SAIC MOTOR(600104) 东方证券·2025-03-03 07:50Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a 20x PE valuation for the comparable companies in 2025 [2][5]. Core Views - The company's overall sales have shown positive growth both year-on-year and month-on-month, indicating that the reforms are beginning to take effect [1][8]. - The company has seen significant improvements in its sales performance, particularly in the new energy vehicle segment and overseas markets, with February wholesale sales increasing by 41.9% year-on-year and 11.7% month-on-month [8]. - The company is undergoing substantial reforms, including a restructuring of its passenger vehicle segment and a deep cooperation agreement with Huawei, which is expected to enhance its brand influence and sales performance [8]. Financial Forecasts and Key Metrics - The forecasted EPS for 2024-2026 is 0.15 CNY, 1.07 CNY, and 1.16 CNY respectively [2]. - The company's revenue for 2024 is projected to be 611,672 million CNY, with a year-on-year decline of 15.8%, followed by a recovery in 2025 with a growth of 10.2% [4]. - The gross margin is expected to improve from 10.2% in 2023 to 11.0% in 2026, while the net profit margin is projected to stabilize around 1.9% by 2026 [4]. - The company's net profit attributable to the parent company is expected to drop significantly to 1,771 million CNY in 2024, before rebounding to 12,377 million CNY in 2025 and 13,389 million CNY in 2026 [4].