招银国际发表研究报告指，虽然广汽集团次季亏损13亿元，逊该行预期，但认为市场不会重视其今年盈 亏状况，因广汽明年与华为合作推出的新型号可能更具竞争力，并成为公司一个正面的催化剂。该行又 认为公司的合资企业和联营公司，在员工成本减省上有较大空间。该行将广汽集团H股目标价由3.6港元 上调至4.3港元，维持"买入"评级。 ...

每经AI快讯，9月2日，港股汽车股集体上涨，其中，比亚迪股份涨3%，理想汽车、华晨中国涨1.3%， 广汽集团、零跑汽车、长城汽车、蔚来汽车、吉利汽车均上涨。 ...

消息上，国内车企陆续公布8月交付成绩单。零跑汽车交付5.71万辆、小鹏汽车交付3.77万辆、蔚来交付 超3万辆，均创历史新高。小米汽车连续第二个月交付超3万辆。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01211 | 比亚迪股份 | 111.600 | 2.95% | | 00805 | 新吉奥房车 | 1.160 | 2.65% | | 02473 | 喜相逢集团 | 6.980 | 2.65% | | 02015 | 理想汽车-W | 93.250 | 1.30% | | 01114 | 华晨中国 | 3.980 | 1.27% | | 02238 | 广汽集团 | 3.430 | 0.88% | | 02333 | 长城汽车 | 19.170 | 0.63% | | 01585 | 雅迪控股 | 13.570 | 0.22% | | 09866 | 蔚来-SW | 53.100 | 0.28% | | 09863 | 零跑汽车 | 64.400 | 0.23% | | 00175 | 吉利汽车 | 19.140 | 0.10% | 比亚 ...

Core Insights - The 28th Chengdu International Auto Show highlights the strong presence of domestic automotive groups, particularly in the electric vehicle (EV) sector, contrasting with the absence of many international luxury brands [2] - Major Chinese automotive groups like SAIC, Changan, and others have shown significant growth in their EV segments, indicating a successful transformation towards new energy vehicles [3][4][5][6] Group Performance - The top 15 automotive groups in China sold a total of 7.82 million new energy vehicles (NEVs) from January to July, marking a 41.1% year-on-year increase and accounting for 95.1% of total NEV sales [3] - China FAW's NEV sales reached 28,500 units in July, a 129.03% increase year-on-year, contributing to a total of 209,000 units sold in the first seven months, up 27.9% [4] - SAIC's total vehicle sales in July were 338,000 units, a 34.2% increase, with NEV sales reaching 117,000 units, up 64.9% [5] - Changan's total vehicle sales reached 1.566 million units in the first seven months, with NEV sales at 531,700 units, a 52.34% increase [6] Strategic Collaborations - Automotive groups are increasingly collaborating with technology companies like Huawei to enhance their EV offerings, moving away from a solely self-reliant development model [8][9][10] - SAIC and Huawei have signed a deep cooperation agreement to develop new intelligent EVs, with the first model, the Shangjie H5, receiving over 50,000 pre-orders within 18 hours of its announcement [9] Internal Restructuring - Major automotive groups are undergoing internal restructuring to consolidate resources and enhance efficiency in their NEV segments [11][12][13] - Dongfeng has restructured its brands into a new entity focused on NEVs, while Changan has improved resource allocation and decision-making efficiency following its elevation to a central enterprise [12] Global Expansion - China's NEV exports reached 1.308 million units from January to July, a year-on-year increase of 84.6%, indicating a strategic shift towards international markets [14] - Changan's "Haina Baichuan" plan aims to expand its global footprint, with a target of exporting 56,000 units by 2025 [14] - Dongfeng's strategy includes launching over 30 overseas models by 2027, while GAC Aion is also accelerating its international market entry [15][16]

