JMC(000550) 信达证券·2025-03-04 19:01Investment Rating - The investment rating for Jiangling Motors (000550) is "Buy" [1]. Core Views - Jiangling Motors achieved a sales volume of 21,568 vehicles in February 2025, representing a year-on-year increase of 8.15%. Notably, light commercial vehicles saw a significant increase of 59.78%, while truck sales rose by 42.05% [2][4]. - The company is optimistic about future growth driven by exports and the acceleration of electric and intelligent vehicle development. In 2024, total sales reached 341,200 units, with export sales of 116,600 units, both setting historical records [4]. - New product launches, including the Ford Leima and plug-in hybrid models, are expected to contribute positively to sales. Additionally, Jiangling Motors is collaborating with WeRide for autonomous driving technology, marking significant advancements in the industry [4]. Summary by Sections Sales Performance - In February 2025, Jiangling Motors sold 21,568 vehicles, with light commercial vehicles at 5,899 units (up 59.78%) and trucks at 4,371 units (up 42.05%). Cumulative sales for January-February 2025 reached 42,927 units, a 5.11% increase year-on-year [2][4]. Future Outlook - The company anticipates continued growth in exports and electric vehicle sales, with a total sales target of 341,200 units for 2024, including 116,600 units for exports [4]. The introduction of new models and advancements in autonomous driving technology are expected to enhance market competitiveness [4].