Core Viewpoint - The dramatic surge in Evergrande Auto's stock price, which increased nearly 200% in just five minutes, was primarily driven by rumors regarding a potential acquisition by GAC Group, but these rumors were later denied by GAC [1][3][4]. Group 1: Stock Performance - Evergrande Auto's stock experienced a peak increase of over 236% during intraday trading, ultimately closing up 74.79% at HKD 0.208, with a total market capitalization of HKD 22.56 billion [1]. - Since October 3, the stock has seen a cumulative decline of nearly 80% [12]. Group 2: Rumors and Clarifications - The surge in stock price was fueled by a rumor that GAC Group would acquire Evergrande Auto's Nansha factory, which GAC later clarified was untrue, stating that their GH project would prioritize using existing production capacities from their own brands [3][4][10]. - GAC Group's GH project was established with a registered capital of RMB 1.5 billion and aims to collaborate with Huawei to launch a new automotive brand [6][7]. Group 3: Financial Situation - As of June 30, 2024, Evergrande Auto reported cash and cash equivalents of only RMB 39 million, total assets of RMB 16.369 billion, and total liabilities of RMB 74.35 billion, including borrowings of RMB 26.59 billion and trade payables of RMB 46.695 billion [14]. - The company has been actively seeking strategic investors to alleviate liquidity issues and has previously halted discussions regarding potential share transfers [14].

本月行情： 2月CS汽车板块上涨8.66%，其中CS乘用车上涨9.08%，CS商用车上涨2.54%，CS汽车零部件上涨 10.33%，CS汽车销售与服务上涨2.47%，CS摩托车及其它上涨4.61%，同期沪深300指数上涨1.91%，上证综合指数上 涨2.16%，CS汽车板块跑赢沪深300指数6.75pct，跑赢上证综合指数6.5pct；汽车板块自2023年初至今上涨28.71%，沪 深300上涨13.38%，上证综合指数上涨11.63%，CS汽车板块跑赢沪深300指数15.33pct。 成本跟踪： 截至2025年2月28日，浮法平板玻璃、铝锭类、锌锭类价格分别同比去年同期-33.1%/+9.4%/+15.9%，分别 环比上月同期-0.4%/+1.9%/-2.9%。 库存： 2025年2月中国汽车经销商库存预警指数为56.9%，同比下降7.2个百分点，环比下降5.4个百分点，库存预警指 数位于荣枯线之上。 市场关注： 1）智驾进展：奇瑞发布"猎鹰智驾"智能化方案推动智驾平权；吉利发布千里浩瀚智驾系统；理想汽车发 布下一代自动驾驶架构MindVLA；广汽发布智能科技品牌"星灵智行"；2）机器人：长安汽车在机器人 ...

31 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) 3Q miss; new models, cost cut as key in FY25 GAC posted the largest quarterly net loss (RMB1.4bn) in 3Q24 since at least 2013, partly due to the FX loss and lower government grants. Management is determined to revive its homegrown brands with a plethora of new models in 2025. The market demand for GAC Toyota and GAC Honda has also recovered a bit recently aided by the peak season and stimulus ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 28,232,640,204, representing a decrease of 21.73% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2024 was a loss of CNY 1,396,284,654, a decline of 190.40% year-on-year[4]. - The net profit excluding non-recurring gains and losses for Q3 2024 was a loss of CNY 1,532,253,060, reflecting a decrease of 216.01% compared to the previous year[4]. - The basic earnings per share for Q3 2024 was -CNY 0.13, down 189.35% year-on-year[4]. - The diluted earnings per share for Q3 2024 was also -CNY 0.13, a decrease of 189.04% compared to the same period last year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 74.74 billion, a decrease of 23.8% compared to CNY 98.18 billion in the same period of 2023[26]. - The company reported a net loss of CNY 894.33 million for the first three quarters of 2024, compared to a profit of CNY 3.85 billion in the same period of 2023[26]. - The total comprehensive income for the first three quarters of 2024 is -638,509,734 RMB, compared