According to the Huatai Securities Research Report, MG India (MGI), a holding subsidiary of SAIC Motor Group (600104.SH), introduced local Indian investors through equity transfers and capital increases to further lay a solid foundation for MG in the Indian market. According to the announcement, based on estimates of the fair value of MGI's shares, the announcement is expected to increase the Group's net profit by 5 to 70 billion yuan. Since the company's current delivery has not yet been fully completed, the company's net profit forecast of 161.2/187.9/20.50 billion yuan for 24-26 years has been maintained. Comparatively, iFind's 24-year average PE was expected to be 17.7 times. Considering the pressure on the company's joint venture brand operation, the company was given a 15% valuation discount compared to the industry. The target PE for 24 was 15.01 times, corresponding to the target price of 20.90 yuan, maintaining a “buy” rating.
研报掘金丨华泰证券：维持上汽集团“买入”评级 名爵印度引入战投
Research Report Nuggets丨Huatai Securities: Maintaining SAIC Motor's “Buy” Rating, MG India Introduces Battle Investment
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