Summary of SAIC Motor Corporation Conference Call Company Overview - The conference call primarily discusses SAIC Motor Corporation, focusing on its transformation in the era of smart vehicles and its stock performance over the past two months [3][4]. Core Insights and Arguments - **Transformation Potential**: SAIC is expected to successfully transform in the smart era, with its current stock price being undervalued, indicating significant long-term investment value [4]. - **Valuation Restructuring**: The company is anticipated to reshape its valuation and increase market share due to national policy support, state-owned enterprise reforms, and market capitalization assessments [4]. - **Core Competitive Factors**: In the smart era, key competitive elements will include computing power, algorithms, and data, with SAIC collaborating with companies like Huawei and Tesla to enhance its competitiveness [4][6]. - **Market Growth Opportunities**: The domestic new energy vehicle market penetration is projected to exceed 80% in the next three to five years, presenting new growth opportunities for SAIC [4][9]. - **Market Share Dynamics**: Although SAIC's market share declined during the electrification era, its joint venture model and manufacturing capabilities are expected to become advantages in the smart era [4][10]. - **Impact of Impairment Losses**: Impairment losses related to SAIC-GM will affect its Q4 2024 performance, but the overall financial health remains robust, with asset valuations having room for improvement [4][17]. - **Long-term Investment Logic**: Despite short-term stock price fluctuations influenced by state-owned enterprise reform progress, the long-term investment rationale remains valid, encouraging investors to focus on fundamental improvements [4][15]. Additional Important Insights - **Industry Trends**: The next three to five years will see smart technology as the core industry trend, with significant changes in consumer mobility expected by 2028 [6][9]. - **Competitive Landscape**: The competition in the smart era will differ from the electrification phase, emphasizing the need for strong computing and algorithm capabilities [7]. - **SAIC's Reform Characteristics**: The reform process at SAIC is characterized by a top-down and bottom-up approach, supported by national policies [8]. - **Sales Impact of Partnerships**: Historical data indicates that SAIC's collaboration with Huawei could enhance sales performance, particularly through the smart selection model [12][16]. - **Stock Price Fluctuations**: Over the past two months, SAIC's stock price has experienced three phases of fluctuation, influenced by various factors including government support and reform expectations [14]. - **Financial Health and Valuation**: SAIC's financial status includes a net asset total of 70 billion yuan, with various asset valuations suggesting a market value close to 300 billion yuan [18]. This summary encapsulates the key points discussed in the conference call regarding SAIC Motor Corporation, highlighting its strategic direction, market opportunities, and financial outlook.

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 21/17/15 for the years 2024-2026, respectively, and a current PB of 0.7 times [4][6]. Core Views - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a bottom reversal in performance. Revenue projections for 2024-2026 are 676.9 billion, 707.4 billion, and 747.0 billion yuan, respectively, with net profits of 10.4 billion, 12.9 billion, and 14.6 billion yuan [4][5]. Summary by Sections Sales Performance - In December 2024, the company reported wholesale sales of 483,000 vehicles, totaling 4.013 million for the year, a year-on-year decrease of 20.1%. Notably, the sales figures for various brands showed a decline, with SAIC-GM down 56.5% and SAIC Passenger Cars down 28.3%, while SAIC New Energy saw a growth of 9.9% [1][2]. Inventory and Delivery - The company achieved a terminal delivery of 4.639 million vehicles in 2024, exceeding wholesale sales, indicating a steady inventory reduction and a safe current inventory level. The share of self-owned brands increased to 60%, reflecting a 5.3 percentage point year-on-year growth [2]. New Energy Transition - The company plans to accelerate its transition to new energy vehicles (NEVs) by launching several new models in 2025, including compact and mid-size electric and hybrid vehicles. The focus will be on enhancing brand influence and integrating R&D, sales, and service efforts [3]. Management Changes - Significant management changes have occurred in 2024, aligning with state-owned enterprise reforms. The new leadership emphasizes resource integration and collaboration, aiming to accelerate the company's transformation towards smart electric vehicles [4]. Financial Projections - The financial forecast indicates a revenue decline of 9.1% in 2024, followed by a recovery with growth rates of 4.5% and 5.6% in 2025 and 2026, respectively. Net profit is projected to decrease by 26.0% in 2024 but rebound with a growth of 23.6% in 2025 [5][20].

