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） | ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a total revenue of 430.48 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.7%, with a net profit attributable to shareholders of 6.91 billion yuan, down 39.5% year-on-year [1]. - In Q3 2024, total revenue was 145.8 billion yuan, a year-on-year decline of 25.9%, but a quarter-on-quarter increase of 3.0%. The net profit attributable to shareholders was 280 million yuan, down 93.5% year-on-year and 92.9% quarter-on-quarter [1]. - The company is accelerating its transition to new energy vehicles, with a focus on optimizing its production and sales structure [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 9.6%, an increase of 0.8 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The increase was attributed to cost reductions in the supply chain [1]. - The average selling price (ASP) for vehicles in Q3 2024 was 121,000 yuan, up 15.4% year-on-year and 24.3% quarter-on-quarter, driven by a higher proportion of premium new energy products [1][5]. Sales and Production - The company sold 823,000 vehicles in Q3 2024, a year-on-year decrease of 35.7% and a quarter-on-quarter decrease of 17.2%. The revenue growth outpaced sales growth due to improved product structure [1]. - The company expects a rebound in vehicle production and sales as it enters the traditional peak sales season in Q4, with significant order growth for its new models [1]. Investment Outlook - The report adjusts the revenue forecast for 2024-2026 to 676.9 billion, 707.4 billion, and 747.0 billion yuan, respectively, with net profits projected at 10.44 billion, 12.90 billion, and 14.63 billion yuan, respectively [1][2]. - The earnings per share (EPS) are expected to be 0.90, 1.11, and 1.26 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 15, 12, and 10 times based on the closing price of 12.87 yuan per share on October 31, 2024 [1][2].

Financial Performance - Revenue for the third quarter was RMB 145.80 billion, a decrease of 25.91% year-over-year[2] - Net profit attributable to shareholders was RMB 279.69 million, down 93.53% compared to the same period last year[2] - Total operating income for the first three quarters of 2024 was 430.48 billion yuan, a decrease of 17.7% compared to 523.34 billion yuan in the same period of 2023[12] - Net profit attributable to parent company shareholders was 6.91 billion yuan, a decrease of 39.4% compared to 11.41 billion yuan in the same period of 2023[13] - Basic earnings per share for the first three quarters of 2024 was 0.602 yuan, a decrease of 39.3% compared to 0.992 yuan in the same period of 2023[13] - Total comprehensive income for the first three quarters of 2024 was 13.54 billion yuan, a decrease of 15.8% compared to 16.09 billion yuan in the same period of 2023[13] - The significant decline in net profit was mainly attributed to the downturn in the fuel vehicle market and intense price competition, leading to reduced sales revenue and gross margins[5] Cash Flow - Operating cash flow for the quarter was RMB 7.37 billion, a decrease of 48.09% year-over-year[2] - Sales of goods and services received cash of RMB 392.18 billion, a decrease of 24.1% compared to RMB 516.92 billion in the same period last year[14] - Net cash flow from operating activities was RMB 18.69 billion, a decrease of 11.4% compared to RMB 21.10 billion in the same period last year[14] - Net cash flow from investing activities was RMB 10.59 billion, compared to a negative RMB 18.68 billion in the same period last year[15] - Net cash flow from financing activities was negative RMB 2.99 billion, an improvement from negative RMB 18.08 billion in the same period last year[15] - Cash and cash equivalents increased by RMB 26.70 billion, compared to a decrease of RMB 15.45 billion in the same period last year[15] - Cash received from interest, fees, and commissions was RMB 10.50 billion, a decrease of 16.3% compared to RMB 12.55 billion in the same period last