SAIC MOTOR(SH:600104) 东吴汽车黄细里团队·2025-10-31 15:21Core Viewpoint - The company reported a total operating revenue of 169.4 billion yuan in Q3 2025, with year-on-year and quarter-on-quarter growth of 16% and 7% respectively, while the net profit attributable to shareholders was 2.08 billion yuan, showing a significant year-on-year increase of 645% but a quarter-on-quarter decrease of 30% [2][3]. Financial Performance Summary - Revenue: The company achieved a wholesale sales volume of 1.141 million vehicles in Q3 2025, reflecting a year-on-year increase of 39% and a quarter-on-quarter increase of 3%. The average selling price (ASP) per vehicle was 149,000 yuan, with a year-on-year decrease of 16% but a quarter-on-quarter increase of 4% [3]. - Profitability: The gross margin for Q3 2025 was 9.0%, with a year-on-year decrease of 0.7 percentage points and a quarter-on-quarter increase of 0.5 percentage points. The net profit margin attributable to shareholders was reported at 1.23% [3]. - Investment Income: The net investment income for Q3 2025 was 3.43 billion yuan, with year-on-year and quarter-on-quarter increases of 92% and 88% respectively. Investment income from joint ventures and associates was 1.78 billion yuan, reflecting year-on-year increases of 68% and quarter-on-quarter increases of 64% [3]. - Asset Impairment and Fair Value Changes: The company recognized an asset impairment loss of 2.13 billion yuan in Q3 2025, compared to 190 million yuan in the same period last year. The fair value change profit was 3.62 billion yuan, with year-on-year and quarter-on-quarter increases of 183% and 77% respectively [3]. - Net Profit: The company achieved a net profit attributable to shareholders of 2.08 billion yuan in Q3 2025 [3]. Future Profit Forecast - The company maintains its forecast for net profit attributable to shareholders at 10.2 billion yuan, 13 billion yuan, and 17.4 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 22, 17, and 13 times [4].