SAIC MOTOR(600104) 国盛证券·2025-02-23 12:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has signed a deep cooperation agreement with Huawei to enhance its capabilities in electric smart vehicles, being the only company to have both passenger and commercial vehicle projects included in the first batch of L3 intelligent connected vehicle approvals [1] - The company is actively adjusting its management and operational strategies in response to national policies promoting state-owned enterprise reform, including the introduction of new executives with rich experience in technology and supply chain management [1] - The company has a strong foundation in autonomous technology with seven major technology platforms, including electric, hybrid, and hydrogen vehicles, and is accelerating its transformation through partnerships and local market strategies [2] Financial Performance - The company's revenue for 2022 was 720,988 million, with a slight increase to 726,199 million in 2023, but a projected decline to 620,900 million in 2024 [3] - The net profit attributable to the parent company decreased from 16,118 million in 2022 to 14,106 million in 2023, with a significant drop expected to 1,642 million in 2024, before recovering to 10,055 million in 2025 and 14,300 million in 2026 [3] - The earnings per share (EPS) is projected to decline from 1.39 in 2022 to 0.14 in 2024, with a recovery to 0.87 in 2025 and 1.24 in 2026 [3] Valuation Metrics - The report adjusts the company's net profit forecasts for 2024-2026 to 16 billion, 101 billion, and 143 billion respectively, with corresponding price-to-earnings (P/E) ratios of 122, 20, and 14 times [2] - The company's total market capitalization is approximately 200,252.68 million, with a closing price of 17.30 on February 21, 2025 [4]