SAIC MOTOR(SH:600104) 汽车琰究·2025-10-10 01:16Core Viewpoint - The article highlights the strong sales performance of SAIC Motor Corporation in September 2025, driven by domestic brands and exports, alongside the successful launch of the Huawei-powered SUV, the Shangjie H5, and ongoing reforms within the company [2][4][5][6]. Sales Performance - In September 2025, SAIC Motor's wholesale sales reached 440,000 units, with a year-to-date total of 3.193 million units, reflecting a year-on-year increase of 20.5% [2]. - Breakdown of sales by brand for September 2025 includes: - SAIC Volkswagen: 94,000 units, year-to-date 772,000 units, down 2.5% year-on-year - SAIC General Motors: 49,000 units, year-to-date 278,000 units, up 36.7% year-on-year - SAIC Passenger Vehicles: 94,000 units, year-to-date 481,000 units, up 23.8% year-on-year - SAIC-GM-Wuling: 158,000 units, year-to-date 840,000 units, up 37.8% year-on-year - SAIC New Energy: 189,000 units, year-to-date 1.083 million units, up 44.8% year-on-year - SAIC Overseas: 101,000 units, year-to-date 765,000 units, up 3.5% year-on-year [3][4]. Growth Drivers - The growth in sales is attributed to the innovation of domestic brands and resilient export performance, with a notable increase in new energy vehicle sales, which reached 189,000 units in September, up 46.5% year-on-year [4]. - The launch of new models such as the next-generation Zhiji LS6, the all-new MG4, and the Roewe DMH has significantly boosted sales of domestic brands, which accounted for 64% of total sales, up 4.3 percentage points year-on-year [4]. Strategic Partnerships - The collaboration with Huawei has led to the successful launch of the Shangjie H5 SUV, which sold over 10,000 units within the first hour of its release. This model features advanced technology such as the HarmonyOS cockpit and Huawei's ADS 4 driving assistance system [5]. Management Changes - The company is undergoing significant management changes as part of its state-owned enterprise reform, focusing on domestic market and new energy vehicle development. The new management team is younger and emphasizes resource integration and collaboration [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 687.76 billion, 722.06 billion, and 776.21 billion yuan respectively, with net profits of 12.27 billion, 14.07 billion, and 16.67 billion yuan. The corresponding EPS is projected to be 1.06, 1.22, and 1.44 yuan [7][8].