Core Viewpoint - The financial performance of listed automotive companies in May shows a divergence, with 7 out of 13 companies reporting positive net profit growth, while 6 experienced declines or increased losses. The standout performer is Seres, with a net profit increase of 342.7%, while SAIC Group faced a significant decline of 88.2% in net profit, marking its largest annual drop since its listing in 1997 [1][2]. Group 1: Financial Performance - Among the 13 listed automotive companies, BYD reported a total revenue of 77.71 billion yuan, with a revenue growth rate of 29.0% and a net profit of 4.025 billion yuan, reflecting a 34.0% increase [2]. - SAIC Group's total revenue was 62.27 billion yuan, down 15.7%, with a net profit of 0.167 billion yuan, a staggering decline of 88.2% [2][4]. - Geely Automobile achieved a revenue of 24.02 billion yuan, with a growth rate of 34.0%, and a net profit of 1.663 billion yuan, marking a significant increase of 213.3% [2]. Group 2: SAIC Group's Challenges - SAIC Group's net profit decline of 88.19% in 2024 is the largest annual drop in its 27-year history, with a non-recurring net profit of -5.409 billion yuan, also a historical record for losses [4][3]. - The poor performance is attributed to a significant drop in sales across both its independent and joint venture segments, with total vehicle wholesale sales down 20.1% to 4.013 million units [7][8]. - SAIC General's new car sales plummeted by 56.54% to 435,000 units, heavily impacting the overall performance of SAIC Group [7]. Group 3: Market Dynamics - In the first quarter of 2024, SAIC Group's net profit showed a slight recovery to 3.023 billion yuan, a year-on-year increase of 11.4%, but revenue continued to decline [9]. - The average selling price per vehicle dropped by 13%, indicating pressure from industry price wars, while the gross margin fell to 9.38%, down 0.81 percentage points year-on-year [9]. - The sales of SAIC's new energy vehicles grew by only 9.9%, significantly below the industry average growth rate of 40.2% [9][10].

Core Viewpoint - SAIC Motor Corporation has shown signs of recovery in Q1 2025, with a significant increase in net profit excluding non-recurring items and a positive trend in vehicle sales [1][4][10]. Financial Performance - Total revenue for Q1 2025 was approximately 140.86 billion yuan, a decrease of 1.55% compared to the same period last year [2]. - Operating income was about 137.68 billion yuan, down 0.94% year-on-year [2]. - Net profit attributable to shareholders was approximately 3.02 billion yuan, an increase of 11.40% from the previous year [2]. - Net profit excluding non-recurring items surged by 34.38% to about 2.85 billion yuan [2][5]. - The net cash flow from operating activities improved significantly, reaching approximately 4 billion yuan, a 187.98% increase [2]. Sales and Market Performance - Vehicle sales in the first four months of 2025 increased by 10.65% year-on-year, with total sales reaching 945,000 units, a rise of 13.3% [1][10]. - The company aims to achieve over 1 million units in sales for its passenger vehicle segment by 2025, targeting a 40% year-on-year growth [17]. Strategic Initiatives - The new leadership under President Jia Jianxu is focused on significant reforms, including the restructuring of the passenger vehicle segment to enhance competitiveness [5][12]. - The collaboration with Huawei on the "Shangjie" brand and the support for the "Zhi Ji" brand are key components of the company's strategy to strengthen its position in the high-end electric vehicle market [16][17]. - The integration of traditional brands and the establishment of a unified management structure for the passenger vehicle segment are seen as critical steps for future growth [12]. Challenges and Outlook - Despite the positive trends, the company faces challenges with the "Zhi Ji" brand, which has struggled to achieve significant market presence compared to competitors [14][17]. - The success of the company's transformation heavily relies on the performance of its autonomous brands and the ability to navigate the competitive landscape effectively [11][17].

