SAIC MOTOR(SH:600104) 东吴汽车黄细里团队·2025-08-29 15:16Core Viewpoint - The company's Q2 2025 performance met expectations, with significant improvements in sales volume and revenue, although net profit showed a decline due to various factors [2][3]. Financial Performance Summary - Revenue: In Q2 2025, the company achieved total revenue of 158.73 billion yuan, with a year-on-year increase of 12% and a quarter-on-quarter increase of 13%. The wholesale sales volume reached 1.108 million units, reflecting a year-on-year increase of 12% and a quarter-on-quarter increase of 17% [2][3]. - Net Profit: The net profit attributable to shareholders was 2.99 billion yuan, down 23% year-on-year and 1% quarter-on-quarter. The non-recurring net profit was 2.58 billion yuan, with a quarter-on-quarter decrease of 9% [2][3]. - Gross Margin and Expense Ratios: The gross margin for Q2 2025 was 8.5%, up 0.3 percentage points year-on-year and quarter-on-quarter. The sales, management, and R&D expense ratios were 2.7%, 3.2%, and 2.7%, respectively, showing a year-on-year decrease in sales and management expenses [3]. - Investment Income: The company reported net investment income of 1.83 billion yuan, a significant decline of 68% year-on-year and 17% quarter-on-quarter, primarily due to a large investment gain from MG India in the same period last year [3]. Future Outlook and Ratings - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 10.2 billion, 13 billion, and 17.4 billion yuan, respectively, maintaining a "buy" rating with corresponding P/E ratios of 22, 17, and 13 times [4].