截至目前,本公司不存在影响贵公司股票交易价格异常波动的重 大事项,不存在涉及贵公司的应披露而未披露的重大信息,包括但不 限于正在策划涉及贵公司的重大资产重组、股份发行、重大交易类事 项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引 进战略投资者等重大事项。 本次股票交易异常波动期间,即2024年11月11日至 11月 13 日期间，本公司不存在买卖贵公司股票的情况。 特此回复。 上海汽 202 股票交易异常波动征询函》的回函 上海汽车集团股份有限公司: 本公司已收到贵公司发来的《上海汽车集团股份有限公司股票交 易异常波动征询函》,经自查确认,现回复如下: 关于《上海汽车集团股份有限公司 ...

Summary of Conference Call on Automotive Industry and Company Insights Company and Industry Overview - The conference call focused on the automotive industry, specifically discussing the current state and future outlook of the automotive sector in China, with a particular emphasis on the company SAIC Motor Corporation Limited (上汽集团) [1][2][3]. Key Points and Arguments 1. **Valuation and Market Position**: The current price-to-book (PB) ratio of SAIC is below 0.6, which is considered a historical low and indicative of a potential bottom in the market. The expectation is for a recovery in the PB ratio over the next six months to a year [1]. 2. **Industry Dynamics**: The automotive industry is undergoing significant technological innovation, particularly in smart technology and electric vehicles. The competitive landscape is expected to change, with a focus on finding "dark horses" or companies that can innovate beyond traditional market expectations [2][3]. 3. **Government Role**: The importance of state-owned enterprises in the automotive sector is emphasized, particularly in the context of national economic stability and technological advancement. The government is seen as a crucial player in supporting the industry through policies and reforms [3][4]. 4. **Management Changes**: Recent leadership changes at SAIC, including the appointment of a new president, are aimed at streamlining operations and enhancing efficiency. The new management is focused on reducing costs and improving collaboration across different divisions [10][11]. 5. **Sales and Profitability Trends**: The profitability of joint ventures, particularly with General Motors and Volkswagen, has seen a significant decline, with joint venture market share dropping from historical highs. The expectation is that these companies will need to adapt to survive in the changing market [16][17]. 6. **Investment and Future Outlook**: The company is expected to face challenges in the short term, with profit forecasts indicating a decline in the coming year due to reduced investment returns. However, there is optimism for a recovery in 2026 as the company implements reforms and adjusts its strategies [24][25]. Additional Important Insights - **Historical Context**: The automotive industry has historically been a key driver of GDP in major economies. The current challenges faced by the industry are seen as part of a broader cycle of innovation and adaptation [3][4]. - **Focus on Smart Technology**: The shift towards smart vehicles and the integration of data and algorithms is highlighted as a critical area for future growth and competitiveness [4][5]. - **Regional Economic Impact**: The automotive sector's performance is closely tied to regional economies, particularly in cities like Shanghai, where it plays a significant role in local GDP [5][6]. - **Long-term Investment Perspective**: Investors are encouraged to maintain a positive outlook on the automotive sector, recognizing the cyclical nature of the industry and the potential for recovery as companies adapt to new market realities [24][25]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future prospects of the automotive industry and SAIC Motor Corporation.

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-051 上海汽车集团股份有限公司2024年10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。 | 位 | | | | 产 量(辆) | | | | | 销 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 東 | 本月数 | 去年 | 月度 | 本年 | 去年 | 蒙计 | 本月数 | 去年 | 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 | 115,247 | 112,166 | 2.75% | 896,036 | 946,690 | -5.35% | 113,500 | 120,013 | -5.43% | 885,591 | 952,341 | -7.01% | | 汽车有限公司 ...

