民生证券：维持上汽集团“推荐”评级，自主品牌销量亮眼

Core Viewpoint - The report from Minsheng Securities highlights that SAIC Motor Corporation is benefiting from innovation in its self-owned brands and resilient exports, projecting a significant increase in wholesale sales in July 2025 compared to the previous year [1] Sales Performance - In July 2025, SAIC's wholesale sales increased by 34.2% year-on-year but decreased by 7.6% month-on-month - From January to July 2025, wholesale sales grew by 15.0%, with terminal deliveries reaching 2.567 million units, surpassing wholesale sales of 2.390 million units, indicating a steady reduction in inventory levels [1] New Energy Vehicles - In July 2025, sales of new energy vehicles reached 117,000 units, marking a year-on-year increase of 64.9% but a month-on-month decrease of 2.8% - Cumulatively, from January to July 2025, sales of new energy vehicles totaled 764,000 units, reflecting a year-on-year growth of 43.5% [1] Self-Owned Brands - In July 2025, sales of self-owned brands amounted to 214,000 units, up 39.4% year-on-year - From January to July 2025, cumulative sales reached 1.518 million units, a year-on-year increase of 23.3%, with the market share rising to 63.5%, an increase of 4.3 percentage points year-on-year [1] Export Performance - From January to July 2025, SAIC's overseas sales grew by 1.1% year-on-year despite challenges such as anti-subsidy measures in the EU - The MG brand successfully delivered over 180,000 units in Europe, contributing to stable growth in export sales [1] Company Outlook - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a bottom reversal - The current price-to-book (PB) ratio stands at 0.7 times, and the report maintains a "recommend" rating for the stock [1]