SAIC MOTOR(SH:600104) 东吴汽车黄细里团队·2025-05-01 14:53Core Viewpoint - The company reported a significant decline in net profit and investment income for Q4 2024, indicating challenges in the automotive market and the impact of asset impairment provisions [4][6]. Financial Performance Summary Q4 2024 Performance - Total revenue for Q4 2024 was 197.11 billion yuan, with a year-on-year decrease of 11% and a quarter-on-quarter increase of 35% [4]. - The company experienced a net loss attributable to shareholders of 5.24 billion yuan, with a non-recurring net loss of 6.46 billion yuan, both showing a shift to loss compared to previous periods [4]. - Wholesale sales for the company reached 1.364 million units, reflecting a year-on-year decrease of 17% but a quarter-on-quarter increase of 66% [5]. - The average selling price (ASP) per vehicle was 145,000 yuan, showing a year-on-year increase of 7% but a quarter-on-quarter decrease of 18% [5]. - The gross margin for Q4 2024 was 10.4%, remaining stable compared to the previous quarter [5]. Q1 2025 Performance - Total revenue for Q1 2025 was 140.86 billion yuan, with a year-on-year decrease of 2% and a quarter-on-quarter decrease of 29% [6]. - The net profit attributable to shareholders was 3.02 billion yuan, reflecting an 11% year-on-year increase [6]. - Wholesale sales for Q1 2025 were 945,000 units, showing a year-on-year increase of 13% but a quarter-on-quarter decrease of 31% [7]. - The gross margin for Q1 2025 was 8.1%, down by 1 percentage point compared to the previous quarter [7]. Investment Outlook - The company aims for a sales target of 4.5 million units in 2025, with a projected annual R&D investment of over 20 billion yuan [8]. - The net profit forecasts for 2025 and 2026 have been adjusted to 9.7 billion yuan and 12.8 billion yuan, respectively, down from previous estimates [8]. - The projected net profit for 2027 is 16.7 billion yuan, with corresponding price-to-earnings ratios of 19, 14, and 11 times for the respective years [8].