Changes in Hong Kong stocks | Chery Auto (09973) rose nearly 6% in early trading, and September exports once again broke through 200,000 units, setting a new record for Chinese cars

The Zhitong Finance App learned that Chery Auto (09973) rose nearly 6% in early trading. As of press release, it rose 5.98% to HK$25.86, with a turnover of HK$18.881 million.

According to the news, the latest sales data released by Chery Group shows that 292,308 cars were sold in September, up 4.2% year on year; cumulative sales of 2,206,789 vehicles were sold in the first three quarters, up 9.9% year on year. Among them, in September, the Chery Group exported 207,814 vehicles, once again surpassing 200,000 units in a single month, and setting a new record for Chinese automobile exports in a single month. The Chery Group exported a total of 1,551,178 vehicles in the first three quarters of this year, an increase of 65.6% over the previous year. In September, exports of new energy models increased 174.0% year on year.

Huaan Securities previously pointed out that Chery's introduction of a new brand, expansion of new categories, expansion of channels, and increased production capacity supports high overseas growth and certainty, and the increase in the volume of high-end vehicles sold overseas and the increase in the share of Western Europe provides flexibility in overseas profits. The peak domestic season+new car cycle promotes domestic sales recovery. We expect the company's net profit to be 214/260/31.4 billion yuan in 26-28. The corresponding 26-year PE is 6.1x, maintaining a “buy” rating.