Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.14 CNY [3][6]. Core Insights - The company's performance and sales have been significantly pressured in Q3, with a 17.4% year-on-year decrease in revenue to 419.646 billion CNY and a 39.4% drop in net profit to 6.907 billion CNY [2]. - The company is expected to benefit from the Shanghai state-owned enterprise reform, which may enhance its reform efforts and operational capabilities [2]. - The company is currently in a state of "broken net" with a PB ratio of 0.7, indicating a potential for value enhancement under regulatory guidance [2]. Financial Performance Summary - For the first three quarters, the company reported a revenue of 419.646 billion CNY, down 17.4% year-on-year, and a net profit of 6.907 billion CNY, down 39.4% year-on-year [2]. - In Q3 alone, revenue was 142.561 billion CNY, a 25.6% decrease year-on-year, while net profit fell to 0.280 billion CNY, a 93.5% decline year-on-year [2]. - The gross margin for Q3 was 9.6%, down 0.8 percentage points year-on-year, but improved by 1.4 percentage points quarter-on-quarter [2]. - The company’s EPS forecasts for 2024-2026 are adjusted to 0.89, 1.06, and 1.15 CNY respectively [3]. Market Position and Sales - The company’s sales volume in Q3 decreased by 37.0% year-on-year, with significant declines across various brands [2]. - The Shanghai municipal government is actively supporting the company’s transformation and reform initiatives, which may stabilize its operational capabilities and market competitiveness [2].

表现其实我们认为公司前期可能在合资压制的这种情况下它的估值成本来讲已经有一个消化同时其实公司最近在新闻上任之后它还是有非常多这种进一步的变革在智能化包括它的其他技术底座方面都是发布了很多新的这种技术和车型那我们认为其实公司作为上海 国资项目非常核心的一家汽车企业来讲公司的新人的成长居然是有希望开启最新的就是结合公司整体这个面的情况我们也是把我们对公司整体的一个观点做一个汇报那今天我们整个汇报大概分成三部分吧第一部分就给各位投资者汇报一下公司现在 当前时间目前的一个基本面容情况是什么样子那第二呢就是我们影响了行业的情况给各位介绍一下那公司其实在智能化时代其实还是有很多这种新机会的那凭借智能化有可能实现这种销量的一个积累向上然后实现新的一个增长第三就是我们把公司近期的一些变化给各位投资者汇报一下 第一个就是先把公司近期的一些经营情况简单的介绍一下其实2018年这个公司销量成绩达到705万这样的一个巅峰之后呢因为新动源的这个转型相对来讲或者说新动源的这个 品牌的这个建设然后技术的一个发布整体来讲还是相对较慢的因此其实19年到23年整体的这个销量销量规模大概是有一个两百万的一个下滑今年来因为公司整体在合资层面还是有一 ...

证券时报网讯，Wind统计显示，11月20日有1919只个股获融资净买入，净买入金额在5000万元以上的 有61股。 其中，4股获融资净买入额超2亿元。 上汽集团获融资净买入额居首，净买入3.94亿元；融资净买入金额居前的还有有研新材、四川九洲、中 科曙光、易点天下、先导智能、中科金财，净买入额分别为3.27亿元、2.26亿元、2.22亿元、1.98亿元、 1.82亿元、1.75亿元。 校对：苏焕文 ...

