Core Insights - The company reported a revenue of 627.59 billion yuan for 2024, a year-on-year decrease of 15.7%, and a net profit of 1.67 billion yuan, down 88.2% year-on-year [1] - In Q4 2024, the revenue was 197.11 billion yuan, a decline of 11% year-on-year, with a net profit of -5.24 billion yuan [1] - For Q1 2025, the revenue was 140.9 billion yuan, a slight decrease of 1.6% year-on-year, while net profit increased by 11.4% to 3.02 billion yuan [1] - The company is experiencing a turning point in Q1 2025, with a sales volume of 945,000 vehicles, up 13.3% year-on-year, and an improved net profit margin of 2.91% [1] Financial Performance - The company faced a profit decline in 2024 primarily due to reduced sales and asset impairment provisions [1] - The impairment provisions have allowed the company to "lighten its load" for future development [1] - The revenue and profit figures for 2025 have been adjusted, with revenue forecasted to decrease from 805.2 billion yuan to 700.1 billion yuan, and profit forecasted to drop from 21.3 billion yuan to 10.5 billion yuan [3] Strategic Developments - The joint venture brands showed performance divergence, with SAIC Volkswagen maintaining stable profits while SAIC GM faced challenges due to sales declines and impairment provisions [2] - The company is undergoing deep reforms in its self-owned brands, establishing a "large passenger vehicle sector" to enhance operational efficiency [2] - A collaboration with Huawei in the smart vehicle sector is set to launch a new brand, "Shangjie," focusing on new energy smart vehicles [2] Market Expansion - The company is accelerating its overseas expansion, particularly in Europe, by establishing production bases and sales channels [2] - The MG brand plans to launch six new models in 2025, targeting a price range of 80,000 to 300,000 yuan to meet diverse market demands [2] - Both SAIC Volkswagen and Audi are actively transitioning to new energy vehicles, introducing multiple hybrid and electric models to enhance market competitiveness [2] Future Outlook - The company has set a sales target of 4.5 million vehicles for 2025, with a focus on increasing R&D investment to around 3% annually [3] - The company aims for over 1.1 million overseas sales and over 1.6 million new energy vehicle sales, indicating a commitment to transformation [3] - The profit forecasts for 2026 and 2027 are set at 120 billion yuan and 140 billion yuan, respectively, with corresponding PE ratios indicating potential for growth [3]

01 事件概述 02 分析判断 ► 2025Q1营收、ASP环比明显改善 收入端， 2024Q4营收同比-11.0%，环比+35.2%，2024Q4集团销量136.4万辆，同比-15.4%，环比+65.8%，销量环比提升驱动营收环比改善，营收增速环比低于销量增速主要 系ASP下滑。2025Q1总营收1,408.6亿元，同比-1.5%，环比-28.5%；2025Q1集团销量94.5万辆，同比+13.3%，环比-30.7%，受益批发销量改善、ASP环比提升及华域收入提 升，营收增速环比好于销量增速 。 ASP： 2024Q4/2025Q1单车ASP为9.8/10.1万元，同比分别+5.4%/-13.1%，环比分别-18.5%/+3.1%，ASP 提升主要受售价偏高的新能源产品 占比提升驱动。 ► 2024Q4上汽通用减值影响利润 2025Q1规模效应驱动盈利改善 毛利端 ： 2024Q4/2025Q1 毛利率 11.6%/10.2% ，同比 -0.3/-1.2pct ，环比 0.0%/-1.4pct ， 2024Q4 毛利率下滑主要系 Q4 将相关保证类产品质保费自销售费用重分类至营业成 本，规模效应驱动毛利改善 ...

上周官宣与上汽集团合作打造"尚界"智能汽车品牌后，今日（4月23日），2025上海车展上，华为常 务董事、终端BG董事长余承东便喊话上汽：为尚界准备好产能。 据悉，4月23日，余承东现身2025上海国际车展上汽集团媒体发布会，并与上汽集团总裁贾健旭拥抱。 余承东表示，本次来上海，团队对今年秋天将上市的第一款产品做了最后一次评审，并把明年上市的产品 也做了评审，"与上汽合作打造的第一个产品在被动安全方面做了加强，在车身结构上也大幅增强。" "目前，华为与上汽集团合作推出的'尚界'品牌首款车型已经完成终审，计划于今年第三季度发布。"余承 东表示，"尚界"品牌首款车上市后预计销量会"大爆"，要上汽集团准备好足够的产能。 此前，4月16日，华为鸿蒙智行新品发布会上，华为首次官宣与上汽集团打造"尚界"智能汽车品牌，至 此，华为鸿蒙智行旗下已拥有问界、享界、智界、尊界、尚界五大智能汽车品牌，分别由华为与赛力斯、 北汽、奇瑞、江淮、上汽集团打造。据余承东介绍，鸿蒙智行旗下不同合作伙伴，分别拥有各自不同的智 能汽车品牌、产品定位和用户群体。 彼时，上汽方面透露，华为与上汽集团双方从去年开始"谈恋爱"，首期投入60亿元，目前尚 ...