%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨上汽集团（ ） 600104.SH [上Ta汽b集le_团Ti2tl0e2] 4 年一季报点评：收入受批售节奏 调整影响略有下滑，盈利表现相对稳健 报告要点 [公Ta司ble2_0S2u4mQ1m实ary现]营业总收入1430.7亿元，同比下滑1.9%，环比下滑35.4%，实现归母净利 润27.1亿元，同比下滑2.5%，环比增长0.6%。批发销量受到库存结构调整影响，收入同比略 有下滑。激烈的市场竞争环境下盈利表现稳健，销售结构持续优化。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 14.60 CNY per share on May 14, 2024, corresponding to a PE ratio of 11/10/9 for the years 2024-2026 [2][5]. Core Views - The launch of the Zhiji L6 on May 13, 2024, is expected to enhance the company's position in the mid-to-high-end electric vehicle market, with strong demand indicated by over 29,000 pre-orders by May 3, 2024 [1]. - The company is projected to achieve revenues of 767.79 billion CNY in 2024, with a net profit of 15.44 billion CNY, reflecting a growth rate of 9.5% [2][5]. - The company is expanding its global presence, with overseas sales reaching 31.9 billion CNY in the first four months of 2024, despite a slight decline in overall sales [1][5]. Summary by Sections Product Launch and Market Position - The Zhiji L6 is positioned as a mid-large electric sedan with dimensions of 4,931mm in length, 1,960mm in width, and 1,474mm in height, featuring a range of 650km to over 1000km depending on the version [1]. - The vehicle is equipped with advanced technology, including a high-precision laser radar and NVIDIA DRIVE Orin X chip, enhancing its competitive edge in the market [1]. Sales Performance - In April 2024, the company sold 3,000 vehicles, bringing the total sales from January to April to 13,001 vehicles, indicating a slight decline in sales due to increased competition in the 200,000-300,000 CNY price range [1]. - The penetration rate of electric vehicles in the 200,000-300,000 CNY price segment was reported at 30.4%, with significant room for growth for domestic brands [1]. Financial Projections - The company forecasts revenues of 744.71 billion CNY in 2024, with a net profit of 15.44 billion CNY, and expects continued growth through 2026 [2][5]. - The projected EPS for 2024 is 1.33 CNY, with a PE ratio of 11, indicating a solid financial outlook [2][5]. Global Expansion - The company plans to launch 14 new intelligent electric "global cars" in overseas markets, aiming to boost international sales further [1][5]. - The MG brand has shown strong performance in Europe, contributing to the overall growth in overseas sales [1].

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 4 月批发同比-4%，出口同比正增长 2024年 05月 14日 买入（维持） 证券分析师 黄细里 [Table_EPS] 执业证书：S0600520010001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 744063 744705 758184 798934 882169 huangxl@dwzq.com.cn 同比（%） (4.59) 0.09 1.81 5.37 10.42 研究助理 孟璐 归母净利润（百万元） 16118 14106 14266 17677 19615 执业证书：S0600122080033 同比（%） (34.30) (12.48) 1.13 23.92 10.96 mengl@dwzq.com.cn EPS-最新摊薄（元/股） 1.39 1.22 1.23 1.53 1.69 股价走势 P/E（现价&最新摊薄） 10.49 11.99 11.85 9.57 8.62 [ [TT aab bl le e_ _T Sa ug m] mary] ...

证券研究报告 公 2024年05月13日 司 报 告 上汽集团(600104) │ 行 业： 汽车/乘用车 公 投资评级： 司 当前价格： 14.61元 点 大众销量持续回暖，出口延续正增长 目标价格： 评 研 事件： 究 基本数据 2024 年5 月 11日，公司发布 4月份产销快报，公司 4 月实现汽车批发销 11,575.30/11,575. 总股本/流通股本(百万股) 量36.0万辆，同比下降3.7%；公司1-4月累计实现汽车批发销量119.4万 30 辆，同比下降5.6%。 流通A股市值(百万元) 169,115.12 ➢ 大众销量持续回暖，自主占比突破60% 每股净资产(元) 25.00 公司4月实现汽车批发销量36.0万辆，同比下降3.7%；1-4月累计实现汽 资产负债率(%) 63.64 车批发销量119.4万辆，同比下降5.6%。合资方面，上汽大众4月销量9.2 一年内最高/最低(元) 15.77/12.92 万辆，同比增长4.2%，1-4月累计销量34.0万辆，同比增长8.1%；上汽通 用 1-4月累计销量16.1万辆，同比下降39.4%，销量持续承压。4月自主 股价相对走势 销量达到21 ...

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-026 上海汽车集团股份有限公司2024年4月份产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导怪陈述或者重大遗漏。并对其内容的真实性、准确性和完整性承担法律责任。 上海汽车集团股份有限公司2024年4月份产销快报数据如下: | 位 | | | | 社 量(辆) | | | | | 销 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 東 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 去年 本月数 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | 同期 | 同比 | 累计 | 累计 | 同比 | | 上汽大众 | 94.494 | 74,489 | 26.86% | 345,776 | 307,708 | 12.37% | 92,013 | 88,323 4.18% | 340,072 | 314,653 | 8.08% | ...

