Core Insights - Jietu Automobile has achieved a remarkable milestone by becoming the first Chinese automotive brand to reach cumulative sales of 2 million units in just 7 years, showcasing its rapid growth and strategic differentiation in a competitive market [2][15] Group 1: Strategic Approach - Jietu's rise is attributed to a deep understanding of user needs and a steadfast strategic vision, launching the "Travel +" brand strategy that integrates "people, vehicles, and scenarios" to create a comprehensive travel solution [3][15] - The brand has developed over 10,000 ecological products and established more than 3,000 Jietu stations, partnering with 176 high-quality camping sites and 360 alliance partners to cover essential travel scenarios [5][15] Group 2: User Engagement - Jietu emphasizes user-centricity through the "Three 100% Project," which includes 100% direct engagement with users, 100% connection with users, and 100% user feedback, resulting in significant user interaction and feedback collection [6][15] - Over 150,000 users have experienced the "Travel +" benefits, with total global travel rights experiences exceeding 10 million [5][6] Group 3: Product Development - The company has successfully popularized the boxy vehicle model, with global sales of the boxy family exceeding 495,000 units, and the Traveler series achieving remarkable sales milestones within short timeframes [8][15] - Jietu's sales growth trajectory is impressive, with sales increasing from 180,000 units in 2022 to 315,000 units in 2023, and projected to exceed 568,000 units in 2024 [11][15] Group 4: Market Position - Jietu has outpaced many mainstream brands that took over a decade to reach 2 million sales, achieving this milestone in just 6 years and maintaining a high growth rate even amid market slowdowns [11][15] - The brand has expanded its presence to 91 countries and regions, establishing over 2,000 sales and service networks globally, and achieving high market share and customer satisfaction in various international markets [13][15] Group 5: Future Outlook - Jietu aims to continue its growth trajectory by focusing on user trust and ecological innovation, aspiring to become the "global number one hybrid off-road brand" and showcasing the strength of Chinese automotive manufacturing [15]

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].