to 4,200,851,456 RMB in 2023[27]. - The basic and diluted earnings per share for the first three quarters of 2024 is 0.01 RMB, compared to 0.43 RMB in 2023, reflecting a decline of approximately 97.7%[27]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 983,097,272, down 75.56% year-on-year[4]. - The company's current assets as of September 30, 2024, total 102,540,561,427 RMB, compared to 101,110,638,069 RMB on December 31, 2023[20]. - Cash and cash equivalents decreased from 48,895,164,629 RMB to 42,729,295,583 RMB, a decline of approximately 4.45%[20]. - The total assets of the company reached CNY 223.07 billion as of September 30, 2024, compared to CNY 218.39 billion at the end of 2023, an increase of 2.5%[25]. - The cash and cash equivalents at the end of the reporting period for 2024 is 39,542,261,053 RMB, down from 45,402,770,328 RMB in 2023[30]. - The net cash flow from investing activities for the first three quarters of 2024 is -9,307,683,052 RMB, worsening from -3,213,598,493 RMB in 2023[29]. - Cash inflow from financing activities for the first three quarters of 2024 is 34,633,034,293 RMB, slightly down from 34,643,265,200 RMB in 2023[30]. - The net cash flow from financing activities for the first three quarters of 2024 is 1,784,701,429 RMB, a decrease from 7,109,992,703 RMB in 2023[30]. Shareholder Information - Guangzhou Automobile Group Co., Ltd. holds 5,508,160,069 shares, accounting for 53.16% of the total share capital[15]. - HKSCC Nominees Limited holds 2,969,896,346 shares, representing 28.66% of the total share capital[15]. - The total number of shares held by the top ten shareholders includes significant stakes from state-owned entities, indicating strong institutional support[15]. - The company has no outstanding shares under repurchase agreements as of the reporting date[19]. Operational Costs and Expenses - Total operating costs for the first three quarters of 2024 were CNY 80.53 billion, down from CNY 101.41 billion in 2023, reflecting a reduction of 20.6%[26]. - Research and development expenses for the first three quarters of 2024 were CNY 1.03 billion, down from CNY 1.31 billion in the same period of 2023, a decrease of 21.4%[26]. - The company attributed the decline in net profit to decreased vehicle sales, increased marketing expenses, and foreign exchange losses due to currency fluctuations[7]. Liabilities and Equity - Long-term borrowings increased to CNY 10.60 billion as of September 30, 2024, up from CNY 8.90 billion at the end of 2023, representing an increase of 19.1%[24]. - Current liabilities rose to CNY 82.35 billion as of September 30, 2024, compared to CNY 77.13 billion at the end of 2023, marking an increase of 6.5%[23]. - The equity attributable to shareholders at the end of the reporting period was CNY 113,807,580,182, a decrease of 1.65% from the previous year-end[4]. - The company’s equity attributable to shareholders decreased to CNY 113.81 billion as of September 30, 2024, down from CNY 115.72 billion at the end of 2023, a decline of 1.6%[25]. Inventory and Receivables - Accounts receivable decreased from 5,303,952,616 RMB to 3,729,891,702 RMB, a reduction of about 29.66%[20]. - Inventory increased from 16,720,313,161 RMB to 17,627,499,965 RMB, an increase of approximately 5.43%[20]. - The company reported a significant increase in financial assets at fair value through profit or loss, rising from 2,790,794,245 RMB to 3,000,782,371 RMB, an increase of about 7.52%[20].