Investment Rating - The report initiates coverage with an "Outperform" rating for SAIC Motor Corp Ltd, projecting a target price of RMB 24.39 based on a 2025 PE of 22 times [4][22]. Core Insights - SAIC Motor Corp Ltd is a leading player in China's automotive industry, achieving wholesale sales of 1.83 million units and retail sales of 2.12 million units in the first half of 2024. The retail sales of self-owned brands reached 1.24 million units, accounting for 58.8% of total sales. New energy vehicle (NEV) retail sales were 524,000 units, marking a year-on-year increase of 29.9%, while overseas retail sales grew by 12.7% to 548,000 units [2][19][20]. - The company effectively addresses overseas challenges, optimizing its production and sales layout to maintain market share in Europe and expanding into new markets such as Australia, New Zealand, the Middle East, and South America [20][22]. - In automotive technology innovation, SAIC has achieved a dual-driven R&D approach, focusing on both internal development and external collaborations. The Zero Bundle 3.0 supports L3 intelligent driving, expected to launch in 2025, while the next-gen 4.0 integrates AI for L4 intelligent driving [3][21]. Financial Projections - Revenue forecasts for SAIC are RMB 649.3 billion, RMB 740.8 billion, and RMB 850.4 billion for 2024, 2025, and 2026 respectively. Net profit attributable to shareholders is projected at RMB 10.1 billion, RMB 12.8 billion, and RMB 14.2 billion for the same years [4][22]. - The report anticipates a decline in revenue for 2024 due to pressures on both joint venture and self-owned brand sales, with expected revenues of RMB 410 billion, RMB 495.1 billion, and RMB 597.8 billion for the vehicle business from 2024 to 2026 [8][17]. - The parts business is expected to recover alongside the overall industry, with projected revenues of RMB 182.9 billion, RMB 189.3 billion, and RMB 196.1 billion for the same period [8][17].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 22.26 CNY [2][17]. Core Views - The company is expected to benefit from national reforms, leading to a stabilization and upward trend in profitability. The overall retail sales are projected to exceed wholesale sales significantly [15][16]. - The company has shown a slight increase in wholesale sales in December, with a total annual sales volume of 4.013 million units, a year-on-year decrease of 20.1% [16]. - The company anticipates a recovery in wholesale sales in 2025, driven by the completion of inventory reduction efforts [16][19]. Financial Summary - **Revenue (Million CNY)**: - 2022A: 720,988 - 2023A: 726,199 (0.7% YoY growth) - 2024E: 659,813 (-9.1% YoY) - 2025E: 714,524 (8.3% YoY) - 2026E: 760,302 (6.4% YoY) [1] - **Operating Profit (Million CNY)**: - 2022A: 26,022 - 2023A: 25,937 (-0.3% YoY) - 2024E: 17,060 (-34.2% YoY) - 2025E: 20,364 (19.4% YoY) - 2026E: 22,001 (8.0% YoY) [1] - **Net Profit Attributable to Parent Company (Million CNY)**: - 2022A: 16,118 - 2023A: 14,106 (-12.5% YoY) - 2024E: 10,329 (-26.8% YoY) - 2025E: 12,295 (19.0% YoY) - 2026E: 13,269 (7.9% YoY) [1] - **Earnings Per Share (CNY)**: - 2022A: 1.39 - 2023A: 1.22 - 2024E: 0.89 - 2025E: 1.06 - 2026E: 1.15 [1] - **Gross Margin (%)**: - 2022A: 9.6% - 2023A: 10.2% - 2024E: 10.2% - 2025E: 10.7% - 2026E: 10.9% [1] - **Net Margin (%)**: - 2022A: 2.2% - 2023A: 1.9% - 2024E: 1.6% - 2025E: 1.7% - 2026E: 1.7% [1] - **Return on Equity (%)**: - 2022A: 5.8% - 2023A: 5.0% - 2024E: 3.5% - 2025E: 4.0% - 2026E: 4.2% [1] - **Price-to-Earnings Ratio**: - 2023A: 17.0 - 2024E: 23.3 - 2025E: 19.5 - 2026E: 18.1 [1] - **Price-to-Book Ratio**: - 2023A: 0.8 - 2024E: 0.8 - 2025E: 0.8 - 2026E: 0.7 [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][120]. Core Viewpoints - The company is actively responding to national policies promoting state-owned enterprise reform, adjusting its management and operational strategies to enhance competitiveness [2][90]. - The company has a strong foundation in technology, with significant advancements in electric and hybrid vehicle platforms, and is expanding both domestic and international markets [3][101]. - The financial forecast indicates a recovery in profitability and revenue growth from 2025 onwards, driven by strategic adjustments