SAIC MOTOR(600104) CAITONG SECURITIES·2024-10-12 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The sales of new energy vehicles are steadily increasing, with a significant year-on-year growth of 38.26% in September, accounting for 41.28% of total sales [2] - The company is accelerating its expansion into overseas markets, achieving a 5.5% year-on-year increase in overseas sales during the first nine months of the year [2] - The forecasted net profit for the company from 2024 to 2026 is projected to be 10.976 billion, 11.997 billion, and 12.081 billion yuan, respectively, with corresponding PE ratios of 14.42, 13.19, and 13.10 times [2] Summary by Sections Sales Performance - In September, the total sales volume was 313,000 vehicles, a decrease of 35.03% year-on-year [2] - New energy vehicle sales reached 129,000 units in September, marking a 38.26% increase year-on-year, with cumulative deliveries of 886,000 units from January to September, up 29.5% [2] Overseas Market Expansion - The company achieved 806,000 units in overseas deliveries from January to September, reflecting a 5.5% year-on-year growth [2] - The MG brand has delivered over 180,000 units in the European market, maintaining positive year-on-year growth [2] Financial Projections - The company’s projected operating revenue for 2024 is 569.37 billion yuan, with a revenue growth rate of -21.60% [3] - The projected net profit for 2024 is 10.976 billion yuan, with a net profit growth rate of -22.19% [3] - The earnings per share (EPS) for 2024 is expected to be 0.95 yuan, with a PE ratio of 14.42 [3]