长江证券：维持上汽集团“买入”评级，业绩企稳向好有望驱动估值修复

Core Viewpoint - The report from Changjiang Securities indicates that SAIC Motor Corporation is expected to face a decline in sales in December 2025, with a projected volume of 399,000 units, reflecting a year-on-year decrease of 17.3% and a quarter-on-quarter decrease of 13.3% [1] Group 1: Company Performance - Despite the industry beta pressure, the company is expected to achieve a year-on-year growth in its autonomous segment [1] - The company is undergoing comprehensive reforms, including the integration of its passenger vehicle segment and the promotion of younger leadership, which is anticipated to enhance internal efficiency and growth [1] - The implementation of general impairment measures is expected to release risks, allowing the company to operate with a lighter burden [1] Group 2: Strategic Partnerships - The deepening collaboration with Huawei is aimed at accelerating the company's smart electric transformation, with the "Shangjie" model adopting an intelligent selection approach [1] - This partnership is expected to gradually boost the sales of the company's self-owned brands, contributing to a stabilization and improvement in performance [1] Group 3: Financial Projections - The company forecasts net profits attributable to shareholders of 10.5 billion yuan and 12.2 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 16.7X and 14.4X [1] - The report maintains a "buy" rating for the company's stock based on these projections [1]