SAIC MOTOR(600104) 开源证券·2025-02-23 01:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed a deep cooperation agreement with Huawei to develop a new model for intelligent electric vehicles, indicating a proactive transformation towards electric and intelligent technology [4][5] - The company is expected to benefit from strong support from the Shanghai government and the experience of its youthful management team in marketing, technology, and supply chain management [4] - The forecasted net profit for the company from 2024 to 2026 is projected to be 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively, with corresponding EPS of 0.1, 0.9, and 1.3 yuan [4] Financial Summary - The total revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but a projected decline to 603.79 billion yuan in 2024 [7] - The net profit attributable to the parent company 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 [7] - 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 significant expected improvement in profitability over the forecast period [7] Strategic Initiatives - The company is restructuring its passenger vehicle segment and integrating its brands, such as Roewe, while adopting Huawei's IPD system to enhance R&D processes and market responsiveness [5][6] - The collaboration with Huawei is expected to enhance the company's competitive position in the intelligent vehicle market, leveraging Huawei's advanced technology in product definition and sales services [5][6] - The company aims to expand its product offerings to include hybrid and HEV models for international markets, capitalizing on the growing demand for electric vehicles [6]