SAIC Motor Corporation

SAIC Motor's net profit rose 7.51% to CNY 34,410 mil in 2017

By Helgi Analytics - November 05, 2019

SAIC Motor Corporation made a net profit of CNY 34,410 mil in 2017, up 7.51% when compared to the last year. Total sales reached CNY...

SAIC Motor's Cash & Cash Equivalents rose 14.8% to CNY 121,611 mil in 2017

By Helgi Analytics - November 05, 2019

SAIC Motor Corporation's total assets reached CNY 723,533 mil at the end of 2017, up 8.14% when compared to the previous year. Current ...

SAIC Motor's Total Cash From Operations rose 114% to CNY 24,301 mil in 2017

By Helgi Analytics - November 05, 2019

SAIC Motor Corporation's operating cash flow reached CNY 24,301 mil in 2017, up 114% when compared to the previous year. Histori...

Profit Statement 2015 2016 2017
Sales CNY mil 670,448 747,296 859,480
Gross Profit CNY mil 82,223 97,081 117,097
EBITDA CNY mil 82,279 90,583 99,110
EBIT CNY mil 43,588 48,583 54,110
Financing Cost CNY mil -517 -7,001 -8,491
Pre-Tax Profit CNY mil 45,810 50,490 54,110
Net Profit CNY mil 29,794 32,006 34,410
Dividends CNY mil 9,226 8,513 ...
Balance Sheet 2015 2016 2017
Total Assets CNY mil 511,631 590,710 723,533
Non-Current Assets CNY mil 241,700 259,675 333,585
Current Assets CNY mil 269,931 331,035 389,949
Working Capital CNY mil -32,459 -37,038 -36,410
Shareholders' Equity CNY mil 210,917 235,273 272,106
Liabilities CNY mil 300,713 355,437 451,427
Total Debt CNY mil 82,329 109,357 151,641
Net Debt CNY mil 8,436 3,407 30,030
Ratios 2015 2016 2017
ROE % 15.1 14.3 13.6
ROCE % 15.7 14.8 13.2
Gross Margin % 12.3 13.0 13.6
EBITDA Margin % 12.3 12.1 11.5
EBIT Margin % 6.50 6.50 6.30
Net Margin % 4.44 4.28 4.00
Net Debt/EBITDA 0.103 0.038 0.303
Net Debt/Equity % 4.00 1.45 11.0
Cost of Financing % -0.690 -7.30 -6.51
Valuation 2015 2016 2017
Market Capitalisation USD mil 36,041 37,203 57,220
Enterprise Value (EV) USD mil 37,341 37,693 61,832
Number Of Shares mil 11,026 11,026 11,629
Share Price CNY 21.2 23.5 32.0
EV/EBITDA 2.88 2.80 4.20
EV/Sales 0.354 0.339 0.484
Price/Earnings (P/E) 7.85 8.08 10.8
Price/Book Value (P/BV) 1.11 1.10 1.37
Dividend Yield % 3.94 3.29 ...

