上汽大众合资协议延长，共绘蓝图再出发。11 月20 日，在上汽大众40 周年之际，上汽集团与大众汽车集团在上海签署延长合资协议，进一步加强长期合作伙伴关系，上汽大众的合资期延长至2040 年。到2030 年，上汽大众将推出18 款新车型，其中15 款将专门为中国市场开发。2025 年全新AUDI 品牌首款高端智能网联电动车型将在年中推向市场，2026 年起基于专为中国市场打造的CMP 平台开发的2 款紧凑级电动汽车将首次投入市场，3 款插电式混合动力车型、2 款增程版车型也将陆续进入电动出行领域。股东双方也将加快对上汽大众产能布局的整体研判、调整升级，逐步缩减燃油车产能，加大向智能网联新能源汽车生产的转型。Incident: On December 2, 2024, the company released the November production and sales report. In November, it achieved sales volume of 0.479 million vehicles, -7.1% year-on-year, and cumulative sales volume of 3.53 million vehicles from January to November 2024, or -19.5% year-on-year.
Sales growth in November was under pressure, and Zhiji increased month-on-month. SAIC Volkswagen sold 0.133 million vehicles in November, +10.4% YoY, +16.7%, January-November cumulative sales volume 1.018 million units, -5.1% YoY; SAIC-GM sales volume in November 0.056 million units, YoY +55.1%, January-November cumulative sales volume 0.371 million units, YoY -58.6%; SAIC passenger car sales volume in November was 0.074 million units, -29.7% YoY, Q-M -1.4%, cumulative sales volume of 0.63 million vehicles in January-November, -25.9%; GM-Wuling sales volume of 0.18 million vehicles in November, +12.5% YoY, +28.1%, January-November cumulative sales volume 1.161 million units, YoY -3.4%; in November, Zhigi Motors sold 0.01 million vehicles, +15.0% YoY, +0.1% month-on-month, January-November cumulative sales volume of 0.058 million vehicles, +106.5% YoY.
Actively change and enter a new stage of development. Facing the external competitive environment, superior groups are actively reforming themselves, initiating a competitive recruitment system for cadres in terms of personnel to improve efficiency at the management level; strictly controlling new product launches and establishing resource management and control mechanisms using pattern as a starting point, so as to better reduce costs and increase efficiency. Through active reforms, the company is expected to improve operating efficiency on the R&D side, manufacturing side, and sales side, and drive the company into a new stage of development.
SAIC-Volkswagen's joint venture agreement was extended, and a blueprint was drawn up before starting. On November 20, on the occasion of SAIC Volkswagen's 40th anniversary, SAIC Motor Group and Volkswagen Group signed an extended joint venture agreement in Shanghai to further strengthen their long-term partnership. SAIC-Volkswagen's joint venture period was extended until 2040. By 2030, SAIC Volkswagen will launch 18 new models, 15 of which will be developed specifically for the Chinese market. In 2025, the first high-end intelligent connected electric model under the new AUDI brand will be launched in mid-year. Starting in 2026, 2 compact electric vehicles developed based on the CMP platform specially built for the Chinese market will be put on the market for the first time. 3 plug-in hybrid models and 2 extended range models will also enter the field of electric mobility one after another. Both shareholders will also speed up the investigation, adjustment and upgrading of SAIC Volkswagen's production capacity layout, gradually reduce fuel vehicle production capacity, and increase the transformation to intelligent connected NEV production.
Profit forecast: The company's 2024-2026 revenue is expected to be 659.07, 701.6, 761.56 billion yuan, and net profit to mother 10.28, 13.04, and 14.25 billion yuan, giving it a “recommended” rating.
Risk warning: Risk of downstream demand falling short of expectations, risk of increased industry competition, risk of fluctuating raw material prices, etc.
