SAIC Motor (600104) Q4 2024 earnings summary

Executive summary

• Total revenue for 2024 was RMB 627.59 billion, down 15.73% year-over-year, with net profit attributable to shareholders at RMB 1.67 billion, an 88.19% decrease year-over-year, mainly due to lower vehicle sales, price competition, and asset impairment at joint ventures.

• Retail sales of self-owned brands reached 2.74 million vehicles, nearly 60% of total sales, up 5% from 2023; new energy vehicle retail sales hit 1.37 million, up nearly 30% year-over-year.

• Overseas retail sales were 1.08 million vehicles, up 2.6% year-over-year, despite EU anti-subsidy investigations.

Financial highlights

• Revenue: RMB 627.59 billion, down 15.73% year-over-year.

• Net profit attributable to shareholders: RMB 1.67 billion, down 88.19% year-over-year.

• Net profit after non-recurring items: -RMB 5.41 billion, down 153.85% year-over-year.

• Basic EPS: RMB 0.145, down 88.17% year-over-year.

• Net cash flows from operating activities: RMB 69.27 billion, up 63.62% year-over-year.

Outlook and guidance

• 2025 vehicle sales target: over 4.5 million units, with operating revenue exceeding RMB 674 billion.

• Self-owned brand sales to exceed 2.9 million vehicles, aiming for over 20% year-over-year growth.

• Focus on launching 10 new large modified models, 8 of which are new energy vehicles.

• R&D investment to remain above RMB 20 billion annually, with continued emphasis on electrification and intelligence.