CICC: Maintains Chery Automobile (09973.HK) "Outperform" rating, target price HK$35

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains Chery Automobile's (09973.HK) 2026/2027 profit forecast of RMB 20.2 billion/RMB 25.1 billion, maintains an "Outperform Industry" rating and a target price of HKD 35, corresponding to 9x/7x 2026/2027 forecast P/E, implying 44% upside from the current share price. The bank is optimistic about the company's overseas expansion trend and believes that with the ramp-up of Zhijie V9 and the launches of RX and the all-new R7, Zhijie's sales in the second half of the year are expected to improve significantly, driving profit improvement.