Investment Rating - The report assigns an "Overweight" rating to SAIC Motor Corporation Limited (600104) for the first time [2] Core Views - SAIC Motor's Q3 2024 performance was under pressure, with total revenue of 430.482 billion yuan, down 17.74% YoY, and net profit attributable to shareholders of 6.907 billion yuan, down 39.45% YoY [3] - The company's Q3 2024 revenue was 145.796 billion yuan, down 25.91% YoY but up 2.95% QoQ, with net profit attributable to shareholders of 280 million yuan, down 93.53% YoY and 92.86% QoQ [4] - SAIC Motor's overseas business remained stable, with Q3 2024 overseas sales of 251,300 units, accounting for 30.56% of total sales, up 7.24 percentage points YoY [6] - The company's new energy vehicle sales in Q3 2024 were 287,000 units, up 3.68% YoY and 14.39% QoQ, accounting for 34.90% of total sales, up 13.70 percentage points YoY [6] Financial Performance - SAIC Motor's Q3 2024 gross profit was 13.752 billion yuan, down 31.3% YoY but up 21.3% QoQ, with a gross margin of 9.65%, down 0.8 percentage points YoY but up 1.4 percentage points QoQ [4] - The company's Q3 2024 average selling price (ASP) per vehicle was 173,400 yuan, up 26,600 yuan YoY and 34,200 yuan QoQ [4] - SAIC Motor's Q3 2024 sales/management/R&D/financial expense ratios were 4.80%/3.85%/2.70%/0.37%, up 0.69/0.78/0.46/0.21 percentage points YoY, respectively [4] Sales Performance - SAIC Motor's Q3 2024 total sales were 822,400 units, down 37.02% YoY and 17.17% QoQ, mainly due to pressure on joint venture brands [4] - The company's joint venture brands, including SAIC Volkswagen and SAIC General Motors, saw significant sales declines, with SAIC Volkswagen selling 260,000 units, down 20.98% YoY, and SAIC General Motors selling 52,900 units, down 80.64% YoY [4] - SAIC Motor's self-owned brands accounted for 27.64% of total sales in Q3 2024, up 2.72 percentage points YoY, with IM Motors sales reaching 15,000 units, up 182.18% YoY [4] Future Outlook - SAIC Motor is expected to achieve revenue of 607.738 billion yuan, 667.749 billion yuan, and 718.369 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of -18%, 10%, and 8% [7] - The company's net profit attributable to shareholders is expected to be 8.927 billion yuan, 10.925 billion yuan, and 11.179 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of -37%, 22%, and 2% [7] - SAIC Motor's EPS is expected to be 0.77 yuan, 0.94 yuan, and 0.97 yuan in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17, 14, and 13 times [7] Market Performance - SAIC Motor's stock price was 12.89 yuan as of November 1, 2024, with a 52-week price range of 11.49-16.07 yuan [4] - The company's total market capitalization was 149.20561 billion yuan, with a total share capital of 1.15752994 billion shares [4] - SAIC Motor's stock performance over the past month, three months, and twelve months was -11.9%, -10.0%, and -8.7%, respectively, compared to the CSI 300's performance of -3.2%, 13.8%, and 8.9% over the same periods [4]

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 2024 年三季报点评：业绩低于预期，静待合 资经营改善 2024 年 11 月 04 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 744063 | 744705 | 580732 | 600047 | 633751 | | 同比（ % ） | (4.59) | 0.09 | (22.02) | 3.33 | 5.62 | | 归母净利润（百万元） | 16118 | 14106 | 9956 | 9303 | 12296 | | 同比（ % ） | (34.30) | (12.48) | (29.42) | (6.56) | 32.17 | | EPS- 最新摊薄（元 / 股） | ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a total revenue of 430.48 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.7%, with a net profit attributable to shareholders of 6.91 billion yuan, down 39.5% year-on-year [1]. - In Q3 2024, total revenue was 145.8 billion yuan, a year-on-year decline of 25.9%, but a quarter-on-quarter increase of 3.0%. The net profit attributable to shareholders was 280 million yuan, down 93.5% year-on-year and 92.9% quarter-on-quarter [1]. - The company is accelerating its transition to new energy vehicles, with a focus on optimizing its production and sales structure [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 9.6%, an increase of 0.8 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The increase was attributed to cost reductions in the supply chain [1]. - The average selling price (ASP) for vehicles in Q3 2024 was 121,000 yuan, up 15.4% year-on-year and 24.3% quarter-on-quarter, driven by a higher proportion of premium new energy products [1][5]. Sales and Production - The company sold 823,000 vehicles in Q3 2024, a year-on-year decrease of 35.7% and a quarter-on-quarter decrease of 17.2%. The revenue growth outpaced sales growth due to improved product structure [1]. - The company expects a rebound in vehicle production and sales as it enters the traditional peak sales season in Q4, with significant order growth for its new models [1]. Investment Outlook - The report adjusts the revenue forecast for 2024-2026 to 676.9 billion, 707.4 billion, and 747.0 billion yuan, respectively, with net profits projected at 10.44 billion, 12.90 billion, and 14.63 billion yuan, respectively [1][2]. - The earnings per share (EPS) are expected to be 0.90, 1.11, and 1.26 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 15, 12, and 10 times based on the closing price of 12.87 yuan per share on October 31, 2024 [1][2].

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－050 上海汽车集团股份有限公司 八届十八次监事会会议决议公告 本公司监事会及全体监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第八届监事会第十八次会议通知于 2024 年 10 月 18 日通过传真、电子邮件等形式送达。本次监事会议 于 2024 年 10 月 29 日采用通讯方式召开，应参加会议监事 3 人，实 际收到 3 名监事的有效表决票。会议的召集、召开符合《公司法》及 《公司章程》的有关规定。 经与会监事逐项审议，表决通过了如下决议： （同意 3 票，反对 0 票，弃权 0 票） 特此公告。 上海汽车集团股份有限公司 监事会 2024 年 10 月 31 日 1 1、2024 年第三季度报告 详见上海证券交易所网站 www.sse.com.cn。 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－049 上海汽车集团股份有限公司 八届二十五次董事会会议决议公告 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第八届董事会第二十五次会议通知 于 2024 年 10 月 18 日通过传真、电子邮件等形式送达。本次董事会 会议于 2024 年 10 月 29 日采用通讯方式召开，应参加会议董事 8 人， 实际收到 8 名董事的有效表决票。会议的召集、召开符合《公司法》 及《公司章程》的有关规定。 1、2024 年第三季度报告 （同意 8 票，反对 0 票，弃权 0 票） 特此公告。 本议案事先已经公司董事会审计委员会审议通过。 详见上海证券交易所网站 www.sse.com.cn。 （同意 8 票，反对 0 票，弃权 0 票） 2、关于聘任公司总审计师的议案 经公司总裁提名，同意聘任姜宝新先生担任公司总审计师，任期 与本届董事会任期一致。 姜宝新先生不存在《公司法》等法律法规及其他有关规定不得担 任高级管理人员的情形，未受过中国证监会 ...

