SAIC Group (600104): Leader in the industry is still strong in the dark

SAIC Group (600104): Leader in the industry is still strong in the dark

Key points of the report Description SAIC Group released the 2018 annual report and achieved operating revenue of 9021.

900 million, an annual increase of 3.

62%, the profit attributable to the parent company achieved 360.

100 million, an annual increase of 4.

65%, the profit of the parent company after deduction is 324.

1 billion, a ten-year average of 1.


Comment on the event In the fourth quarter, the industry’s pressured promotions increased, 合肥夜网 and SAIC’s profitability remained stable.

Industry sales fell by 15 in the fourth quarter of 2018.

0%, SAIC’s sales increased by only 9.

7%, the market share has continued to increase.

The company’s operating income for the fourth quarter of 2018 was 2,274.

5 billion, 13 from the previous decade.

4%, the profit attributable to the parent company is 83.

400 million, for a total of 14.

7%, which is basically equivalent to income.

Affected by the industry’s price competition in the fourth quarter, its profitability remained stable, showing its leading attributes.

The overall stability is stable, and SAIC Volkswagen performs better.

Investment income from joint ventures was 259.

2 billion, New Year’s Eve 8.

4%, the corresponding investment income of SAIC Volkswagen and SAIC-GM is 140.

100 million and 上海夜网论坛 78.

100 million, an increase of 4 each year.

8% and 1.


SAIC Volkswagen and SAIC-GM sales increased by 0, respectively.

1% and formaldehyde 1.

At 5%, both the manufacturing-end Volkswagen and GM’s bicycle profits increased slightly. GM Beisheng and Dongyue’s Q4 destocking performance is expected to improve.

R & D expenses increased, and the gradual expansion of independent brands still narrowed.

SAIC passenger car sales reached 70.

20,000 vehicles, a sharp increase of 34 against the market.

5%, and achieved 9 sales of new energy vehicles.

70,000 units, an increase of 119 in ten years.


The overall feasibility of autonomy in 201836.

500 million, a reduction of 8 compared with 2017.

0 billion, R & D expenses are 73.

300 million, an increase of 8 from 2017.900 million, independent brands still realized loss reduction.

In 2019, we will welcome the RX5 replacement and a number of new energy models, which are expected to continue high growth.

SAIC Finance increased loan placements, and the total cash inflow from operations and investments remained healthy.

Cash flow from operating activities was 89.

800 million, a year-on-year decrease of 153.

With a budget of USD 300 million, the company increased the issuance of financial products of SAIC Finance, drew less customer deposits during the period, and other current assets increased by 269 from the beginning of the period.

8 billion.

At the same time, changing the structure of SAIC’s financial and financial assets allocation, the net cash flow from investment activities increased by 207 compared with the same period in 2017.

600 million, reaching 98.


The model cycle is leading the industry, overseas and new energy continue to exert force, and the leader is still expected to remain stable.

Volkswagen, GM SUV new model investment, independent new energy and overseas efforts, the company’s target sales in 2019 of 7.1 million vehicles, an increase of 0 over the same period.

6%, maintaining steady growth.

The dividend payout ratio for 2018 is 40.

9%, corresponding to an index rate of 4.

7%, providing a margin of safety.

The company’s EPS for 2019-2020 is expected to be 3 respectively.



75 yuan, corresponding to PE is 8.




Risk Warning: 1.

Industry sales continued to decline; 2.

The profits of new energy vehicles dropped significantly.