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China's largest state-owned automaker, building vehicles through JVs with Volkswagen and GM plus its own MG and IM/Zhiji EV brands.
China's largest state-owned automaker, building vehicles through JVs with Volkswagen and GM plus its own MG and IM/Zhiji EV brands.
Has long earned much of its income as a share of profit from its joint ventures with Volkswagen and GM, rather than from its own cars. MG, a British-origin name it inherited, is its main export brand. It is controlled by the Shanghai state government.
In one line: China's General Motors, run largely through JVs.
Moat: narrow (scale, distribution, brand). Largest China auto scale via long-standing VW/GM joint ventures, though the EV transition erodes the JV-profit model.
Headquarters: Shanghai, China · Founded: 1955 · Employees: 179,797
Size SAIC Motor (600104.SS) is a China Consumer Discretionary company (Motor Vehicles) with a market value of $17.8B, the 128th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.46 on 6 Nov 2026.
Performance Over six months the shares fell 24.1%, against -3.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +8.0%); the operating margin is 2.0% (peer median 6.3%).
Valuation It trades at 11.9× forward earnings against a peer median of 11.1× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥642B | CN¥652B | CN¥623B | CN¥741B | CN¥740B |
| Revenue growth | — | +5% | -16% | 0% | — |
| Gross profit | CN¥97.3B | CN¥64.4B | CN¥58.4B | CN¥82.7B | CN¥81.6B |
| EBITDA | n/a | CN¥26.6B | CN¥21.2B | CN¥29.1B | CN¥25.0B |
| Net income | CN¥7.64B | CN¥10.1B | CN¥1.67B | CN¥14.1B | CN¥16.1B |
| Free cash flow | CN¥50.5B | CN¥26.4B | CN¥57.2B | CN¥40.3B | CN¥3.22B |
| Capital expenditure | CN¥20.7B | CN¥21.8B | CN¥20.8B | CN¥19.4B | CN¥22.9B |
| Total debt | CN¥245B | CN¥258B | CN¥300B | CN¥329B | CN¥320B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SAIC Motor 600104.SS | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 15.8× | n/a |
| Volkswagen VOW.DE | $39.1B | -24% | -3% | 7% | 5.5× | n/a |
| General Motors GM | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% |
| Geely Auto 0175.HK | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600104.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | +3.0% | 6th lowest of 21 |
| 6-month return | -24.1% | -3.1% | 7th lowest of 21 |
| Distance from 52-week high | -38.6% | -21.4% | 8th lowest of 21 |
| Revenue growth (TTM) | -3.3% | +8.0% | 3rd lowest of 20 |
| Operating margin | 2.0% | 6.3% | 7th lowest of 21 |
| Forward P/E | 11.9× | 11.1× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -14.7% | 3.5% | least demanding of 13 |
| Growth delivered (Del g) | -2.4% | +13.8% | lowest of 12 |
| Hurdle (Req g minus delivered) | -12.3 pp | -8.3 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -0.2 pp | +1.7 pp | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Great Wall Motor 2333.HK | Hong Kong | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% | +15.6% |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |