SAIC MOTOR(SH:600104) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-22 23:28Core Viewpoint - Shanghai's economy shows resilience with a GDP growth of 5.5% in the first three quarters, surpassing the national average by 0.3 percentage points, driven by industrial growth and strong performance from SAIC Motor Corporation [1][3]. Economic Performance - Shanghai's GDP reached 40,721.17 billion yuan, with industrial value-added increasing by 5.2% year-on-year [1]. - The total industrial output value for large-scale industries in Shanghai grew by 5.7%, indicating a slight acceleration compared to the first half of the year [1]. SAIC Motor Corporation's Performance - In the first nine months, SAIC sold 3.193 million vehicles, a year-on-year increase of 20.5%, maintaining its leading position in the domestic automotive industry [3]. - The company's net profit attributable to shareholders, excluding non-recurring items, surged by 432.2%, reflecting significant operational improvements [3][4]. Growth Drivers - SAIC's growth is attributed to the synergistic efforts of its three main pillars: independent brands, new energy vehicles (NEVs), and overseas markets [5]. - Sales of SAIC's independent brands reached 294,000 units in September, a 50.4% increase year-on-year, with a cumulative total of 2.044 million units sold in the first nine months [5]. New Energy Vehicles - In September, SAIC sold nearly 190,000 NEVs, marking a historical high with a year-on-year growth of 46.5% [8]. - Cumulative NEV sales for the first nine months reached 1.083 million units, up 44.8% year-on-year [8][9]. Technological Advancements - SAIC's growth is characterized by a focus on "technology labels," which enhance product competitiveness [10]. - The introduction of innovative technologies, such as the "Star Super Range" and "Lingxi Digital Chassis," has established a competitive edge in the market [12][14]. Global Expansion - SAIC's overseas sales reached 101,000 units in September, a 12.2% increase year-on-year, with the MG brand performing particularly well in Europe [15]. - The company has adapted its products to meet local market demands, enhancing its competitiveness against local brands [18]. Financial Health - SAIC reported a total revenue of 299.59 billion yuan in the first half of the year, a 5.2% increase, with a net profit of 6.02 billion yuan [18]. - The operating cash flow increased by 85.9%, indicating improved financial management and operational efficiency [18]. Product Strategy - SAIC has a clear product strategy with a series of new launches planned for 2025, ensuring coverage across various price segments [19]. - The company emphasizes a balanced product portfolio, catering to both passenger and commercial vehicle markets [19]. Conclusion - SAIC's consistent growth is a result of strategic focus on independent brands, NEVs, and global markets, supported by technological innovation and user-centric approaches [21]. - The company aims to continue optimizing retail, accelerating technology application, and expanding international operations, positioning itself for sustainable growth in the automotive industry [21].