更智能。 商报讯(记者郭雨昕)日前，奇瑞汽车旗下风云品牌全新方盒子产品序列——风云X3与风云X3PLUS上 市。风云X3系列基于iCAR03系列焕新打造，风云X3售价8.99万元起，风云X3PLUS售价10.99万元起。 ...