Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The third-quarter financial reports of A-share listed automotive companies show a divergence in performance, with SAIC Motor, Changan Automobile, and Chery Automobile achieving both revenue and net profit growth, while BYD, Great Wall Motors, and Seres experienced profit declines. GAC Group, JAC Motors, and BAIC BluePark continue to report losses [2][13] - SAIC Motor reported total revenue of CNY 169.403 billion for Q3, a year-on-year increase of 16.19%, and a net profit of CNY 2.083 billion, up 644.88% [3][13] - Changan Automobile achieved Q3 revenue of CNY 42.236 billion, a 23.36% year-on-year increase, with a net profit of CNY 764 million, up 2.13% [3][13] - BYD's Q3 revenue was CNY 194.985 billion, a decrease of 3.05% year-on-year, with a net profit of CNY 7.823 billion, down 32.60% [3][14] - Great Wall Motors reported Q3 revenue of CNY 61.247 billion, a 20.51% year-on-year increase, but net profit fell by approximately 30% to CNY 2.298 billion [3][14] - JAC Motors reported Q3 revenue of CNY 11.513 billion, a 5.54% year-on-year increase, but a net loss of CNY 661 million, widening by 303.95% year-on-year [3][14] - BAIC BluePark's Q3 revenue was CNY 5.867 billion, down 3.45% year-on-year, with a net loss of CNY 1.118 billion, which is a reduction in loss compared to the previous year [3][14] - Li Auto announced a proactive recall of 11,411 units of the MEGA 2024 model due to safety concerns following a self-ignition incident [4][15] Market Performance - From October 27 to October 31, the automotive sector rose by 0.9%, outperforming the CSI 300 index, which fell by 0.4%, resulting in a 1.3 percentage point advantage [19] - Year-to-date, the automotive sector has increased by 23.8%, ranking 11th among 31 sectors [19] Sales Data - From October 1 to 26, retail sales of passenger vehicles reached 1.613 million units, a year-on-year decrease of 7% [37] - New energy passenger vehicle retail sales during the same period were 901,000 units, showing no growth year-on-year [37] - Passenger vehicle wholesale sales were 1.871 million units, down 1% year-on-year [38] Key Industry Data - The automotive industry is currently experiencing high valuation levels, with the overall PE-TTM at 30.41, placing it in the 82.06% historical percentile [32] - The PB ratio stands at 2.72, also in the 95.29% historical percentile [32]

智通财经APP讯，上汽集团(600104.SH)发布10月份产销快报，当月上汽集团整车销量453,978辆，同比 增长12.96%。其中：新能源汽车206,692辆，同比增长31.58%。 ...

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11月3日 上海汽车集团股份有限公司2025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10月份产销快报数据如下： | | | | | 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 | 96,501 | 115,247 | -16.27 ...

格隆汇11月2日丨上汽集团(600104.SH)公布，2025年10月销售整车45.4万辆，同比增长13%；10月累计 销售364.7万辆，同比增长19.5%。今年10月份，上汽新能源车销售20.7万辆，再创历史新高，同比增长 31.6%；1-10月累计销售129万辆，同比增长42.5%。 ...

Core Insights - Shanghai Automotive Group reported a significant increase in vehicle sales, with October sales reaching 454,000 units, a year-on-year growth of 13%, marking ten consecutive months of growth [1] - The company achieved cumulative wholesale sales of 3.647 million units from January to October, reflecting a year-on-year increase of 19.5% [1] Domestic Sales Performance - In the self-owned brand segment, October sales reached 306,000 units, up 22% year-on-year, with cumulative sales of 2.35 million units, a substantial increase of 28.3%, accounting for 64.4% of total sales [1] - Passenger vehicle sales for the company were 93,000 units in October, showing a growth of 25.1% [1] - Sales for SAIC Maxus approached 20,000 units, with a remarkable growth of 47.9% [1] - SAIC-GM-Wuling recorded sales of 168,000 units, representing a year-on-year increase of 19.5% [1] New Energy Vehicle (NEV) Performance - The new energy vehicle segment set a new record with sales of 207,000 units in October, a year-on-year increase of 31.6%, continuing a trend of historical highs for two consecutive months [1] - Cumulative sales of new energy vehicles from January to October reached 1.29 million units, reflecting a growth of 42.5% [1] - Sales of the Zhiji Auto brand reached 13,000 units in October, with the main model LS6 maintaining strong sales [1] - SAIC's passenger vehicle new energy sales were 37,000 units, showing an increase of over 150% year-on-year [1] - Both SAIC-GM and Wuling's new energy businesses also achieved double-digit growth [1] Export Performance - In October, SAIC exported 97,000 vehicles, with cumulative exports for the first ten months reaching 862,000 units, a year-on-year growth of 2.2% [2] - The MG brand performed strongly in Europe, with double-digit growth recorded in key markets such as the UK, France, and Italy, and a remarkable growth of over six times in the Swiss market [2] - The MG Hybrid+ series, equipped with a new hybrid system, is becoming a key sales driver in Europe [2]

