SAIC MOTOR(SH:600104) Shanghai Aijian Securities·2026-01-09 07:31Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is experiencing a transformation driven by intelligent new products and overseas expansion, with significant improvements becoming evident [1] - The sales volume for 2025 reached 4.507 million vehicles, a year-on-year increase of 12.3%, achieving the annual target [5] - The company aims to sell 1.5 million vehicles overseas in 2026, with a focus on expanding its market presence globally [5] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected as follows: 2023: 744,705; 2024: 627,590; 2025E: 668,572; 2026E: 697,788; 2027E: 746,773 [3] - Net profit attributable to shareholders (in million yuan) is forecasted as: 2023: 14,106; 2024: 1,666; 2025E: 10,751; 2026E: 13,342; 2027E: 16,151 [3] - Earnings per share (in yuan/share) are expected to be: 2023: 1.23; 2024: 0.14; 2025E: 0.93; 2026E: 1.15; 2027E: 1.40 [3] - The gross profit margin is projected to improve from 1.7% in 2023 to 11.1% in 2027 [7] - The company’s return on equity (ROE) is expected to increase from 4.9% in 2023 to 4.9% in 2027 [3] Sales and Product Development - In December 2025, the company sold 399,000 vehicles, a decrease of 17.3% year-on-year, with a notable decline in sales of joint venture fuel vehicles [5] - The company plans to launch two new models in 2026, enhancing its intelligent capabilities with support from Huawei [5] - The company’s joint ventures are accelerating the release of new energy vehicles, with a target for new energy vehicle sales to exceed 50% in 2026 [5] Overseas Expansion Strategy - The company achieved overseas sales of 1.071 million vehicles in 2025, a year-on-year increase of 3.1%, and aims for 1.5 million in 2026 [5] - The company has established a global market network covering over 170 countries, with significant sales growth in Europe [5] - The "Glocal Strategy" 3.0 aims to transition overseas business from marginal contributions to structural growth [5]