SAIC MOTOR(SH:600104) Soochow Securities·2024-06-10 01:00Investment Rating - The investment rating for SAIC Motor Corporation is "Buy" (maintained) [1] Core Views - The report highlights that SAIC Motor's wholesale volume in May decreased by 17% year-on-year, with notable performance from the Zhiji brand. The company is expected to benefit from its core technology in new energy vehicles and continued strong export performance [2][3] - The report maintains profit forecasts for the years 2024 to 2026, with net profits projected at 142.66 billion, 176.77 billion, and 196.15 billion yuan respectively, corresponding to P/E ratios of 11, 9, and 8 times [3] Financial Performance Summary - Total revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, and projected growth to 758.18 billion yuan in 2024 [1] - The net profit attributable to shareholders decreased from 16.12 billion yuan in 2022 to 14.11 billion yuan in 2023, with a forecasted recovery to 14.27 billion yuan in 2024 [1] - The latest diluted EPS was 1.22 yuan per share in 2023, with projections of 1.23 yuan in 2024 and increasing to 1.69 yuan by 2026 [1] Production and Sales Data - In May, SAIC Motor produced 327,681 vehicles, down 16.74% year-on-year, and sold 332,246 vehicles, down 17.10% year-on-year. The performance varied by brand, with SAIC-GM Wuling showing a year-on-year increase in production and sales [2] - The report notes that the penetration rate of new energy vehicles reached 24.95% in May, reflecting a 4.23 percentage point increase from the previous month [2] Inventory and Market Dynamics - The overall inventory for SAIC Motor decreased by 4,565 vehicles in May compared to April 2024, with specific brands showing varied inventory changes [3] - The report emphasizes the company's strategic partnerships and initiatives to enhance its product offerings in the new energy vehicle market, including collaborations with Audi and General Motors [3]