1月批发同比+3%，新能源车销量同比高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a January wholesale sales increase of 2.90% year-on-year, with significant growth in new energy vehicle sales [2] - The company maintains a strong focus on core technologies, including the new energy three-electric system and a comprehensive layout of intelligent hardware and software [2] - The company is expected to achieve net profits of 13.42 billion, 16.62 billion, and 22.71 billion yuan for the years 2023, 2024, and 2025 respectively, with corresponding EPS of 1.16, 1.44, and 1.96 yuan [2] Financial Performance Summary - Total revenue (in million yuan) for the years 2021A to 2025E is projected as follows: 779,846, 744,063, 725,471, 740,858, and 798,868 respectively, with year-on-year growth rates of 5.08%, -4.59%, -2.50%, 2.12%, and 7.83% [1][7] - Net profit attributable to the parent company (in million yuan) is forecasted to be 24,533, 16,118, 13,417, 16,617, and 22,709 for the years 2021A to 2025E, with year-on-year changes of 20.08%, -34.30%, -16.76%, 23.85%, and 36.66% [1][7] - The latest diluted EPS is expected to be 2.12, 1.39, 1.16, 1.44, and 1.96 for the years 2021A to 2025E, with corresponding P/E ratios of 6.87, 10.45, 12.55, 10.14, and 7.42 [1][7] Market and Production Insights - In January 2024, the company produced 243,883 vehicles, with a month-on-month decrease of 11.45% and a year-on-year decrease of 59.91% [1] - The company exported 64,200 vehicles in January, with a year-on-year decrease of 16.23% and a month-on-month decrease of 54.58% [2] - The penetration rate of new energy vehicles reached 26.27% in January, showing a year-on-year increase of 12.7 percentage points [2]