SAIC MOTOR(600104) 华创证券·2024-04-25 03:32Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 16.83 CNY per share, indicating a potential upside of 13% [1][2]. Core Views - The company reported a revenue of 744.7 billion CNY for 2023, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 14.1 billion CNY, down 12% year-on-year [1]. - The company is focusing on overseas expansion and the transition to new energy vehicles, with a target of 1.35 million units in overseas sales for 2024, representing a 12% increase year-on-year [2]. - The company is accelerating its new energy transition, with a notable focus on the new model, Zhiji L6, which is expected to enhance brand visibility and sales [2]. Financial Summary - For 2023, the company achieved a total revenue of 744.7 billion CNY, with a year-on-year growth rate of 0.1%. The net profit attributable to shareholders was 14.1 billion CNY, reflecting a year-on-year decline of 12.5% [6]. - The forecast for 2024-2026 includes total sales of 4.85 million, 4.76 million, and 4.64 million units, with revenues projected at 768.9 billion CNY, 804 billion CNY, and 839 billion CNY respectively [2][6]. - The report predicts net profits for 2024, 2025, and 2026 to be 15 billion CNY, 15.5 billion CNY, and 16.6 billion CNY respectively, with corresponding P/E ratios of 12, 11, and 10 [2][6].