SEALAND SECURITIES(000750) 国海证券·2024-04-28 12:49Financial Data and Key Metrics - Chery sold 1 881 million vehicles in 2023 with exports accounting for 937 million units [6] - In 2023 Chery's SUV sales reached 1 386 million units accounting for 80 8% of total sales [24] - Chery's new energy vehicle sales accounted for 7 17% of total sales in 2023 lagging behind the industry average of 34 6% [24] Business Line Data and Key Metrics - Chery's four major brands are Chery Jetour Exeed and iCAR covering low mid and high end fuel vehicle markets as well as the new energy vehicle market [6] - The Chery brand accounted for 74 2% of total sales in 2023 with the Tiggo series contributing 45 0% [26] - Jetour sold 315 000 units in 2023 focusing on the travel SUV market [57] Market Data and Key Metrics - Chery exported 937 000 vehicles in 2023 a year on year increase of 101 1% accounting for 49 8% of total sales [67] - Russia is Chery's largest overseas market with sales of 210 000 units in 2023 [79] - In Egypt Chery sold 10 200 units in 2023 with a market share of 11 3% ranking second [88] Company Strategy and Industry Competition - Chery's "Yaoguang 2025" strategy focuses on five major technology areas Mars architecture Kunpeng power Lion intelligent cockpit Dazhuo intelligent driving and Galaxy ecosystem [28] - Chery plans to launch 18 hybrid and 4 pure electric models in 2024 to accelerate its new energy vehicle development [6] - Chery has established a global presence with 10 overseas factories and a total overseas capacity of 200 000 units per year [22] Management Commentary on Operating Environment and Future Outlook - Chery's overseas success is attributed to its strong product quality execution and positive brand image [72] - The company expects continued growth in overseas markets particularly in Russia and Southeast Asia [67] - Chery aims to achieve A share IPO by 2025 as part of its long term strategic goals [38] Other Important Information - Chery has applied for over 29 000 patents ranking among the top in China's automotive industry [20] - The company has established six R D centers globally including in Wuhu Shanghai North America South America Europe and Central Asia [22] Summary of Q A Session - No specific Q A session content is provided in the documents