Sales Performance - SAIC's self-owned brands (IM, Roewe, Feifan, MG, Maxus, Wuling, Baojun) achieved sales of 2.408 million units in 2024, accounting for 60% of the group's total sales, a 5 percentage point increase from 2023 [1] - New energy vehicle sales reached 1.234 million units, a year-on-year increase of 9.9%, setting a historical record [1] - The high-end new energy brand IM sold 66,000 units, a year-on-year increase of 71.2% [1] - Overseas market terminal deliveries reached 1.082 million units, a year-on-year increase of 2.6%, maintaining a leading position in the industry [1] - MG achieved sales of over 240,000 units in Europe, showing growth despite the EU's anti-subsidy measures [1] Strategic Partnerships - SAIC and Audi announced a collaboration in May 2024 to develop multiple high-end intelligent electric vehicles and jointly develop an intelligent digital platform [2] - SAIC and Volkswagen renewed their joint venture agreement in November 2024, focusing on the development of over ten new models including pure electric and plug-in hybrid vehicles [2] - These partnerships mark a new era of "technology co-creation" in the Chinese automotive industry, moving from "technology introduction" to mutual respect and win-win cooperation [2] Production and Delivery - In December 2024, SAIC's wholesale vehicle sales reached 483,000 units, with terminal deliveries at 506,000 units, marking six consecutive months of growth [3] - Annual wholesale sales for 2024 totaled 4.013 million units, with terminal deliveries reaching 4.639 million units [3] - The company focused on self-owned brand construction and technological advancement, with self-owned brands accounting for 60% of total sales [3] Technological Innovation - SAIC invested nearly 150 billion yuan in R&D for intelligent and electric core technologies over the past decade, accumulating over 26,000 valid patents [4] - The company launched the "Seven Technology Foundations" 2.0 in 2024, including solid-state batteries, digital smart chassis, and advanced intelligent driving systems [4] - These innovations are accelerating the deployment of cutting-edge technologies across both self-owned and joint venture brands [4] Future Plans - In 2025, SAIC aims to accelerate the transformation and upgrading of its business, focusing on the implementation of advanced technologies such as solid-state batteries and intelligent driving solutions [5] - The company is committed to achieving a sales rebound and stabilizing its operations [5]

Company Performance - SAIC Motor achieved wholesale sales of 483,000 vehicles in December 2024, with terminal deliveries reaching 506,000 units, marking six consecutive months of month-on-month growth [1] - The company's full-year terminal deliveries for 2024 totaled 4,639,000 vehicles, while cumulative wholesale sales for the year reached 4,013,000 units [1] Industry Trends - The data indicates a positive trend in the automotive industry, with SAIC Motor demonstrating consistent growth in both wholesale and terminal delivery figures [1] - The company's performance reflects strong market demand and effective supply chain management, contributing to its sustained growth trajectory [1]

Core Insights - The automotive industry experienced a decline of 0.42% on December 25, with a net inflow of 271 million yuan in main funds [2] - Among the 268 stocks in the automotive sector, 55 stocks rose, with 3 hitting the daily limit, while 209 stocks fell [2] - The top three stocks with the highest net inflow were Wan Feng Ao Wei, SAIC Motor, and Weichai Power, with net inflows of 1.261 billion yuan, 243 million yuan, and 194 million yuan respectively [2] Fund Flow Analysis - The overall market saw a net outflow of 44.414 billion yuan, with only one industry, automotive, showing a net inflow of 271 million yuan [2] - The electronic industry had the largest net outflow at 7.314 billion yuan, followed by the computer industry with a net outflow of 5.331 billion yuan [2] - Eight automotive stocks experienced a net outflow exceeding 50 million yuan, with the largest outflows from Seres, Changan Automobile, and Shuanglin Co., totaling 351 million yuan, 335 million yuan, and 87.708 million yuan respectively [2]