and new model introductions [3][120]. Summary by Sections Company Overview - The company has evolved from its origins in 1955 to become a leading player in the automotive industry, focusing on both traditional and new energy vehicles [24][27]. - It operates under a highly concentrated ownership structure, with the majority stake held by a state-owned entity [24][26]. Current Situation - The automotive industry is facing intense competition, particularly in the electric vehicle segment, where domestic brands are gaining significant market share [56][64]. - The company's joint ventures are experiencing declining sales, necessitating a focus on enhancing the competitiveness of its self-owned brands [64][72]. Changes and Developments - The company is undergoing a management overhaul to better align with the challenges of the evolving automotive landscape, particularly in electric and smart vehicle sectors [90][94]. - Strategic adjustments include inventory reduction and a shift in production focus to enhance operational efficiency [95][99]. Financial Forecast and Valuation - The company is projected to achieve net profits of 10.4 billion, 11.9 billion, and 13.1 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 18, and 16 [3][120]. - Revenue is expected to recover from 633.2 billion yuan in 2024 to 710.8 billion yuan by 2026, reflecting a positive trend in operational performance [3][120].

Sales Performance - SAIC's self-owned brands (IM, Roewe, Feifan, MG, Maxus, Wuling, Baojun) achieved sales of 2.408 million units in 2024, accounting for 60% of the group's total sales, a 5 percentage point increase from 2023 [1] - New energy vehicle sales reached 1.234 million units, a year-on-year increase of 9.9%, setting a historical record [1] - The high-end new energy brand IM sold 66,000 units, a year-on-year increase of 71.2% [1] - Overseas market terminal deliveries reached 1.082 million units, a year-on-year increase of 2.6%, maintaining a leading position in the industry [1] - MG achieved sales of over 240,000 units in Europe, showing growth despite the EU's anti-subsidy measures [1] Strategic Partnerships - SAIC and Audi announced a collaboration in May 2024 to develop multiple high-end intelligent electric vehicles and jointly develop an intelligent digital platform [2] - SAIC and Volkswagen renewed their joint venture agreement in November 2024, focusing on the development of over ten new models including pure electric and plug-in hybrid vehicles [2] - These partnerships mark a new era of "technology co-creation" in the Chinese automotive industry, moving from "technology introduction" to mutual respect and win-win cooperation [2] Production and Delivery - In December 2024, SAIC's wholesale vehicle sales reached 483,000 units, with terminal deliveries at 506,000 units, marking six consecutive months of growth [3] - Annual wholesale sales for 2024 totaled 4.013 million units, with terminal deliveries reaching 4.639 million units [3] - The company focused on self-owned brand construction and technological advancement, with self-owned brands accounting for 60% of total sales [3] Technological Innovation - SAIC invested nearly 150 billion yuan in R&D for intelligent and electric core technologies over the past decade, accumulating over 26,000 valid patents [4] - The company launched the "Seven Technology Foundations" 2.0 in 2024, including solid-state batteries, digital smart chassis, and advanced intelligent driving systems [4] - These innovations are accelerating the deployment of cutting-edge technologies across both self-owned and joint venture brands [4] Future Plans - In 2025, SAIC aims to accelerate the transformation and upgrading of its business, focusing on the implementation of advanced technologies such as solid-state batteries and intelligent driving solutions [5] - The company is committed to achieving a sales rebound and stabilizing its operations [5]