Financial Performance - The company's sales revenue for the six months ended June 30, 2024, was RMB 46,255,051 thousand, a decrease of 25.4% compared to RMB 61,911,005 thousand in the same period of 2023[5]. - Gross profit for the same period was RMB 2,152,452 thousand, representing an increase of 9.0% from RMB 1,974,744 thousand year-on-year[5]. - The operating loss for the six months was RMB 758,966 thousand, significantly improved from a loss of RMB 3,036,021 thousand in the previous year[5]. - Profit attributable to the owners of the company for the period was RMB 1,516,347 thousand, down 48.9% from RMB 2,966,171 thousand in the same period last year[5]. - The company reported a total comprehensive income of RMB 1,431,556 thousand for the period, down from RMB 2,640,000 thousand in the previous year[7]. - Basic and diluted earnings per share attributable to the owners of the company were both RMB 0.14, compared to RMB 0.28 in the same period last year[7]. - The company reported interest expenses of RMB 306,424 thousand for the six months ended June 30, 2024, significantly higher than RMB 142,652 thousand in 2023, an increase of 114.4%[6]. - The company declared dividends amounting to RMB 9,134,057 thousand for the six months ended June 30, 2024, compared to RMB 10,393,601 thousand in 2023, a decrease of 12.1%[30]. - The company declared an interim dividend of RMB 0.03 per share for 2024, down from RMB 0.05 per share in 2023, totaling approximately RMB 311.75 million compared to RMB 524.25 million in the previous year[42]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 216,339,376 thousand, a slight decrease from RMB 218,448,770 thousand at the end of 2023[9]. - The company's cash and cash equivalents decreased to RMB 27,535,264 thousand from RMB 39,522,331 thousand at the end of 2023[9]. - Non-current assets increased to RMB 115,492,665 thousand from RMB 117,338,133 thousand at the end of 2023[9]. - Total liabilities decreased to RMB 91,524,301 thousand as of June 30, 2024, down from RMB 93,994,958 thousand at the end of 2023, indicating improved financial stability[25]. - The total assets decreased to RMB 150,498,446 thousand as of June 30, 2024, from RMB 195,739,169 thousand as of December 31, 2023, representing a reduction of 23.1%[33]. - The company's total liabilities decreased to RMB 106,408,831 thousand as of June 30, 2024, from RMB 140,231,813 thousand as of December 31, 2023, a decrease of 24.1%[33]. - Current borrowings increased by 25.22% compared to the end of the previous year, driven by the increased demand for short-term loans to supplement working capital[121]. - Non-current borrowings increased by 7.07% compared to the end of the previous year, reflecting the increased demand for long-term funds for business development[121]. - Total borrowings amounted to approximately RMB 33.32 billion, primarily from bank and financial institution loans[123]. Operational Efficiency - The company reported an operating loss of RMB 758,966 thousand for the six months ended June 30, 2024, compared to an operating loss of RMB 3,036,021 thousand for the same period in 2023, showing an improvement in operational efficiency[21][23]. - The net cash flow from operating activities was RMB 1,848 million, a significant improvement from a net outflow of RMB 528 million in the same period last year, reflecting better operational efficiency[105]. - The company incurred depreciation and amortization expenses of RMB 4,359,232 thousand for the six months ended June 30, 2024, compared to RMB 3,631,604 thousand for the same period in 2023, reflecting increased asset utilization[26]. Market and Sales Performance - The automotive business segment generated revenue of RMB 43,795,565 thousand, while the other segment contributed RMB 2,459,486 thousand, indicating a significant drop in both segments compared to the previous year[21][23]. - In the first half of 2024, the company achieved total vehicle sales of over 860,000 units, with self-owned brand sales accounting for approximately 36.5%[48]. - The company reported consolidated sales revenue of approximately RMB 181.14 billion for the first half of 2024, maintaining its position in the Fortune Global 500 for 12 consecutive years, ranking 181st[48]. - The company achieved total vehicle production and sales of 859,500 and 863,000 units in the first half of 2024, down 28.19% and 25.79% year-on-year, respectively[83]. - The sales of new energy vehicles for the company were 183,900 and 164,100 units, reflecting a decline of 25.35% and 30.61% year-on-year[83]. - The sales revenue from the domestic market was RMB 40,701 million, down 31.89%, while overseas sales revenue was RMB 5,554 million, up 157.61%[114]. Research and Development - Research and development investment amounted to