研报掘金丨爱建证券：首予上汽集团“买入”评级，经营表现有望逐步回升

Core Viewpoint - The report from Aijian Securities highlights SAIC Motor Corporation's comprehensive automotive industry chain and diverse brand matrix, indicating a positive outlook for the company's operational performance due to restructuring and strategic partnerships [1] Group 1: Company Overview - SAIC Motor has a complete automotive industry chain, including passenger vehicles (Roewe, Feifan, Zhiji, etc.), SAIC Volkswagen, SAIC General Motors, SAIC Wuling, and Maxus [1] - The company is restructuring its passenger vehicle segment by integrating the Roewe and Feifan brands to enhance operational efficiency and resource synergy [1] Group 2: Strategic Initiatives - SAIC is collaborating closely with Huawei to launch a new brand "Shangjie," targeting the mainstream smart electric vehicle market priced between 150,000 to 200,000 yuan, leveraging consumer electronics experience to improve product quality and user experience [1] - The company is accelerating the industrialization of cutting-edge technologies such as solid-state batteries [1] Group 3: Market Performance - The expected outcomes of the company's reforms are anticipated to gradually manifest, with operational performance likely to improve over time [1] - Core models of the self-owned brands, such as Shangjie and Zhiji, have seen rapid monthly sales growth, stabilizing above 10,000 units [1] - Sales growth for joint venture brands SAIC Volkswagen and SAIC General Motors has returned to positive year-on-year growth [1] - Export and overseas base sales continue to show stable positive growth [1] Group 4: Valuation and Investment Recommendation - The company's valuation is below the average of comparable companies, and considering its proactive push towards electric and intelligent transformation along with strengthened external collaborations, it is given a "Buy" rating for the first coverage [1]