合资车企、造车新势力、自主品牌从业10多年，分享汽车从业者眼中关于汽车的一切。 作者 | 詹姆斯本人 来源 | 满电出发詹姆斯 原文链接： 汽车人才，逃离上海 以下文章来源于满电出发詹姆斯 ，作者詹姆斯本人 满电出发詹姆斯 . 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 分享一个从2023年就在我身边发生的一个现象： 上万名汽车人才，正在逃离上海！ 上海可是现代中国汽车产业的摇篮。改革开放伊始最早设立的三家合资车企，上海大众、北京吉普、广州标志， 只有上海大众存活并发展壮大了。 巅峰时期，上海 大众年销量超过200万台，是中国产销规模最大的车企。 在上海大众、上海通用的发展历程中，上海虹吸了全中国数万名汽车人才。四十年来，全国汽车人才或是通过应届生就业、或是通过社会招聘，从全国各地来到上 海，服务于上海的这两家主机厂，以及数百家汽车零部件供应商。 位于上海安亭的汽车创新港 上海逐渐成了中国的底特律。 上海汽车厂组装的第一台桑塔纳 在上海大众、上海通用取得巨大成功后 ...

Core Viewpoint - The automotive industry is facing increasing challenges from online misinformation, malicious defamation, and commercial slander, prompting a coordinated response from various stakeholders to protect the industry's integrity and promote high-quality development [1][3]. Group 1: Government and Industry Response - In September, the Ministry of Industry and Information Technology and five other departments issued a notice to launch a three-month campaign to address online chaos in the automotive sector, focusing on illegal accounts spreading false information [1][3]. - The industry is witnessing a collaborative effort among multiple domestic car manufacturers to combat online rumors and "black public relations," establishing a firewall against these issues [3][4]. - The government has emphasized the importance of a healthy public opinion environment as a crucial part of the business ecosystem, launching various initiatives to tackle malicious attacks on companies [6][7]. Group 2: Company Actions - SAIC Motor Corporation has actively responded to online rumors, reporting malicious accounts to law enforcement and successfully addressing over 10,000 instances of false information in the first ten months of the year [2][5]. - The company has publicly announced a reward of up to 5 million RMB for information related to malicious rumors and defamation against its brands, encouraging public participation in maintaining a clean online environment [4][5]. - SAIC Motor is committed to using legal means to protect its rights and has called for collaboration among enterprises, media, and the public to create a new governance model for online management [7].

Core Insights - Shanghai's economy shows resilience with industrial value-added growth of 5.2% and industrial output growth of 5.7% in the first three quarters of the year, supported significantly by the automotive sector [1] - SAIC Motor Corporation has demonstrated a strong recovery, with a 20.5% year-on-year increase in vehicle sales, reclaiming the title of China's automotive sales champion in September after 18 months [1][2] Automotive Industry Performance - The automotive manufacturing output in Shanghai increased by 11.8% year-on-year, reaching 522.35 billion yuan [1] - SAIC's self-owned brand sales surged by 50.4% in September, contributing to a total of 2.044 million units sold in the first nine months, which is a 29.2% increase [2] - The "One Price" sales strategy adopted by SAIC General has streamlined pricing and reduced competitive pressure among dealers, enhancing profitability [3][4] New Energy Transition - The introduction of the new IM LS6 range extender model marks SAIC's entry into the range extender market, achieving over 10,000 pre-orders within half an hour of launch [3] - SAIC General's Buick brand has launched the new range extender model, which features advanced technology and has received over 12,000 pre-orders within ten days [5] - The "old-for-new" policy in Shanghai has stimulated demand for new vehicles, particularly in the 100,000 yuan price segment, benefiting companies like SAIC-GM-Wuling [5] Industry Collaboration and Upgrades - Shanghai's automotive industry is undergoing a transformation, creating a complete industrial system that integrates vehicle manufacturing, parts supply, research, design, and sales [6] - This collaborative effort has strengthened the overall competitiveness of Shanghai's automotive sector and has positively impacted related industries such as steel, electronics, and logistics [6]

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has initiated a special campaign to address online chaos in the automotive industry, with SAIC Motor actively opposing organized malicious public relations and online trolling activities [1] Group 1: Company Actions - SAIC Motor has increased its efforts to protect its brands, Roewe and MG, since the official reporting account was launched on July 29 [1] - On September 12 and September 15, SAIC Motor announced a reward of up to 5 million yuan for information on black public relations and online trolling related to the Roewe and MG brands, totaling a reward amount of 10 million yuan [1] Group 2: Industry Call to Action - SAIC Motor calls on industry peers to jointly combat black public relations and online trolling, aiming to create a clear, healthy, and trustworthy online and market environment [1]

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has initiated a special campaign to address online chaos in the automotive industry, with SAIC Motor actively opposing organized malicious public relations and online trolling activities [1] Group 1: Company Actions - SAIC Motor has increased its efforts to protect its brands, Roewe and MG, by publicly offering rewards for information on black public relations and online trolls, with a total reward amount reaching 10 million yuan (approximately 1.4 million USD) [1] - The company announced rewards of up to 5 million yuan (approximately 700,000 USD) for each brand, Roewe and MG, to encourage the reporting of malicious activities [1] Group 2: Industry Response - SAIC Motor calls on industry peers to jointly combat black public relations and online trolling, aiming to create a clear, healthy, and trustworthy online and market environment [1]