Core Viewpoint - GAC Group reported a decline in revenue and significant net losses for the first half of 2025, indicating challenges in achieving operational targets and overall performance [1][3]. Financial Performance - Revenue for the first half of 2025 was CNY 42.166 billion, down 7.95% from CNY 45.8 billion in the same period last year [1][2]. - The net loss for the first half of 2025 was CNY 2.538 billion, compared to a net profit of CNY 1.516 billion in the previous year, marking a decline of 267.39% [2]. - The total profit for the period was a loss of CNY 3.925 billion, a decrease of 435.37% from the previous year's profit of CNY 1.170 billion [2]. - Cash flow from operating activities showed a significant decline, with a net outflow of CNY 10.769 billion compared to a positive inflow of CNY 2.635 billion in the previous year [2]. Business Segments - GAC Group's main business includes R&D, vehicle manufacturing (cars, motorcycles), parts, trade and mobility, energy and ecology, internationalization, and investment and finance, forming a complete automotive industry chain [5]. - The company produced and sold 801,700 vehicles and 755,300 vehicles respectively, representing a year-on-year decrease of 6.73% and 12.48% [7]. - New energy vehicle sales were 154,100 units, down 6.08% year-on-year, while energy-saving vehicle sales increased by 13.43% to 211,600 units [7]. Revenue Breakdown - Revenue from the automotive manufacturing sector was CNY 24.65 billion, down 19.39% year-on-year [8]. - Revenue from parts manufacturing increased by 9.81% to CNY 2.1 billion [8]. - Revenue from trade services rose by 15.67% to CNY 13.132 billion [8]. - Financial and other income increased by 13.22% to CNY 2.724 billion [8]. Shareholding Structure - As of June 30, 2025, GAC Group held 54.02% of the shares, while HKSCC NOMINEES LIMITED held 27.56% [10]. - The total number of shareholders was 135,756 [11]. Market Performance - As of September 1, 2025, GAC Group's stock price was CNY 7.73, with a market capitalization of CNY 78.8 billion [17].

证券研究报告 2025Q2业绩综述： 国内/电动化承压，全球化/智能化可圈可点 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 板块最新观点 ◼ 风险提示：贸易战升级进一步超出预期；全球经济复苏力度低于预期；L3-L4智能化技术创 新低于预期；全球新能源渗透率低于预期；地缘政治不确定性风险增大。 2 ◼ 当前时点汽车板块如何配置？我们认为汽车行业或又进入了新的十字路口阶段：汽车电动化 红利进入尾声，汽车智能化正在"黎明前黑暗"，机器人创新在产业0-1阶段。参考历史上 2011年/2018年汽车产业在新旧切换阶段，依然是能够去布局结构性行情。下半年我们总体 建议加大"红利风格"的配置权重。 （ ➢ 【红利&好格局主线】客车（宇通客车）/重卡（中国重汽A-H/潍柴动力）/两轮（春风动力 /隆鑫通用）/零部件（福耀玻璃+星宇股份+新泉股份+继峰股份）。 ➢ 【AI智能化主线】乘用车优选港股（小鹏汽车-W/理想汽车-W/小米集团-W）/A股（赛力 斯/上汽集团/比亚迪）；零部件优选（地平线机器人- ...

收入同比有所下滑，加快海外市场拓展 广汽集团(601238) 证券研究报告 乘用车 / 公司点评 / 2025.09.01 | 投资评级:买入(维持) | | | --- | --- | | 基本数据 | 2025-09-01 | | 收盘价(元) | 7.73 | | 流通股本(亿股) | 101.97 | | 每股净资产(元) | 10.91 | | 总股本(亿股) | 101.97 | 最近 12 月市场表现 -4% 7% 17% 27% 38% 48% 广汽集团 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《营收同比有所下滑，科技创新取得突 破》 2025-03-30 2. 《销量环比增长，持续拓展海外市场》 2024-10-14 3. 《积极拓展海外市场，新能源转型加速》 2024-09-13 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | ...

Core Viewpoint - The 28th Chengdu International Auto Show highlights the significant progress of domestic automotive groups in the new energy sector, showcasing their collaboration with technology companies like Huawei and their internal reforms to enhance competitiveness in the rapidly evolving market [2][8]. Group 1: Growth in New Energy Sector - From January to July 2023, the top 15 automotive groups in China sold a total of 7.82 million new energy vehicles (NEVs), marking a 41.1% year-on-year increase and accounting for 95.1% of total NEV sales [3]. - China FAW's NEV sales reached 28,500 units in July, a staggering increase of 129.03% year-on-year, contributing significantly to overall growth [4]. - SAIC Motor's NEV sales for the first seven months of 2023 reached 763,600 units, up 43.49% year-on-year, positioning it third in sales after BYD and Geely [5]. Group 2: Strategic Collaborations - Major automotive groups are increasingly collaborating with technology firms, particularly Huawei, to enhance their product offerings and market competitiveness [8][9]. - SAIC and Huawei signed a deep cooperation agreement to develop new energy smart vehicles, leading to the launch of the "Shangjie" brand [9]. - FAW has also partnered with the new energy vehicle startup Leap Motor, indicating a trend of strategic alliances within the industry [9]. Group 3: Internal Restructuring - Automotive groups are undergoing internal restructuring to optimize resources and enhance efficiency in their new energy vehicle segments [11][12]. - Dongfeng Motor has consolidated its brands into Dongfeng Yipai Technology, focusing on new energy products and streamlining operations [12]. - Changan Automobile has improved resource integration efficiency significantly after its restructuring, enhancing decision-making and capital allocation [13]. Group 4: International Expansion - From January to July 2023, China's NEV exports reached 1.308 million units, reflecting an 84.6% year-on-year increase, as companies look to expand into overseas markets [15]. - Changan has launched its "Haina Baichuan" global strategy, aiming to export various models to over 90 countries by 2025 [15]. - Dongfeng Yipai Technology plans to introduce over 30 overseas models by 2027, indicating a strong focus on international market penetration [16].

