SAIC MOTOR(600104) 中证网·2025-04-29 14:29Core Insights - SAIC Motor Corporation reported a revenue of 627.59 billion yuan and a net profit of 1.67 billion yuan for the year 2024, with Q1 2025 revenue at 140.86 billion yuan and a net profit of 3.02 billion yuan, marking a year-on-year growth of 11.4% [1][2] Financial Performance - In 2024, SAIC sold 4.013 million vehicles and achieved terminal retail sales of 4.639 million vehicles, with 1.368 million of those being new energy vehicles and 1.082 million sold overseas, making it the only domestic automotive group to sell over one million vehicles in both segments for three consecutive years [2] - For Q1 2025, SAIC's total vehicle sales reached 945,000, with terminal deliveries exceeding 1.08 million, indicating a continuous improvement in channel health [2] - The sales of SAIC's new energy vehicles in Q1 2025 reached 273,000, a nearly 30% increase year-on-year, with March sales alone hitting 126,000, showing over 40% growth both year-on-year and month-on-month [2] - SAIC's self-owned brand vehicle sales in Q1 2025 reached 601,000, a 28.4% increase year-on-year, accounting for 63.6% of total sales, up 7.5 percentage points from the same period in 2024 [2] Strategic Initiatives - SAIC's chairman emphasized the importance of "equality" in the automotive industry, focusing on technological and experiential advancements to enhance user satisfaction and surprise [3] - The company aims to collaborate with both traditional partners like Volkswagen and General Motors, as well as new partners such as Huawei and ByteDance, to create a new industrial ecosystem [3] - At the 2025 Shanghai Auto Show, SAIC unveiled its strategic vision centered on "safety, intelligence, user understanding, and aesthetics" to enhance the smart mobility experience [4] New Brand Launch - SAIC and Huawei launched a new brand called "SAIC Shangjie," which is part of the HarmonyOS intelligent vehicle family, with the first model expected to debut in Q4 2025, targeting the mainstream market with a price around 200,000 yuan [5] - The brand focuses on a minimalist design philosophy and leverages Huawei's smart travel solutions to provide an intelligent mobility experience, emphasizing high safety and reliability [5] - The collaboration aims for "dual empowerment," combining SAIC's manufacturing expertise with Huawei's technological innovations in the smart driving sector [5]