Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a 20x PE valuation for the years 2024-2026 [3][6]. Core Views - The company has signed a deep cooperation agreement with Huawei, which is expected to help reverse the challenges faced by its self-owned brands. The collaboration will focus on exploring innovations in smart automotive technology and business models, enhancing product definition, manufacturing, supply chain management, and sales services [2][8]. - The company's sales have shown marginal improvement, with January 2025 total sales reaching 264,200 units, a year-on-year increase of 7.9%. This marks the first positive year-on-year growth since March 2024 [8]. - The company is undergoing significant reforms in its self-owned and joint venture brands, aiming for stabilization and upward momentum in 2025. The establishment of a "large passenger vehicle sector" is part of these reforms, which will enhance management efficiency and decision-making processes [8]. Financial Summary - The company's revenue for 2022 was 720,988 million CNY, with a projected decline to 611,672 million CNY in 2024, followed by a recovery to 721,878 million CNY by 2026 [5]. - Operating profit is expected to drop significantly to 2,577 million CNY in 2024, before rebounding to 20,402 million CNY in 2025 and 22,102 million CNY in 2026 [5]. - The net profit attributable to the parent company is forecasted to decrease to 1,771 million CNY in 2024, with a substantial recovery anticipated in the following years [5]. - The earnings per share (EPS) are projected to be 0.15 CNY in 2024, increasing to 1.07 CNY in 2025 and 1.16 CNY in 2026 [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed a deep cooperation agreement with Huawei to develop a new model of intelligent electric vehicles, indicating a proactive transformation towards electric intelligence [4] - The company is expected to benefit from strong support from the Shanghai municipal government and leverage its experienced management team to enhance its competitive position in the electric vehicle market [4] - The forecasted net profit for the company from 2024 to 2026 is projected to be 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively, with corresponding EPS of 0.1, 0.9, and 1.3 yuan [4] Financial Summary - The total revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but a projected decline to 603.79 billion yuan in 2024 [7] - The net profit attributable to the parent company decreased from 16.12 billion yuan in 2022 to 14.11 billion yuan in 2023, with a significant drop to 1.62 billion yuan in 2024, followed by a recovery to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [7] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a potential recovery in earnings [7] Strategic Initiatives - The company is restructuring its passenger vehicle segment and integrating resources from various brands, including Roewe, while adopting Huawei's IPD system to optimize R&D processes [5] - The collaboration with Huawei is expected to enhance the company's capabilities in product definition, manufacturing, supply chain management, and sales services, positioning it better in the competitive landscape of intelligent vehicles [5][6] - The company aims to expand its product offerings to include hybrid and HEV models for international markets, leveraging its established brand and market presence [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed a deep cooperation agreement with Huawei to develop a new model for intelligent electric vehicles, indicating a proactive transformation towards electric and intelligent technology [4][5] - The company is expected to benefit from strong support from the Shanghai government and the experience of its youthful management team in marketing, technology, and supply chain management [4] - The forecasted net profit for the company from 2024 to 2026 is projected to be 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively, with corresponding EPS of 0.1, 0.9, and 1.3 yuan [4] Financial Summary - The total revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but a projected decline to 603.79 billion yuan in 2024 [7] - The net profit attributable to the parent company for 2022 was 16.12 billion yuan, which is expected to drop significantly to 1.62 billion yuan in 2024, before rebounding to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [7] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a significant expected improvement in profitability over the forecast period [7] Strategic Initiatives - The company is restructuring its passenger vehicle segment and integrating its brands, such as Roewe, while adopting Huawei's IPD system to enhance R&D processes and market responsiveness [5][6] - The collaboration with Huawei is expected to enhance the company's competitive position in the intelligent vehicle market, leveraging Huawei's advanced technology in product definition and sales services [5][6] - The company aims to expand its product offerings to include hybrid and HEV models for international markets, capitalizing on the growing demand for electric vehicles [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a transformation supported by the Shanghai government, with a focus on electric and intelligent technology, which is expected to reverse its current performance [4] - The company has introduced "seven technological foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei [4] - The company is expected to see significant profit growth from 2024 to 2026, with projected net profits of 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively [4] Financial Summary and Valuation Indicators - Revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but projected to decline to 603.79 billion yuan in 2024 [6] - The net profit for 2022 was 16.12 billion yuan, which is expected to drop significantly to 1.62 billion yuan in 2024, before rebounding to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [6] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a potential recovery in valuation [6]

Investment Rating - The investment rating for SAIC Motor Corporation is "Buy" (首次) [1] Core Views - The company is undergoing a transformation supported by the Shanghai municipal government, with a focus on electric and intelligent technologies, which is expected to reverse its current performance [4] - The new leadership team is characterized by youth and rich experience in marketing, technology, overseas expansion, and supply chain management, which is anticipated to drive the company's transformation [4] - The company has introduced "seven technology foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei and Momenta [4] Financial Summary and Valuation Indicators - The total revenue for 2022 was 744,063 million, with a slight increase to 744,705 million in 2023, but a projected decline to 603,793 million in 2024, followed by a recovery to 644,009 million in 2025 and 684,802 million in 2026 [6] - The net profit attributable to shareholders is expected to drop significantly from 16,118 million in 2022 to 1,623 million in 2024, before rebounding to 10,020 million in 2025 and 14,479 million in 2026 [6] - The projected EPS for 2024, 2025, and 2026 are 0.1, 0.9, and 1.3 respectively, with corresponding P/E ratios of 125.4, 20.3, and 14.1 [6] Business Overview - SAIC Motor Corporation is a leading automotive company in China, transitioning from joint ventures to independent development, with a focus on electric and intelligent vehicles [16] - The company has maintained its position as the top automotive seller in China for 18 consecutive years, achieving sales of 5.02 million vehicles in 2023 [16] - The company’s business segments include vehicle manufacturing, parts, mobility services, finance, international operations, and innovative technology, with vehicle sales being the primary revenue source [19][20]