Core Insights - GAC Group reported a consolidated revenue of approximately 42.611 billion yuan for the first half of 2025, with a debt-to-asset ratio of 44.65%, improving by nearly 3 percentage points from the end of 2024 [1] - The company produced 801,700 vehicles and sold 755,300 vehicles in the first half of the year, with energy-efficient and new energy vehicles accounting for 48.43% of total sales [1] - GAC Group has entered 84 countries and regions globally, establishing over 570 outlets, with a 45.8% increase in export sales of its own brands [1] User Insight and Product Development - GAC Group is enhancing its R&D system starting from user insights to product delivery, focusing on both practical and emotional value of products [2] - The company is implementing an Integrated Product Development (IPD) reform to improve communication and decision-making efficiency, thereby reducing product development cycles and costs [2] - GAC Group aims to transform the development of popular models from "accidental" to "inevitable" by establishing a system to enhance user insight capabilities [2] Service Experience and Marketing Strategy - GAC Group is restructuring its marketing service system by introducing an Integrated Product Marketing and Sales (IPMS) system, focusing on a user-centered approach [3] - The company is accelerating its channel penetration in lower-tier cities and building a comprehensive sales service center [3] - GAC Group emphasizes the importance of understanding customer needs and enhancing user experience to adapt to industry changes [3] Strategic Initiatives and Product Launches - GAC Group is in a "wartime state," focusing on three key battles: user demand, product value, and service experience to reshape the company [3] - The company has shortened the standard development cycle for models to 18 months and reduced R&D costs by over 10% through improved management processes [4] - GAC Group is set to launch several new products, including the GAC Aion i60, and has introduced its intelligent technology brand "Starry Intelligence" [4] Collaboration and Global Expansion - GAC Group is enhancing R&D collaboration with joint ventures like GAC Toyota and GAC Honda to accelerate the development of smart electric vehicles [5] - The company plans to create global star products with annual sales targets of 50,000 to 100,000 units in key markets, while expanding its KD factory network [5] - GAC Group is focusing on understanding local market demands in regions like Europe and South America to optimize product offerings [5] Cost Control and Supply Chain Management - GAC Group is prioritizing extreme cost control and building a competitive global supply chain to enhance operational efficiency [6] - The company is integrating supply chain resources and optimizing procurement channels to reduce costs and improve decision-making efficiency [6] - GAC Group aims to achieve core supply chain autonomy to reduce reliance on external suppliers and enhance stability [7] Future Outlook - Despite challenges in the market, GAC Group has made significant progress in user insights, product development, and cost control [8] - The company is expected to stabilize its performance in the second half of the year through continued efforts in new product launches and market expansion [8] - GAC Group is committed to high-quality development and innovation to contribute to the recovery of the automotive industry in China [8]

回顾2025上半年车市，竞争激烈是行业关键热词，尤其在6月的上下半年分界点，工信部明确指出，将 加大汽车行业"内卷式"竞争整治力度，并支持整车企业切实践行"支付账期不超过60天"承诺。 2025年汽车市场竞争赛程已过半，上市车企陆续交出半年答卷，在国内汽车行业竞争异常激烈的情况 下，车企健康稳定的财务情况是未来长期可持续发展的基石，也是业内关注的焦点。Wind数据显示， 今年上半年，上市车企资产负债率约为55%～70%，其中，广汽集团半年资产负债率领先行业，仅约 44.65%。 自去年开启三年"番禺行动"以来，广汽集团已全面进入战时状态，围绕"稳合资、强自主、拓生态"三大 任务，深入实施"转型、变革、重构"三大举措，在多个关键领域取得积极进展，为实现破局突围积蓄力 量。 今年上半年，尽管广汽集团整体产销及经营业绩压力仍在，但形势正逐步向好，公司1～6月汽车产量为 80.17万辆，终端销量为85.8万辆。节能与新能源汽车销量占比提升至48.43%，其中节能车销量21.16万 辆、同比增长13.43%。自主品牌海外终端销量超过5万辆，同比增长超45%。 展望下半年，广汽集团表示，公司将以三年"番禺行动"为引领，打 ...