SAIC MOTOR(SH:600104) GUOTAI HAITONG SECURITIES·2026-01-18 05:09Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The report highlights an improving trend in the high tariff issues for Chinese new energy vehicle exports to Europe and Canada, recommending companies with significant contributions from exports such as XPeng Motors, SAIC Motor, Leap Motor, and Geely Automobile [2][4]. - Canada is actively adjusting its measures regarding the import of Chinese electric vehicles, providing an annual quota of 49,000 vehicles that will enjoy a 6.1% Most Favored Nation tariff rate, eliminating the previous 100% additional tax [4]. - Progress has also been made in resolving tariff issues for pure electric vehicle exports to Europe, with a framework consensus reached between China and the EU to replace high tariffs with a constructive "minimum price commitment" mechanism [4]. Summary by Sections Export Tariff Improvements - The Canadian government will grant a quota for 49,000 Chinese electric vehicles annually, with a gradual increase in quota numbers over the years [4]. - The EU has agreed to a framework that allows Chinese electric vehicle companies to submit price commitment applications to avoid anti-subsidy tariffs, which previously reached up to 35.3% [4]. Company Recommendations - Recommended companies include XPeng Motors, SAIC Motor, Leap Motor, and Geely Automobile, as well as Lotus and Polestar, which are expected to benefit from the improving export conditions [4]. - XPeng Motors' chairman expressed confidence in significant growth in overseas markets, anticipating that overseas sales could match domestic sales in the future [4]. Performance Metrics - SAIC Motor reported overseas sales of 1.071 million units in 2025, with MG sales in Europe exceeding 300,000 units, marking a nearly 30% year-on-year increase [4]. - Polestar expanded its European channels by 50% in 2025, projecting annual sales of approximately 60,000 units, a 34% increase year-on-year [4].