SAIC MOTOR(SH:600104) Cai Jing Wang·2025-05-14 07:02Core Viewpoint - The launch of the new IM L6 model by Zhiji Auto aims to capture the mainstream market priced between 204,900 to 264,900 yuan, but its ability to reverse the declining sales trend remains uncertain [1][2]. Group 1: Sales Performance - In April, Zhiji Auto delivered 4,366 vehicles, a year-on-year increase of 55%, but the actual sales reported by SAIC Group were only 3,326 vehicles [2]. - Cumulative sales from January to April 2025 reached 10,361 vehicles, down 20.31% compared to 13,001 vehicles in the same period of 2024 [2][9]. - In February, Zhiji Auto's sales were only 1,135 vehicles, reflecting a significant year-on-year decline of 43.25% [5]. Group 2: Market Position and Strategy - Zhiji Auto is positioned as SAIC Group's flagship high-end brand, with a goal of achieving 100,000 vehicle deliveries by the end of 2024 and another 100,000 in 2025 [9]. - Despite the ambitious targets, the brand has struggled to break the sales slump, with a 20.31% decline in sales for the first four months of 2025 compared to the previous year [9][10]. - The automotive market is becoming increasingly competitive, with new entrants like the "Shangjie" brand from Huawei and SAIC, which may pose additional challenges for Zhiji Auto [11]. Group 3: Financial Performance - SAIC Group's overall vehicle wholesale sales are projected to decrease by 20.07% in 2024, with a reported revenue of 627.59 billion yuan, down 15.73% year-on-year [10]. - The net profit attributable to shareholders for SAIC Group was 1.666 billion yuan, a significant decrease of 88% compared to the previous year [10].