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上汽集团(600104):9月销量回到行业第一,预计多款新车上市将拉动自主销量继续向上突破
Orient Securities· 2025-10-12 05:01
9 月销量回到行业第一,预计多款新车上市 将拉动自主销量继续向上突破 核心观点 盈利预测与投资建议 ⚫ 预测 2025-2027 年 EPS 分别为 1.05、1.17、1.31 元,维持可比公司 25 年 PE 平均 估值 25 倍,目标价 26.25 元,维持买入评级。 风险提示 资料来源:公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 上汽集团 600104.SH 公司研究 | 动态跟踪 | | 买入 | | --- | --- | | 股价(2025年10月10日) | 17.13 元 | | 目标价格 | 26.25 元 | | 52 周最高价/最低价 | 21.19/12.6 元 | | 总股本/流通 A 股(万股) | 1,149,528/1,149,528 | | A 股市值(百万元) | 196,914 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 10 月 12 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0 ...
抢食A0级市场新能源替代红利,4款纯电小车扎堆上新
第一财经· 2025-10-11 11:14
2025.10. 11 本文字数:1005,阅读时长大约2分钟 作者 | 第一财经 肖逸思 封面图 | AI生成 在当下的中国汽车市场,难有永恒的赢家。去年中国车市全品类冠军是特斯拉ModelY,今年就已被A0级纯电小车吉 利星愿取代。 近日,销冠车型吉利星愿推出2026款车型,售价与旧款保持一致,为6.88万~9.88万元,限时权益价为6.58万~9.58 万元,续航依旧分为310km和410km两个版本。新车在配置上,标配宁德时代电芯、11合1智能电驱、后置后驱、多 连杆独立悬架及银河Flyme Auto智能座舱系统。同时,与旧款相比,新款外观新增了两种颜色,还全新推出了 410KM自在版。 今年以来,纯电小车是新能源市场增长最快的细分赛道。乘联分会秘书长崔东树提供的数据显示,在A00级市场新能 源渗透率达到100%后,这种趋势在向A0级蔓延。A0级市场去年新能源渗透率为68.5%,今年前8个月已经提升至 71.5%,今年8月该数值甚至超过了74%。这意味着,中国市场每卖4辆A0级小车,就有3辆是新能源。 另外,9月11日上市的北汽极狐旗下极狐T1入门价甚至来到了6.28万元,比缤果S还低1000元,目前 ...
抢食A0级市场新能源替代红利,4款纯电小车扎堆上新
Di Yi Cai Jing· 2025-10-11 09:07
这是一个极致拼性价比的赛道。 在当下的中国汽车市场,难有永恒的赢家。去年中国车市全品类冠军是特斯拉ModelY,今年就已被A0 级纯电小车吉利星愿取代。 近日,销冠车型吉利星愿推出2026款车型,售价与旧款保持一致,为6.88万~9.88万元,限时权益价为 6.58万~9.58万元,续航依旧分为310km和410km两个版本。新车在配置上,标配宁德时代电芯、11合1 智能电驱、后置后驱、多连杆独立悬架及银河Flyme Auto智能座舱系统。同时,与旧款相比,新款外观 新增了两种颜色,还全新推出了410KM自在版。 今年以来,纯电小车是新能源市场增长最快的细分赛道。乘联分会秘书长崔东树提供的数据显示,在 A00级市场新能源渗透率达到100%后,这种趋势在向A0级蔓延。A0级市场去年新能源渗透率为 68.5%,今年前8个月已经提升至71.5%,今年8月该数值甚至超过了74%。这意味着,中国市场每卖4辆 A0级小车,就有3辆是新能源。 刚好踩中这轮A0级纯电小车的市场红利,吉利星愿在去年10月上市以来销量就不断攀升,今年8月零售 销量超过了4.6万辆,在近半年时间内卖出了近24万辆,是全品类汽车销冠,也一举打败了更 ...
