SAIC MOTOR(600104) 开源证券·2025-02-23 02:05Investment 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 of intelligent electric vehicles, indicating a proactive transformation towards electric intelligence [4] - The company is expected to benefit from strong support from the Shanghai municipal government and leverage its experienced management team to enhance its competitive position in the electric vehicle market [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 decreased from 16.12 billion yuan in 2022 to 14.11 billion yuan in 2023, with a significant drop to 1.62 billion yuan in 2024, followed by a recovery 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 potential recovery in earnings [7] Strategic Initiatives - The company is restructuring its passenger vehicle segment and integrating resources from various brands, including Roewe, while adopting Huawei's IPD system to optimize R&D processes [5] - The collaboration with Huawei is expected to enhance the company's capabilities in product definition, manufacturing, supply chain management, and sales services, positioning it better in the competitive landscape of intelligent vehicles [5][6] - The company aims to expand its product offerings to include hybrid and HEV models for international markets, leveraging its established brand and market presence [6]