Gelonghui, January 2 | Orient's Research Reports pointed out that SAIC Motor Corporation (600104.SZ) had a slight month-on-month increase in overall wholesale sales in December, with annual terminal sales exceeding wholesale sales by over 0.6 million vehicles. Among them, SAIC Audi and the ID. family performed excellently, and SAIC-GM's wholesale and terminal sales have improved month-on-month for several consecutive months. In 2024, the company's overseas terminal sales are expected to grow against the trend, and SAIC Zhi Ji will enter a new vehicle cycle in 2025. According to the plan, SAIC Zhi Ji will launch 4 new products in 2025, including 2 pure electric and 2 range-extended products. It is expected that the first range-extended model will be released in the first quarter of 2025. The company is likely to strengthen reform efforts, promote group organizational restructuring, business reengineering, and advantage reconstruction, thereby gradually stabilizing and improving operational capacity and market competitiveness. A Target Price of 22.26 yuan is recommended, maintaining a "Buy" rating.