上汽集团（600104.SH）系列点评十五 25Q3 营收同环比增长 自主新品催化密集 2025 年 11 月 02 日 ➢ 事件概述：公司发布 2025 年三季报报告：2025Q1-3 总营收为 4,689.9 亿 元，同比+8.9%；归母净利润 81.0 亿元，同比+17.3%；扣非归母净利润 71.2 亿元，同比+578.6%。2025Q3 总营收为 1,694.0 亿元，同比+16.2%，环比 +6.7%；归母净利润 20.8 亿元，同比+643.9%，环比-30.4%；扣非归母净利润 16.9 亿元，同比+5734.5%，环比-34.4%。 ➢ 2025Q3 营收、ASP 环比小幅提升。收入端，2025Q3 营收同比+16.2%， 环比+6.7%，2025Q3 集团销量 114.1 万辆，同比+38.7%，环比+3.0%，销量 同环比提升驱动营收同环比改善。ASP：2025Q3 单车 ASP 为 10.1 万元，同比 下滑，环比小幅提升，ASP 提升主要受益 2025Q3 反内卷。展望 Q4，上汽乘用 车荣威 M7 DMH、全新 MG4，智己全新一代 LS6、LS9 增程新车，尚界 H5， 上汽奥迪 ...

Core Insights - The 28th Chengdu International Auto Show highlights the strong presence of domestic automotive groups, particularly in the electric vehicle (EV) sector, contrasting with the absence of many international luxury brands [2] - Major Chinese automotive groups like SAIC, Changan, and others have shown significant growth in their EV segments, indicating a successful transformation towards new energy vehicles [3][4][5][6] Group Performance - The top 15 automotive groups in China sold a total of 7.82 million new energy vehicles (NEVs) from January to July, marking a 41.1% year-on-year increase and accounting for 95.1% of total NEV sales [3] - China FAW's NEV sales reached 28,500 units in July, a 129.03% increase year-on-year, contributing to a total of 209,000 units sold in the first seven months, up 27.9% [4] - SAIC's total vehicle sales in July were 338,000 units, a 34.2% increase, with NEV sales reaching 117,000 units, up 64.9% [5] - Changan's total vehicle sales reached 1.566 million units in the first seven months, with NEV sales at 531,700 units, a 52.34% increase [6] Strategic Collaborations - Automotive groups are increasingly collaborating with technology companies like Huawei to enhance their EV offerings, moving away from a solely self-reliant development model [8][9][10] - SAIC and Huawei have signed a deep cooperation agreement to develop new intelligent EVs, with the first model, the Shangjie H5, receiving over 50,000 pre-orders within 18 hours of its announcement [9] Internal Restructuring - Major automotive groups are undergoing internal restructuring to consolidate resources and enhance efficiency in their NEV segments [11][12][13] - Dongfeng has restructured its brands into a new entity focused on NEVs, while Changan has improved resource allocation and decision-making efficiency following its elevation to a central enterprise [12] Global Expansion - China's NEV exports reached 1.308 million units from January to July, a year-on-year increase of 84.6%, indicating a strategic shift towards international markets [14] - Changan's "Haina Baichuan" plan aims to expand its global footprint, with a target of exporting 56,000 units by 2025 [14] - Dongfeng's strategy includes launching over 30 overseas models by 2027, while GAC Aion is also accelerating its international market entry [15][16]

