SAIC MOTOR(SH:600104) Chang Jiang Shang Bao·2025-08-05 00:01Core Viewpoint - SAIC Motor Corporation is expected to rebound in sales after a low point in 2024, with a target of exceeding 4.5 million vehicle sales in 2025, supported by strong performance in its self-owned and new energy vehicle segments [2][10][11]. Sales Performance - In the first seven months of 2025, SAIC Motor achieved cumulative vehicle sales of 2.39 million units, a year-on-year increase of 15% [4][10]. - The company's self-owned brand sales reached 1.518 million units, up 23.3% year-on-year, accounting for 63.5% of total sales, an increase of 4.3 percentage points from the previous year [4][5]. - New energy vehicle sales for the first seven months totaled 764,000 units, reflecting a growth of 43.5%, outpacing the overall market growth [5][10]. Monthly Sales Trends - In July 2025, SAIC sold 338,000 vehicles, marking a 34.2% increase year-on-year, achieving seven consecutive months of year-on-year sales growth [4][10]. - Self-owned brand sales in July reached 214,000 units, a 39.4% increase, with significant growth in domestic market sales [4][5]. New Energy Vehicle Growth - July 2025 saw new energy vehicle sales of 117,000 units, a 64.9% increase year-on-year, with various models contributing to this growth [5][10]. - The company’s joint venture brands also experienced a rebound, with a 26.1% year-on-year increase in sales [5]. International Market Performance - SAIC Motor has established a strong presence in over 170 countries, with cumulative overseas sales exceeding 6 million units [6]. - In Europe, the MG brand achieved nearly 180,000 deliveries in the first seven months of 2025, demonstrating double-digit growth [6]. Future Product Launches - Upcoming models, including the first vehicle from the SAIC-Huawei collaboration, the Shangjie H5, are anticipated to drive further sales growth [8][9]. - The company is investing significantly in production capabilities, with a dedicated team and substantial financial resources allocated for the Shangjie brand [9]. Financial Goals - For 2025, SAIC Motor aims for total vehicle sales exceeding 4.5 million units and revenue surpassing 674 billion yuan, with a cost target around 600 billion yuan [10][11]. - The company’s sales growth target for 2025 is set at 12.14%, with a revenue increase goal of 7.39% [11].