长江商报消息 ●长江商报记者 沈右荣 大翻身，上汽集团（600104.SH）实现了经营业绩爆发式增长。 1月15日晚，上汽集团发布2025年度业绩预告。经财务部门初步测算，公司预计全年实现归母净利润为 90亿元到110亿元，同比将增长438%到558%；预计实现扣非净利润为70亿元到82亿元，同比将增长 229%到 251%。 2024年，是上汽集团业绩低谷。当年，公司实现营业收入为6275.90亿元，同比下降15.73%；归母净利 润16.66亿元、扣非净利润-54.09亿元，同比分别下降88.19%、153.85%。这主要源于计提资产减值损失 等非经常性损益影响。 2025年，上汽集团不仅没有资产减值压力，而且多个指标向好。公司全年整车销量450.75万辆，超额完 成目标。公司自主品牌销量292.8万辆，占比达65%；海外销量超过107万辆，行业名列前茅。 2025年前三季度，上汽集团经营现金流净额为-105.81亿元，同比减少净流出70.88%。期末，公司资产 负债率降至62.30%。 预盈最高110亿增逾5倍 上汽集团经营业绩实现了逆袭。 根据最新披露的业绩预告，经财务部门初步测算，2025年度，上汽 ...

"上汽集团此前以'壮士断腕'的决心向内'动刀'，打破了部门墙、整合资源、精简流程、激活人才，成功 释放巨大体系潜能。"在业内人士看来，上汽集团2025年的业绩增长不是孤立的案例，而是中国汽车产 业多年来在技术研发、供应链建设、全球化布局上持续投入的必然结果。"其印证了一个结论：只有坚 持'自主创新+开放合作'，才能在汽车产业变革的浪潮中站稳脚跟。" 智通财经1月15日讯（记者 刘阳）在走出2024年的低谷后，受等多重因素影响，上汽集团在2025年逐渐 回到正轨。 1月15日，上汽集团发布2025年度业绩预告，预计归属于母公司所有者的净利润为90亿元到110亿元，同 比增加438%到558%。"2025年度，公司实现归属于母公司所有者的扣除非经常性损益的净利润70亿元 到82亿元，与上年同期相比，将增加124亿元到136亿元，同比增加229%到251%。"上汽集团预计。 从主营业务数据看，由自主品牌、新能源汽车、海外市场构成的"新三驾马车"，成为上汽集团业绩大幅 改善的核心。产销快报显示，2025年上汽集团累计批发销量超450.7万辆，同比增长12.3%，终端交付量 达467万辆。虽然未重返国内车企"销冠"，但 ...

Core Viewpoint - In 2025, SAIC Motor Corporation focuses on deepening reforms, emphasizing independent brand development and breakthroughs in intelligent electric technology, achieving a total vehicle sales of 4.507 million units, a year-on-year increase of 12.3% [1] Group 1: Vehicle Sales and Brand Performance - SAIC's sales of its independent brands (including Roewe, MG, Zhiji, Maxus, Wuling, and Baojun) reached 2.928 million units, a year-on-year increase of 21.6%, accounting for 65% of the group's total sales, up 5 percentage points from 2024 [2] - The company maintains its leadership in the domestic market with a retail sales volume of 4.67 million units [1] Group 2: Innovation in Technology - SAIC accelerates the production of advanced technologies such as solid-state batteries, digital chassis, DMH super hybrid, and intelligent driving models, enhancing user experience [3] - Sales of SAIC's new energy vehicles reached 1.643 million units, a record high with a year-on-year growth of 33.1% [3] - The MG4 semi-solid battery model has been delivered, improving safety performance by over 20% compared to industry standards [3] Group 3: Cross-Industry Collaborations - SAIC collaborates with partners like Huawei and OPPO to create a new intelligent travel ecosystem, launching the "SAIC Shangjie" brand with Huawei's smart travel solutions [4] - The first product, Shangjie H5, achieved monthly sales exceeding 10,000 units [4] - The partnership with OPPO introduces a seamless "hand-car interconnection" feature, enhancing user experience [4] Group 4: Overseas Market Expansion - SAIC's overseas sales reached 1.071 million units, a year-on-year increase of 3.1%, maintaining a leading position in the industry [5] - In Europe, MG sales exceeded 300,000 units, a nearly 30% increase, while in India, sales reached 70,000 units, up 17.8% [6] - The company has established a significant presence in global markets, with products and services available in over 170 countries and regions, and cumulative overseas sales surpassing 6 million units [6]

