Investment Rating - The report maintains a "Buy" rating for the company, upgraded from "Hold" due to significant reform achievements and positive outlook on profit growth [3][7]. Core Insights - The company's net profit attributable to shareholders decreased by 9.2% year-on-year to 6.02 billion yuan, but the net profit after deducting non-recurring items saw a substantial increase of 432.2% year-on-year to 5.43 billion yuan, driven by a recovery in vehicle sales [1][3]. - The joint venture segment has cleared risks, with notable profit recovery from SAIC-GM-Wuling, which reported a 492.4% increase in net profit to 580 million yuan [2][3]. - The company's self-owned brand sales increased by 21.1% year-on-year, accounting for 63.5% of total sales, indicating successful reforms and management integration [3]. Summary by Sections Financial Performance - In 1H25, the company's operating revenue increased by 6.2% year-on-year to 294.34 billion yuan, with a gross margin of 8.3%, up 0.4 percentage points [1]. - The second quarter of 2025 saw a 13.4% year-on-year increase in operating revenue to 156.66 billion yuan, with a gross margin of 8.5% [1]. Joint Venture Performance - SAIC-Volkswagen's sales decreased by 3.9% year-on-year to 492,000 units, while net profit increased by 2.3% to 88 million yuan [2]. - SAIC-GM-Wuling's sales surged by 32.2% year-on-year to 753,000 units, with net profit soaring by 492.4% to 580 million yuan [2]. Self-Owned Brand Development - The self-owned brand sales reached 1.304 million units in 1H25, with a focus on cost reduction and efficiency improvements [3]. - The collaboration with Huawei on the "SAIC Shangjie" brand is expected to open new growth avenues, with the first model set to launch in September [3]. Profit Forecasts - The report revises the net profit forecasts for 2025, 2026, and 2027 upwards by 57%, 11%, and 2% respectively, reflecting confidence in brand and technology advantages [3][5].

尚界品牌未来可期，海外持续开拓市场 上汽集团(600104) 证券研究报告 乘用车 / 公司点评 / 2025.09.02 | 基本数据 | 2025-09-02 | | --- | --- | | 收盘价(元) | 18.95 | | 流通股本(亿股) | 114.95 | | 每股净资产(元) | 25.51 | | 总股本(亿股) | 114.95 | 最近 12 月市场表现 -5% 11% 26% 42% 57% 73% 上汽集团 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《全面深化改革，发力海外市场》 2025-04-30 2. 《新能源车销量稳步攀升，海外销量稳健 增长》 2024-10-12 3. 《强化技术 赋能， 发力 海外市场》 2024-09-10 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | ...