近日，工信部等六部门联合印发《关于开展汽车行业网络乱象专项整治行动的通知》，上汽乘用车积极 响应，坚决反对各类组织化、恶意性黑公关和水军行为。自7月29日法务部官方举报微博账号正式开通 以来，旗下荣威＆MG品牌持续加大维权力度，并于9月12日、9月15日相继发布"最高500万元！上汽荣 威公开征集黑公关和水军线索""最高500万元！上汽MG公开征集黑公关和水军线索"，总计悬赏金额高 达1000万元，以实际行动维护公平竞争环境，捍卫品牌以及用户的正当权益。上汽乘用车呼吁行业同 仁，严厉打击黑公关与网络水军行为，携手并肩营造清朗、健康、诚信的网络与市场环境。 齐鲁晚报·齐鲁壹点 吴海云 ...

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]