SAIC MOTOR(600104) Minsheng Securities·2024-05-24 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a wholesale sales volume of 360,000 vehicles in April 2024, a year-on-year decrease of 3.7% and a month-on-month decrease of 5.6% [2]. - The sales performance of joint ventures, particularly SAIC Volkswagen and SAIC-GM Wuling, showed positive trends with year-on-year increases of 4.2% and 16.8% respectively in April [2]. - The sales of new energy vehicles reached 75,000 units in April, representing a year-on-year increase of 9.3% [2]. - The upcoming launch of the high-end model, Zhiji L6, is expected to enhance the company's market position, with pre-orders reaching 21,000 units as of May 10, 2024 [2]. - The company's overseas sales reached 92,000 units in April, a year-on-year increase of 2.7%, with plans to introduce 14 new intelligent electric "global cars" to strengthen its overseas product lineup [2]. Financial Summary - The company forecasts revenues of 767.79 billion yuan, 802.34 billion yuan, and 828.02 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 15.44 billion yuan, 16.85 billion yuan, and 18.37 billion yuan [3][13]. - The earnings per share (EPS) are projected to be 1.33 yuan, 1.46 yuan, and 1.59 yuan for the same years, with price-to-earnings (PE) ratios of 11, 10, and 9 respectively [3][13]. - The company’s gross margin is expected to improve gradually, reaching 11% by 2026 [13].