According to the China Investment Securities Research Report, Great Wall Motor (601633.SH) sold 0.081 million units in January, -40% month-on-month and -22% year-on-year. The sales volume in January was in line with expectations, and the tank 500Hi4Z delivery performance was impressive. It is believed that the year-on-month decline in sales in January was mainly affected by the Spring Festival holiday. In January, the wholesale volume of new energy was 0.022 million units, -47% month-on-month, -11% year-on-year, and the wholesale volume of fuel vehicles was 0.059 million units, -37% month-on-month and -26% year-on-year. Since January, going overseas has progressed steadily. The 2.4T passenger gun was launched in Chile, making it the first launch in overseas markets. Subsequent 2.4T series models are expected to inject new momentum into the global layout of the Great Wall Cannon. The bank gave the company a price-earnings ratio of 20 times 2025, corresponding to a 6-month target price of 39.80 yuan/share, maintaining a “buy-A” rating.