[Table_Page] 季报点评|汽车 证券研究报告 [上Table_汽Title] 集团（600104.SH） [公Tab司le_I评nves级t] 买入 当前价格 14.56元 公司 24Q1 扣非归母净利润分别环比+0.6%、+269.9% 合理价值 18.94元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-07  公司 24Q1 扣非前后归母净利润，投资收益分别同比-2.5%、-2.0%、 [相Tab对le_P市icQ场uote表] 现 -9.7%。公司发布24年一季报，实现营收1430.7亿元，同比-1.9%， 环比-35.4%。公司24Q1销量为83.4万辆，同比-6.4%，环比-49.2%； 12% 5% 出口及海外地区销量为22.7万，同比-11.8%，环比-38.8%。24Q1公 -2% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 司营收同环比增速好于销量，体现出产品结构的改善。公司 24Q1 实 -8% 现前后扣非归母净利润 27.1、21.2 亿元，同比-2.5%、-2.0%，环比 -15% + ...

证券研究报告 公 2024年05月07日 司 报 告 上汽集团(600104) │ 行 业： 汽车/乘用车 公 投资评级： 司 当前价格： 14.56元 季 新能源和出口亮眼，2024Q1 经营业绩稳健 目标价格： 报 点 事件： 评 基本数据 4月29日，上汽集团发布2024年一季报，公司一季度实现营收1430.7亿 11,575.30/11,575. 总股本/流通股本(百万股) 元，同比下降 1.95%；实现归母净利润 27.1亿元，同比下降 2.48%；实现 30 流通A股市值(百万元) 168,536.36 扣非归母净利润21.2亿元，同比下降1.97%。 ➢ 终端交付同比向上，2024Q1经营业绩稳健 每股净资产(元) 25.00 2024年Q1公司实现营收1430.7 亿元，同比下降1.95%；实现归母净利润 资产负债率(%) 63.64 27.1亿元，同比下降2.48%。一季度公司实现批发销量83.4万辆，同比下 一年内最高/最低(元) 15.77/12.92 降6%；实现终端交付量113.2万辆，同比增长9.3%，终端交付向上带动公 司一季度业绩表现稳健。分子企业看，合资销量分化，自主表现亮眼 ...

证券代码：600104 证券简称：上汽集团 公告编号:临 2024-025 上海汽车集团股份有限公司 关于以集中竞价交易方式回购公司股份的 回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海汽车集团股份有限公司（以下简称"公司"或"上汽集团"）于 2023 年 6 月 12 日召开第八届董事会第十五次会议、第八届监事会第 十一次会议，审议通过了《关于以集中竞价方式回购公司股份的议案》， 本次回购股份事项的具体情况详见公司于上海证券交易所网站 www.sse.com.cn 发布的临 2023－030 号公告《上海汽车集团股份有 限公司关于以集中竞价交易方式回购公司股份方案的公告暨回购报 告书》。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等规定，公司现将本次回购的进展情 况公告如下： 2024 年 4 月，公司本次回购通过集中竞价交易方式已累计回购 股份 13,246,200 股，占公司总股本的比例为 0.1144%，购买的最高 价 为 15.29 元 / 股、最低 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance met expectations, with revenue of 1,430.72 billion yuan, a year-on-year increase of 1.95%, and a quarter-on-quarter decrease of 35.37% [3] - Net profit attributable to the parent company was 2.714 billion yuan, a year-on-year decrease of 2.48%, and a quarter-on-quarter increase of 0.55% [3] - The company's self-owned brand, new energy vehicles, and exports are performing well, with core technologies in new energy and intelligent hardware and software fully deployed [4] - Joint ventures are actively transforming, with collaborations such as the memorandum of understanding with Audi and the establishment of a software and digital center with General Motors [4] Financial Performance - Q1 2024 wholesale sales were 834,200 units, a year-on-year decrease of 6.40%, and a quarter-on-quarter decrease of 49.25% [3] - The average selling price (ASP) per vehicle was 171,500 yuan, a year-on-year increase of 4.75%, and a quarter-on-quarter increase of 27.34% [3] - Gross margin for Q1 2024 was 8.84%, a year-on-year decrease of 0.99 percentage points, and a quarter-on-quarter decrease of 1.87 percentage points [3] - Investment income for Q1 2024 was 2.754 billion yuan, a year-on-year decrease of 9.69%, and a quarter-on-quarter decrease of 33.03% [3] Profit Forecast and Valuation - Revenue for 2024E is projected to be 758.184 billion yuan, a year-on-year increase of 1.81% [2] - Net profit attributable to the parent company for 2024E is projected to be 14.266 billion yuan, a year-on-year increase of 1.13% [2] - EPS for 2024E is projected to be 1.23 yuan per share, with a P/E ratio of 12.06 [2] - Revenue for 2026E is projected to be 882.169 billion yuan, a year-on-year increase of 10.42% [2] - Net profit attributable to the parent company for 2026E is projected to be 19.615 billion yuan, a year-on-year increase of 10.96% [2] Market Data - Closing price: 14.86 yuan [5] - Price range over the past year: 12.92 yuan to 15.77 yuan [5] - P/B ratio: 0.59 [5] - Market capitalization: 1.7200895 trillion yuan [5] Financial Data - Net asset per share: 25.00 yuan [6] - Asset-liability ratio: 63.64% [6] - Total share capital: 11.5753 billion shares [6] - Circulating A shares: 11.5753 billion shares [6] Related Research - "SAIC Motor (600104): March Wholesale Sales Increased by 83% Month-on-Month, SAIC-GM Production and Sales Returned to Normal" (2024-04-12) [7] - "SAIC Motor (600104): 2023 Annual Report Review: Q4 2023 Performance Met Expectations, New Energy + Exports + Self-owned Brands All Performing Well" (2024-04-03) [7]