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CNY mil             434,804 480,980 565,807 630,001 670,448    
Gross Profit CNY mil             82,934 80,416 71,859 77,308 82,223    
EBIT CNY mil             41,698 39,340 40,184 40,334 43,588    
Net Profit CNY mil             20,222 20,752 24,804 27,973 29,794    
ROE %             16.4 14.9 16.2 16.1 15.1    
EBIT Margin %             9.59 8.18 7.10 6.40 6.50    
Net Margin %             4.65 4.31 4.38 4.44 4.44    
Employees ... ... ... ... ... ... ... ... ... 151,820 163,817    
balance sheet                          
Total Assets CNY mil             318,633 317,203 373,641 414,871 511,631    
Non-Current Assets CNY mil             127,400 128,048 141,456 177,828 241,700    
Current Assets CNY mil             191,233 189,155 232,184 237,043 269,931    
Shareholders' Equity CNY mil             133,116 145,006 161,732 184,999 210,917    
Liabilities CNY mil             185,517 172,197 211,909 229,872 300,713    
Non-Current Liabilities CNY mil             23,004 15,845 27,044 29,940 43,046    
Current Liabilities CNY mil             162,513 156,352 184,865 199,932 257,668    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ... -0.287 0.103    
Net Debt/Equity %             -24.2 -13.2 -15.2 -11.2 4.00    
Cost of Financing % ...           -0.107 0.282 -0.508 -0.650 -0.690    
cash flow                          
Total Cash From Operations CNY mil             20,209 19,591 20,603 23,284 25,993    
Total Cash From Investing CNY mil             -5,002 -17,023 22,710 -5,293 -13,737    
Total Cash From Financing CNY mil             -16,126 -15,277 -15,833 -20,197 -22,220    
Net Change In Cash CNY mil             -918 -12,709 27,480 -2,206 -9,964    
valuation                          
Market Capitalisation USD mil ...           24,748 31,216 25,751 38,147 36,041    
Number Of Shares mil ...           11,026 11,026 11,026 11,026 11,026    
Share Price CNY ...           14.1 17.6 14.1 21.5 21.2    
Earnings Per Share (EPS) CNY ...           1.83 1.88 2.25 2.54 2.70    
Book Value Per Share CNY ...           12.1 13.2 14.7 16.8 19.1    
Dividend Per Share CNY ...           1.36 1.21 1.25 2.11 0.837   ...
Price/Earnings (P/E) ...           7.71 9.37 6.29 8.46 7.85    
Price/Book Value (P/BV) ...           1.17 1.34 0.964 1.28 1.11    
Dividend Yield % ...           9.61 6.86 8.85 9.80 3.94   ...
Earnings Per Share Growth % ... ...         -4.65 2.62 19.5 12.8 6.51    
Book Value Per Share Growth % ... ...         -9.37 8.93 11.5 14.4 14.0    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CNY mil             434,804 480,980 565,807 630,001 670,448    
Cost of Goods & Services CNY mil             351,870 400,564 493,948 552,694 588,225    
Gross Profit CNY mil             82,934 80,416 71,859 77,308 82,223    
EBITDA CNY mil ... ... ... ... ... ... ... ... ... 72,043 82,279    
Depreciation CNY mil ... ... ... ... ... ... ... ... ... 31,709 38,691    
EBIT CNY mil             41,698 39,340 40,184 40,334 43,588    
Financing Cost CNY mil             -42.8 115 -270 -429 -517    
Extraordinary Cost CNY mil             -288 -932 -1,039 -1,926 -1,705    
Pre-Tax Profit CNY mil             42,028 40,156 41,493 42,689 45,810    
Tax CNY mil             7,039 6,628 5,909 4,438 5,736    
Minorities CNY mil             14,768 12,777 10,780 10,277 10,280    
Net Profit CNY mil             20,222 20,752 24,804 27,973 29,794    
Dividends CNY mil ...           14,988 13,339 13,793 23,210 9,226   ...
growth rates                          
Total Revenue Growth % ...           18.9 10.6 17.6 11.3 6.42    
EBITDA Growth % ... ... ... ... ... ... ... ... ... ... 14.2    
EBIT Growth % ...           25.0 -5.65 2.15 0.374 8.07    
Pre-Tax Profit Growth % ...           26.7 -4.45 3.33 2.88 7.31    
Net Profit Growth % ...           23.4 2.62 19.5 12.8 6.51    
ratios                          
ROE %             16.4 14.9 16.2 16.1 15.1    
ROCE % ...           23.1 19.2 19.8 18.5 15.7    
Gross Margin %             19.1 16.7 12.7 12.3 12.3    
EBITDA Margin % ... ... ... ... ... ... ... ... ... 11.4 12.3    
EBIT Margin %             9.59 8.18 7.10 6.40 6.50    
Net Margin %             4.65 4.31 4.38 4.44 4.44    
Payout Ratio % ...           74.1 64.3 55.6 83.0 31.0   ...
Cost of Financing % ...           -0.107 0.282 -0.508 -0.650 -0.690    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ... -0.287 0.103    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                          
Non-Current Assets CNY mil             127,400 128,048 141,456 177,828 241,700    
Property, Plant & Equipment CNY mil             45,521 32,826 38,131 42,412 50,547    
Intangible Assets CNY mil             8,192 6,261 5,752 6,569 8,361    
Goodwill CNY mil             611 85.0 85.0 82.3 463    
Current Assets CNY mil             191,233 189,155 232,184 237,043 269,931    
Inventories CNY mil             29,257 24,951 30,915 38,766 37,243    
Receivables CNY mil             11,970 15,428 19,244 20,696 29,332    
