SAIC MOTOR(600104) 国联证券·2025-02-05 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a wholesale sales volume of 264,000 vehicles in January 2025, representing a year-on-year increase of 7.9% despite a month-on-month decrease of 45.3%. This growth in a traditionally slow month sets a solid foundation for annual sales growth. The industry is entering a new phase of advanced intelligent driving, and the company is expected to leverage its strong technical foundation to pursue growth through smart technology, aiming for a rebound in sales and stable operations in 2025 [3][12][14]. Summary by Sections Sales Performance - In January 2025, the company reported a wholesale sales volume of 264,000 vehicles, up 7.9% year-on-year but down 45.3% month-on-month. The company delivered 353,000 vehicles in total, with 206,000 from its own brands, marking a 6.0 percentage point increase in the share of self-owned brand sales year-on-year. The production volume reached 325,000 vehicles, a 33.4% increase year-on-year but a 28.9% decrease month-on-month [11][12]. Technological Advancements - The company is accelerating its electrification transformation, with January sales of new energy vehicles at 61,000 units, down 5.0% year-on-year and 60.3% month-on-month, primarily due to the impact of the Spring Festival. The company plans to launch new models across its electric, hybrid, and hydrogen platforms in 2025, enhancing its technological capabilities [13][14]. Financial Forecast - The company forecasts revenues of 618.6 billion, 644.7 billion, and 678.8 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15%, +4%, and +5%. The net profit attributable to the parent company is expected to be 1.587 billion, 9.291 billion, and 12.664 billion yuan for the same years, with growth rates of -89%, +485%, and +36% [15][20].