Core Viewpoint - SAIC Motor Corporation has achieved significant growth in 2025, focusing on deepening reforms, enhancing independent brand development, and advancing smart electric technology, resulting in a total vehicle sales of 4.507 million units, a year-on-year increase of 12.3% [1] Group 1: Sales Performance - In 2025, SAIC's total vehicle sales reached 4.507 million units, with retail sales hitting 4.67 million units, maintaining its leading position in the domestic industry [1] - Sales of SAIC's independent brands (including Roewe, MG, Zhiji, Maxus, Wuling, and Baojun) amounted to 2.928 million units, a year-on-year increase of 21.6%, accounting for 65% of the group's total sales, up 5 percentage points from 2024 [4] Group 2: Product Innovation - SAIC's joint venture brands are also undergoing transformation, with the Buick brand launching a new high-end electric sub-brand "Zhijing" and the first mass-produced model from the new Audi brand, the E5 Sportback, successfully launched [6] - The company is accelerating the production of advanced technologies such as solid-state batteries, digital chassis, and DMH super hybrid systems, enhancing user experience with safer and more convenient travel options [7][9] Group 3: Strategic Collaborations - SAIC is committed to a "co-creation and win-win" strategy, collaborating with partners like Huawei, OPPO, and Momenta to develop a new intelligent travel ecosystem [10] - The launch of the new brand "SAIC Shangjie" in partnership with Huawei focuses on high-quality, durable vehicles, with the first product, Shangjie H5, achieving over 10,000 units in monthly sales [13] Group 4: International Expansion - In 2025, SAIC's overseas sales reached 1.071 million units, a year-on-year increase of 3.1%, with significant growth in Europe, India, and Thailand [14] - The company has established a robust overseas market presence, with sales exceeding 600 million units across over 170 countries and regions [16]

Core Viewpoint - SAIC Motor Corporation Limited (600104) reported a stable recovery in its operations, projecting a total vehicle sales of 4.507 million units for the year 2025, representing a year-on-year growth of 12.3% [1] Group 1: Sales Performance - The total retail sales are expected to reach 4.67 million units, indicating a positive trend in the market [1] - The sales of self-owned brands, including Roewe, MG, Zhiji, Maxus, Wuling, and Baojun, reached 2.928 million units, marking a year-on-year increase of 21.6% and accounting for 65% of the total sales [1] Group 2: New Energy Vehicles - The sales of new energy vehicles (NEVs) are projected to be 1.643 million units, reflecting a year-on-year growth of 33.1%, positioning the company among the leaders in the industry [1] Group 3: International Market - In the overseas market, SAIC anticipates sales of 1.071 million units, which is a 3.1% increase year-on-year [1] - The MG brand has achieved sales of over 300,000 units in Europe, maintaining a significant presence for Chinese brands in the local mainstream market [1] - The company plans to enhance its "global + local" overseas strategy, transitioning from merely exporting products to exporting value chains [1]

Core Viewpoint - The Ministry of Commerce and eight other departments have released the implementation details for the 2026 vehicle trade-in subsidy, continuing to support vehicle scrapping and replacement with nationwide subsidies based on a fixed percentage of new car sales prices [1] Group 1: Promotional Activities - SAIC Group has launched the "2026 SAIC Spring Festival Happy Purchase" campaign, offering various differentiated discount packages across multiple brands including Roewe, MG, and Audi, aimed at making car purchases more economical and convenient for consumers [1] - During the promotional period, SAIC Group's dealerships will be decorated with a "Red Gold National Style" theme, creating a festive atmosphere with interactive experience zones and themed gifts for test drivers [4] Group 2: Discounts and Offers - The "2026 SAIC Spring Festival Happy Purchase" campaign features significant cash discounts, with Roewe and MG offering up to 37,000 yuan in cash benefits, along with additional incentives such as store gifts and financial offers [5] - Various brands under SAIC are providing unique promotional offers, including tax subsidies, limited-time bonuses, and exclusive benefits like lifetime warranties and special purchase funds [5]