Cash & Cash Equivalents CNY mil             72,159 60,846 89,262 88,128 73,894    
Total Assets CNY mil             318,633 317,203 373,641 414,871 511,631    
Shareholders' Equity CNY mil             133,116 145,006 161,732 184,999 210,917    
Of Which Minority Interest CNY mil             30,754 22,669 23,975 27,335 35,789    
Liabilities CNY mil             185,517 172,197 211,909 229,872 300,713    
Non-Current Liabilities CNY mil             23,004 15,845 27,044 29,940 43,046    
Long-Term Debt CNY mil             7,631 947 6,264 4,750 9,607    
Deferred Tax Liabilities CNY mil             1,072 1,039 971 2,189 2,833    
Current Liabilities CNY mil             162,513 156,352 184,865 199,932 257,668    
Short-Term Debt CNY mil             32,312 40,691 58,392 62,681 72,723    
Trade Payables CNY mil             73,210 47,810 61,076 66,027 99,035    
Provisions CNY mil             4,019 3,854 5,516 7,686 9,869    
Equity And Liabilities CNY mil             318,633 317,203 373,641 414,871 511,631    
growth rates                          
Total Asset Growth % ...           11.8 -0.449 17.8 11.0 23.3    
Shareholders' Equity Growth % ...           17.3 8.93 11.5 14.4 14.0    
Net Debt Growth % ...           5.26 -40.4 28.1 -15.9 -141    
Total Debt Growth % ...           -0.542 4.24 55.3 4.29 22.1    
ratios                          
Total Debt CNY mil             39,943 41,638 64,656 67,431 82,329    
Net Debt CNY mil             -32,215 -19,209 -24,605 -20,697 8,436    
Working Capital CNY mil             -31,983 -7,431 -10,917 -6,565 -32,459    
Capital Employed CNY mil             95,417 120,617 130,539 171,263 209,241    
Net Debt/Equity %             -24.2 -13.2 -15.2 -11.2 4.00    
Cost of Financing % ...           -0.107 0.282 -0.508 -0.650 -0.690    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                          
Net Profit CNY mil             20,222 20,752 24,804 27,973 29,794    
Depreciation CNY mil ... ... ... ... ... ... ... ... ... 31,709 38,691    
Non-Cash Items CNY mil ... ... ... ... ... ... ... ... ... -32,047 -68,385    
Change in Working Capital CNY mil ...           2,810 -24,552 3,486 -4,352 25,894    
Total Cash From Operations CNY mil             20,209 19,591 20,603 23,284 25,993    
Capital Expenditures CNY mil             -16,165 -16,009 -15,659 -14,320 -15,427    
Other Investments CNY mil             11,163 -1,015 38,369 9,027 1,690    
Total Cash From Investing CNY mil             -5,002 -17,023 22,710 -5,293 -13,737    
Dividends Paid CNY mil ...           -14,988 -13,339 -13,793 -23,210 -9,226    
Issuance Of Debt CNY mil ...           -217 1,695 23,019 2,775 14,899    
Total Cash From Financing CNY mil             -16,126 -15,277 -15,833 -20,197 -22,220    
Net Change In Cash CNY mil             -918 -12,709 27,480 -2,206 -9,964    
ratios                          
Days Sales Outstanding days             10.0 11.7 12.4 12.0 16.0    
Days Sales Of Inventory days             30.3 22.7 22.8 25.6 23.1    
Days Payable Outstanding days             75.9 43.6 45.1 43.6 61.5    
Cash Conversion Cycle days             -35.5 -9.12 -9.87 -6.01 -22.4    
Cash Earnings CNY mil ... ... ... ... ... ... ... ... ... 59,682 68,484    
Cash Earnings Per Share CNY ... ... ... ... ... ... ... ... ... 5.41 6.21    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... 3.97 3.42    
Free Cash Flow CNY mil             15,208 2,568 43,312 17,991 12,256    
Free Cash Flow Yield % ...           9.51 1.30 27.4 7.69 5.36    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                          
ROA %             6.70 6.53 7.18 7.10 6.43    
Gross Margin %             19.1 16.7 12.7 12.3 12.3    
Employees ... ... ... ... ... ... ... ... ... 151,820 163,817    
Effective Tax Rate %             16.7 16.5 14.2 10.4 12.5    
Enterprise Value (EV) USD mil ...           19,634 28,133 21,686 34,811 37,341    
EV/EBITDA ... ... ... ... ... ... ... ... ... 2.96 2.88    
EV/Capital Employed ...           1.30 1.45 1.01 1.26 1.16    
EV/Sales ...           0.292 0.369 0.236 0.339 0.354    
EV/EBIT ...           3.04 4.51 3.32 5.29 5.44    
Capital Expenditures (As % of Sales) %             3.72 3.33 2.77 2.27 2.30    
Price Per Vehicle Sold CNY ...           108,458 107,117 110,816 112,096 113,599    
EBIT Per Vehicle Sold CNY ...           10,401 8,761 7,870 7,177 7,385    
Net Profit Per Vehicle Sold CNY ...           5,044 4,622 4,858 4,977 5,048    
Price Per Vehicle Sold (USD) USD ...           16,780 16,976 18,026 18,287 17,894    
EBIT Per Vehicle Sold (USD) USD ...           1,609 1,388 1,280 1,171 1,163    
Net Profit Per Vehicle Sold (USD) USD ...           780 732 790 812 795    
Production of Vehicles vehicles ... ... ... ... ... ... 3,968,950 4,454,930 5,148,020 5,610,560 5,836,160    
Sales of Vehicles vehicles ...           4,008,970 4,490,210 5,105,840 5,620,200 5,901,890    
Sales of Cars vehicles ...           2,651,500 2,983,000 3,001,860 3,138,720 2,978,970 ... ...
Sales of Commercial Vehicles vehicles ...           1,360,300 1,507,000 1,497,680 1,464,420 1,957,960 ... ...

