Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.25 CNY, based on a 25x PE valuation for 2025 [2][4]. Core Views - The company has achieved a significant increase in both domestic and overseas sales, with expectations for strong performance from new vehicle launches [1][8]. - The forecast for EPS from 2025 to 2027 is projected to be 1.05 CNY, 1.17 CNY, and 1.31 CNY respectively, indicating a recovery in profitability [2]. Financial Summary - The company's revenue for 2023 is reported at 726,199 million CNY, with a projected decline of 15.4% in 2024, followed by a recovery with growth rates of 3.9%, 7.7%, and 8.0% in the subsequent years [3][9]. - Operating profit is expected to rebound significantly from 10,376 million CNY in 2024 to 19,966 million CNY in 2025, reflecting a growth of 92.4% [3][9]. - The net profit attributable to the parent company is forecasted to increase from 1,666 million CNY in 2024 to 12,118 million CNY in 2025, marking a substantial growth of 627.2% [3][9]. - The gross margin is projected to improve from 9.4% in 2024 to 10.5% in 2025, while the net margin is expected to stabilize around 2.0% by 2026 and 2027 [3][9]. Sales Performance - The company reported a total wholesale sales volume of 36.34 million vehicles in August, representing a year-on-year increase of 41.0% and a month-on-month increase of 7.7% [8]. - The MG brand has shown strong growth in Europe, with a 20% increase in terminal deliveries, and the company plans to launch new models to further enhance its market presence [8].
上汽集团(600104):自主及海外销量均实现环比增长,期待新车上市表现