9月传统车企销量排名生变:上汽重拾冠军 比亚迪第二 奇瑞反超吉利
Hua Xia Shi Bao· 2025-10-11 05:57
《华夏时报》记者根据已公布的数据整理九大传统车企(广汽集团未公布)的销售情况发现,传统车企 在新能源与海外市场的持续发力下实现亮眼表现,除比亚迪外,八大车企9月销量全部实现增长。 同时,9月传统车企的排名发生了显著变化,上汽集团重新坐上夺冠宝座,比亚迪位列第二名,奇瑞反 超吉利排至第四名。此外,《华夏时报》记者注意到,上汽集团、比亚迪、中国一汽、奇瑞集团、吉利 汽车、长安汽车六家车企累计销量均突破200万辆。 | | | 2025年9月九大传统车企销量情况统计表 | | | | --- | --- | --- | --- | --- | | 企业 | 9月销量(万辆) | 同比变化 | 1-9月销量(万辆) | 同比变化 | | 上汽集团 | 44 | 40.4% | 319.3 | 20.5% | | 比亚迪 | 39.6 | - 5.5% | 326 | 18.6% | | 中国一汽 | 30.2 | 6.3% | 238.3 | 5.6% | | 奇瑞集团 | 28 | 14.7% | 200.8 | 15% | | 吉利汽车 | 27.3 | 35% | 217 | 46% | | 长安汽车 | 26 ...
汽车视点 | 上汽“九连涨”破局:9月销量同比猛增四成,“金九银十”或再现
Xin Hua Cai Jing· 2025-10-11 05:09
新华财经上海10月11日电(李一帆)国庆长假过后,上汽集团交出了一份亮眼的月度成绩单:9月整车销量达44万辆,同比增长40.4%,环比增长21%,排名 重回行业榜首。至此,上汽在2025年已经实现月度销量同比"九连涨"。今年前9个月,其累计批售量达319.3万辆,同比增长20.5%,而终端零售量更是达到 337.8万辆,显示出终端需求领先于厂家批发节奏的健康态势。 这一持续增长并非偶然,而是上汽近两年来以自主品牌、新能源、海外市场为"新三驾马车"的战略转型进入收获期的直接体现。 自主品牌成增长内核,技术红利加速释放 9月份,上汽集团销量增长呈现"全品牌开花"的特点。 自主板块的强势崛起是上汽本轮增长最显著的特征。9月,上汽自主品牌销量达29.4万辆,同比增长50.4%,占总销量比重攀升至67%。其中,上汽乘用车凭 借全新MG4、荣威M7 DMH等车型,实现销量9.4万辆,同比增长72.4%,国内销量更同比飙升245.3%;智己品牌则依托新一代LS6等高端车型,9月销量 11107辆,环比增长81.8%,创品牌历史新高;上汽通用五菱销量15.8万辆,同比增长43.9%;商用车方面,上汽大通销量2.1万辆,同比增 ...
9月传统车企销量排名生变:上汽重拾冠军,比亚迪第二,奇瑞反超吉利
Hua Xia Shi Bao· 2025-10-11 03:34
华夏时报记者 温冲 于建平 北京报道 随着时间进入10月,各大车企陆续公布9月份销售数据。 《华夏时报》记者根据已公布的数据整理九大传统车企(广汽集团(601238)未公布)的销售情况发 现,传统车企在新能源与海外市场的持续发力下实现亮眼表现,除比亚迪(002594)外,八大车企9月 销量全部实现增长。 同时,9月传统车企的排名发生了显著变化,上汽集团(600104)重新坐上夺冠宝座,比亚迪位列第二 名,奇瑞反超吉利排至第四名。此外,《华夏时报》记者注意到,上汽集团、比亚迪、中国一汽、奇瑞 集团、吉利汽车、长安汽车(000625)六家车企累计销量均突破200万辆。 冠军易主,上汽重回榜首 自2024年6月失去榜首位置后,上汽集团再次重拾"冠军"。9 月,上汽集团批发销售44万辆,同比增长 40.4%,环比增长21%,位居行业第一。今年以来,上汽集团月度销量已实现同比"九连涨",且稳定在 同比两位数以上增长。 其中,上汽通用五菱贡献了36%的销量,当月销量达到15.8万辆,同比增长37.81%。同时,上汽通用、 上汽乘用车、上汽大通、智己等均实现同比两位数的增长。《华夏时报》记者注意到,9月上汽集团集 中上市了 ...
