Founder Securities' Research Reports pointed out that Great Wall Motor (601633.SH) saw an increase in December sales both year-on-year and month-on-month, with WEY performing remarkably, and was given a "Recommended" rating. The company achieved sales of 0.135 million vehicles in December, +20.3% year-on-year, with a total projected sales volume of 1.233 million vehicles for 2024, +0.2% year-on-year. Of these, the total sales volume of New energy Fund reached 0.322 million vehicles for the year, +22.8% year-on-year, with a penetration rate of 26.1%, which is +4.8% year-on-year. The company has a rich overseas production capacity layout, and with the gradual establishment of the Brazilian factory and multiple KD factories by 2025, the company is expected to further strengthen its overseas market. With the application of Hi4-Z technology and the accelerated transformation toward Asia Vets, the company is anticipated to welcome a strong new product cycle in 2025, helping to rapidly increase sales.