SAIC MOTOR(SH:600104) Changjiang Securities·2025-09-09 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In August 2025, the company's sales reached 363,000 units, representing a year-on-year increase of 41.0% and a month-on-month increase of 7.7%. Cumulatively, from January to August, total sales amounted to 2.753 million units, up 17.9% year-on-year. The sales growth has been steadily increasing since March, reflecting the ongoing effectiveness of the company's reforms [2][10]. - The company has initiated comprehensive reforms, including the integration of the "large passenger vehicle segment" and the promotion of younger leadership, which is expected to enhance internal efficiency and growth. The release of risks associated with General Motors' impairment allows the company to operate with a lighter burden. The deepening collaboration with Huawei is anticipated to accelerate the company's transition to smart electric vehicles [10]. - The new brand "Shangjie," co-developed with Huawei, has shown strong market potential, with the first product, Shangjie H5, starting pre-sales at a price range of 169,800 to 209,800 yuan, achieving over 50,000 orders in 18 hours. The official launch is scheduled for September 23, 2025, which is expected to further boost the company's smart electric transformation [10]. Summary by Sections Sales Performance - August 2025 sales were 363,000 units, up 41.0% year-on-year and 7.7% month-on-month. Total sales from January to August reached 2.753 million units, a 17.9% increase year-on-year. Sales growth has been improving monthly since March [2][10]. Joint Ventures and Self-owned Brands - Joint venture brands showed continuous improvement, with SAIC Volkswagen selling 87,000 units in August (up 1.9% year-on-year) and SAIC General Motors selling 44,000 units (up 176.9% year-on-year). Self-owned brand sales also saw significant increases, with SAIC Passenger Cars selling 75,000 units in August (up 78.5% year-on-year) [10]. New Energy and Overseas Sales - New energy vehicle sales in August reached 130,000 units, a year-on-year increase of 49.9%. Overseas sales were 88,000 units, up 10.5% year-on-year [10]. Financial Projections - The company expects net profits attributable to shareholders to be 13.02 billion yuan in 2025 and 14.98 billion yuan in 2026, corresponding to price-to-earnings ratios of 16.7X and 14.5X, respectively [10].