国君汽车|奇瑞汽车销量高速增长,关注产业链机会

Investment Rating - The report indicates a positive investment outlook for the automotive industry, particularly for Chery Automobile, as it submits its application for a Hong Kong IPO and continues to enhance its domestic and international sales [1][2]. Core Insights - Chery Automobile has shown significant growth in sales, with a projected total of 2.6039 million vehicles sold in 2024, representing a year-on-year increase of 38.4%. Domestic sales are expected to reach 1.4593 million units, up 55.5%, while overseas sales are anticipated to hit 1.1446 million units, marking a 21.4% increase [2]. - The company's revenue and profit have also seen substantial growth, with revenues of CNY 163.205 billion and CNY 182.154 billion for 2023 and the first three quarters of 2024, respectively, reflecting year-on-year growth rates of 76.2% and 67.7%. Net profits for the same periods are projected at CNY 10.444 billion and CNY 11.312 billion, with growth rates of 79.9% and 58.5% [3]. - Chery's cash reserves are robust, with CNY 126.86 billion, CNY 350.48 billion, and CNY 419.38 billion in cash and cash equivalents for 2022, 2023, and the first three quarters of 2024, respectively [3]. Summary by Sections Sales Performance - Chery's sales performance is on an upward trajectory, with a total of 18.1 million vehicles sold in February 2025, a 26.4% increase year-on-year. The company also sold 44,000 new energy vehicles, a remarkable growth of 278.3% [2]. Financial Growth - The financial metrics indicate a strong growth trend, with significant increases in both revenue and net profit over the past years. The gross profit margins for 2022, 2023, and the first three quarters of 2024 were 13.8%, 16.0%, and 14.8%, respectively [3]. Fund Utilization - The funds raised from the IPO will primarily be allocated to research and development, production capacity enhancement, and expansion into overseas markets. Specific areas of investment include the development of new energy vehicles, upgrading core technologies, and enhancing production facilities [4].