Group 1 - The core idea of the news is that SAIC Motor is preparing to establish an independent sales company named "Dacheng Passenger Vehicle Marketing Company," marking a significant transformation in its domestic marketing system [2] - The "Dacheng Passenger Vehicle Marketing Company" is currently in the preparatory stage, with leadership roles assigned to experienced executives from SAIC Group [2] - SAIC Group has long been committed to reforming its marketing system, as emphasized by President Jia Jianxu during a mid-year meeting last year [2] Group 2 - In January, SAIC Group initiated the "Dacheng Passenger Vehicle" project, which involves restructuring five major business segments to facilitate collective decision-making for its self-owned brands [3] - The marketing structure of the "Dacheng Passenger Vehicle" project separates domestic and overseas markets, allowing for more refined operations through the establishment of brand business units [3] - The project aims to shorten product development cycles to 18 months by adopting collaborative management practices, enhancing market responsiveness and user demand identification [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.75 CNY, based on a projected EPS of 0.95, 1.03, and 1.15 CNY for 2025-2027, respectively, using a PE valuation of 25 times [4][7]. Core Insights - The company has been actively promoting internal reforms, leading to improved sales performance across various segments. The integration of its passenger vehicle divisions and the focus on electric and intelligent transformation are expected to enhance operational efficiency and profitability [11]. - The company achieved a wholesale sales volume of 337,500 vehicles in July, marking a year-on-year increase of 34.2%, and a cumulative sales volume of 2,390,100 vehicles from January to July, up 15.0% year-on-year. This performance is better than the industry average [11]. - The upcoming launch of the "尚界 H5" model in September is anticipated to further boost sales and profitability in the self-owned brand segment, with expectations of strong market performance due to its advanced driving assistance features [11]. - The sales of joint venture brands have stabilized, with significant improvements noted in the sales of SAIC General Motors, indicating that joint venture brands will not become a burden on the company's profitability [11]. Financial Summary - The company's projected revenue for 2025 is 638.11 billion CNY, with a year-on-year growth of 3.9%. The operating profit is expected to reach 18.09 billion CNY, reflecting a significant recovery from a 60% decline in 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 11.00 billion CNY in 2025, showing a remarkable growth of 560.3% compared to 2024 [6][12]. - The gross margin is expected to improve from 9.4% in 2024 to 10.2% in 2025, while the net margin is projected to stabilize around 1.7% [6][12].

Group 1 - The company has received a notification from SAIC Motor Corporation Limited's passenger vehicle division, confirming that it will be a supplier for a thermal management integrated module project, with expected sales revenue exceeding 400 million yuan over the project's lifecycle [1] - SAIC Motor Corporation, established in 2007, is a core platform for the independent brand business of SAIC Group, leveraging over 20 years of joint venture experience to develop well-known brands like Roewe and MG [1] - The new project award reflects the customer's high recognition of the company's products, significantly enhancing its market competitiveness and solidifying its position in the thermal management sector, laying a strong foundation for sustainable business development [1] Group 2 - The new order is not expected to impact the company's current year performance but is beneficial for increasing future annual revenue and operational efficiency [2]

Core Viewpoint - The automotive industry is undergoing significant changes as companies like Geely, NIO, and BYD are consolidating brands and focusing on strategic adjustments to survive in a highly competitive market [4][6]. Group 1: Strategic Focus and Transformation - SAIC Motor Corporation has initiated a comprehensive transformation strategy termed "resource focus, grip into a fist" to tackle market challenges, which began in mid-2024 [6][8]. - The new management team, led by Chairman Wang Xiaoqiu and President Jia Jianxu, is focusing on user-oriented transformation and building an SAIC ecosystem [8]. - The merger of the Roewe and Feifan brands marks the beginning of resource integration, which involves a systematic change across personnel, resources, and processes [9][10]. Group 2: Implementation of the "Large Passenger Vehicle" Strategy - By the end of 2024, SAIC plans to implement a comprehensive reform plan that includes five strategic tasks and key measures, emphasizing the importance of self-owned brands [12]. - The establishment of the "Large Passenger Vehicle" segment aims to optimize resource allocation and enhance efficiency, allowing for rapid market response and dynamic adjustments [13][14]. - The integration of R&D resources is expected to break down barriers between brands, leading to faster product development cycles, with a 30% reduction in development time for new energy vehicles [25][26]. Group 3: Market Performance and Growth - From January to May 2024, SAIC achieved a wholesale volume of 1.687 million vehicles, a year-on-year increase of 10.5%, with a notable 62.8% increase in domestic sales in May [30]. - The sales of SAIC's self-owned brands reached 1.081 million units, representing a 21.9% increase, and accounted for 64% of total sales, up 6 percentage points from the previous year [30]. - The implementation of the resource focus strategy has led to a significant increase in operational efficiency, with a 75% commonality rate in parts, reducing production costs and streamlining processes [31][33]. Group 4: Profitability and Future Outlook - In Q1 2025, SAIC reported a net profit of 3.02 billion yuan, reflecting an 11.4% year-on-year increase, demonstrating the effectiveness of the resource focus strategy [34]. - The growth in sales and improved cost management have provided a solid financial foundation for further investments in technology and market expansion, enhancing the company's competitive edge [34].

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]