SAIC MOTOR(600104) 国盛证券·2025-02-23 11:21Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has signed a deep cooperation agreement with Huawei to enhance its capabilities in electric smart vehicles, being the only company to have both passenger and commercial vehicle projects included in the first batch of L3 intelligent connected vehicle approvals [1]. - The company is actively adjusting its management and operational strategies in response to national policies promoting state-owned enterprise reform, including the introduction of new executives with rich experience in technology and supply chain management [1]. - The company has a strong foundation in autonomous technology with seven major technology platforms, including electric, hybrid, and hydrogen vehicles, and is accelerating its transformation through partnerships and local market strategies [2]. Financial Summary - The company's revenue for 2022 was 720,988 million, with a slight increase to 726,199 million in 2023, but a projected decline to 620,900 million in 2024, followed by a recovery to 661,880 million in 2025 and 696,959 million in 2026 [3]. - The net profit attributable to the parent company is forecasted to drop significantly from 16,118 million in 2022 to 1,642 million in 2024, before rebounding to 10,055 million in 2025 and 14,300 million in 2026 [3]. - The report projects a PE ratio of 122 for 2024, decreasing to 20 in 2025 and 14 in 2026, indicating a potential recovery in profitability [2][3]. Strategic Developments - The company is focusing on localizing its research and development efforts and enhancing the competitiveness of its vehicle models in response to market demand changes [1]. - The partnership with Volkswagen has been extended until 2040, which is expected to facilitate the introduction of new models and accelerate the company's transformation [2].