SAIC MOTOR(SH:600104) CAITONG SECURITIES·2025-09-02 11:16Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 299.59 billion yuan in the first half of 2025, representing a year-on-year growth of 5.23%, while the net profit attributable to shareholders was 6.02 billion yuan, down 9.21% year-on-year [7] - The company achieved a total vehicle sales of 2.053 million units in the first half of 2025, a year-on-year increase of 12.4%, with self-owned brand sales reaching 1.304 million units, up 21.1% [7] - The company is collaborating with Huawei to create the "SAIC 尚界" brand, which has seen strong initial demand with over 50,000 orders in 18 hours for its first product [7] - The company is expected to achieve net profits of 11.227 billion, 12.790 billion, and 15.700 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 19.4, 17.0, and 13.9 [7] Financial Performance - The company's revenue forecast for 2023A is 726.199 billion yuan, with a projected revenue of 712.550 billion yuan for 2025E, reflecting a growth rate of 16.0% [6] - The net profit for 2023A is estimated at 14.106 billion yuan, with a significant projected increase to 11.227 billion yuan in 2025E, indicating a net profit growth rate of 573.7% [6] - The earnings per share (EPS) for 2023A is 1.23 yuan, expected to decrease to 0.98 yuan in 2025E, before rising to 1.37 yuan in 2027E [6] Market Performance - The company's stock price closed at 18.95 yuan as of September 2, 2025 [2] - The company's market performance over the last 12 months shows a decline of 5%, while the Shanghai Composite Index has increased by 11% [4]