Investment Rating - The report maintains a "Buy" rating for SAIC Motor (600104 SH) [9] Core Views - SAIC Motor's Q3 2024 financial performance was under pressure due to declining sales, with a significant drop in net profit attributable to the parent company [2][5] - The company is accelerating its innovation and transformation efforts, focusing on new energy vehicles and intelligent technologies [7] Financial Performance - In Q3 2024, SAIC Motor achieved operating revenue of 145 8 billion yuan, down 25 9% year-on-year, with a net profit attributable to the parent company of 280 million yuan, a sharp decline of 93 5% year-on-year [2][5] - For the first three quarters of 2024, the company's operating revenue was 430 48 billion yuan, down 17 7% year-on-year, with a net profit attributable to the parent company of 6 91 billion yuan, down 39 4% year-on-year [2][5] Sales and Market Performance - Q3 2024 wholesale sales were 822,000 units, down 37 0% year-on-year, with passenger vehicle sales of 756,000 units, down 9 1% year-on-year [5] - SAIC Volkswagen sold 260,000 units in Q3 2024, down 21 0% year-on-year, while SAIC-GM sold 53,000 units, down 80 6% year-on-year [6] New Energy and Overseas Markets - In the first three quarters of 2024, SAIC Motor delivered 886,000 new energy vehicles, up 29 5% year-on-year [6] - Overseas market terminal deliveries reached 806,000 units, up 5 5% year-on-year, with the European market expected to reach a new high despite challenges from EU anti-subsidy investigations [6] Technological Innovation and Future Outlook - SAIC Motor is advancing technologies such as DMH super hybrid, full-stack 3 0 intelligent vehicle solutions, and solid-state batteries, which are expected to accelerate mass production [7] - The company is expected to see a recovery in joint venture sales and a new development cycle for its own brands, potentially driving valuation recovery [7] Financial Projections - The report forecasts SAIC Motor's net profit attributable to the parent company for 2024, 2025, and 2026 to be 10 55 billion yuan, 15 38 billion yuan, and 16 34 billion yuan, respectively, with corresponding P E ratios of 18 9X, 13 0X, and 12 2X [7]

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－052 上海汽车集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海汽车集团股份有限公司（以下简称"公司"）A股股票于 2024年11月11日至11月13日连续3个交易日内日收盘价格涨幅偏离值 累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动的情形 经公司自查并向控股股东书面征询，截至目前，公司、控股股 东不存在应披露而未披露的重大事项 近期公司股票价格涨幅较大，可能存在短期涨幅较大后的下跌 风险，敬请广大投资者理性决策，审慎投资，注意防范二级市场交易 风险 一、 股票交易异常波动的具体情况 公司 A 股股票于 2024 年 11 月 11 日至 11 月 13 日连续 3 个交易 日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 经自查，截至目前，公司日常经营情况正常，公司所处 ...

截至目前,本公司不存在影响贵公司股票交易价格异常波动的重 大事项,不存在涉及贵公司的应披露而未披露的重大信息,包括但不 限于正在策划涉及贵公司的重大资产重组、股份发行、重大交易类事 项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引 进战略投资者等重大事项。 本次股票交易异常波动期间,即2024年11月11日至 11月 13 日期间，本公司不存在买卖贵公司股票的情况。 特此回复。 上海汽 202 股票交易异常波动征询函》的回函 上海汽车集团股份有限公司: 本公司已收到贵公司发来的《上海汽车集团股份有限公司股票交 易异常波动征询函》,经自查确认,现回复如下: 关于《上海汽车集团股份有限公司 ...

大家好,我是东京事务院的技术分析师黄细比,非常感谢大家能够抽空参加我们今天晚上生气的生气集团的这个电话会议。本次电话会的话,除了我和我还有我同事任务,那么对生气集团的话,应该我们也是尽 三年吧应该是对第一次可能跟大家单独的汇报生技集团的一个观点结论的话是我们会认为就是往后这个一到三年生技集团我们认为去讲空间反转的逻辑是可行的那么现在低于0.6倍的一个PB我们认为参考历史上车企的一些经验来看这肯定在A股就是一个绝对的一个底部 那么往上顶看的话,我们认为半年到一年角度来看,我们认为一对的PD修复的空间是概率是蛮大的,当然更高的空间,我们认为啊,具体要看后续上期的这两个改革方案的一个详细的一个措施吧,我们后续会再去做详细的一个调整。 那么我这边可能会针对我们对升旗当前的这样一个结论的原因可能先整理一下参数那么待会我同时公布的话也是我们其实还是一直在紧密的跟踪升旗的这个基本面的以后跟大家再详细的展开汇报一下其实大家也知道我们最近也是特别推荐小型汽车的那乍一看大家可能会觉得我们可能这两个票好像是有点完全两种风格但实际上对我们来说其实我们背后对于整车的 接下来一到三年的一个选股的逻辑都是在找黑马也就是说在找跟市场明知完全 ...

