Shulou(Shulou.com)11/24 Report--

SAIC released its semi-annual report for 2023 today. In the first half of this year, the company achieved 2.072 million vehicle sales, terminal retail sales reached 2.237 million vehicles, continued to maintain the leading position in the domestic industry, and monthly sales continued to grow month-on-month. Sales in the second quarter rose 32.5% from the first quarter, outpacing the market. In the first half of the year, SAIC's overseas sales reached 533,000 vehicles, continuing to lead the industry; the sales volume of new energy vehicles reached 372,000 vehicles, ranking second among Chinese automobile enterprises steadily, and has maintained "month-on-month continuous increase" since January. During the reporting period, the Company achieved a consolidated total operating income of RMB 326.55 billion yuan, with a year-on-year growth of 3.34% and a net profit attributable to shareholders of listed companies of RMB 7.09 billion yuan, with a year-on-year growth of 2.54% by optimizing its structure, reducing costs and increasing efficiency. With the continuous acceleration of the implementation of the three-year action plan for the development of new energy vehicles (2023 - 2025), SAIC leads the new development with new growth, and the power switch between the development of new and old tracks advances smoothly.

Overseas business will achieve "scale profitability." In the first half of the year, SAIC's overseas sales reached 533,000 vehicles, up 40% year-on-year. MG, an independent brand, ranked first in overseas sales of a single brand in China for four consecutive years. From January to June this year, MG sold 115,000 vehicles in Europe, up 143% year-on-year. New energy sales accounted for more than 50%, and sales exceeded 20,000 vehicles in a single month for four consecutive months. MG entered the top 7 in the market in the Middle East, Chile, Australia and Mexico, with a market share of more than 5%. SAIC GM Wuling Baojun 530 has become the sales champion in Mexico market segment, Air EV accounts for 40% of Indonesia market segment market share; SAIC Chase overseas retail sales increased by 47% year-on-year, and sales volume in Australia, Europe and Mexico market in the first half of the year has exceeded ten thousand. With the rapid rise in overseas sales, SAIC's overseas business will achieve "large-scale profits" throughout this year.

The sales volume of new energy kept rising month by month. In the first half of the year, SAIC sold 372,000 new energy vehicles, ranking second among Chinese automobile enterprises. Since January, it has maintained a "month-on-month continuous increase." In July, SAIC sold 91,000 new energy vehicles, a new high of the year, and will sprint to "monthly sales of 100,000" in the third quarter; The monthly sales volume of new energy vehicles of SAIC passenger cars approached 30,000; The monthly sales volume of SAIC Volkswagen and SAIC GM new energy vehicles "both broke ten thousand" for the first time; The monthly sales volume of SAIC GM Wuling Bingguo electric vehicles exceeded 20,000, and the brand-new pure tram Baojun "Cloud" opened blind ordering within 10 days. SAIC's independent and joint venture plates have obvious overall development trend, and the overall development prospect of new energy vehicles is good.

Innovative technology boosts "new track acceleration." At present, SAIC is actively shaping the integration capability and technological innovation advantages of the whole vehicle from chip, operating system, software, data closed loop, motion control system, three-electric system to corresponding scenes, and creating a brand-new "scientific and technological life body" with "strong heart,""agile body" and "intelligent brain." In the next three years, SAIC intelligent electric innovation technology will focus on landing and continuously promote "accelerated running of new track." In the third quarter of this year,"the strongest 6 series in history" will take the lead in carrying 800V silicon carbide electric shaft, acceleration performance is better than million-level super-running, charging 5 minutes to supplement energy 200km; subsequently, autonomous trams will easily enter the "2-second acceleration club." "In 2024, it will take the lead in promoting large-scale mass production of solid-state battery technology, doubling energy density, higher safety performance and lower cost." In 2024, the "Vehicle Central Coordination Motion Controller Technology (VMC)" will be put into mass production, enabling the vehicle to keep the body stable all the time under different driving modes and complex road conditions, enabling the novice to "change into" the old driver, bringing the ultimate safety and comfort experience. "In 2025, the full-stack 3.0 intelligent vehicle solution of" central computing + regional control "will be fully implemented, realizing the integration of" cabin, driving, calculation and connection,"halving the number of domain controllers, increasing the data bandwidth by 5 times, reducing the harness length by 30%, increasing the OTA speed by 70%, deeply integrating IOT ecology, supporting data closed loop, and the vehicle will have the ability of self-learning, self-evolution and self-growth, becoming the most intimate" intelligent travel companion "for people."

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