GF Securities Maintains "Buy" Rating on Chery Automobile, Target Price HK$32.06

GF Securities issued a research report, maintaining a "Buy" rating on Chery Automobile (09973) and assigning the company a 2026 price-to-earnings ratio valuation of 8x, corresponding to a fair value of HK$32.06 per share. The research report estimates that Chery Automobile's net profit attributable to shareholders for 2026 to 2028 will be RMB 19.926 billion, RMB 21.815 billion, and RMB 25.315 billion, respectively. Financial data shows that Chery Automobile achieved operating revenue of RMB 97.954 billion in the third quarter of 2026, up 33.76% year on year and 26.54% quarter on quarter; net profit attributable to shareholders was RMB 5.396 billion, up 15.79% year on year and 22.72% quarter on quarter.