Group 1 - On February 17, SAIC Motor Corporation Limited executed a block trade with a volume of 109,000 shares and a transaction value of 2.0111 million yuan, at a price of 18.45 yuan per share [1] - The buyer of this block trade was Huatai Securities Co., Ltd. headquarters, while the seller was CITIC Securities Co., Ltd. Shanghai branch [1] - In the past three months, SAIC Motor has recorded a total of 13 block trades, with a cumulative transaction value of 963 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a wholesale sales volume of 264,000 vehicles in January 2025, representing a year-on-year increase of 7.9% despite a month-on-month decrease of 45.3%. This growth in a traditionally slow month sets a solid foundation for annual sales growth. The industry is entering a new phase of advanced intelligent driving, and the company is expected to leverage its strong technical foundation to pursue growth through smart technology, aiming for a rebound in sales and stable operations in 2025 [3][12][14]. Summary by Sections Sales Performance - In January 2025, the company reported a wholesale sales volume of 264,000 vehicles, up 7.9% year-on-year but down 45.3% month-on-month. The company delivered 353,000 vehicles in total, with 206,000 from its own brands, marking a 6.0 percentage point increase in the share of self-owned brand sales year-on-year. The production volume reached 325,000 vehicles, a 33.4% increase year-on-year but a 28.9% decrease month-on-month [11][12]. Technological Advancements - The company is accelerating its electrification transformation, with January sales of new energy vehicles at 61,000 units, down 5.0% year-on-year and 60.3% month-on-month, primarily due to the impact of the Spring Festival. The company plans to launch new models across its electric, hybrid, and hydrogen platforms in 2025, enhancing its technological capabilities [13][14]. Financial Forecast - The company forecasts revenues of 618.6 billion, 644.7 billion, and 678.8 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15%, +4%, and +5%. The net profit attributable to the parent company is expected to be 1.587 billion, 9.291 billion, and 12.664 billion yuan for the same years, with growth rates of -89%, +485%, and +36% [15][20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a 2025 PE average valuation of 20 times [2][5]. Core Views - The company achieved positive growth in overall sales in January, with retail sales outperforming wholesale sales. The total wholesale sales reached 264,200 units, a year-on-year increase of 7.9%, while terminal sales were 353,000 units, exceeding wholesale sales by nearly 90,000 units [1][8]. - The company is expected to benefit from national reforms, with a focus on accelerating the layout of new energy vehicles in 2025. The company plans to launch multiple new energy models, which are anticipated to stabilize and increase sales of its self-owned brands [8]. Financial Forecast and Key Metrics - The forecasted EPS for 2024-2026 is 0.15 CNY, 1.07 CNY, and 1.16 CNY respectively. The projected revenue for 2024-2026 is 611,672 million CNY, 674,246 million CNY, and 721,878 million CNY, with respective growth rates of -15.8%, 10.2%, and 7.1% [2][4]. - The company's operating profit is expected to decline significantly in 2024 to 2,577 million CNY, followed by a substantial recovery in 2025 to 20,402 million CNY, and further growth to 22,102 million CNY in 2026 [4]. - The gross margin is projected to improve from 10.6% in 2024 to 11.0% in 2026, while the net profit margin is expected to stabilize around 1.9% by 2026 [4]. Sales Performance - In January, the company's self-owned brand terminal sales reached 206,000 units, an increase of approximately 6 percentage points compared to the same period last year [8]. - The company’s overseas and export sales in January increased by 7.4% year-on-year, with terminal sales reaching 90,000 units, also showing a year-on-year growth of 7.8% [8].

注 1：上表数据仅为公司产销快报数据，未经审计确认，具体数据以公司定期报告为准。 注 2：上汽大通汽车有限公司产销数据包含跃进品牌。 注 3：其他主要含上海申沃客车有限公司、上汽红岩汽车有限公司、南京依维柯汽车有限公司等。 上海汽车集团股份有限公司 董事会 2025年2月5日 上海汽车集团股份有限公司2025年1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2025年1月份产销快报数据如下： | 单 位 | | | | 产 量（辆） | | | | | | 销 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to face a significant decline in net profit for 2024, with estimates ranging from 1.5 billion to 1.9 billion RMB, representing a year-on-year decrease of 87% to 90% [8] - The report highlights that the impairment related to General Motors has been accounted for, which is seen as a negative factor that has now been fully recognized [8] - The company anticipates a recovery in sales volume in Q4 2024, with a forecasted wholesale volume of 1.364 million vehicles, showing a year-on-year decrease of 17% but a quarter-on-quarter increase of 65.8% [8] - The report emphasizes the company's efforts to reduce costs and improve efficiency, with expectations for internal restructuring and external collaborations to reverse the current challenges [8] Financial Summary - Total revenue for 2024 is projected to be 612.744 billion RMB, a year-on-year decrease of 17.72% [8] - The net profit attributable to shareholders is forecasted to be 1.603 billion RMB for 2024, down 88.64% from the previous year [8] - The earnings per share (EPS) for 2024 is expected to be 0.14 RMB, with a significant increase in EPS projected for 2025 and 2026 [8] - The price-to-earnings (P/E) ratio is expected to be 122.31 for 2024, reflecting the anticipated challenges in profitability [8]