9月传统车企销量排名生变:上汽集团重拾冠军,比亚迪位列第二,奇瑞反超吉利
Hua Xia Shi Bao· 2025-10-10 12:30
Core Insights - Traditional automakers have shown strong performance in September, with all but BYD reporting sales growth, driven by advancements in new energy vehicles and overseas markets [2][3] - SAIC Motor regained the top position in sales, followed by BYD, with Chery surpassing Geely to take the fourth spot [2][3] Sales Performance - SAIC Motor achieved a wholesale sales figure of 440,000 units in September, marking a 40.4% year-on-year increase and a 21% month-on-month increase, leading the industry [4][5] - BYD's sales in September were 396,000 units, down 5.5% year-on-year, primarily due to a decline in plug-in hybrid vehicle sales [4][5] - China FAW sold 302,000 units in September, up 6.3% year-on-year, with significant growth in its self-owned and new energy vehicle segments [6] - Chery sold 280,000 units in September, a 14.7% increase, with new energy vehicle sales rising by 55.4% [6][7] - Geely's September sales reached 273,000 units, a 35% increase, with new energy vehicle sales hitting a record high of 165,000 units, up 81% [7][8] Cumulative Sales - For the first nine months, SAIC Motor's cumulative sales were 3.193 million units, a 20.5% increase, while BYD's cumulative sales were 3.26 million units, an 18.6% increase [5][8] - China FAW's cumulative sales reached 2.383 million units, up 5.6%, with significant growth in its self-owned brands [6] - Chery's cumulative sales were 2.008 million units, a 14.5% increase, with new energy vehicle sales contributing significantly [9] Strategic Developments - Geely announced a share repurchase plan of up to HKD 2.3 billion, reflecting confidence in its long-term prospects [8][9] - Chery plans to launch 39 hybrid models globally by 2025, aiming to enhance its presence in the hybrid vehicle market [9] - Long-term strategies for companies like Great Wall Motors focus on sustainable development and enhancing product offerings in smart new energy vehicles [11]
荣威的“求生式突围”,能否从边缘回到主流赛道? | 巴伦精选
Tai Mei Ti A P P· 2025-09-30 00:50
Core Insights - The article discusses the challenges and strategic repositioning of the Roewe brand in the competitive Chinese new energy vehicle market, highlighting its recent launch of the M7 DMH model as a potential turning point for the brand [2][3][4]. Market Context - The Chinese new energy vehicle market is characterized by intense competition, particularly in the SUV segment, while the sedan market, especially mid-to-large sedans, is experiencing a resurgence [3]. - Consumer preferences are shifting towards sedans due to their comfort and space, which SUVs may not adequately provide [3]. Strategic Repositioning - Roewe's introduction of the M7 DMH at a starting price of 85,800 yuan aims to capture market attention by offering a large, well-equipped hybrid vehicle at an entry-level price point [2][3]. - The brand's strategy focuses on the long-term viability of hybrid vehicles, as articulated by Roewe's brand manager, emphasizing the coexistence of different powertrains in the market [3]. Challenges Ahead - The brand faces significant competition from established players like BYD and Geely, which have already built scale advantages in the hybrid segment [3][4]. - There is a concern that relying solely on a low-price strategy may not translate into sustainable market presence or brand recognition in the long run [4][6]. Brand Transformation Efforts - Roewe is accelerating its product launch schedule, aiming to introduce a new model every quarter to maintain market visibility and reduce periods of inactivity [5]. - The company is also focusing on rebuilding its distribution and service network, having signed 150 new dealerships in three months, recognizing past shortcomings in these areas [5]. - A push towards smart technology integration is underway, with Roewe partnering with ByteDance to enhance its vehicle's intelligent features [5]. Pricing Strategy and Market Dynamics - The aggressive pricing strategy of the M7 DMH, combined with competitive features, has garnered media attention, but there are concerns about its long-term impact on brand equity and profitability [6][7]. - The reliance on low pricing may lead to a perception of Roewe as a price-sensitive brand, which could hinder its ability to maintain sales once subsidies or promotions are reduced [7]. Competitive Landscape - The hybrid sedan market is not devoid of competition, with established brands already holding significant market share, making it challenging for Roewe to expand its footprint [8]. - Roewe's international strategy appears less defined compared to its sibling brand MG, which has successfully penetrated the European market [8]. Conclusion - Roewe's recent initiatives, including the launch of the M7 DMH, represent a critical effort to regain market relevance amid increasing competition and internal resource allocation challenges within SAIC [8].
