SAIC MOTOR(SH:600104) KAIYUAN SECURITIES·2025-11-04 14:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a significant year-on-year revenue increase of 9.0% for the first three quarters of 2025, achieving a total revenue of 468.99 billion yuan, while the net profit attributable to shareholders increased by 17.3% to 8.101 billion yuan [4][5] - In Q3 2025, the company achieved a revenue of 169.40 billion yuan, reflecting a quarter-on-quarter increase of 16.2% and a year-on-year increase of 6.7%. However, the net profit for Q3 was 2.083 billion yuan, showing a quarter-on-quarter decline of 30.4% [4][5] - The company is expected to benefit from ongoing reforms aimed at cost reduction and efficiency improvement, with projected net profits for 2025-2027 being 10.72 billion yuan (+8.3%), 13.68 billion yuan (+14.9%), and 17.20 billion yuan (+29.9%) respectively [4][5] Sales Performance - The company sold 1.1407 million vehicles in Q3 2025, marking a year-on-year increase of 38.7% and a quarter-on-quarter increase of 3.0%. The passenger vehicle segment saw a sales increase of 56.2% year-on-year [5][6] - The sales of the company's joint venture brands remained stable, with SAIC Volkswagen showing a significant year-on-year increase of 154.2% due to a low base effect [5][6] Financial Summary - The company’s total market capitalization is approximately 186.45 billion yuan, with a current stock price of 16.22 yuan [1] - The projected P/E ratios for 2025-2027 are 17.4, 13.6, and 10.8 respectively, indicating a favorable valuation outlook [7][9] Strategic Developments - The company has established a new passenger vehicle segment aimed at improving decision-making efficiency and resource allocation. It has also seen significant growth in its self-owned brands, with a 29.2% increase in sales for the first nine months of 2025 [6][7] - The company is actively pursuing advanced technologies, including solid-state batteries and intelligent vehicle solutions, with several new electric models set to launch, which are expected to drive future sales growth [6][7]