SAIC MOTOR(600104) 东吴证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of 744.705 billion yuan in 2023, a year-on-year increase of 0.09%. The net profit attributable to shareholders was 14.106 billion yuan, a decrease of 12.48% year-on-year, while the net profit after deducting non-recurring items was 10.045 billion yuan, an increase of 11.71% year-on-year [3][4] - In Q4 2023, the company reported total revenue of 221.363 billion yuan, with a quarter-on-quarter increase of 2.17% and a year-on-year increase of 12.49%. The net profit attributable to shareholders was 2.699 billion yuan, a decrease of 22.19% quarter-on-quarter and 37.56% year-on-year [3][4] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 744.705 billion yuan, with a slight increase of 0.09% year-on-year. The net profit attributable to shareholders was 14.106 billion yuan, down 12.48% year-on-year. The diluted EPS for 2023 was 1.22 yuan per share [2][3] - In Q4 2023, the company’s wholesale sales reached 1.6435 million vehicles, with a year-on-year increase of 25.87%. The average selling price per vehicle was 134,700 yuan, down 10.63% year-on-year [3][4] Profitability and Cost Management - The gross margin for Q4 2023 was 10.71%, showing improvements due to scale effects. The selling, administrative, and R&D expense ratios were 4.21%, 3.38%, and 2.76%, respectively [3][4] - The company’s investment income for Q4 2023 was 4.112 billion yuan, with a year-on-year decrease of 10.59% [3][4] Future Outlook - The company is focusing on its core technologies in new energy and is actively expanding its export markets. The partnership with Audi aims to develop new intelligent electric vehicle models for the Chinese market [4] - The profit forecast for 2024 and 2025 has been adjusted to 14.267 billion yuan and 17.677 billion yuan, respectively, reflecting a more competitive market environment [4]