Financials SAIC Motor Corporation Limited

Equities

600104

CNE000000TY6

Auto & Truck Manufacturers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
15.2 ^CNY	+0.40%		-0.20%	+12.34%

Apr. 25	Battle for 'tech luxury' in China as EVs get smarter - and cheaper	RE
Apr. 22	Chinese Automobile Exports Jump 33% in Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	278,651	283,831	238,354	165,647	155,276	172,797	-	-
Enterprise Value (EV) ¹	238,549	235,421	199,683	138,049	146,805	127,190	92,989	116,892
P/E ratio	10.9 x	13.9 x	9.73 x	10.3 x	11 x	11.7 x	10.6 x	10.7 x
Yield	3.69%	2.54%	3.31%	2.34%	2.73%	2.24%	2.55%	2.7%
Capitalization / Revenue	0.34 x	0.39 x	0.31 x	0.23 x	0.21 x	0.23 x	0.22 x	0.22 x
EV / Revenue	0.29 x	0.33 x	0.26 x	0.19 x	0.2 x	0.17 x	0.12 x	0.15 x
EV / EBITDA	4.45 x	4.71 x	3.47 x	3.28 x	3.32 x	3.71 x	2.24 x	2.8 x
EV / FCF	11.3 x	10.1 x	40.2 x	-12.5 x	6.3 x	15.7 x	11.6 x	10.8 x
FCF Yield	8.88%	9.9%	2.49%	-7.98%	15.9%	6.38%	8.59%	9.29%
Price to Book	1.12 x	1.1 x	0.88 x	0.6 x	0.55 x	0.59 x	0.56 x	0.55 x
Nbr of stocks (in thousands)	11,683,461	11,613,360	11,553,742	11,495,278	11,476,402	11,368,240	-	-
Reference price ²	23.85	24.44	20.63	14.41	13.53	15.20	15.20	15.20
Announcement Date	4/13/20	3/25/21	4/29/22	4/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	826,530	723,043	759,915	720,988	726,199	762,202	772,246	791,331
EBITDA ¹	53,655	49,951	57,493	42,046	44,211	34,277	41,472	41,715
EBIT ¹	40,345	35,607	41,447	26,022	25,937	26,132	29,603	29,516
Operating Margin	4.88%	4.92%	5.45%	3.61%	3.57%	3.43%	3.83%	3.73%
Earnings before Tax (EBT) ¹	40,958	35,892	41,558	28,071	25,973	25,967	28,612	28,444
Net income ¹	25,603	20,431	24,533	16,118	14,106	15,130	16,304	16,263
Net margin	3.1%	2.83%	3.23%	2.24%	1.94%	1.99%	2.11%	2.06%
EPS ²	2.191	1.752	2.120	1.400	1.226	1.304	1.438	1.418
Free Cash Flow ¹	21,193	23,304	4,962	-11,011	23,303	8,117	7,990	10,864
FCF margin	2.56%	3.22%	0.65%	-1.53%	3.21%	1.06%	1.03%	1.37%
FCF Conversion (EBITDA)	39.5%	46.65%	8.63%	-	52.71%	23.68%	19.27%	26.04%
FCF Conversion (Net income)	82.77%	114.06%	20.23%	-	165.2%	53.65%	49.01%	66.8%
Dividend per Share ²	0.8800	0.6200	0.6820	0.3370	0.3690	0.3400	0.3877	0.4103
Announcement Date	4/13/20	3/25/21	4/29/22	4/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	274,520	448,522	181,759	221,542	403,301	-	128,242	-	205,218	210,751	-	175,752	191,560	218,229	165,715	163,993	165,183	219,745	-
EBITDA	-	-	8,801	-	-	-	4,464	-	9,439	-	-	-	-	-	-	-	-	-	-
EBIT	-	23,189	11,206	6,468	17,674	-	3,127	-	8,435	-	-	8,009	8,179	4,171	-	-	-	-	-
Operating Margin	-	5.17%	6.17%	2.92%	4.38%	-	2.44%	-	4.11%	-	-	4.56%	4.27%	1.91%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	23,196	11,323	6,283	17,606	-	3,170	-	8,666	7,225	-	8,006	8,203	3,986	1,290	-71.59	4,384	11,663	-
Net income ¹	8,394	12,037	7,036	4,183	-	-	1,394	6,910	5,740	3,468	-	4,302	4,322	2,699	-1,446	-2,298	2,409	10,704	-
Net margin	3.06%	2.68%	3.87%	1.89%	-	-	1.09%	-	2.8%	1.65%	-	2.45%	2.26%	1.24%	-0.87%	-1.4%	1.46%	4.87%	-
EPS ²	-	1.030	0.6100	0.3600	-	0.4780	0.1200	-	0.5000	0.3000	0.2420	0.3800	0.3700	0.2400	0.2100	0.2700	0.2800	0.4300	-
Dividend per Share ²	-	-	-	0.6820	-	-	-	-	-	0.3370	-	-	-	-	-	-	-	0.2436	-
Announcement Date	8/27/20	3/25/21	10/29/21	4/29/22	4/29/22	4/29/22	8/25/22	8/25/22	10/28/22	4/28/23	4/28/23	8/30/23	10/26/23	3/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	40,102	48,409	38,671	27,598	8,471	45,608	79,808	55,905
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	21,193	23,304	4,962	-11,011	23,303	8,117	7,990	10,864
ROE (net income / shareholders' equity)	10.5%	8.02%	9.19%	5.84%	4.98%	4.84%	5.34%	5.15%
ROA (Net income/ Total Assets)	3.14%	2.31%	2.67%	-	-	1.68%	1.77%	1.86%
Assets ¹	816,174	884,460	918,155	-	-	900,907	920,802	875,052
Book Value Per Share ²	21.40	22.30	23.40	23.90	24.50	25.60	27.40	27.60
Cash Flow per Share ²	3.960	3.210	1.850	0.8100	3.620	4.300	3.000	3.650
Capex ¹	25,079	14,214	16,654	20,516	19,031	23,769	24,283	25,783
Capex / Sales	3.03%	1.97%	2.19%	2.85%	2.62%	3.12%	3.14%	3.26%
Announcement Date	4/13/20	3/25/21	4/29/22	4/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SAIC Motor Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.2 CNY

Average target price

15.08 CNY

Spread / Average Target

-0.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
SAIC MOTOR CORPORATION LIMITED	+12.34%	23.85B
STELLANTIS N.V.	+8.96%	94.79B
PORSCHE AG	+12.39%	87.34B
BYD COMPANY LIMITED	-0.75%	84.51B
FERRARI N.V.	+24.83%	76.07B
MARUTI SUZUKI INDIA LTD	+23.31%	47.89B
KIA CORPORATION	+18.20%	34.02B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-1.54%	19.82B
FORD OTOMOTIV SANAYI	+49.97%	11.99B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-10.47%	10.13B

Automobiles & Multi Utility Vehicles