SAIC MOTOR(SH:600104) Ping An Securities·2025-09-01 07:36Investment Rating - The report maintains a "Recommended" investment rating for SAIC Motor Corporation [1][8] Core Views - The company achieved a total operating revenue of 299.59 billion yuan in the first half of 2025, representing a year-on-year increase of 5.23%. However, the net profit attributable to shareholders decreased by 9.21% to 6.02 billion yuan, while the net profit excluding non-recurring items surged by 432.21% to 5.43 billion yuan. The net cash flow from operating activities reached 21.04 billion yuan, up 85.89% year-on-year [4][8] - The company’s vehicle sales stabilized and increased, with a total wholesale volume of 2.053 million units in the first half of 2025, a year-on-year growth of 12.4%. The sales of self-owned brands reached 1.304 million units, up 21.1%, increasing their market share to 63.5%. New energy vehicle sales grew by 40.2% to 646,000 units [7][8] - The first model from the collaboration with Huawei, the Shangjie H5, is set to launch soon, with pre-sales starting at 169,800 to 209,800 yuan. The model has shown strong pre-sale demand, indicating potential for significant market impact [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company reported total operating revenue of 299.59 billion yuan, a 5.23% increase year-on-year. The net profit attributable to shareholders was 6.02 billion yuan, down 9.21%, while the net profit excluding non-recurring items was 5.43 billion yuan, up 432.21%. The net cash flow from operating activities was 21.04 billion yuan, an increase of 85.89% [4][8] Sales and Market Position - The company’s total wholesale vehicle sales reached 2.053 million units, a 12.4% increase year-on-year. Self-owned brand sales were 1.304 million units, up 21.1%, with a market share increase to 63.5%. New energy vehicle sales grew by 40.2% to 646,000 units [7][8] Strategic Initiatives - The Shangjie H5, developed in collaboration with Huawei, is expected to launch soon, with strong pre-sale interest indicating its potential as a market leader in the new energy vehicle segment [7][8] Profit Forecast and Investment Recommendations - The profit forecast for 2025-2027 has been adjusted to 10.29 billion yuan, 12.87 billion yuan, and 14.34 billion yuan respectively, reflecting improved performance expectations. The investment rating remains "Recommended" [8]