SAIC MOTOR(600104) 东吴证券·2025-01-27 01:13Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to face a significant decline in net profit for 2024, with estimates ranging from 1.5 billion to 1.9 billion RMB, representing a year-on-year decrease of 87% to 90% [8] - The report highlights that the impairment related to General Motors has been accounted for, which is seen as a negative factor that has now been fully recognized [8] - The company anticipates a recovery in sales volume in Q4 2024, with a forecasted wholesale volume of 1.364 million vehicles, showing a year-on-year decrease of 17% but a quarter-on-quarter increase of 65.8% [8] - The report emphasizes the company's efforts to reduce costs and improve efficiency, with expectations for internal restructuring and external collaborations to reverse the current challenges [8] Financial Summary - Total revenue for 2024 is projected to be 612.744 billion RMB, a year-on-year decrease of 17.72% [8] - The net profit attributable to shareholders is forecasted to be 1.603 billion RMB for 2024, down 88.64% from the previous year [8] - The earnings per share (EPS) for 2024 is expected to be 0.14 RMB, with a significant increase in EPS projected for 2025 and 2026 [8] - The price-to-earnings (P/E) ratio is expected to be 122.31 for 2024, reflecting the anticipated challenges in profitability [8]