approximately RMB 3.251 billion in the first half of 2024, with 1,656 new patent applications filed, including 847 invention patents[51]. - The company is advancing the development of solid-state batteries, expected to be equipped in the Haobo model by 2026, and has implemented L2++ smart driving features in its vehicles[51]. - GAC plans to launch six new electric vehicle models by 2027, with the introduction of the new pure electric SUV model e:NP2 during the reporting period[89]. Strategic Initiatives - The company aims to enhance operational efficiency by focusing on six key areas: product strength, brand strength, marketing strength, sales strength, service strength, and execution strength[54]. - The company plans to add over 100 new overseas points of sale in the second half of 2024, furthering its international expansion strategy[54]. - The company is committed to deepening mixed-ownership reform and has been recognized as an excellent enterprise in the 2023 "Double Hundred Enterprises" initiative by the State-owned Assets Supervision and Administration Commission[51]. - The company is actively pursuing innovation in low-carbon, new energy, and intelligent connected vehicles, with a focus on key core technology research and development[55]. - The company aims to enhance organizational efficiency and governance through deep reforms, focusing on a market-oriented mechanism and a multi-dimensional long-term incentive system[57]. Industry Context - In the first half of 2024, the automotive industry in China saw production and sales of 13.89 million and 14.04 million vehicles, respectively, representing a year-on-year increase of 4.9% and 6.1%[79]. - New energy vehicle production and sales reached 4.93 million and 4.94 million units, marking a year-on-year growth of 30.1% and 32%, with a market share of 35.2%[82]. - The domestic sales of Chinese brand passenger vehicles reached 7.42 million units, a year-on-year increase of 23.9%, capturing 61.9% of the market share[82]. Corporate Structure and Governance - GAC Group's board of directors is led by Chairman Zeng Qinghong, with a diverse team of executive and non-executive directors[151]. - GAC Group's subsidiary, GAC Motor, was established in July 2008 and focuses on developing its own brand products and technologies[148]. - GAC Group holds a 12.84% stake in Chenqi Technology Limited, a mobility platform established in April 2019[149]. - GAC Group's subsidiary, Ruipai Power Technology Co., Ltd., was established in October 2022 to enhance its electric vehicle technology[150].

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) In-line 1Q24 earnings GAC Group (GAC)'s 1Q24 results were largely in line with our prior estimates and we maintain our FY24E net profit forecast of RMB5.4bn. We are more conservative than management about Aion's sales volume and profitability, as we believe that Aion needs quality growth (brand upscale, overseas expansion etc.) in FY24E to lay out foundation for long-term development. We are of the view that ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 21,346,440,113, representing a decrease of 19.12% compared to the same period last year[2] - Net profit attributable to shareholders for the same period was CNY 1,220,351,768, down 20.65% year-on-year[2] - The basic earnings per share for Q1 2024 was CNY 0.12, reflecting a decrease of 20.00%[2] - Total operating revenue for Q1 2024 was CNY 21,566,434,255, a decrease of 18.9% compared to CNY 26,556,723,915 in Q1 2023[19] - Net profit for Q1 2024 was CNY 1,092,162,866, down 16.4% from CNY 1,306,220,346 in Q1 2023[20] - The total operating cost for Q1 2024 was CNY 23,060,417,964, down 18.2% from CNY 28,188,485,021 in Q1 2023[19] - The company reported investment income of CNY 1,844,213,711 in Q1 2024, a decrease of 37.7% from CNY 2,954,518,144 in Q1 2023[19] Cash Flow - The net cash flow from operating activities was negative at CNY -6,139,262,889, a significant decline of 731.46% compared to the previous year[5] - In Q1 2024, the cash inflow from operating activities was CNY 29.49 billion, a decrease of 20.5% compared to CNY 37.11 billion in Q1 2023[22] - The net cash flow from operating activities was -CNY 6.14 billion, compared to -CNY 738.37 million in the same period last year[22] - Cash inflow from investment activities totaled CNY 5.29 billion, down 32.4% from CNY 7.84 billion in Q1 2023[23] - The net cash flow from investment activities was -CNY 4.39 billion, slightly improved from -CNY 4.64 billion in Q1 2023[23] - Cash inflow from financing activities reached CNY 10.67 billion, an increase of 19.5% compared to CNY 8.94 billion in Q1 2023[24] - The net cash flow from financing activities was CNY 2.09 billion, up from CNY 882.57 million in the same quarter last year[24] - The