Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8%. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][4][6]. Summary by Sections Sales Performance - The company achieved a delivery of 25,287 vehicles in February, marking a year-on-year growth of 285.1% and a slight month-on-month growth of 0.5%. The total deliveries for January and February reached over 50,000 vehicles, which is a 167.8% increase year-on-year [2][4]. Future Outlook - The company is optimistic about future sales growth, with a target of 500,000 vehicles for 2025. The upcoming launch of the B10 model on March 10 is expected to further boost sales. The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series planned for 2025 [6]. Market Strategy - The company is focusing on a strong new car cycle and competitive pricing to enhance sales. It has established a "1+N" channel development model in China, with 860 stores as of the end of 2024. Internationally, the company has 339 stores in Europe and aims to exceed 500 globally by 2025 [6]. Technological Advancements - The company is investing in advanced driving technology, planning to implement high-level driving functions based on a new architecture in the first half of 2025. The B10 model will be the first in its price range to feature laser radar for urban driving [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8% [2][4][7]. - The company is expected to continue benefiting from a strong new car cycle domestically, with plans for the B10 model to be launched in March, which is anticipated to drive further sales growth. Additionally, the partnership with Stellantis is expected to facilitate overseas expansion and enhance global sales potential [2][7]. Summary by Sections Sales Performance - February deliveries reached 25,287 units, marking a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. The cumulative delivery for January and February exceeded 50,000 units, with a year-on-year growth of 167.8% [2][4][7]. Future Outlook - The company aims to achieve a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth driven by new vehicle launches and increased demand for high-priced models [7]. - The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series set to launch in 2025, priced between 100,000 to 150,000 RMB [7]. Strategic Initiatives - The company is focusing on enhancing its competitive advantage through technological innovation and maintaining a strong price-performance ratio. The domestic market is expected to see a rapid increase in sales, while the overseas strategy with Stellantis aims to leverage global resources for efficient market entry [7].