SAIC Motor (600104) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was RMB 277.09 billion, down 12.43% year-over-year, with net profit attributable to shareholders at RMB 6.63 billion, down 6.45%.

• The company sold 1.827 million vehicles wholesale and 2.115 million retail, maintaining a leading domestic position.

• New energy vehicle retail sales reached 524,000 units, up 29.9% year-over-year; overseas retail sales were 548,000 units, up 12.7%.

• The company completed a major equity transfer and capital increase in its Indian subsidiary, resulting in a one-time gain of RMB 5.13 billion.

Financial highlights

• Operating income: RMB 277.09 billion, down 12.43% year-over-year.

• Net profit attributable to shareholders: RMB 6.63 billion, down 6.45% year-over-year.

• Net profit excluding non-recurring items: RMB 1.02 billion, down 82% year-over-year.

• Operating cash flow: RMB 11.32 billion, up 64.18% year-over-year.

• Basic EPS: RMB 0.577, down 6.33% year-over-year.

• Gross margin declined due to intense price competition and lower sales.

Outlook and guidance

• The company is focused on structural adjustment, innovation, and reform to enhance resilience and future growth.

• Plans to strengthen new energy, overseas, and self-owned brand businesses as key growth drivers.

• No interim dividend or capital increase from reserves proposed for the half-year.