company experienced a net cash decrease of -CNY 8.38 billion in Q1 2024, compared to -CNY 4.51 billion in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 212,461,261,535, down 2.72% from the end of the previous year[2] - The company's current assets decreased from 101,110,638,069 RMB to 91,895,282,055 RMB, a decline of about 9.5%[15] - The total liabilities decreased from 77,126,948,156 RMB to 68,503,354,658 RMB, a reduction of approximately 11.3%[16] - Total liabilities decreased to CNY 86,883,808,163 as of March 31, 2024, from CNY 93,994,959,024 as of December 31, 2023, a reduction of 7.5%[17] - The company's long-term equity investments rose from 37,137,446,421 RMB to 39,062,638,379 RMB, an increase of about 5.2%[16] - Short-term borrowings increased from 11,673,725,574 RMB to 14,954,167,769 RMB, an increase of approximately 28.5%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 156,036[8] - The largest shareholder, Guangzhou Automobile Industry Group Co., Ltd., holds 52.52% of the shares[7] - Guangzhou Automobile Industry Group Co., Ltd. holds 5,508,160,069 shares, accounting for approximately 52.52% of the total share capital[11] - The number of shares held by major shareholders participating in margin financing includes 133,944,448 shares by Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd.[10] Other Income and Expenses - Non-recurring gains and losses amounted to CNY 532,971,040, primarily due to government subsidies received[4] - The company reported a 510.09% increase in other income, mainly from government subsidies[5] - Research and development expenses for Q1 2024 were CNY 375,358,538, a slight decrease of 5.5% compared to CNY 397,188,956 in Q1 2023[19] - Other comprehensive income after tax for Q1 2024 was CNY 77,101,720, compared to CNY 47,658,632 in Q1 2023, an increase of 61.9%[20] Inventory and Receivables - Inventory increased from 16,720,313,161 RMB to 17,503,387,685 RMB, an increase of approximately 4.7%[15] - The company's receivables increased from 5,303,952,616 RMB to 5,551,805,242 RMB, an increase of approximately 4.7%[15] - Cash and cash equivalents decreased from 48,895,164,629 RMB to 39,509,454,127 RMB, a drop of about 19.5%[15]

Vehicle Production and Sales - The company achieved a total vehicle production and sales volume exceeding 2.5 million units, with nearly 890,000 units from its own brand, both figures marking historical highs[10]. - The total vehicle sales for the year reached 2,504,975 units, representing a year-on-year increase of 2.92%[120]. - The total production and sales of the group reached 2.5288 million and 2.5050 million units in 2023, with a market share of approximately 9.61%, up from 8.32% in the previous year[70]. - The production and sales of new energy passenger vehicles surged to 572,900 and 549,600 units, marking year-on-year increases of 81.36% and 77.55%[70]. - The company plans to achieve over 1 million units in sales for its self-owned brands by 2024[20]. Financial Performance - The sales revenue for the year reached approximately RMB 502.3 billion, marking a 21-place increase in the Fortune Global 500 ranking to 165[11]. - The total sales revenue for the group reached approximately RMB 129.706 billion, an increase of about 17.62% compared to the same period last year[97]. - The net profit attributable to shareholders of the parent company was approximately RMB 4.429 billion, a decrease of about 44.48% year-on-year[97]. - The gross profit margin for the group improved by 0.85 percentage points, with total gross profit amounting to RMB 5.527 billion, an increase of 46.80% year-on-year[97]. - The group's operating cash flow net amount was RMB 4.604 billion, a substantial increase of 169.36% compared to the previous year[96]. Research and Development - Research and development investment for the year was approximately RMB 8.22 billion, with 3,195 new patent applications filed, including 1,567 invention patents[11]. - The company is focusing on R&D investments, which reached RMB 100 million in 2023, to enhance its technological capabilities[27]. - The company is accelerating the development of solid-state batteries and L3 autonomous driving technology to strengthen its competitive edge[18]. - The company has developed the self-researched P58 microcrystalline super battery cell, achieving a cycle life of over 1.5 million kilometers and advanced performance metrics in the industry[86]. - The company has established a global R&D system with locations in Milan, Los Angeles, Shanghai, Xiamen, and Guangzhou, enhancing innovation in intelligent driving technology[88]. New Energy Vehicles - The proportion of new energy vehicle sales reached nearly 22%, with the share of new energy vehicles in the self-owned brand sales increasing to about 58%[10]. - The company