Core Viewpoint - The report from Aijian Securities highlights SAIC Motor Corporation's comprehensive automotive industry chain and diverse brand matrix, indicating a positive outlook for the company's operational performance due to restructuring and strategic partnerships [1] Group 1: Company Overview - SAIC Motor has a complete automotive industry chain, including passenger vehicles (Roewe, Feifan, Zhiji, etc.), SAIC Volkswagen, SAIC General Motors, SAIC Wuling, and Maxus [1] - The company is restructuring its passenger vehicle segment by integrating the Roewe and Feifan brands to enhance operational efficiency and resource synergy [1] Group 2: Strategic Initiatives - SAIC is collaborating closely with Huawei to launch a new brand "Shangjie," targeting the mainstream smart electric vehicle market priced between 150,000 to 200,000 yuan, leveraging consumer electronics experience to improve product quality and user experience [1] - The company is accelerating the industrialization of cutting-edge technologies such as solid-state batteries [1] Group 3: Market Performance - The expected outcomes of the company's reforms are anticipated to gradually manifest, with operational performance likely to improve over time [1] - Core models of the self-owned brands, such as Shangjie and Zhiji, have seen rapid monthly sales growth, stabilizing above 10,000 units [1] - Sales growth for joint venture brands SAIC Volkswagen and SAIC General Motors has returned to positive year-on-year growth [1] - Export and overseas base sales continue to show stable positive growth [1] Group 4: Valuation and Investment Recommendation - The company's valuation is below the average of comparable companies, and considering its proactive push towards electric and intelligent transformation along with strengthened external collaborations, it is given a "Buy" rating for the first coverage [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is undergoing a significant transformation towards electric and intelligent vehicles, supported by a strategic partnership with Huawei, which is expected to enhance its product offerings and user experience [6]. - The company has a complete automotive industry chain and a diverse brand matrix, which positions it well in the competitive landscape of the automotive industry [6]. - Financial forecasts indicate a strong rebound in net profit from 2025 onwards, with expected profits of 10.75 billion, 13.34 billion, and 16.15 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 744.71 billion yuan - 2024: 627.59 billion yuan (down 15.7% YoY) - 2025E: 668.57 billion yuan (up 6.5% YoY) - 2026E: 697.79 billion yuan (up 4.4% YoY) - 2027E: 746.77 billion yuan (up 7.0% YoY) [5][17] - Net profit forecasts are: - 2023: 14.11 billion yuan - 2024: 1.67 billion yuan (down 88.2% YoY) - 2025E: 10.75 billion yuan (up 545.2% YoY) - 2026E: 13.34 billion yuan (up 24.1% YoY) - 2027E: 16.15 billion yuan (up 21.1% YoY) [5][17] - The company's gross margin is expected to improve from 1.7% in 2023 to 11.1% by 2027 [5][17]. Market Position and Competitive Landscape - The company ranks second in cumulative automobile sales in China for the first ten months of 2025, with a market share of 12.8% [7]. - The automotive industry is experiencing intensified competition, particularly as domestic brands rise and joint ventures face pressure [6]. Strategic Initiatives - The company is restructuring its passenger vehicle segment to enhance operational efficiency and resource synergy [6]. - The collaboration with Huawei aims to penetrate the mainstream intelligent electric vehicle market, leveraging Huawei's technological expertise [6].

Group 1 - The core viewpoint of the article highlights that three Chinese automakers, Geely, BYD, and SAIC, have achieved over 90% of their annual sales targets by the end of November 2025, with Geely leading at 93% completion rate [1][2] - Geely's success is attributed to the popularity of its models, including the Geely Xingyuan and the Galaxy series, which have contributed to its strong sales performance [1] - BYD's completion rate of 91% is supported by the widespread adoption of its intelligent technology and the growth of its mid-to-high-end brands, particularly the success of the Tang brand [2] Group 2 - SAIC's sales performance benefits from its strong foundation in traditional fuel vehicles and the emergence of its own brands like "Zhiji" and the collaboration with Huawei on the "Shangjie" brand [2] - The overseas market has become a crucial factor for Chinese automakers in achieving their annual targets, with BYD's overseas sales in November reaching 131,661 units, a 297% increase year-on-year [3] - Continuous technological innovation, adherence to the new energy vehicle strategy, and expansion into overseas markets are identified as key factors for the success of these leading Chinese automakers [3]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that SAIC Motor Corporation has been a leading player in the automotive industry, with a strong focus on electric and intelligent transformation amid a challenging market environment [5][6][7] - The company has faced significant pressure in its joint venture segments, with declining sales and profitability, while its independent brands are experiencing mixed results [6][33] - The report emphasizes the importance of policy support and management changes in driving the company's transformation efforts [7][48] Company Overview - SAIC Motor Corporation, established in 1955, has evolved into a major automotive enterprise with a diverse product matrix, including passenger vehicles, commercial vehicles, and parts [5][13] - The company achieved sales of 5.303 million vehicles in 2022, maintaining its position as the top seller in China for 17 consecutive years [5][13] - The company has a concentrated ownership structure, with the Shanghai State-owned Assets Supervision and Administration Commission as the controlling shareholder [17] Financial Analysis - The company's revenue for 2023 was approximately 744.7 billion yuan, with a projected decline in net profit for 2024 due to market challenges [20][9] - The report forecasts revenues of 654.9 billion, 683.1 billion, and 720.3 billion yuan for 2024, 2025, and 2026, respectively, with net profits expected to recover significantly by 2026 [8][9] - The company's profitability has been under pressure, with a decline in gross margin and return on equity (ROE) over recent years [21][20] Industry Context - The automotive market in China is undergoing a significant transformation, with a notable rise in the market share of independent brands, particularly in the electric vehicle segment [25][26] - The report indicates that traditional joint venture brands are losing market share due to slower adaptation to electric and intelligent vehicle trends [26][28] - The overall automotive market is expected to grow, with total vehicle sales projected to reach 31.436 million units in 2024, reflecting a 4.5% year-on-year increase [25][26] Strategic Initiatives - The company is actively pursuing partnerships, such as its collaboration with Huawei to enhance its technological capabilities in smart driving [7][48] - Management changes have been implemented to inject new energy into the company's transformation efforts, aligning with government support for high-quality development [7][48] - The report highlights the importance of integrating brands and upgrading technological foundations to enhance competitiveness in the evolving market landscape [7][48]