Financials SAIC Motor Corporation Limited

Equities

600104

CNE000000TY6

Auto & Truck Manufacturers

End-of-day quote Shanghai Stock Exchange Other stock markets 06:00:00 2023-12-04 pm EST			5-day change	1st Jan Change
14.44 ^CNY	-1.84%		-6.78%	+0.21%

Dec. 05	Volkswagen: audit of Xinjiang site found no signs of forced labour	RE
Dec. 04	JSW Steel to Buy 35% Stake in SAIC’s MG Motor	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	311 598	278 651	283 831	238 354	165 647	165 935	-	-
Enterprise Value (EV) ¹	251 700	238 549	235 421	199 683	138 049	104 360	92 315	78 315
P/E ratio	8,65x	10,9x	13,9x	9,73x	10,3x	10,9x	9,51x	9,40x
Yield	4,72%	3,69%	2,54%	3,31%	2,34%	2,39%	3,72%	2,62%
Capitalization / Revenue	0,35x	0,34x	0,39x	0,31x	0,23x	0,23x	0,22x	0,21x
EV / Revenue	0,28x	0,29x	0,33x	0,26x	0,19x	0,14x	0,12x	0,10x
EV / EBITDA	3,89x	4,45x	4,71x	3,47x	3,28x	3,34x	2,34x	1,91x
EV / FCF	-11,8x	11,3x	10,1x	40,2x	-12,5x	33,2x	4,70x	3,12x
FCF Yield	-8,48%	8,88%	9,90%	2,49%	-7,98%	3,01%	21,3%	32,0%
Price to Book	1,33x	1,12x	1,10x	0,88x	0,60x	0,58x	0,55x	0,52x
Nbr of stocks (in thousands)	11 683 461	11 683 461	11 613 360	11 553 742	11 495 278	11 491 325	-	-
Reference price ²	26,7	23,9	24,4	20,6	14,4	14,4	14,4	14,4
Announcement Date	01.04.19	13.04.20	25.03.21	29.04.22	28.04.23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	902 194	826 530	723 043	759 915	720 988	733 504	771 428	783 887
EBITDA ¹	64 777	53 655	49 951	57 493	42 046	31 276	39 420	41 051
EBIT ¹	53 674	40 345	35 607	41 447	26 022	25 827	30 495	28 807
Operating Margin	5,95%	4,88%	4,92%	5,45%	3,61%	3,52%	3,95%	3,67%
Earnings before Tax (EBT) ¹	54 344	40 958	35 892	41 558	28 071	26 547	29 487	28 706
Net income ¹	36 009	25 603	20 431	24 533	16 118	15 391	17 679	17 862
Net margin	3,99%	3,10%	2,83%	3,23%	2,24%	2,10%	2,29%	2,28%
EPS ²	3,08	2,19	1,75	2,12	1,40	1,32	1,52	1,54
Free Cash Flow ¹	-21 344	21 193	23 304	4 962	-11 011	3 139	19 653	25 093
FCF margin	-2,37%	2,56%	3,22%	0,65%	-1,53%	0,43%	2,55%	3,20%
FCF Conversion (EBITDA)	-	39,5%	46,7%	8,63%	-	10,0%	49,9%	61,1%
FCF Conversion (Net income)	-	82,8%	114%	20,2%	-	20,4%	111%	140%
Dividend per Share ²	1,26	0,88	0,62	0,68	0,34	0,34	0,54	0,38
Announcement Date	01/04/19	13/04/20	25/03/21	29/04/22	28/04/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2020 S1	2020 S2	2021 Q2	2021 Q3	2021 Q4	2021 S2	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	274 520	448 522	172 203	181 759	221 542	403 301	128 242	205 218	210 751	175 752	191 560	229 290
EBITDA	-	-	8 290	8 801	-	-	4 464	9 439	-	-	-	-
EBIT	-	23 189	11 711	11 206	6 468	17 674	3 127	8 435	-	8 009	8 179	-
Operating Margin	-	5,17%	6,80%	6,17%	2,92%	4,38%	2,44%	4,11%	-	4,56%	4,27%	-
Earnings before Tax (EBT) ¹	-	23 196	11 710	11 323	6 283	17 606	3 170	8 666	7 225	8 006	8 203	11 134
Net income	8 394	12 037	6 467	7 036	4 183	-	1 394	5 740	3 468	4 302	4 322	-
Net margin	3,06%	2,68%	3,76%	3,87%	1,89%	-	1,09%	2,80%	1,65%	2,45%	2,26%	-
EPS ²	-	1,03	0,56	0,61	0,36	-	0,12	0,50	0,30	0,38	0,37	0,28
Dividend per Share ²	-	-	-	-	0,68	-	-	-	0,34	-	-	0,25
Announcement Date	27/08/20	25/03/21	26/08/21	29/10/21	29/04/22	29/04/22	25/08/22	28/10/22	28/04/23	30/08/23	26/10/23	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	59 898	40 102	48 409	38 671	27 598	61 575	73 620	87 620
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-21 344	21 193	23 304	4 962	-11 011	3 139	19 653	25 093
ROE (net income / shareholders' equity)	15,7%	10,5%	8,02%	9,19%	5,84%	5,34%	5,74%	5,48%
Shareholders' equity ¹	229 797	243 147	254 751	266 954	275 985	288 192	308 098	326 092
ROA (Net income/ Total Assets)	4,78%	3,14%	2,31%	2,67%	-	1,67%	1,80%	1,80%
Assets ¹	753 173	816 174	884 460	918 155	-	923 474	982 188	992 359
Book Value Per Share ²	20,1	21,4	22,3	23,4	23,9	24,9	26,4	28,0
Cash Flow per Share ²	0,77	3,96	3,21	1,85	0,81	1,96	2,92	1,96
Capex ¹	30 319	25 079	14 214	16 654	20 516	32 521	22 808	20 323
Capex / Sales	3,36%	3,03%	1,97%	2,19%	2,85%	4,43%	2,96%	2,59%
Announcement Date	01/04/19	13/04/20	25/03/21	29/04/22	28/04/23	-	-	-

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

14.44CNY

Average target price

15.27CNY

Spread / Average Target

+5.72%

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	+0.21%	23 738 M $
PORSCHE AG	-11.66%	82 178 M $
BYD COMPANY LIMITED	+7.89%	78 874 M $
STELLANTIS N.V.	+54.29%	67 438 M $
FERRARI N.V.	+69.10%	63 848 M $
MARUTI SUZUKI INDIA LTD	+27.72%	38 387 M $
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	+54.59%	25 536 M $
KIA CORPORATION	+41.82%	25 386 M $
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-34.22%	11 541 M $
FORD OTOMOTIV SANAYI A.S.	+58.15%	10 345 M $

Automobiles & Multi Utility Vehicles