SAIC MOTOR(SH:600104) Minsheng Securities·2024-02-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a strong retail performance in January 2024, with wholesale sales of 245,000 vehicles, a year-on-year increase of 2.9%, despite a month-on-month decrease of 61.5% [1]. - The company is experiencing robust demand for its new energy vehicles, with January sales reaching 64,000 units, a year-on-year increase of 66.7% [1]. - The company is accelerating its electric vehicle transformation, with significant sales from its brands such as Wuling and Roewe, and a strong performance from the ID family of vehicles [1]. - The company achieved overseas sales of 1.208 million vehicles in 2023, a year-on-year increase of 18.8%, and plans to establish a vehicle factory in Europe to enhance its global presence [1]. Summary by Relevant Sections Sales Performance - In January 2024, the company’s wholesale sales were 245,000 vehicles, with a breakdown showing SAIC Volkswagen at 95,000 vehicles (up 32.0% YoY), SAIC General at 36,000 vehicles (down 34.5% YoY), and SAIC Passenger Cars at 51,000 vehicles (down 9.2% YoY) [1]. - Retail sales reached 450,000 vehicles in January, marking a nearly 50% year-on-year increase [1]. New Energy Vehicles - The company’s new energy vehicle sales in January were 64,000 units, reflecting a 66.7% increase year-on-year, although down 70.7% month-on-month [1]. - The Roewe D7 DMH achieved monthly sales of over 6,000 units, ranking in the top three for mid-size hybrid sedans [1]. Overseas Expansion - The company’s overseas sales reached 1.208 million vehicles in 2023, with a 24% share of new energy vehicles [1]. - In January 2024, overseas sales were 64,000 vehicles, a decrease of 16.2% year-on-year, but retail in overseas markets exceeded 80,000 vehicles, up over 20% [1]. Financial Projections - The company forecasts revenues of 775 billion, 795 billion, and 819 billion yuan for 2023, 2024, and 2025 respectively, with net profits of 15.233 billion, 17.019 billion, and 18.327 billion yuan [2][5]. - The earnings per share (EPS) are projected to be 1.32, 1.47, and 1.58 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [2][5].