SAIC MOTOR(SH:600104) Shenwan Hongyuan Securities·2025-08-29 09:43Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report indicates that a turning point has been reached for the company, suggesting that it is well-positioned for a significant transformation [1] - The company has shown strong performance in the first half of 2025, with total revenue of 299.59 billion yuan, a year-on-year increase of 5.2%, and a non-recurring net profit of 5.43 billion yuan, up 432.2% year-on-year [7] - The company is expected to benefit from its three main growth drivers: self-owned brands, new energy vehicles, and international operations, which will facilitate the transition from old to new business models [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 700.95 billion yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is projected to be 11.40 billion yuan for 2025, reflecting a significant year-on-year increase of 584.2% [5] - Earnings per share are expected to rise to 0.99 yuan in 2025, with a projected price-to-earnings ratio of 19 [5] - The company’s gross margin is anticipated to improve to 10.0% in 2025, with a return on equity (ROE) of 3.9% [5] Market Performance - The company maintained its position as the leading domestic automaker, with retail sales reaching 2.207 million vehicles, including 1.304 million from self-owned brands, a 21.1% increase year-on-year [7] - The sales of new energy vehicles reached 646,000 units, marking a 40.2% increase year-on-year [7] - The company has successfully navigated challenges in the European market, achieving a 16% year-on-year increase in deliveries for its MG brand [7]