1月零售销量开门红，自主品牌表现亮眼

Investment Rating - The investment rating for the company is to "continue to pay attention" due to its accelerated transition to new energy products and ongoing brand expansion overseas [6]. Core Views - The company achieved a strong start in January 2024 with wholesale sales of 244,900 vehicles, a year-on-year increase of 2.9%, while retail sales exceeded 450,000 vehicles, marking a nearly 50% year-on-year growth [3]. - The performance of the company's self-owned brands was particularly notable, with significant increases in sales for models such as the Zhiji LS6 and Wuling Xingguang, contributing to a robust growth in new energy vehicle sales [4]. - The company is expanding its international operations, with overseas retail sales growing over 20% year-on-year, despite a decline in wholesale sales due to logistical challenges [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 742 billion, 791 billion, and 844 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding growth rates of 2.9%, 6.6%, and 6.7% [6]. - The net profit attributable to the parent company is expected to be 15.6 billion, 17.3 billion, and 18.1 billion yuan for the same years, with growth rates of -3.3%, 11.2%, and 4.6% [6]. - The current price-to-earnings (P/E) ratios are projected to be 10.8, 9.7, and 9.3 for the years 2023, 2024, and 2025, respectively, indicating a favorable valuation [6].