维持A/H 股"增持"评级：我们维持2025E-2026E 归母净利润预测分别为人民币155 亿元/178 亿元，新增 预测2027E 归母净利润为196 亿元。维持A/H股"增持"评级。 全球化布局拓展至更多市场，生态化出海进程加速：2024 年公司海外销量同比+43.4%至45.3 万辆（占 销量总量36.7%），2025 年1-2 月公司海外销量同比+3.7%至5.9 万辆（占销量总量37.2%）。我们认 为，1）公司全面推进研发/生产/供应/销售服务全价值链全球化布局，在渠道（海外销售渠道超1,400 家、覆盖170 多个国家和地区）+本地化产能（已在泰国/巴西等地建立3 个全工艺整车生产基地、在厄 瓜多尔/巴基斯坦等地拥有多家KD 工厂）方面均具备优势；2）预计公司2025E 将重点发力拉美、中东 北非、东盟等海外市场，看好全生态出海布局下2025E 公司海外销量保持稳健增长。 全年业绩符合预期：2024 年公司总收入同比+16.7%至2,022.0 亿元（vs. 我们预期2,054 亿元），归母净 利润同比+80.8%至126.9 亿元（vs. 我们预期128亿元），扣非后归母净利润同比+101. ...

Investment 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]