[买入评级]SAIC MOTOR(600104)：SALES VOLUME OF SAIC VW AND SAIC GM MAINTAINED SOLID GROWTH
SAIC Motor announced sales data for November 2017. Its salesvolume reached 718,438 units in November, up 8.0% YoY and 9.3%MoM, better than the industry average. The sales volume of SAICVolkswagen （SAIC VW） grew 6.8% YoY to 205,258 units. Sales of SAICGeneral Motors （SAIC GM） grew 10.0% YoY to 217,156 units. Sales ofSAIC Motor Passenger Vehicle （SAIC PV） grew 27.7% YoY to 54,098units. Sales of SAIC-GM-Wuling （SGMW） grew 1.3% YoY to 223,002units. SAIC Motor’s sales volume grew 7.5% YoY to 6.197mn unitsover January–November 2017.
SAIC VW’s sales volume maintained solid growth; sales volume ofSkoda hit a new high.
Sales volume of SAIC Motor’s domestic brand recorded steadygrowth.
Sales volume of Buick and Chevrolet grew fast. Cadillac’s salesvolume growth slowed. SGMW’s sales volume grew sharply MoM.
Valuation and recommendation
The strong product cycle of SAIC VW may continue next year and SAICMotor will further expand its domestic product portfolio. SAIC GMwill likely maintain stable growth. We maintain our earningsforecasts, BUY rating and TP of Rmb36, implying 11x 2018e P/E.
Sales volume of new models disappoints.
□ .W.e.i. .F.E.N.G./.J.i.n.g. .C.H.A.N.G .中.国.国.际.金.融.股.份.有.限.公.司