2、关于《公司增量业绩奖励计划 2023 年度实施方案》的议案 本议案事先已经公司董事会提名、薪酬与考核委员会审议通过。 （同意 8 票，反对 0 票，弃权 0 票） 特此公告。 上海汽车集团股份有限公司 证券代码：600104 证券简称：上汽集团 公告编号：临 2024－054 上海汽车集团股份有限公司 八届二十六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二十六次会议通知 于 2024 年 12 月 12 日通过传真、电子邮件等形式送达。本次董事会 会议于 2024 年 12 月 19 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。 经与会董事逐项审议,表决通过了如下决议： 1、关于公司职业经理人 2021-2023 年任期业绩考核评价的议案 本议案事先已经公司董事会提名、薪酬与考核委员会审议通过。 （同意 8 票，反对 0 票，弃权 0 票） 董事会 1 2024 年 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 18.74 CNY on December 13, 2024, corresponding to a PE ratio of 21/17/15 for the years 2024-2026 [5][127]. Core Insights - The new management team is actively driving reforms across three major segments, focusing on resource integration and marketing enhancement to accelerate the transition to smart electric vehicles [3][40][125]. - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a turnaround in its performance [3][127]. - The report forecasts revenues of 676.9 billion CNY, 707.4 billion CNY, and 747.0 billion CNY for 2024, 2025, and 2026, respectively, with net profits of 10.44 billion CNY, 12.90 billion CNY, and 14.63 billion CNY for the same years [4][127]. Summary by Sections Management Changes - The company has undergone significant management changes, with a new president emphasizing resource integration and collaboration among various business units [3][21][40]. - The management team is characterized by a younger demographic, bringing experience in technology, marketing, and supply chain management [27][34]. Joint Ventures - SAIC Volkswagen is focusing on profitable fuel vehicles while transitioning to electric vehicles, with plans to launch two new electric models by 2026 [3][53]. - SAIC General Motors is shifting its focus to key models like Buick and Cadillac, reducing emphasis on lower-end Chevrolet models, and accelerating the introduction of hybrid vehicles [3][59]. Independent Brands - The independent brand segment has faced challenges, with total sales declining by 25.1% year-on-year to 1.958 million units in 2024M1-11 [3][65]. - The company plans to enhance brand integration and efficiency, leveraging new technologies in hybrid and electric vehicles [3][82]. Financial Projections - The report projects a decline in revenue for 2024, followed by a recovery in 2025 and 2026, with expected growth rates of -9.1%, 4.5%, and 5.6% respectively [4][113]. - The gross margin is expected to improve gradually, reaching 10% by 2026 [4][113]. Market Expansion - The company is expanding its overseas presence, with production bases in Thailand, Indonesia, and India, although recent export figures have shown a decline [3][91]. - The report highlights the importance of adapting to potential EU tariffs on electric vehicles, which could impact competitiveness in the European market [3][103].

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses SAIC Motor Corporation (上汽) and the automotive industry, particularly focusing on electric vehicles and international reforms in the sector. Core Points and Arguments 1. **Investment Outlook for SAIC** The team believes that SAIC is a top choice for investment in the automotive sector for the upcoming year, driven by its strategic positioning and support from the Shanghai government [1][2][5]. 2. **Technological Advancements and Market Dynamics** The rapid pace of technological iteration in the automotive industry, particularly in software and hardware integration, is highlighted. The expectation is that only a few leading brands will survive this competitive landscape, with Tesla and Huawei being identified as the top players [4][10]. 3. **International Reform Progress** Recent developments indicate that SAIC's international reforms are progressing well, with significant partnerships and contracts, such as the renewal of the agreement with Volkswagen until 2040 [5][12][14]. 4. **Sales Performance and Challenges** SAIC has faced declining sales since 2019, with a notable drop in exports contributing to a nearly 30% year-on-year decline in cumulative sales. The company is also experiencing pressure from the MPV segment and competition from other brands [9][10][11]. 5. **Management Changes** Recent leadership changes within SAIC, including the retirement of the chairman and the appointment of new executives, are seen as pivotal for the company's future direction and reform efforts [11][12]. 6. **Government Support** The Shanghai government is actively supporting SAIC's reforms, ensuring that all departments collaborate to facilitate the implementation of various initiatives [12][13]. 7. **Asset Management and Financial Health** The company has two automotive finance subsidiaries with a combined net asset value of approximately 70 billion yuan. The valuation of these assets is considered crucial for understanding SAIC's overall financial health [18][19]. 8. **Future Vehicle Plans** SAIC is planning to launch new models, including electric and hybrid vehicles, as part of its strategy to adapt to market trends and consumer preferences [17][20]. 9. **Market Concentration Trends** The expectation is that the automotive market will see increased concentration, with a few leading companies dominating sales volumes, projected to reach 5-6 million units for the top players [6][10]. 10. **Valuation and Market Capitalization** The projected market capitalization for SAIC is estimated to be around 300 billion yuan, based on detailed asset evaluations and market conditions [19][20]. Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of understanding the broader industry dynamics and the potential for significant changes in market structure over the next few years, particularly in the context of smart vehicle technology and international collaborations [7][8][10]. - The call also notes the potential for SAIC to challenge historical performance metrics through improved sales and profitability, suggesting a transformative phase for the company [7][21].

