SAIC MOTOR(SH:600104) 晚点Auto·2025-04-30 15:16Core Viewpoint - SAIC Motor Corporation has shown signs of recovery in Q1 with improved net profit, but challenges remain ahead as the company navigates a competitive market and adjusts its strategies [2][3]. Financial Performance - In Q1, SAIC's vehicle sales reached 944,800 units, a year-on-year increase of 13.27% - Revenue was 140.8 billion yuan, a decline of 1.55% compared to the previous year [3]. - The net profit attributable to shareholders was 3.023 billion yuan, up 11.4% year-on-year, while the net profit excluding non-recurring items was 2.85 billion yuan, an increase of 34.4% [4]. Sales Dynamics - The increase in sales was primarily driven by SAIC-GM-Wuling, which sold 353,000 vehicles, marking a significant year-on-year growth of 57.58% - However, higher-margin joint venture brands experienced declines, with SAIC-GM down 2% and SAIC Volkswagen down 8% [4]. Cost Management - The improvement in profit was largely attributed to cost-cutting measures, with sales, management, and R&D expenses reduced by 5.45%, 7.14%, and 1.76% respectively - The proportion of these expenses relative to revenue was lower than the same period last year [4]. Strategic Initiatives - SAIC has been focusing on its "New Four Modernizations" strategy, which includes electrification and intelligent connectivity, and has established a software center to enhance its self-developed software capabilities [5]. - The new leadership has prioritized cost reduction and efficiency improvements, consolidating various technical and vehicle segments to optimize operations [5]. Collaboration and Future Outlook - The company is emphasizing partnerships, as seen in its collaborations with Huawei and other tech firms to enhance its smart vehicle capabilities - Adjustments in organizational structure and strategy execution are expected to take time, but are crucial for regaining competitiveness in the rapidly evolving automotive market [6].