SAIC MOTOR(600104) 开源证券·2025-02-20 10:10Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a transformation supported by the Shanghai government, with a focus on electric and intelligent technology, which is expected to reverse its current performance [4] - The company has introduced "seven technological foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei [4] - The company is expected to see significant profit growth from 2024 to 2026, with projected net profits of 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively [4] Financial Summary and Valuation Indicators - Revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but projected to decline to 603.79 billion yuan in 2024 [6] - The net profit for 2022 was 16.12 billion yuan, which is expected to drop significantly to 1.62 billion yuan in 2024, before rebounding to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [6] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a potential recovery in valuation [6]