SAIC MOTOR(600104) 国海证券·2025-05-11 11:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is undergoing a transformation in 2024, facing pressure but showing signs of recovery in Q1 2025 with a net profit of 30.2 billion yuan, a year-on-year increase of 11.4% [5][8] - The company aims to sell over 4.5 million vehicles in 2025, with a focus on launching 10 new and significantly updated models, including 8 electric vehicles [5][6] - The collaboration with Huawei to launch the "SAIC 尚界" brand is expected to enhance market presence and contribute significantly to revenue starting in 2026 [6][8] Financial Performance Summary - In 2024, the company reported total revenue of 627.59 billion yuan, a year-on-year decrease of 15.7%, and a net profit of 1.67 billion yuan, down 88.2% [4][8] - For Q1 2025, total revenue was 140.86 billion yuan, a slight decrease of 1.5% year-on-year, while net profit increased by 11.4% [5][8] - The company’s revenue projections for 2025-2027 are 688.16 billion yuan, 743.64 billion yuan, and 786.46 billion yuan, with corresponding net profits of 10.305 billion yuan, 12.846 billion yuan, and 14.742 billion yuan [7][8] Market Performance - As of May 9, 2025, the company's stock price was 16.55 yuan, with a market capitalization of approximately 191.57 billion yuan [3][9] - The company's stock performance over the past 12 months shows an increase of 16.8%, outperforming the Shanghai and Shenzhen 300 index, which increased by 5.0% [3][9]