Group 1 - In 2024, the company's operating revenue decreased by 15.4% year-on-year to 614.07 billion yuan, and net profit attributable to shareholders dropped by 88.2% to 1.67 billion yuan, with a significant decline in non-recurring net profit [1] - The company's performance in 1Q25 showed a sequential improvement, with operating revenue down 0.9% year-on-year but up 11.4% in net profit attributable to shareholders, reaching 3.02 billion yuan [1] - The decline in 2024 performance was primarily due to a drop in vehicle sales and losses from SAIC-GM, while the improvement in 1Q25 was attributed to a rebound in vehicle production and sales [1] Group 2 - Investment income from joint ventures and associates in 2024 was a loss of 1.33 billion yuan, compared to a profit of 10.72 billion yuan in 2023 [2] - SAIC Volkswagen's 2024 sales decreased by 5.5% to 1.148 million vehicles, but net profit increased by 51.3% to 4.74 billion yuan [2] - SAIC-GM faced a significant decline in sales, down 56.5% to 435,000 vehicles, resulting in a net loss of 26.69 billion yuan [2] Group 3 - In 2024, SAIC's export retail sales increased by 2.6% year-on-year to 1.082 million vehicles, with efforts to address EU anti-subsidy investigations [3] - The company aims to enhance its self-owned brand sales, which accounted for approximately 60% of total sales in 2024, following the integration of the Roewe and Feifan brands [3] - The company has adjusted its net profit forecasts for 2025E-2026E down by 35% and 5% to 8.05 billion yuan and 13.12 billion yuan, respectively, while introducing a new forecast for 2027E at 16.53 billion yuan [3] Group 4 - The company maintains a positive outlook on the growth prospects of its self-owned brands driven by brand, technology, and supply chain advantages [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company's performance in 2024 is under pressure, with a year-on-year revenue decline of 15.4% to 614.07 billion yuan and a significant drop in net profit by 88.2% to 1.67 billion yuan. The first quarter of 2025 shows a sequential improvement in profit, with net profit turning positive at 3.02 billion yuan, driven by a 13.3% increase in vehicle sales [1][3]. - The company is facing challenges in its joint ventures, particularly with SAIC-GM, which reported a 56.5% decline in sales in 2024, resulting in a net loss of 26.69 billion yuan. In contrast, SAIC-GM Wuling showed strong performance with a 12.3% increase in net profit [2][3]. - The company is adapting to market conditions by increasing its export sales and enhancing its self-owned brand presence, with self-owned brand sales accounting for approximately 60% of total sales in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 614.07 billion yuan, with a gross margin of 9.4%, down 0.8 percentage points year-on-year. The first quarter of 2025 saw revenue of 137.68 billion yuan, with a gross margin of 8.1% [1][5]. - The net profit for 2024 was 1.67 billion yuan, a decrease of 88.2% from the previous year, while the first quarter of 2025 showed a net profit of 3.02 billion yuan, an increase of 11.4% year-on-year [1][5]. Joint Ventures and Partnerships - The investment income from joint ventures and associates in 2024 was -1.33 billion yuan, a significant drop from 10.72 billion yuan in 2023. The first quarter of 2025 showed a recovery with investment income of 1.54 billion yuan [2][3]. - SAIC Volkswagen's sales in 2024 decreased by 5.5% to 1.148 million vehicles, while SAIC GM's sales plummeted by 56.5% to 435,000 vehicles, leading to substantial losses [2][3]. Export and Self-Owned Brands - The company's export retail sales in 2024 increased by 2.6% to 1.082 million vehicles, with efforts to mitigate the impact of EU anti-subsidy investigations [3]. - The self-owned brand sales are projected to grow, supported by the integration of the Roewe and Feifan brands and the launch of new models in collaboration with Huawei [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, driven by reforms and new product launches [1][2]. Financial Performance - 2024 revenue was 627.59 billion yuan, down 15.73% year-on-year, with a net profit of 1.666 billion yuan, down 88.19% year-on-year [1]. - Q4 2024 revenue was 197.11 billion yuan, down 10.96% year-on-year but up 35.19% quarter-on-quarter; net profit was -5.241 billion yuan, down 294.19% year-on-year [1]. - Q1 2025 revenue was 140.86 billion yuan, up 1.55% year-on-year but down 28.54% quarter-on-quarter; net profit was 3.023 billion yuan, up 11.40% year-on-year and up 157.68% quarter-on-quarter [1]. Sales and Market Dynamics - In 2024, the company sold 4.013 million vehicles, a decrease of 20.1% year-on-year, primarily due to intensified industry competition and proactive inventory reduction [1]. - Retail sales in 2024 were 4.639 million vehicles, with over 600,000 units reduced from inventory; new energy vehicle retail sales reached 1.368 million units, up 30% year-on-year [1]. - In Q4 2024 and Q1 2025, wholesale sales were 1.364 million and 945,000 vehicles, respectively, with a year-on-year decline of 17.0% and an increase of 13.3% [1]. Strategic Initiatives - The company is undergoing significant reforms, including the establishment of a new passenger vehicle segment to enhance efficiency and competitiveness [2]. - A partnership with Huawei for the "Shangjie" brand's first model is set to enter the promotional phase in 2025 [2]. - The company aims to achieve over 4.5 million vehicle sales and over 674 billion yuan in total revenue in 2025 [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted upwards, with expected revenues of 717 billion, 778.1 billion, and 826.6 billion yuan, respectively [3]. - The net profit forecast for 2025-2027 is 12.3 billion, 15.1 billion, and 16.77 billion yuan, respectively [3]. - The target price is set at 23.05 yuan, reflecting a valuation premium due to ongoing reforms [3].

