SAIC MOTOR(SH:600104) 汽车琰究·2025-11-04 14:53Core Viewpoint - The company reported strong sales performance driven by domestic brands and exports, with a significant increase in both wholesale and retail sales in October 2025 compared to the previous year [3][5]. Sales Performance - In October 2025, the company achieved wholesale sales of 454,000 vehicles, a year-on-year increase of 13.0% and a month-on-month increase of 3.2% [3]. - Cumulative sales from January to October 2025 reached 3.647 million vehicles, representing a year-on-year growth of 19.5% [2][3]. - The breakdown of sales by brand shows: - SAIC Volkswagen: October sales of 94,000 vehicles, cumulative sales of 846,000 vehicles, down 4.5% year-on-year [2]. - SAIC General Motors: October sales of 53,000 vehicles, cumulative sales of 434,000 vehicles, up 37.8% year-on-year [2]. - SAIC Passenger Vehicles: October sales of 93,000 vehicles, cumulative sales of 689,000 vehicles, up 24.0% year-on-year [2]. - SAIC-GM-Wuling: October sales of 168,000 vehicles, cumulative sales of 1.326 million vehicles, up 35.2% year-on-year [2]. - SAIC New Energy: October sales of 207,000 vehicles, cumulative sales of 1.29 million vehicles, up 42.5% year-on-year [2]. - Overseas sales: October sales of 97,000 vehicles, cumulative sales of 862,000 vehicles, up 2.2% year-on-year [2]. Strategic Partnerships - The company launched the H5 SUV in collaboration with Huawei, featuring advanced technology such as the HarmonyOS cockpit and Huawei's ADS 4 driving assistance system, which is expected to enhance sales and market presence [4]. Management Changes - The company is undergoing significant management changes to align with state-owned enterprise reforms, focusing on domestic market and new energy vehicle development [5]. - The new management team is younger and emphasizes resource integration and collaboration to accelerate transformation [5]. Financial Projections - Revenue projections for 2025-2027 are estimated at 687.63 billion, 722.06 billion, and 776.21 billion yuan, respectively, with net profits of 12.41 billion, 14.28 billion, and 16.85 billion yuan [6][7]. - The earnings per share (EPS) are projected to be 1.08, 1.24, and 1.47 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [6][7].