SAIC MOTOR(SH:600104) Guolian Securities·2024-05-07 23:30Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a positive outlook due to the acceleration in new energy transformation and overseas market expansion [2][7]. Core Insights - The company reported a revenue of 143.07 billion yuan in Q1 2024, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 2.71 billion yuan, down 2.48% year-on-year [3][4]. - The wholesale sales volume for Q1 was 834,000 vehicles, a decline of 6% year-on-year, while the terminal delivery volume increased by 9.3% to 1.132 million vehicles [4]. - New energy vehicle wholesale reached 210,000 units, a significant increase of 48% year-on-year, with domestic sales growing by 118% [5]. - The company showcased several new models at the Beijing Auto Show, indicating strong competitive potential and a diversified product matrix [6]. Financial Performance Summary - Revenue projections for 2024-2026 are 744.7 billion, 778.4 billion, and 822.8 billion yuan, with year-on-year growth rates of 2.55%, 4.52%, and 5.7% respectively [7][8]. - Net profit forecasts for the same period are 15.679 billion, 17.196 billion, and 18.524 billion yuan, with growth rates of 11%, 10%, and 8% respectively [7][8]. - Earnings per share (EPS) are projected to be 1.35, 1.49, and 1.60 yuan per share for 2024, 2025, and 2026 [7][8].