Core Viewpoint - The 28th Chengdu International Auto Show highlights the significant progress of domestic automotive groups in the new energy sector, showcasing their collaboration with technology companies like Huawei and their internal reforms to enhance competitiveness in the rapidly evolving market [2][8]. Group 1: Growth in New Energy Sector - From January to July 2023, the top 15 automotive groups in China sold a total of 7.82 million new energy vehicles (NEVs), marking a 41.1% year-on-year increase and accounting for 95.1% of total NEV sales [3]. - China FAW's NEV sales reached 28,500 units in July, a staggering increase of 129.03% year-on-year, contributing significantly to overall growth [4]. - SAIC Motor's NEV sales for the first seven months of 2023 reached 763,600 units, up 43.49% year-on-year, positioning it third in sales after BYD and Geely [5]. Group 2: Strategic Collaborations - Major automotive groups are increasingly collaborating with technology firms, particularly Huawei, to enhance their product offerings and market competitiveness [8][9]. - SAIC and Huawei signed a deep cooperation agreement to develop new energy smart vehicles, leading to the launch of the "Shangjie" brand [9]. - FAW has also partnered with the new energy vehicle startup Leap Motor, indicating a trend of strategic alliances within the industry [9]. Group 3: Internal Restructuring - Automotive groups are undergoing internal restructuring to optimize resources and enhance efficiency in their new energy vehicle segments [11][12]. - Dongfeng Motor has consolidated its brands into Dongfeng Yipai Technology, focusing on new energy products and streamlining operations [12]. - Changan Automobile has improved resource integration efficiency significantly after its restructuring, enhancing decision-making and capital allocation [13]. Group 4: International Expansion - From January to July 2023, China's NEV exports reached 1.308 million units, reflecting an 84.6% year-on-year increase, as companies look to expand into overseas markets [15]. - Changan has launched its "Haina Baichuan" global strategy, aiming to export various models to over 90 countries by 2025 [15]. - Dongfeng Yipai Technology plans to introduce over 30 overseas models by 2027, indicating a strong focus on international market penetration [16].

上汽集团（600104.SH）系列点评十三 扣非利润改善明显 尚界 H5 催化可期 2025 年 08 月 29 日 ➢ 事件概述：公司发布 2025 年半年度报告：2025H1 总营收为 2,995.9 亿 元，同比+5.2%；归母净利润 60.2 亿元，同比-9.2%；扣非归母净利润 54.3 亿 元，同比+431.9%。2025Q2总营收为 1,587.3 亿元，同比+12.1%，环比+12.7%； 归母净利润 29.9 亿元，同比-23.5%，环比+1.0%；扣非归母净利润 25.8 亿元， 同比+334.6%，环比+9.4%。 ➢ 2025Q2 营收、ASP 环比改善明显。收入端，2025Q2 营收同比+12.1%， 环比+12.7%，2025Q2 集团销量 110.8 万辆，同比+11.6%，环比+17.2%，销 量同环比提升驱动营收同环比改善。ASP：2025Q2 单车 ASP 为 9.7 万元，同比 分别+0.4%，环比-3.9%，ASP 下降主要受 2025Q2 整体终端折扣下滑所致。展 望下半年，上汽乘用车荣威 M7 DMH、全新 MG4，智己全新一代 LS6、LS9 增 程新车，尚界 H ...

Core Insights - SAIC Motor Corporation reported a significant increase in vehicle sales, with July sales reaching 338,000 units, a year-on-year growth of 34.2%, marking the seventh consecutive month of growth in 2023 [1] - Cumulative vehicle sales from January to July reached 2.39 million units, a 15% increase year-on-year, with retail deliveries hitting 2.567 million units, indicating an improving production and sales structure [1] Group 1: Sales Performance - In July, SAIC's self-owned brand sales reached 214,000 units, up 39.4% year-on-year, while new energy vehicle (NEV) sales were 117,000 units, reflecting a 64.9% increase [3] - Overseas market sales totaled 82,000 units, demonstrating steady growth despite various challenges [3] - SAIC's joint venture brands also saw a rebound, with sales increasing by 26.1% year-on-year, supported by the launch of new models such as the SAIC Audi A5L Sportback and Buick's high-end sub-brand "Zhijing" [3] Group 2: Product and Market Development - From January to July, cumulative sales of SAIC's self-owned brands reached 1.518 million units, a 23.3% increase, accounting for 63.5% of total sales, up 4.3 percentage points from the previous year [3] - Upcoming new models, including the Roewe M7 DMH and the new MG4, are expected to further boost sales for SAIC's self-owned brands [4] - In the NEV segment, cumulative sales reached 764,000 units from January to July, a 43.5% increase, outpacing the overall NEV market growth [4] Group 3: International Market Performance - SAIC's products are sold in over 170 countries and regions, with significant market presence in Europe, where it has achieved a cumulative sales volume exceeding 6 million units [4] - In the European market, SAIC's MG brand delivered nearly 180,000 units from January to July, achieving double-digit growth, particularly with HEV models outperforming many overseas competitors [4]