successfully launched self-developed battery and electric drive systems, achieving mass production of its "three electric" systems for new energy vehicles[11]. - The production and sales of new energy vehicles (NEVs) reached 9.587 million and 9.495 million units in 2023, with year-on-year growth of 35.8% and 37.9%, capturing a market share of 31.6%[65]. - The revenue from new energy vehicles was RMB 58.00 billion, with subsidies accounting for 0.00%[125]. - The company aims to achieve annual sales of over 4.75 million vehicles and annual revenue of RMB 1 trillion by 2030[133]. International Expansion - The company aims to achieve overseas sales exceeding 150,000 vehicles in 2024, with a focus on markets like Thailand and Malaysia[18]. - The company achieved overseas sales of approximately 55,000 vehicles in 2023, establishing a presence in 41 countries and regions with 236 overseas service outlets[78]. - The company aims to export 500,000 vehicles by 2030 as part of its internationalization strategy, with a focus on global market layout and product localization[77]. - GAC Group's sales and service operations cover 41 countries and regions[41]. - The company established GAC International to oversee overseas market operations and sales services, focusing on long-term product planning and overseas factory establishment[49]. Corporate Governance - The board of directors is responsible for preparing financial statements that accurately reflect the company's performance and financial position for the fiscal year ending December 31, 2023[154]. - The company has established various board committees, including a strategy committee, audit committee, compensation and assessment committee, and nomination committee, to oversee key areas of governance[160]. - The company has complied with the corporate governance code and has implemented effective risk management and compliance systems[155]. - Independent directors confirmed their independence and participated in discussions regarding significant matters, ensuring fair and impartial decision-making[158]. - The company emphasizes compliance and risk management, with dedicated departments led by experienced professionals[200]. Market Trends and Outlook - The domestic automobile market is expected to maintain a growth rate of over 3% in 2024, driven by government policies promoting consumption and the development of the new energy vehicle industry[131]. - The domestic new energy vehicle market is expected to reach sales of 11 to 12 million units, with the growth of range-extended and plug-in hybrid models surpassing the overall growth of new energy vehicles[132]. - The market share of domestic brands is projected to exceed 50%, while the share of joint venture brands will continue to decline[132]. - In 2024, China's automobile exports are anticipated to exceed 5.5 million units, making it the world's largest automobile exporter[132]. - The company aims to achieve a net profit growth of 12% in 2024, supported by new product launches and market expansion strategies[192]. Product Development and Innovation - The company launched new models including GAC Trumpchi E9, ES9, E8, and various hybrid and electric vehicles during the reporting period[38]. - The company launched several new models, including the GAC Trumpchi E9, ES9, E8, and the new generation of GAC Honda Accord, enhancing its product lineup[54]. - The company launched the world's first passenger car ammonia engine, achieving a carbon reduction rate of up to 90%[86]. - The company launched three PHEV models, including the GAC Trumpchi E9, E8, and ES9, which received the "Second World’s Top Ten Hybrid Systems" award[86]. - The company plans to launch three new electric vehicle models in 2024, aiming for a 25% increase in EV sales[196].

M N 5 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) PHEV could be a new catalyst We estimate GAC Group (GAC)’s net profit to rise 22% YoY to RMB5.4bn in Target Price HK$5.50 FY24E, as Aion’s upscale attempt, cost reduction and overseas expansion could (Previous TP HK$6.00) help narrow its loss. We are of the view that Aion needs quality growth in FY24E Up/Downside 73.0% to lay out foundation for long-term development. We project Trumpchi’s PHEV Current Pric ...

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年4月1日 港元3.21 港元3.34↓ +4.0% 广汽集团 (2238 HK) 业绩低于市场预期，预计“两田”利润持续面临压力，维持中性  “两田”下滑幅度较大，业绩低于市场预期。广汽集团2023年归母净利润 个股评级 同比下降 44.5%至 44.3 亿元（人民币，下同），低于市场和我们预期 中性 18.3%/13%，主要是合资本田和丰田下滑幅度较预期高。全年收入1297亿 元，同比增17.6%，增长强劲主要是受广汽传祺和广汽埃安销量增长所带 1年股价表现 动（上半年传祺和埃安销量分别同比增长12%/77%）。毛利率由 2022 年 3.4%上升至2023年的4.3%，受惠广汽传祺MPV 销量增长和规模效应。销 2238 HK 恒生指数 5% 售费用同比大幅增长57.9%，导致经营亏损同比扩大 19.9%。合资利润同 0% -5% 比下降 39.5%， 受 “两田”销量下滑以及利润下降影响。自主品牌的掘起对 -10% -15% 大众市场定位的合资品牌影响较大。 -20% -25% -30%  自主品牌“电比油低” ，预计“两田”利润持续 ...