当汽车行业仍在存量竞争中摸索前行，一个中国品牌用7年时间完成了从0到200万销量的跨越式突破——捷途汽车正式成为迄今为止全球第一家历时7 年实现累计销量达到200万辆的中国汽车品牌，以"捷途速度"刷新行业认知，用差异化战略筑牢全球用户信赖。 这一战略并非停留在概念层面，而是转化为触手可及的生态权益：全球开发超上万种生态好物，搭建3000余座捷途驿站，携手176家高品质露营地与 360家联盟伙伴，实现景区、住宿、越野等核心场景的全面覆盖。截至目前，已有超15万人亲身体验"旅行⁺"权益，全球旅行权益总体验量突破1000万人 次，让车主和家人的每一次出行都成为"诗和远方"的具象表达。 而用户的信赖，则是捷途最宝贵的品牌资产。品牌坚持以用户为中心，搭建"三个100%工程"——100%直面用户、100%直连用户、100%用户评价， 从2021年至今，累计直面33万用户，连接超286万粉丝，收获76%的真实用户反馈，让用户需求真正成为产品迭代与服务升级的核心驱动力。 在产品层面，捷途完成了从0到1的方盒子车型普及，将曾经小众的越野生活带入大众视野。截至9月底，方盒子家族全球累计销量超49.5万辆，连续 19个月销量破万； ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved a total sales volume of 77,883 vehicles, representing a year-on-year increase of 9.7% but a month-on-month decrease of 3.8%. Among these, 31,068 vehicles were exported, accounting for 39.9% of total sales. The sales of new energy vehicles reached 15,121 units, with a share of 24.9% in passenger vehicle sales, reflecting a year-on-year increase of 4.7 percentage points [2][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities in sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][9]. Summary by Sections Sales Performance - In February 2025, total sales reached 77,883 units, with domestic sales of 46,815 units (up 15.8% year-on-year) and new energy vehicle sales of 15,121 units (up 23.2% year-on-year). Cumulatively, sales for January and February 2025 totaled 159,000 units, down 9.3% year-on-year [9]. - By brand, Haval sold 43,301 units (down 3.2% year-on-year), Tank sold 11,762 units (up 15.7%), WEY sold 3,643 units (up 37.5%), Ora sold 1,898 units (down 36.9%), and pickup trucks sold 17,263 units (up 65.0%) [9]. - The sales of boxy models reached 29,000 units (up 41.5% year-on-year), and models priced above 200,000 yuan sold 18,000 units (up 33.0%) [9]. Global Expansion and Strategy - The company is implementing its "ONE GWM" strategy to accelerate overseas expansion, covering over 170 countries and regions with more than 1,300 sales channels. The overseas sales volume in February was 31,068 units, up 1.6% year-on-year [9]. - The company is focusing on the new energy transition, emphasizing plug-in hybrid models and accelerating the launch of smart new energy products across multiple brands [9]. Financial Projections - The company is projected to achieve net profits of 12.69 billion yuan, 16.05 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding A-share price-to-earnings ratios are expected to be 16.8X, 13.3X, and 11.9X [9].