奇瑞汽车-H：第三季度业绩超预期——在充满挑战的宏观背景下唯一一家超出预期的整车厂

Chery's 3Q26 reported net profit of Rmb5.6bn rose 21% yoy and 19% qoq, moderately beating JPM's estimate of Rmb5.3-5.4bn, with reported profit per vehicle up 5% both qoq and yoy to c.Rmb7.0k. Excluding FX gains/losses and estimated CXMT investment income of Rmb0.7-0.8bn, adjusted earnings grew 15-20% yoy and modestly qoq, while adjusted profit per vehicle declined sequentially on a higher domestic sales mix. Chery appears to be the only earnings beat among the China auto OEMs under coverage that have reported 3Q26 results, including BYD, Geely, GWM, SAIC, Changan and GAC, reinforcing its position as JPM's top pick among China PV OEMs. The preference rests on Chery's established overseas earnings platform and localization strategy, improving NEV economics and scope for domestic profitability to normalize. Revenue rose 34% yoy and 27% qoq, outpacing volume growth of 16% and 13%;