SAIC MOTOR(SH:600104) Chang Jiang Shang Bao·2026-01-18 23:49Core Viewpoint - SAIC Motor Corporation has reported a significant turnaround in its operating performance, with projected net profit for 2025 expected to increase by 438% to 558% compared to the previous year [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 90 billion to 110 billion yuan for 2025, marking an increase of 73 billion to 93 billion yuan year-on-year [2]. - The projected net profit excluding non-recurring items is expected to be between 70 billion to 82 billion yuan, reflecting a year-on-year growth of 229% to 251% [2][3]. - In 2024, SAIC reported a revenue of 627.59 billion yuan, a decline of 15.73% year-on-year, with a net profit of 1.666 billion yuan, down 88.19% [3]. Sales and Production - In 2025, SAIC achieved a total vehicle sales volume of 4.5075 million units, exceeding its target and representing a year-on-year growth of 12.32% [6]. - The company’s self-owned brand sales reached 2.928 million units, accounting for 65% of total sales, an increase of 5 percentage points from 2024 [6]. - New energy vehicle sales reached 1.643 million units, a historical high with a growth rate of 33.1% [6]. Cash Flow and Financial Health - For the first three quarters of 2025, SAIC reported a net cash flow from operations of -10.581 billion yuan, a reduction in net outflow by 70.88% year-on-year [1]. - The company's asset-liability ratio improved to 62.30% by the end of September 2025, a decrease of 1.47 percentage points from the end of 2024 [7]. Research and Development - SAIC's R&D investment for the first three quarters of 2025 was 12.614 billion yuan, an increase of 10.86 billion yuan compared to the same period last year [7].