SAIC Group (600104): New energy, luxury cars may help companies bottom out

SAIC Group (600104): New energy, luxury cars may help companies bottom out

Report summary: Interim report summary: SAIC Group’s revenue in the first half of 2019 was 376.3 billion, 19% in a row; net profit attributable to its mother was 137.

60,000 yuan, exceeding the expected upper limit of 27.

49%; deducting non-attribution net profit of 125 million US dollars, extended at least 27 years.

61%; gross profit margin 12.

61%, zero in ten years.

5%; net interest rate 4.

98%, 0 years ago.


  Insertion of sales of passenger car brands across the board dragged down revenue and performance.

SAIC-Volkswagen sales decreased by 9 in the first half of 2019.

9%, SAIC-GM’s body dropped by 12.

9%, SAIC passenger cars fell by 13 each time.

2%, SAIC-GM-Wuling plunged 29 in ten years.


Compared with 2018, the sales volume of most companies owned by the company has accelerated.

Along with sales fluctuations, the capacity of SAIC Group companies has reached its lowest level in recent years, which has had a penetrating effect on profits.

In addition, SAIC Volkswagen has invested in the construction of a new energy vehicle dedicated factory, which has a certain impact on profits.

  In 2020, the new energy / luxury car / overseas business will significantly help the company to 北京夜网 resume production and sales and continue to grow.

Volkswagen will launch a number of new energy passenger car models in 2020.

The construction of SAIC-Volkswagen’s MEB dedicated factory is progressing rapidly, and the first batch of test cars will be rolled out as soon as November.

The MEB plant has a designed production capacity of 300,000 vehicles, and can share some of the current process production requirements of other SAIC-Volkswagen plants to further reduce costs.

  The Cadillac brand of SAIC-GM, a subsidiary of SAIC Group, will enter a strong product cycle in the next 1-2 years.

This time Cadillac’s product replacement, almost all models are updated, and multiple blank models before the positioning of new models are introduced, marking the previous generation, sales have increased significantly.

  In addition, SAIC’s 北京夜生活网 independent brand overseas sales grew rapidly, and exports in the first half of the year increased by 80%.

  Profit forecast: It is estimated that the company’s revenue for 2019/2020/2021 will be 8,548 / 9,079 / 977.3 billion US dollars, and the net profit attributable to the mother will be 26.



77 trillion, EPS is 2 respectively.



98 yuan, an annual increase of -25.

5% / 10.

2% / 17.

5%, corresponding to PE of 10.



3 times.

Give the company 12 by the end of 2019.8x P / E with a target price of 29.

36 yuan, maintain the “recommended” level.