SAIC MOTOR(SH:600104) Xin Lang Cai Jing·2025-10-31 12:29Core Insights - The company reported a revenue of 468.99 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.95% [1] - The net profit attributable to shareholders reached 8.101 billion yuan, up 17.3% year-on-year, while the net profit excluding non-recurring items was 7.122 billion yuan, showing a significant increase of 578.6% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 169.4 billion yuan, reflecting a year-on-year growth of 16.2% and a quarter-on-quarter increase of 6.7% [1] - The net profit attributable to shareholders in Q3 was 2.08 billion yuan, a remarkable year-on-year increase of 644.9%, although it decreased by 30.4% quarter-on-quarter [1] - The net profit excluding non-recurring items for Q3 was 1.69 billion yuan, up 5699.9% year-on-year, with a quarter-on-quarter decline of 34.5% [1] Group 2: Sales Performance - The company reported a wholesale volume of 1.1407 million units in Q3 2025, marking a year-on-year increase of 36.7% and a quarter-on-quarter rise of 3.0% [2] - Key brands such as SAIC Passenger Cars, SAIC Volkswagen, and others showed strong sales performance, with year-on-year growth rates ranging from 21.6% to 134.6% [2] - The overseas sales in Q3 reached 271,000 units, representing a year-on-year increase of 7.8% [2] Group 3: Cost Management and Internal Reforms - The company’s gross profit margin in Q3 was 9.0%, showing a year-on-year decrease of 0.7 percentage points but an improvement of 0.5 percentage points quarter-on-quarter [3] - The total expense ratio for the four major expenses in Q3 was 9.4%, down 2.0 percentage points year-on-year, indicating significant improvement [3] - The net profit margin was 2.2%, which is an increase of 1.5 percentage points year-on-year, despite a quarter-on-quarter decline of 0.5 percentage points [3] Group 4: Future Outlook - The company expects revenues of 651.43 billion yuan, 739.83 billion yuan, and 822.04 billion yuan for 2025-2027, with year-on-year growth rates of 3.8%, 13.6%, and 11.1% respectively [4] - Projected net profits attributable to shareholders for the same period are 11.39 billion yuan, 13.58 billion yuan, and 15.54 billion yuan, with significant growth anticipated [4]