SAIC MOTOR(600104) 民生证券·2024-09-01 12:16Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 12.55 CNY per share on August 29, 2024, corresponding to a PE ratio of 10/9/8 for the years 2024-2026 [2][4]. Core Insights - The company reported a total revenue of 284.69 billion CNY for H1 2024, a year-on-year decrease of 12.8%, and a net profit attributable to shareholders of 6.63 billion CNY, down 6.5% year-on-year. The adjusted net profit was 1.02 billion CNY, reflecting a significant decline of 82.0% year-on-year [1][5]. - In Q2 2024, total revenue was 138.1 billion CNY, down 21.4% year-on-year and 0.6% quarter-on-quarter, with a net profit of 3.91 billion CNY, down 9.0% year-on-year but up 44.2% quarter-on-quarter [1][4]. - The company is focusing on optimizing its production and sales structure while accelerating its transition to new energy vehicles, achieving a 29.9% year-on-year increase in new energy vehicle deliveries in the first half of 2024 [1][5]. Summary by Sections Revenue and Profitability - For H1 2024, the company’s total revenue was 284.69 billion CNY, with a net profit of 6.63 billion CNY and an adjusted net profit of 1.02 billion CNY [1][5]. - Q2 2024 saw total revenue of 138.1 billion CNY, with a net profit of 3.91 billion CNY and an adjusted net profit of -1.1 billion CNY [1][4]. Sales Performance - The company sold 993,000 vehicles in Q2 2024, a year-on-year increase of 15.9% and a quarter-on-quarter increase of 19.0%. However, the average selling price (ASP) decreased to 95,000 CNY, down 6.4% year-on-year and 16.5% quarter-on-quarter [1][4]. Cost and Expenses - The gross margin for Q2 2024 was 8.2%, down 1.3 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to intensified price competition [1][4]. - The company’s expense ratios for sales, management, R&D, and financial costs were 4.4%, 3.3%, 2.7%, and 0.2%, respectively, with slight variations compared to the previous quarter [1][4]. Investment and Future Outlook - The company’s investment income for Q2 2024 was 5.73 billion CNY, significantly impacted by losses from joint ventures, particularly from General Motors [1][5]. - The report anticipates revenue growth for 2024-2026, projecting revenues of 706.7 billion CNY, 706.7 billion CNY, and 779.9 billion CNY, with net profits of 14.13 billion CNY, 15.30 billion CNY, and 17.22 billion CNY, respectively [2][4].