SAIC MOTOR(SH:600104) Xin Lang Cai Jing·2026-01-15 11:56Core Viewpoint - SAIC Motor Corporation is expected to recover significantly in 2025, with projected net profit for the year reaching between 9 billion to 11 billion yuan, representing an increase of 438% to 558% year-on-year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of 7 billion to 8.2 billion yuan in 2025, which would be an increase of 229% to 251% compared to the previous year [1] - The total wholesale sales for SAIC Motor in 2025 are projected to exceed 4.507 million units, reflecting a year-on-year growth of 12.3% [2] - The sales of SAIC's new energy vehicles are expected to reach 1.643 million units in 2025, marking a historical high with a year-on-year increase of 33.1% [2] Group 2: Business Segments - The "new three drivers" of SAIC's business, which include its self-owned brands, new energy vehicles, and overseas markets, are key contributors to the significant improvement in performance [2] - Self-owned brands accounted for 65% of the total sales in 2025, an increase of 5 percentage points from 2024 [2] - In the overseas market, SAIC's sales are projected to reach 1.071 million units in 2025, with a year-on-year growth of 3.1% [2] Group 3: Non-Operating Factors - Non-operating gains, such as the transfer and capital increase of JSW MG Motor India Private Limited, contributed an additional 5.178 billion yuan to the net profit in 2024 [3] - The company faced asset impairment provisions amounting to approximately 7.874 billion yuan, which impacted net profit [3] - SAIC General Motors is implementing strategies to optimize its product mix and enhance its presence in the smart electric vehicle sector [3] Group 4: Strategic Initiatives - The company has undertaken significant internal restructuring to enhance efficiency, including breaking down departmental barriers and streamlining processes [4] - The growth in 2025 is viewed as a result of long-term investments in technology research, supply chain development, and global expansion within the Chinese automotive industry [4] - The conclusion drawn is that a combination of "independent innovation and open cooperation" is essential for stability in the evolving automotive industry [4]