Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [3][4]. Core Views - The company is undergoing a significant transformation with a focus on both joint ventures and independent brands, aiming to enhance its market position and operational efficiency [2][3]. - The company's 2024 performance is under pressure, with total revenue expected to decline by 17.1% year-on-year to CNY 106.8 billion, and net profit expected to drop by 81.4% to CNY 0.82 billion [1][3]. - The report highlights a gradual improvement in sales and investment returns in the fourth quarter of 2024, indicating a potential recovery trajectory [1]. Summary by Sections Financial Performance - In 2024, the company anticipates a total revenue of CNY 106.8 billion, a decrease of 17.1% from the previous year, and a net profit of CNY 0.82 billion, down 81.4% [1][3]. - The gross margin is projected to decline by 1.1 percentage points to 5.8% [1]. - The fourth quarter of 2024 shows a revenue increase of 4.8% year-on-year and a net profit turnaround to CNY 0.7 billion [1]. Sales and Production - The company’s total sales volume is expected to decrease by 24.2% in 2024, totaling 1.917 million vehicles [1]. - The fourth quarter of 2024 saw a sales volume of 583,000 vehicles, reflecting a year-on-year decline of 19.6% but a quarter-on-quarter increase of 22.9% [1]. Strategic Initiatives - The company is implementing a comprehensive reform of its independent brand strategy, with plans to launch 20 new or updated models by 2025 [2]. - The establishment of a joint venture with Huawei aims to accelerate the development of high-end electric vehicles [2]. Future Outlook - The report projects a gradual recovery in profitability, with net profit estimates for 2025 and 2026 at CNY 0.75 billion and CNY 0.88 billion, respectively [3]. - The company is expected to improve its cost structure through unified procurement strategies, potentially reducing costs by 10% by 2025 [2].

国企改革促发展，智选合作启新章 [Table_CoverStock] —上汽集团(600104.SH)公司首次覆盖报告 [Table_ReportDate] 2025 年 03 月 20 日 汽车行业首席分析师 邓健全 执业编号：S1500525010002 联系电话：13613012393 汽车行业分析师 丁泓婧 执业编号：S1500524100004 联系电话：13062621910 汽车行业联席首席分析师 赵悦媛 执业编号：S1500525030001 联系电话：13120151000 汽车行业研究助理 徐国铨 联系电话：18506339519 [Table_CoverReportList] 相关研究 1.上汽集团（600104）：短期业绩承压，智能电动化转型加速 2.上汽集团（600104.SH）：7 月产销同环比双增长，智己 L7 累计交付破千 3.上汽集团（600104.SH）：6 月销量强势回暖，生产超预期修复 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 上汽集团(600104) 投资评级 买入 上次评级 [Table ...

国企改革促发展，智选合作启新章 [Table_CoverStock] —上汽集团(600104.SH)公司首次覆盖报告 [Table_ReportDate] 2025 年 03 月 20 日 汽车行业首席分析师 邓健全 执业编号：S1500525010002 联系电话：13613012393 汽车行业分析师 丁泓婧 执业编号：S1500524100004 联系电话：13062621910 汽车行业联席首席分析师 赵悦媛 执业编号：S1500525030001 联系电话：13120151000 汽车行业研究助理 徐国铨 联系电话：18506339519 投资评级 买入 上次评级 [Table_Chart] -40% -20% 0% 20% 40% 60% 24/03 24/07 24/11 上汽集团 沪深300 资料来源：聚源，信达证券研发中心 [Table_BaseData 公司主要数据 | ] 收盘价（元） | 15.61 | | --- | --- | | 52 周内股价波动区间 | 11.55-21.04 | | (元) | | | 最近一月涨跌幅(％) | -11.61 | | 总股本(亿股) | 1 ...