Company Performance - SAIC Motor achieved wholesale sales of 483,000 vehicles in December 2024, with terminal deliveries reaching 506,000 units, marking six consecutive months of month-on-month growth [1] - The company's full-year terminal deliveries for 2024 totaled 4,639,000 vehicles, while cumulative wholesale sales for the year reached 4,013,000 units [1] Industry Trends - The data indicates a positive trend in the automotive industry, with SAIC Motor demonstrating consistent growth in both wholesale and terminal delivery figures [1] - The company's performance reflects strong market demand and effective supply chain management, contributing to its sustained growth trajectory [1]

Core Insights - The automotive industry experienced a decline of 0.42% on December 25, with a net inflow of 271 million yuan in main funds [2] - Among the 268 stocks in the automotive sector, 55 stocks rose, with 3 hitting the daily limit, while 209 stocks fell [2] - The top three stocks with the highest net inflow were Wan Feng Ao Wei, SAIC Motor, and Weichai Power, with net inflows of 1.261 billion yuan, 243 million yuan, and 194 million yuan respectively [2] Fund Flow Analysis - The overall market saw a net outflow of 44.414 billion yuan, with only one industry, automotive, showing a net inflow of 271 million yuan [2] - The electronic industry had the largest net outflow at 7.314 billion yuan, followed by the computer industry with a net outflow of 5.331 billion yuan [2] - Eight automotive stocks experienced a net outflow exceeding 50 million yuan, with the largest outflows from Seres, Changan Automobile, and Shuanglin Co., totaling 351 million yuan, 335 million yuan, and 87.708 million yuan respectively [2]

2、关于《公司增量业绩奖励计划 2023 年度实施方案》的议案 本议案事先已经公司董事会提名、薪酬与考核委员会审议通过。 （同意 8 票，反对 0 票，弃权 0 票） 特此公告。 上海汽车集团股份有限公司 证券代码：600104 证券简称：上汽集团 公告编号：临 2024－054 上海汽车集团股份有限公司 八届二十六次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海汽车集团股份有限公司第八届董事会第二十六次会议通知 于 2024 年 12 月 12 日通过传真、电子邮件等形式送达。本次董事会 会议于 2024 年 12 月 19 日采用通讯方式召开，应参加会议董事 8 人， 实际收到 8 名董事的有效表决票。会议的召集、召开符合《公司法》 及《公司章程》的有关规定。 经与会董事逐项审议,表决通过了如下决议： 1、关于公司职业经理人 2021-2023 年任期业绩考核评价的议案 本议案事先已经公司董事会提名、薪酬与考核委员会审议通过。 （同意 8 票，反对 0 票，弃权 0 票） 董事会 1 2024 年 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 18.74 CNY on December 13, 2024, corresponding to a PE ratio of 21/17/15 for the years 2024-2026 [5][127]. Core Insights - The new management team is actively driving reforms across three major segments, focusing on resource integration and marketing enhancement to accelerate the transition to smart electric vehicles [3][40][125]. - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a turnaround in its performance [3][127]. - The report forecasts revenues of 676.9 billion CNY, 707.4 billion CNY, and 747.0 billion CNY for 2024, 2025, and 2026, respectively, with net profits of 10.44 billion CNY, 12.90 billion CNY, and 14.63 billion CNY for the same years [4][127]. Summary by Sections Management Changes - The company has undergone significant management changes, with a new president emphasizing resource integration and collaboration among various business units [3][21][40]. - The management team is characterized by a younger demographic, bringing experience in technology, marketing, and supply chain management [27][34]. Joint Ventures - SAIC Volkswagen is focusing on profitable fuel vehicles while transitioning to electric vehicles, with plans to launch two new electric models by 2026 [3][53]. - SAIC General Motors is shifting its focus to key models like Buick and Cadillac, reducing emphasis on lower-end Chevrolet models, and accelerating the introduction of hybrid vehicles [3][59]. Independent Brands - The independent brand segment has faced challenges, with total sales declining by 25.1% year-on-year to 1.958 million units in 2024M1-11 [3][65]. - The company plans to enhance brand integration and efficiency, leveraging new technologies in hybrid and electric vehicles [3][82]. Financial Projections - The report projects a decline in revenue for 2024, followed by a recovery in 2025 and 2026, with expected growth rates of -9.1%, 4.5%, and 5.6% respectively [4][113]. - The gross margin is expected to improve gradually, reaching 10% by 2026 [4][113]. Market Expansion - The company is expanding its overseas presence, with production bases in Thailand, Indonesia, and India, although recent export figures have shown a decline [3][91]. - The report highlights the importance of adapting to potential EU tariffs on electric vehicles, which could impact competitiveness in the European market [3][103].