SAIC MOTOR(SH:600104) Zhong Guo Ji Jin Bao·2026-01-18 11:53Core Viewpoint - SAIC Motor Corporation has announced an impressive profit forecast for 2025, expecting a year-on-year increase in net profit attributable to shareholders of 438% to 558%, indicating a potential undervaluation in the capital market [2] Group 1: Company Performance and Market Position - As of January 16, 2026, SAIC Motor's market capitalization stands at 172.3 billion yuan, ranking first among state-controlled listed automotive companies, yet significantly lower than BYD's market cap of 874 billion yuan [2] - The company has faced a mismatch between its market value and performance, a common issue among several listed automotive companies [2] - SAIC Motor's stock price has dropped by 26.37% in 2025, raising concerns among investors regarding its market value management [4] Group 2: Valuation and Market Management - SAIC Motor is currently in a "broken net" state, with a closing price of 14.99 yuan per share, which is below its latest audited net asset value of 25.71 yuan per share [4][6] - The company has implemented three rounds of share repurchase plans, totaling 4.747 billion yuan, but the effectiveness of these measures has been questioned [13][14] - The company is required to disclose its valuation enhancement plan due to its long-term "broken net" status, as per regulatory guidelines [6][9] Group 3: Industry Context and Challenges - The automotive industry is experiencing rapid transformation towards new energy and smart technologies, increasing competition and investment difficulty [17] - Many listed automotive companies are perceived to be undervalued in the capital market, with most having market capitalizations below 200 billion yuan [16] - The industry is expected to take five years to clarify its basic structure and ten years to reach a stable state [18]