SAIC MOTOR(600104) 东吴证券·2025-04-30 07:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance shows significant improvement, and the group's reform is accelerating [1] - The company aims for a sales target of 4.5 million units in 2025, with a projected annual R&D investment intensity of around 3% [7] - The forecast for the company's net profit attributable to shareholders for 2025 and 2026 has been adjusted to 9.7 billion and 12.8 billion respectively, down from previous estimates [7] Financial Performance Summary - Total revenue for 2023 is projected at 744.7 billion, with a decline to 627.6 billion in 2024, followed by a slight recovery to 640.2 billion in 2025 [1][8] - The net profit attributable to shareholders is expected to drop significantly from 14.1 billion in 2023 to 1.7 billion in 2024, before rebounding to 9.7 billion in 2025 [1][8] - The latest diluted EPS is forecasted to be 0.14 in 2024, increasing to 0.84 in 2025 and further to 1.10 in 2026 [1][8] Market Data Summary - The closing price of the stock is 15.59 yuan, with a market capitalization of approximately 180.46 billion [5] - The stock has a price-to-book ratio of 0.62 and a price-to-earnings ratio of 108.29 based on the latest diluted EPS [5][8] Financial Ratios and Projections - The company’s asset-liability ratio stands at 63.33% [6] - The projected gross margin for 2024 is 11.02%, with expectations of slight fluctuations in subsequent years [8] - The return on equity (ROE) is expected to improve from 0.58% in 2024 to 5.11% by 2027 [8]