EBSCN·2025-03-31 11:48Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4] Core Views - The company's annual performance met expectations, with total revenue increasing by 16.7% year-on-year to CNY 202.2 billion, and net profit attributable to shareholders rising by 80.8% to CNY 12.69 billion [1] - The company is focusing on the transition to smart new energy technologies and high-quality globalization [1] - The company achieved a 43.4% year-on-year increase in overseas sales, indicating a strong global expansion strategy [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of CNY 202.2 billion, a 16.7% increase from the previous year, and a net profit of CNY 12.69 billion, an 80.8% increase [1] - The fourth quarter of 2024 saw revenue of CNY 59.94 billion, with a year-on-year increase of 11.6% [1] - The company expects net profit for 2025 and 2026 to be CNY 15.46 billion and CNY 17.81 billion, respectively [3] Product and Market Strategy - The company sold 1.233 million vehicles in 2024, with a 22.8% increase in new energy vehicle sales [2] - The company is advancing its high-end product strategy, with new models and technology iterations planned for 2025 [2] - The company is also innovating product categories, including the launch of a super luxury motorcycle brand [2] Global Expansion - The company has established a global sales network with over 1,400 channels across more than 170 countries [3] - The overseas sales accounted for 36.7% of total sales in 2024, reflecting a robust international presence [3] - The company plans to focus on markets in Latin America, the Middle East, and Southeast Asia for further growth [3]