改革成果落地，尚界首款车型值得期待 上汽集团(600104) 上汽集团 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 管正月(分析师) | 021-38032026 | guanzhengyue@gtht.com | S0880521030003 | 本报告导读： [Table_Market] 交易数据 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 24.34 | | 52 周内股价区间(元) | 11.55-21.04 | | --- | --- | | 总市值(百万元) | 217,836 | | 总股本/流通A股(百万股) | 11,495/11,495 | | 流通 B 股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) 投资要点 ...

Group 1 - The company is focusing on the recent resumption of electric vehicle tariff negotiations between China and Europe, which could help mitigate trade frictions and boost vehicle sales in the European market [2] - The company has launched its overseas strategy 3.0, termed "Glocal strategy," aiming to introduce 17 new overseas models over the next three years, leveraging its electric and intelligent network technology [2] - The company plans to cover mainstream market segments globally with new HEV hybrid models and implement disruptive technologies like solid-state batteries to better meet global consumer demands [2] Group 2 - The company is integrating high-quality resources to support the development of the SAIC brand, ensuring it possesses top-tier quality and technical capabilities from inception [3] - A professional operation and technical team of over 5,000 members has been established for the SAIC project, collaborating deeply with Huawei engineers across the entire ecosystem [3] - The project team has been dynamically expanded through internal recruitment and external hiring, aiming to build a capable and competitive workforce [3]

Core Insights - SAIC Motor Corporation has accelerated its transformation results following comprehensive reforms implemented since 2024, as evidenced by its Q1 2025 performance [2][4] - The company achieved a total vehicle sales of 945,000 units in Q1 2025, marking a year-on-year increase of 13.3%, with total revenue reaching 140.86 billion yuan and a net profit of 3.02 billion yuan, up 11.4% [3][4] - SAIC's strategy includes a focus on its own brands, which accounted for over 60% of total sales, and a significant increase in sales of new energy vehicles [4][6] Financial Performance - In Q1 2025, SAIC reported total revenue of 140.86 billion yuan and a net profit of 3.02 billion yuan, with a non-recurring net profit of 2.85 billion yuan, reflecting a 34.4% year-on-year growth [3][4] - The company sold 945,000 vehicles in Q1 2025, with March sales reaching 386,000 units, a 1.14% increase year-on-year and a 30.8% increase month-on-month [3][4] Strategic Initiatives - SAIC has launched a new brand "SAIC尚界" in collaboration with Huawei, with an initial investment of 6 billion yuan to establish a dedicated team and factory [6][7] - The company is focusing on enhancing its global presence through a "Glocal" strategy, which combines global and local approaches to market expansion [7][8] - SAIC plans to introduce 17 new overseas models in the next three years, leveraging its market advantages to expand its international footprint [2][8] Product Development - The company is consolidating its chassis research and manufacturing capabilities to develop advanced control chassis technology, with the second generation expected to launch by 2027 [5] - SAIC's new energy vehicle sales reached 273,000 units in the first quarter of 2025, showing a nearly 30% year-on-year increase, with March sales exceeding 126,000 units, reflecting over 40% growth [3][4] Market Expansion - SAIC is deepening local partnerships in Southeast Asia and establishing KD factories, while also focusing on localized strategies in Latin America, the Middle East, and Africa [8] - The company emphasizes its commitment to becoming a global player, not just a Chinese automaker, by leveraging its early market advantages to expand its overseas operations [8]