上汽集团预告：净利润骤降！

Core Viewpoint - SAIC Motor Corporation is expected to experience a significant decline in performance for 2024, with a projected net profit drop of over 12 billion yuan, marking the first time since its listing that the annual net profit will decrease by this magnitude [1][2][5]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.5 billion and 1.9 billion yuan for 2024, representing a year-on-year decline of 87% to 90%, equating to a reduction of 12.2 billion to 12.6 billion yuan [1][3][4]. - In 2023, the net profit attributable to shareholders was 14.106 billion yuan, indicating a stark contrast to the anticipated figures for 2024 [4][5]. - The company also expects a non-recurring net profit loss of between 4.1 billion and 6 billion yuan for 2024, marking the first time since 2009 that it will report a loss in this category [3][6]. Market Position and Competition - SAIC Motor has lost its position as the top-selling automaker in China, with its sales being surpassed by BYD for the first time in 2024 [2][8]. - The company’s wholesale vehicle sales are projected to decline by 20.07% to 4.013 million units in 2024, while BYD's sales are expected to grow by 41.26% to 4.2721 million units [7][8]. - The competitive landscape in the fuel vehicle market is intensifying, with ongoing price wars contributing to reduced sales revenue and declining profit margins for SAIC [7]. Strategic Challenges - The company faces a dual challenge of fierce competition in the fuel vehicle market and insufficient progress in transitioning to electric vehicles [2][7]. - The production and sales figures for SAIC's electric vehicle platform, Zhiji Motors, while showing growth, remain relatively low compared to the overall production and sales of over 4 million units [8]. - The company plans to take asset impairment provisions of 23.212 billion yuan in the fourth quarter of 2024, which is expected to reduce the net profit attributable to shareholders by 7.874 billion yuan [8].