Investment Rating - The report maintains a "Buy" rating for SAIC Motor Corporation Limited (600104) [1] Core Views - The report highlights that the joint venture sector is under pressure while the independent brands are still gaining momentum. The market share and profitability of state-owned enterprises are declining rapidly amid the new energy transition [2][45] - The management changes and ongoing reforms are expected to accelerate the company's transformation, with significant support from the Shanghai government [3][70] - The report anticipates a gradual bottoming out of the joint venture sector and an acceleration of group reforms, leading to improved profitability forecasts for 2025 and 2026 [4] Summary by Sections 1. Review: Joint Ventures Under Pressure, Independents Gaining Strength - The market share of state-owned enterprises has dropped significantly, with a cumulative sales volume of 12.46 million vehicles in the first ten months of 2024, representing a market share of 59%, down from a peak of 86% [45] - The independent brands are experiencing a rise in penetration rates, while joint ventures are facing notable declines in sales and profitability [48][53] 2. Outlook: Management Changes and Ongoing Reforms - Management changes have been extensive, with over ten senior executives replaced, and the Shanghai government is firmly supporting the company's transformation [3][66] - The joint venture sector is undergoing asset restructuring and reverse cooperation, with plans to upgrade production facilities and reduce unprofitable models [74][78] 3. Profit Forecast and Investment Recommendations - The report lowers the 2024 net profit forecast to 8.4 billion yuan (previously 10 billion yuan) but raises the 2025 and 2026 forecasts to 10.1 billion yuan and 13.4 billion yuan, respectively [4] - The report suggests that the company should enjoy a higher valuation due to the expected improvements in its core business [4]

e公司讯，据上汽集团发布消息，今天，由上汽集团、上港集团和江苏省港口集团共同打造的海通太仓 汽车码头正式投入生产运营。 航运码头是全球贸易的重要枢纽桥梁、整车全球供应链中的关键节点，也是中国汽车通往国际市场的重 要门户。 作为长江流域最大的汽车滚装码头，年吞吐量达130万辆的海通太仓汽车码头，将积极为包括上汽集团 在内的汽车行业客户提供远洋整车物流服务，全力开辟中国汽车品牌"跨洋出海"新通道。 ...

证券时报e公司讯，企查查APP显示，近日，金石泓光（嘉兴）股权投资合伙企业（有限合伙）成立， 出资额7.01亿元，经营范围包含：股权投资。 企查查股权穿透显示，该企业由上汽集团旗下无锡上汽金石创新产业基金合伙企业（有限合伙）等共同 持股。 ...

Investment Rating - The report maintains a **Buy** rating for SAIC Motor with a target price of **20.14 CNY** [2][5] Core Views - SAIC Motor's overall sales in November showed a **19.1% month-on-month (MoM) increase**, reaching **478,800 units**, despite a **7.1% year-on-year (YoY) decline** [1] - Cumulative sales from January to November were **3.53 million units**, a **19.5% YoY decrease** [1] - SAIC Volkswagen's sales in November grew **10.4% YoY** and **16.7% MoM**, marking the first time since April that both YoY and MoM growth were achieved [1] - SAIC General Motors' sales in November increased **55.1% MoM**, although they declined **35.4% YoY** [1] - SAIC Motor's new energy vehicle (NEV) sales in November reached **174,900 units**, up **16.1% YoY** and **11.3% MoM**, with cumulative NEV sales for the year reaching **1.08 million units**, a **19.5% YoY increase** [1] - SAIC's IM Motors achieved sales of **10,007 units** in November, marking the second consecutive month of sales exceeding 10,000 units [1] - The company is expected to benefit from Shanghai's state-owned enterprise reforms, which could improve its operational capabilities and market competitiveness [1] Financial Forecasts - The report forecasts **EPS** for 2024, 2025, and 2026 at **0.89 CNY**, **1.06 CNY**, and **1.15 CNY**, respectively [2] - Revenue for 2024 is projected to be **659.8 billion CNY**, with a **9.1% YoY decline**, followed by an **8.3% increase** in 2025 and a **6.4% increase** in 2026 [4] - Net profit attributable to the parent company is expected to be **10.33 billion CNY** in 2024, **12.30 billion CNY** in 2025, and **13.27 billion CNY** in 2026 [4] - Gross margin is forecasted to improve from **10.2%** in 2024 to **10.9%** in 2026 [4] - ROE is expected to rise from **3.5%** in 2024 to **4.2%** in 2026 [4] Sales Performance - SAIC Motor's sales have shown continuous improvement since August, with September and October sales growing **21.6%** and **28.3% MoM**, respectively [1] - SAIC Volkswagen's cumulative sales from January to November were **1.02 million units**, a **5.1% YoY decline** [1] - SAIC General Motors' cumulative sales from January to November were **371,000 units**, a **58.6% YoY decline** [1] - SAIC Motor's overseas and export sales in November were **94,200 units**, a **20.0% YoY decline** and **9.6% MoM decrease** [1] Market and Industry Insights - The IM LS6 model, featuring advanced configurations such as the Lizard Digital Chassis and a quasi-900V platform, has shown strong competitiveness, with pre-orders exceeding **11,000 units** within 48 hours of launch [1] - The company is expected to accelerate reforms under the support of the Shanghai municipal government, focusing on organizational restructuring, business reshaping, and rebuilding competitive advantages [1]