上汽集团(600104):自主及海外销量均实现环比增长,期待新车上市表现
Orient Securities· 2025-09-22 02:27
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.25 CNY, based on a 25x PE valuation for 2025 [2][4]. Core Views - The company has achieved a significant increase in both domestic and overseas sales, with expectations for strong performance from new vehicle launches [1][8]. - The forecast for EPS from 2025 to 2027 is projected to be 1.05 CNY, 1.17 CNY, and 1.31 CNY respectively, indicating a recovery in profitability [2]. Financial Summary - The company's revenue for 2023 is reported at 726,199 million CNY, with a projected decline of 15.4% in 2024, followed by a recovery with growth rates of 3.9%, 7.7%, and 8.0% in the subsequent years [3][9]. - Operating profit is expected to rebound significantly from 10,376 million CNY in 2024 to 19,966 million CNY in 2025, reflecting a growth of 92.4% [3][9]. - The net profit attributable to the parent company is forecasted to increase from 1,666 million CNY in 2024 to 12,118 million CNY in 2025, marking a substantial growth of 627.2% [3][9]. - The gross margin is projected to improve from 9.4% in 2024 to 10.5% in 2025, while the net margin is expected to stabilize around 2.0% by 2026 and 2027 [3][9]. Sales Performance - The company reported a total wholesale sales volume of 36.34 million vehicles in August, representing a year-on-year increase of 41.0% and a month-on-month increase of 7.7% [8]. - The MG brand has shown strong growth in Europe, with a 20% increase in terminal deliveries, and the company plans to launch new models to further enhance its market presence [8].
上汽集团8月销量同比大增逾40% 自主品牌与新能源车表现抢眼
Zhong Zheng Wang· 2025-09-10 07:02
Core Viewpoint - SAIC Motor Corporation is demonstrating strong growth and transformation in the smart electric vehicle era, with significant increases in sales, profitability, and market share for its self-owned brands [1][2]. Financial Performance - In the first half of 2025, SAIC reported total revenue of 299.59 billion yuan, a year-on-year increase of 5.2% - The net profit attributable to shareholders was 6.018 billion yuan, while the net profit excluding non-recurring items surged by 432.2% to 5.43 billion yuan - Operating cash flow reached 21.04 billion yuan, up 85.9% year-on-year, indicating improved profitability and operational efficiency [2]. Sales and Market Position - SAIC's total vehicle sales reached 2.053 million units in the first half of 2025, a 12.4% increase year-on-year - In August alone, vehicle sales were 363,400 units, marking a 41.04% year-on-year growth, achieving eight consecutive months of sales increases - From January to August, cumulative vehicle sales were 2.753 million units, up 17.9% year-on-year [2][3]. Growth Drivers - The "new three driving forces" of SAIC—self-owned brands, new energy vehicles, and overseas markets—are identified as the core engines of growth - From January to August 2025, self-owned brand sales reached 1.75 million units, a 26.3% increase, accounting for 63.6% of total sales - In August, self-owned brand sales were 232,000 units, up 49.5% year-on-year, while new energy vehicle sales reached 130,000 units, a 49.9% increase [3][4]. Product Launches - The H5 model from the new brand "Shangjie," co-developed with Huawei, has received over 80,000 orders, indicating strong market interest - Other brands under SAIC, such as MG and Roewe, have also launched successful new models, contributing to overall sales growth [3][4]. Global Strategy and Innovation - SAIC's products are sold in over 170 countries, with significant sales in Europe and other key markets - In August, overseas vehicle sales were 88,000 units, a 10.5% increase year-on-year, with cumulative sales of 664,000 units from January to August, up 2.3% [6]. - The company is focusing on key technology advancements, including solid-state batteries and smart cockpit development, enhancing its competitive edge [6][7]. Market Sentiment - Following the announcement of the H5 pre-sale, SAIC's stock price experienced a rare surge, reflecting positive market sentiment - Analysts maintain "buy" or "recommend" ratings for SAIC, anticipating a turnaround in revenue and performance due to internal reforms and external collaborations [7].