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-051 上海汽车集团股份有限公司2024年10月份产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导怪陈述或者重大遗漏。并对其内容的真实性、准确性和完整性承担法律责任。 | 位 | | | | 产 量(辆) | | | | | 销 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 東 | 本月数 | 去年 | 月度 | 本年 | 去年 | 蒙计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 上汽大众 | 115,247 | 112,166 | 2.75% | 896,036 | 946,690 | -5.35% | 113,500 | 120,013 | -5.43% | 885,591 | 952,341 | -7.01% | | 汽车有限公司 ...

Investment Rating - The report assigns an "Overweight" rating to SAIC Motor Corporation Limited (600104) for the first time [2] Core Views - SAIC Motor's Q3 2024 performance was under pressure, with total revenue of 430.482 billion yuan, down 17.74% YoY, and net profit attributable to shareholders of 6.907 billion yuan, down 39.45% YoY [3] - The company's Q3 2024 revenue was 145.796 billion yuan, down 25.91% YoY but up 2.95% QoQ, with net profit attributable to shareholders of 280 million yuan, down 93.53% YoY and 92.86% QoQ [4] - SAIC Motor's overseas business remained stable, with Q3 2024 overseas sales of 251,300 units, accounting for 30.56% of total sales, up 7.24 percentage points YoY [6] - The company's new energy vehicle sales in Q3 2024 were 287,000 units, up 3.68% YoY and 14.39% QoQ, accounting for 34.90% of total sales, up 13.70 percentage points YoY [6] Financial Performance - SAIC Motor's Q3 2024 gross profit was 13.752 billion yuan, down 31.3% YoY but up 21.3% QoQ, with a gross margin of 9.65%, down 0.8 percentage points YoY but up 1.4 percentage points QoQ [4] - The company's Q3 2024 average selling price (ASP) per vehicle was 173,400 yuan, up 26,600 yuan YoY and 34,200 yuan QoQ [4] - SAIC Motor's Q3 2024 sales/management/R&D/financial expense ratios were 4.80%/3.85%/2.70%/0.37%, up 0.69/0.78/0.46/0.21 percentage points YoY, respectively [4] Sales Performance - SAIC Motor's Q3 2024 total sales were 822,400 units, down 37.02% YoY and 17.17% QoQ, mainly due to pressure on joint venture brands [4] - The company's joint venture brands, including SAIC Volkswagen and SAIC General Motors, saw significant sales declines, with SAIC Volkswagen selling 260,000 units, down 20.98% YoY, and SAIC General Motors selling 52,900 units, down 80.64% YoY [4] - SAIC Motor's self-owned brands accounted for 27.64% of total sales in Q3 2024, up 2.72 percentage points YoY, with IM Motors sales reaching 15,000 units, up 182.18% YoY [4] Future Outlook - SAIC Motor is expected to achieve revenue of 607.738 billion yuan, 667.749 billion yuan, and 718.369 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of -18%, 10%, and 8% [7] - The company's net profit attributable to shareholders is expected to be 8.927 billion yuan, 10.925 billion yuan, and 11.179 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of -37%, 22%, and 2% [7] - SAIC Motor's EPS is expected to be 0.77 yuan, 0.94 yuan, and 0.97 yuan in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17, 14, and 13 times [7] Market Performance - SAIC Motor's stock price was 12.89 yuan as of November 1, 2024, with a 52-week price range of 11.49-16.07 yuan [4] - The company's total market capitalization was 149.20561 billion yuan, with a total share capital of 1.15752994 billion shares [4] - SAIC Motor's stock performance over the past month, three months, and twelve months was -11.9%, -10.0%, and -8.7%, respectively, compared to the CSI 300's performance of -3.2%, 13.8%, and 8.9% over the same periods [4]

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 2024 年三季报点评：业绩低于预期，静待合 资经营改善 2024 年 11 月 04 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 744063 | 744705 | 580732 | 600047 | 633751 | | 同比（ % ） | (4.59) | 0.09 | (22.02) | 3.33 | 5.62 | | 归母净利润（百万元） | 16118 | 14106 | 9956 | 9303 | 12296 | | 同比（ % ） | (34.30) | (12.48) | (29.42) | (6.56) | 32.17 | | EPS- 最新摊薄（元 / 股） | ...