Financial Performance - Total revenue for Q1 2024 was approximately ¥143.07 billion, a decrease of 1.95% compared to the same period last year[4]. - Net profit attributable to shareholders was approximately ¥2.71 billion, down 2.48% year-on-year[4]. - The basic earnings per share for Q1 2024 was ¥0.236, reflecting a decrease of 2.48% year-on-year[4]. - Net profit for Q1 2024 was ¥2.85 billion, down 30.8% from ¥4.13 billion in Q1 2023[17]. - Operating profit for Q1 2024 was ¥3.17 billion, a decline of 43.1% compared to ¥5.58 billion in Q1 2023[17]. - Earnings per share for Q1 2024 was ¥0.236, slightly down from ¥0.242 in Q1 2023[17]. - Other comprehensive income after tax for Q1 2024 was ¥326.46 million, down from ¥1.38 billion in Q1 2023[17]. Cash Flow - Operating cash flow showed a significant improvement, with a net cash flow of approximately -¥4.55 billion, an increase of 53.91% compared to the previous year[4][7]. - In Q1 2024, the cash inflow from operating activities was CNY 173.78 billion, a decrease of 21.3% compared to CNY 220.82 billion in Q1 2023[19]. - The net cash flow from operating activities was negative at CNY -4.55 billion, improving from CNY -9.86 billion in the same period last year[19]. - The cash inflow from investment activities totaled CNY 119.11 billion, down from CNY 127.84 billion in Q1 2023, resulting in a net cash outflow of CNY -3.10 billion[20]. - The cash inflow from financing activities was CNY 37.44 billion, significantly higher than CNY 26.59 billion in Q1 2023, leading to a net cash inflow of CNY 11.24 billion[20]. - The company reported a significant increase in cash received from financing activities, particularly from loans, which amounted to CNY 28.87 billion, compared to CNY 19.65 billion in Q1 2023[20]. Assets and Liabilities - Total assets at the end of Q1 2024 were approximately ¥959.58 billion, a decrease of 4.68% from the end of the previous year[5]. - The total current assets as of March 31, 2024, amount to ¥585,168,227,514.01, a decrease from ¥619,608,636,778.94 as of December 31, 2023[13]. - The total non-current assets as of March 31, 2024, are ¥374,407,344,150.45, down from ¥387,041,641,882.60[14]. - The total liabilities as of March 31, 2024, amount to ¥495,439,479,982.63, compared to ¥547,440,155,168.03 at the end of 2023, reflecting a decrease of approximately 9.5%[14]. - Total liabilities decreased to ¥610.70 billion from ¥663.74 billion year-over-year, a reduction of 8.0%[15]. - The company reported a short-term loan of ¥61,278,065,749.82, which increased from ¥44,920,602,982.12[14]. - The company’s long-term borrowings as of March 31, 2024, are ¥52,112,546,899.97, slightly up from ¥51,454,950,549.85[14]. Shareholder Information - Shareholders' equity attributable to the parent company increased by 1.05% to approximately ¥289.34 billion[5]. - The top ten shareholders collectively hold 78.67% of the company's shares, with Shanghai Automotive Industry Group Co., Ltd. being the largest shareholder at 63.27%[8]. - As of March 31, 2024, the company has repurchased a total of 25,821,600 shares, accounting for 0.2231% of the total share capital[10]. Expenses and Costs - Research and development expenses increased to ¥3.95 billion, up 3.6% from ¥3.81 billion in Q1 2023[16]. - The company reported a decrease in interest income to ¥3.92 billion from ¥4.70 billion, a decline of 16.4%[16]. - The company’s total costs for Q1 2024 were ¥143.32 billion, a decrease of 0.6% from ¥144.24 billion in Q1 2023[16]. - The cash paid for purchasing goods and services was CNY 154.35 billion, down from CNY 197.10 billion in Q1 2023[19]. Accounts Receivable and Inventory - Accounts receivable decreased to ¥62,555,769,765.37 from ¥68,019,556,853.36, indicating a reduction of approximately 8.5%[13]. - The company’s inventory decreased to ¥91,376,337,705.39 from ¥98,603,705,752.11, a decline of about 7.5%[13].