SAIC MOTOR(600104) 开源证券·2025-02-20 09:30Investment Rating - The investment rating for SAIC Motor Corporation is "Buy" (首次) [1] Core Views - The company is undergoing a transformation supported by the Shanghai municipal government, with a focus on electric and intelligent technologies, which is expected to reverse its current performance [4] - The new leadership team is characterized by youth and rich experience in marketing, technology, overseas expansion, and supply chain management, which is anticipated to drive the company's transformation [4] - The company has introduced "seven technology foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei and Momenta [4] Financial Summary and Valuation Indicators - The total revenue for 2022 was 744,063 million, with a slight increase to 744,705 million in 2023, but a projected decline to 603,793 million in 2024, followed by a recovery to 644,009 million in 2025 and 684,802 million in 2026 [6] - The net profit attributable to shareholders is expected to drop significantly from 16,118 million in 2022 to 1,623 million in 2024, before rebounding to 10,020 million in 2025 and 14,479 million in 2026 [6] - The projected EPS for 2024, 2025, and 2026 are 0.1, 0.9, and 1.3 respectively, with corresponding P/E ratios of 125.4, 20.3, and 14.1 [6] Business Overview - SAIC Motor Corporation is a leading automotive company in China, transitioning from joint ventures to independent development, with a focus on electric and intelligent vehicles [16] - The company has maintained its position as the top automotive seller in China for 18 consecutive years, achieving sales of 5.02 million vehicles in 2023 [16] - The company’s business segments include vehicle manufacturing, parts, mobility services, finance, international operations, and innovative technology, with vehicle sales being the primary revenue source [19][20]