上汽集团：自我革新，逆风向上

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a projected PE ratio of 20 times for 2025 [2][5][106]. Core Views - The company is expected to benefit from significant reforms and transformations, leading to a potential turnaround in performance by 2025 [14][20][26]. - The integration of the Feifan and Roewe brands is anticipated to enhance operational efficiency and profitability within the self-owned brand segment [28][33]. - The company is focusing on accelerating its electric and intelligent transformation, with plans to launch multiple new models in the coming years [90][99][106]. Financial Forecasts and Investment Recommendations - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.80 CNY, 1.07 CNY, and 1.16 CNY respectively [2][106]. - The company's revenue is projected to decline in 2024 but is expected to recover in subsequent years, with a forecasted growth of 10.2% in 2025 and 7.1% in 2026 [4][106]. - The report highlights a significant drop in net profit for 2024, with an estimated loss of 18.52 billion CNY for the first half of the year, but anticipates a recovery in profitability by 2025 [73][106]. Company Financial Information - The company reported a revenue of 726.2 billion CNY in 2023, with a slight increase of 0.7% from the previous year, but forecasts a decline to 611.7 billion CNY in 2024 [4][106]. - The gross margin is expected to improve gradually, reaching 10.9% by 2026 [4][106]. - The net profit margin is projected to stabilize around 1.9% by 2026, indicating a gradual recovery in profitability [4][106]. Strategic Initiatives - The company is implementing a comprehensive reform plan that includes brand integration, organizational restructuring, and technological upgrades to enhance competitiveness [20][25][26]. - The self-owned brand segment is expected to see a turnaround due to improved operational efficiency and a focus on high-end electric vehicles [28][33]. - The joint ventures with international partners are set to accelerate the development of new energy vehicles and smart driving technologies [90][99][106].