SAIC MOTOR(600104) 新浪证券· Xin Lang Zheng Quan·2025-05-09 10:00Core 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].