year[14] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets was RMB 9.09 billion, a decrease of 27.7% compared to RMB 12.58 billion in the same period last year[15] - Cash received from investments was RMB 306.61 billion, an increase of 4.9% compared to RMB 292.36 billion in the same period last year[14] - Cash paid for investments was RMB 294.33 billion, a decrease of 4.2% compared to RMB 307.29 billion in the same period last year[15] - Cash received from financing activities was RMB 81.18 billion, an increase of 13.8% compared to RMB 71.31 billion in the same period last year[15] Assets and Liabilities - Total assets at the end of the reporting period were RMB 955.31 billion, a decrease of 5.10% compared to the end of the previous year[3] - Total assets as of September 30, 2024, amounted to 955.31 billion RMB, a decrease from 1,006.65 billion RMB at the end of 2023[9][10] - Total liabilities as of the end of Q3 2024 were 605.01 billion yuan, a decrease of 8.9% compared to 663.74 billion yuan at the end of 2023[11] - Total equity attributable to parent company shareholders was 292.74 billion yuan, an increase of 2.2% compared to 286.32 billion yuan at the end of 2023[11] - Total assets as of the end of Q3 2024 were 955.31 billion yuan, a decrease of 5.1% compared to 1.01 trillion yuan at the end of 2023[11] - Monetary funds increased to 167.26 billion RMB as of September 30, 2024, compared to 143.64 billion RMB at the end of 2023[9] - Trade receivables rose to 71.52 billion RMB as of September 30, 2024, up from 68.02 billion RMB at the end of 2023[9] - Inventory decreased to 86.89 billion RMB as of September 30, 2024, from 98.60 billion RMB at the end of 2023[9] - Short-term borrowings increased to 52.10 billion RMB as of September 30, 2024, compared to 44.92 billion RMB at the end of 2023[10] - Accounts payable decreased to 166.43 billion RMB as of September 30, 2024, from 178.67 billion RMB at the end of 2023[10] - Contract liabilities increased to 26.96 billion RMB as of September 30, 2024, up from 21.84 billion RMB at the end of 2023[10] - Long-term equity investments stood at 63.67 billion RMB as of September 30, 2024, down from 66.70 billion RMB at the end of 2023[10] - Fixed assets decreased to 81.84 billion RMB as of September 30, 2024, from 83.89 billion RMB at the end of 2023[10] - Intangible assets slightly decreased to 20.56 billion RMB as of September 30, 2024, from 20.84 billion RMB at the end of 2023[10] - Long-term borrowings as of the end of Q3 2024 were 50.76 billion yuan, a decrease of 1.3% compared to 51.45 billion yuan at the end of 2023[11] Shareholder Information - The company's largest shareholder, SAIC Industrial (Group) Co., Ltd., holds 63.27% of the total shares[6] - The number of ordinary shareholders at the end of the reporting period was 174,903[6] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 250.52 million, primarily due to government subsidies and asset disposal gains[4] Profitability Metrics - The weighted average return on equity (ROE) for the quarter was 0.07%, a decrease of 1.43 percentage points year-over-year[3] - The basic earnings per share (EPS) for the quarter was RMB 0.025, a decrease of 93.35% year-over-year[2] Expenses - R&D expenses for the first three quarters of 2024 were 11.53 billion yuan, a decrease of 5.9% compared to 12.25 billion yuan in the same period of 2023[12] - Sales expenses for the first three quarters of 2024 were 18.25 billion yuan, a decrease of 11.2% compared to 20.55 billion yuan in the same period of 2023[12]

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－049 上海汽车集团股份有限公司 八届二十五次董事会会议决议公告 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。 上海汽车集团股份有限公司第八届董事会第二十五次会议通知 于 2024 年 10 月 18 日通过传真、电子邮件等形式送达。本次董事会 会议于 2024 年 10 月 29 日采用通讯方式召开，应参加会议董事 8 人， 实际收到 8 名董事的有效表决票。会议的召集、召开符合《公司法》 及《公司章程》的有关规定。 1、2024 年第三季度报告 （同意 8 票，反对 0 票，弃权 0 票） 特此公告。 本议案事先已经公司董事会审计委员会审议通过。 详见上海证券交易所网站 www.sse.com.cn。 （同意 8 票，反对 0 票，弃权 0 票） 2、关于聘任公司总审计师的议案 经公司总裁提名，同意聘任姜宝新先生担任公司总审计师，任期 与本届董事会任期一致。 姜宝新先生不存在《公司法》等法律法规及其他有关规定不得担 任高级管理人员的情形，未受过中国证监会 ...