SAIC Motor (600104) Q4 2023 earnings summary

Executive summary

• Total revenue reached RMB 744.7 billion in 2023, up 0.09% year-over-year, while net profit attributable to shareholders fell 12.48% to RMB 14.1 billion.

• Sales volume was 5.021 million vehicles, maintaining the top position in China for 18 consecutive years.

• New energy vehicle (NEV) sales hit 1.123 million, up 4.6% year-over-year; overseas sales reached 1.208 million, up 18.8%.

• Cash dividend of RMB 3.69 per 10 shares proposed, totaling RMB 4.23 billion.

Financial highlights

• Revenue: RMB 744.7 billion (+0.09% YoY); net profit: RMB 14.1 billion (-12.48% YoY).

• Gross margin: 12.06%, down 0.22 percentage points year-over-year.

• Net cash flows from operating activities surged 345.41% to RMB 42.3 billion.

• Basic EPS: RMB 1.226; weighted average ROE: 4.98%.

• R&D expenditure: RMB 22.0 billion, 3.03% of revenue.

Outlook and guidance

• 2024 domestic auto market expected to grow 3% to 26.8 million vehicles; NEV sales forecasted to rise 30% to 10.8 million.

• Targeting annual sales of 5.45 million vehicles and revenue over RMB 790 billion in 2024.

• Focus on NEV development, overseas expansion, and digital transformation.