SAIC MOTOR(SH:600104) Minsheng Securities·2025-10-09 06:56Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 16/14/12 for the years 2025-2027, respectively [5][7]. Core Insights - The company reported a significant increase in sales, with a total of 319.3 million vehicles sold from January to September 2025, representing a year-on-year growth of 20.5% [2][3]. - The sales performance in September 2025 showed a remarkable year-on-year increase of 40.4% and a month-on-month increase of 21.0% [3]. - The company has partnered with Huawei to launch the new SUV model, Shangjie H5, which has received strong market interest, achieving over 10,000 pre-orders within the first hour of its launch [4]. - The management team has undergone significant changes to enhance the company's focus on domestic markets and the development of new energy vehicles, aligning with state-owned enterprise reforms [5]. Sales Performance Summary - In September 2025, the company sold 440,000 vehicles, with notable contributions from various brands: - SAIC Volkswagen: 94,000 vehicles, down 2.5% year-on-year - SAIC General Motors: 49,000 vehicles, up 36.7% year-on-year - SAIC Passenger Vehicles: 94,000 vehicles, up 23.8% year-on-year - SAIC-GM-Wuling: 158,000 vehicles, up 37.8% year-on-year - SAIC New Energy: 189,000 vehicles, up 44.8% year-on-year - SAIC Overseas: 101,000 vehicles, up 3.5% year-on-year [2][3]. Financial Forecast Summary - The projected revenues for the company from 2025 to 2027 are as follows: - 2025: 687.76 billion yuan - 2026: 722.06 billion yuan - 2027: 776.21 billion yuan - The expected net profit attributable to shareholders for the same period is: - 2025: 12.27 billion yuan - 2026: 14.07 billion yuan - 2027: 16.67 billion yuan - The earnings per share (EPS) are forecasted to be 1.06 yuan in 2025, 1.22 yuan in 2026, and 1.44 yuan in 2027 [6][23].