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SAIC Motor's ROCE fell 10.7% to 13.2% in 2017

By Helgi Analytics - November 05, 2019

SAIC Motor Corporation made a net profit of CNY 34,410 mil in 2017, up 7.51% when compared to the previous year. Historically, company's net profit reached an all time high of CNY 34,410 mil in 2017 and an all time low of CNY 656 mil in 2008. This implies return o...

SAIC Motor's Capital Expenditures rose 141% to CNY 10,912 mil in 2017

By Helgi Analytics - November 05, 2019

SAIC Motor Corporation invested total of CNY 10,912 mil in 2017, up 141% when compared to the previous year. Historically, company's investments reached an all time high of CNY 16,165 mil in 2011 and an all time low of CNY -26,435 mil in 2016. When comp...

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The Shanghai Automotive Industry Corporation is a Chinese state-owned automotive manufacturing company headquartered in Shanghai, China with multinational operations. One of the "Big Four" Chinese automakers, the company had the largest production volume of any Chinese automaker in 2012 producing more than 4.5 million units, 76% of which were passenger vehicles. SAIC traces its origins to the early years of the Chinese automobile industry in the 1940s, and SAIC was one of the few carmakers in Mao's China. Currently, it participates in the oldest surviving Sino-foreign car making joint venture, with Volkswagen, and in addition has had a joint venture with General Motors since 1998. SAIC products sell under a variety of brand names, including those of its joint venture partners. Two notable brands owned by SAIC itself are MG, a historic British car marque, and Roewe, one of the few domestic Chinese luxury car brands

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