Core Insights - SAIC Motor Corporation reported a total vehicle sales of 454,000 units in October 2025, representing a year-on-year increase of 12.96% [1] - Cumulative vehicle sales from January to October 2025 reached 3.647 million units, up 19.53% compared to the same period last year [1] - New energy vehicle sales in October 2025 were 206,700 units, marking a significant year-on-year growth of 31.58% [1] - Cumulative sales of new energy vehicles from January to October 2025 totaled 1.289 million units, reflecting a 42.47% increase year-on-year [1] Sales Performance by Subsidiaries - SAIC Volkswagen's October sales were 96,500 units, down 16.27% year-on-year, with cumulative sales of 878,800 units, a decrease of 1.93% [2] - SAIC General's October sales increased by 60.44% to 57,984 units, with cumulative sales of 443,000 units, up 50.23% [2] - SAIC Motor's overall sales in October were 93,400 units, a 21.35% increase year-on-year, with cumulative sales of 686,700 units, up 24.91% [2] - SAIC-GM-Wuling's October sales reached 173,300 units, a 13.18% increase, with cumulative sales of 1.396 million units, up 37.76% [2] - SAIC Maxus's October sales were 19,700 units, up 43.97%, with cumulative sales of 179,300 units, an 18.27% increase [2] - IM Motors sold 12,500 units in October, a 36.17% increase, with cumulative sales of 56,100 units, up 6.07% [2] - SAIC ZD's October sales were 2,700 units, a 50.41% increase, with cumulative sales of 24,600 units, up 34.54% [2] - Other subsidiaries showed varied performance, with some experiencing declines in sales [2] Overall Market Trends - The overall vehicle sales for SAIC Motor in October 2025 totaled 466,300 units, an increase of 11.93% year-on-year, with cumulative sales of 3.759 million units, up 22.61% [2] - New energy vehicles accounted for a significant portion of sales, with 221,700 units sold in October, a 34.16% increase, and cumulative sales of 1.340 million units, up 44.08% [2] - Export and overseas base sales were 97,200 units in October, a decrease of 5.79%, with cumulative sales of 865,800 units, up 3.17% [2]

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].

Core Insights - SAIC Motor Corporation announced a projected sales volume of 454,000 vehicles for October 2025, representing a year-on-year growth of 13% [1] - Cumulatively, the sales from January to October reached 3.647 million vehicles, showing a year-on-year increase of 19.5% [1]

Core Insights - The automotive industry in China is experiencing a significant transformation, with a total revenue of 3.23 trillion yuan and a net profit of 131.56 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 8.19% and 3.36% respectively [1] - The new energy vehicle (NEV) sector continues to drive growth, with NEV production and sales reaching 11.24 million and 11.23 million units, marking a year-on-year increase of 35.2% and 34.9%, respectively, accounting for 46.1% of total new car sales [2] - The disparity among automotive companies is becoming more pronounced, with leading companies like BYD and SAIC Motor showing significant sales growth, while others like GAC Group and JAC Motors are experiencing declines [3] Industry Performance - The overall automotive production and sales in China for the first three quarters reached 24.33 million and 24.36 million units, with year-on-year growth of 13.3% and 12.9% respectively [2] - The passenger vehicle market outperformed the commercial vehicle market, with passenger vehicle production and sales at 21.24 million units, reflecting a growth of 13.9% and 13.7% [2] Company Performance - BYD led the industry with a revenue of 566.27 billion yuan for the first three quarters, a year-on-year increase of 12.75%, while SAIC Motor followed with 461.22 billion yuan, growing by 9.91% [4] - In the third quarter, BYD's revenue was 194.99 billion yuan, showing a decline compared to the previous year, while SAIC Motor's revenue increased by 17.06% to 166.89 billion yuan [4] - BYD maintained its position as the "profit king" with a net profit of 23.33 billion yuan, although this represented a year-on-year decline of 7.55% [5] Profitability Trends - The automotive industry’s profit margin stands at 4.5%, lower than the average of 6% for downstream industrial enterprises, indicating ongoing challenges in profitability [3] - Commercial vehicle companies like Foton Motor and China National Heavy Duty Truck are showing signs of profit recovery, with significant year-on-year increases in net profit for the third quarter [6] - The automotive parts sector is experiencing high growth, with companies like Sunny Optical achieving a revenue increase of 2586.85% in the first three quarters [6]

Core Insights - The overall performance of listed automotive companies in China for the first three quarters of 2025 shows stability, with 14 out of 20 companies reporting profits, indicating a strong recovery in the sector [1] - The automotive industry is transitioning towards a technology-driven development model, as evidenced by the significant increase in R&D expenditures, which exceeded 840 billion yuan [2] Financial Performance - Total revenue for the 20 listed automotive companies reached over 1.75 trillion yuan, reflecting an 8.8% year-on-year growth, while net profit declined by 10.8% to 462.15 billion yuan, indicating a phase of "increased revenue without increased profit" [3] - BYD reported a revenue of 566.27 billion yuan, a 12.8% increase year-on-year, but its net profit fell by 7.6% to 233.3 billion yuan due to rising expenses related to overseas expansion [3] - SAIC Motor Corporation achieved a revenue of 468.99 billion yuan, a 9.0% increase, with net profit rising by 17.3% to 81 billion yuan, supported by strong sales of new energy vehicles [4] - Great Wall Motors reported a revenue of 153.58 billion yuan, an 8.0% increase, but net profit decreased by 16.97% to 86.3 billion yuan due to increased investments in new channels and marketing [4] Sales Performance - In the first nine months of 2025, China's automotive sales reached 24.36 million units, a 12.9% increase, with the top 10 companies accounting for 83.9% of total sales [6] - BYD and SAIC Motor led the sales figures, each exceeding 3 million units, while Geely, FAW, and Changan also surpassed 2 million units [6] - Geely, SAIC, and BYD had the highest sales growth rates, with increases of 46%, 20.53%, and 18.64% respectively [6] Target Completion Rates - Seven companies achieved a sales completion rate exceeding 70%, with XPeng Motors leading at 82%, followed closely by Geely, SAIC, and BYD, all above 70% [7] - Geely adjusted its target to 3 million units, achieving a completion rate of 72.34%, while SAIC and BYD also reported completion rates of 70.96% and 70.87% respectively [7] - The completion rates are seen as a key indicator of performance, with the success of new energy vehicle sales being a critical factor in achieving these targets [7]