公司公告： 2024 年营收6,275.9 亿元，同比-15.7%；归母净利润16.7 亿元，同比-88.2%。 海外扩张步伐加快，全球市场布局完善。上汽集团积极拓展海外市场，特别是在欧洲市场，通过建立生 产基地和销售渠道，提升全球市场份额。2025 年，MG 品牌将推出6 款新车，覆盖8-30 万元价位段，进 一步丰富产品线，满足不同市场需求。此外，上汽大众和奥迪品牌也在积极向新能源转型，推出多款混 动和电动车型，增强市场竞争力。 2025 年销量目标明确，研发投入加大。公司2025 年销量目标为450 万辆，计划每年研发投入强度为3% 左右，海外销量超110 万辆，新能源销量超160 万辆。这表明公司将继续加大在新能源和智能化方面的 投入，积极拥抱转型。 2024Q4 营收1,971.1 亿元，同比-11%；归母净利润-52.4 亿元。2025Q1 营收1,409 亿元，同比-1.6%；归 母净利润30.2 亿元，同比+11.4%。营收及盈利基本符合预期。 维持盈利预测，维持增持评级。自主品牌、新能源汽车、海外经营"三驾马车"，共助集团完成新老赛道 转换。考虑到转型期的投入较大，以及合资品牌燃油车当前销量 ...

2025 年 05 月 05 日 上汽集团 (600104) ——轻装上阵，拥抱转型 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 16.24 | | 一年内最高/最低（元） | 21.30/11.49 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 2.28 | | 流通 A 股市值（百万元） | 187,983 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 25.23 | | 资产负债率% | 61.79 | | 总股本/流通 A 股（百万） | 11,575/11,575 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 1 ...

| | | | | 产 量（辆） | | | | | 销 | 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单 位 | 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 | | 上汽大众 汽车有限公司 | 71,931 | 94,494 | -23.88% | 310,975 | 345,776 | -10.06% | 82,523 | 92,013 -10.31% | | 310,673 | 340,072 | -8.64% | | 上汽通用 汽车有限公司 | 45,153 | 42,902 | 5.25% | 171,228 | 142,944 | 19.79% | 42,069 | 49,665 -15.29% | | 151,066 | 161,165 | -6.27% | | 上 ...

上汽集团（600104）公告，2025年4月整车销量为37.65万辆，同比增长4.59%；累计销量为132.14万 辆，同比增长10.65%。其中，上汽大众4月销量为82523辆，同比下降10.31%；上汽通用销量为42069 辆，同比下降15.29%。上汽集团乘用车分公司销量为67924辆，同比增长7.28%；上汽通用五菱销量为 15.1万辆，同比增长22.76%。新能源汽车4月销量为12.81万辆，同比增长71.74%；累计销量为40.11万 辆，同比增长40.86%。出口及海外基地4月销量为86666辆，同比下降5.86%。 ...

记者注意到，多家券商持续看好上汽的发展。开源证券在研报中表示，公司有望更好地推动旗下车型运 用好自身新能源技术，并通过华为等领先的智能化技术增强产品力，助推销量继续回升。 （文章来源：中国经营报） 据悉，此次车展期间，上汽集团围绕"平权驱动进阶共创美好出行"发展理念，集中发布品牌焕 新、"Glocal全球视野本土匠心"等重大战略；同时，上汽与华为共同打造的全新品牌"SAIC尚界"作为华 为智选车模式的最新成员正式亮相车展，以"风格至尚、科技至尚、信赖至尚、人人至尚"为品牌主张， 搭载华为智慧出行解决方案，并通过上汽高端精密的制造能力、全球制造标准，以及鸿蒙智行严苛的质 量管理体系，专注为消费者打造超耐用、高安全和高可靠的车辆，为千家万户打造高品质的出行生活。 众所周知，汽车不仅是满足社会通勤需求的代步工具，也是个人生活方式和性格特征的体现，正在进入 全新的个性化出行服务时代。而上汽将紧紧围绕"安全安心、丰富智趣、更加懂你、极致颜值"智能汽车 个性化四大价值坐标，构建最完整、最全面、最丰富的硬件和软件产品矩阵，持续推动智能出行体验的 革新，让每辆汽车都成为最懂你的出行伙伴。 合资品牌无疑是上汽展馆的一抹亮色，合 ...