Financial Performance - Revenue for the third quarter was RMB 145.80 billion, a decrease of 25.91% year-over-year[2] - Net profit attributable to shareholders was RMB 279.69 million, down 93.53% compared to the same period last year[2] - Total operating income for the first three quarters of 2024 was 430.48 billion yuan, a decrease of 17.7% compared to 523.34 billion yuan in the same period of 2023[12] - Net profit attributable to parent company shareholders was 6.91 billion yuan, a decrease of 39.4% compared to 11.41 billion yuan in the same period of 2023[13] - Basic earnings per share for the first three quarters of 2024 was 0.602 yuan, a decrease of 39.3% compared to 0.992 yuan in the same period of 2023[13] - Total comprehensive income for the first three quarters of 2024 was 13.54 billion yuan, a decrease of 15.8% compared to 16.09 billion yuan in the same period of 2023[13] - The significant decline in net profit was mainly attributed to the downturn in the fuel vehicle market and intense price competition, leading to reduced sales revenue and gross margins[5] Cash Flow - Operating cash flow for the quarter was RMB 7.37 billion, a decrease of 48.09% year-over-year[2] - Sales of goods and services received cash of RMB 392.18 billion, a decrease of 24.1% compared to RMB 516.92 billion in the same period last year[14] - Net cash flow from operating activities was RMB 18.69 billion, a decrease of 11.4% compared to RMB 21.10 billion in the same period last year[14] - Net cash flow from investing activities was RMB 10.59 billion, compared to a negative RMB 18.68 billion in the same period last year[15] - Net cash flow from financing activities was negative RMB 2.99 billion, an improvement from negative RMB 18.08 billion in the same period last year[15] - Cash and cash equivalents increased by RMB 26.70 billion, compared to a decrease of RMB 15.45 billion in the same period last year[15] - Cash received from interest, fees, and commissions was RMB 10.50 billion, a decrease of 16.3% compared to RMB 12.55 billion in the same period last year[14] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets was RMB 9.09 billion, a decrease of 27.7% compared to RMB 12.58 billion in the same period last year[15] - Cash received from investments was RMB 306.61 billion, an increase of 4.9% compared to RMB 292.36 billion in the same period last year[14] - Cash paid for investments was RMB 294.33 billion, a decrease of 4.2% compared to RMB 307.29 billion in the same period last year[15] - Cash received from financing activities was RMB 81.18 billion, an increase of 13.8% compared to RMB 71.31 billion in the same period last year[15] Assets and Liabilities - Total assets at the end of the reporting period were RMB 955.31 billion, a decrease of 5.10% compared to the end of the previous year[3] - Total assets as of September 30, 2024, amounted to 955.31 billion RMB, a decrease from 1,006.65 billion RMB at the end of 2023[9][10] - Total liabilities as of the end of Q3 2024 were 605.01 billion yuan, a decrease of 8.9% compared to 663.74 billion yuan at the end of 2023[11] - Total equity attributable to parent company shareholders was 292.74 billion yuan, an increase of 2.2% compared to 286.32 billion yuan at the end of 2023[11] - Total assets as of the end of Q3 2024 were 955.31 billion yuan, a decrease of 5.1% compared to 1.01 trillion yuan at the end of 2023[11] - Monetary funds increased to 167.26 billion RMB as of September 30, 2024, compared to 143.64 billion RMB at the end of 2023[9] - Trade receivables rose to 71.52 billion RMB as of September 30, 2024, up from 68.02 billion RMB at the end of 2023[9] - Inventory decreased to 86.89 billion RMB as of September 30, 2024, from 98.60 billion RMB at the end of 2023[9] - Short-term borrowings increased to 52.10 billion RMB as of September 30, 2024, compared to 44.92 billion RMB at the end of 2023[10] - Accounts payable decreased to 166.43 billion RMB as of September 30, 2024, from 178.67 billion RMB at the end of 2023[10] - Contract liabilities increased to 26.96 billion RMB as of September 30, 2024, up from 21.84 billion RMB at the end of 2023[10] - Long-term equity investments stood at 63.67 billion RMB as of September 30, 2024, down from 66.70 billion RMB at the end of 2023[10] - Fixed assets decreased to 81.84 billion RMB as of September 30, 2024, from 83.89 billion RMB at the end of 2023[10] - Intangible assets slightly decreased to 20.56 billion RMB as of September 30, 2024, from 20.84 billion RMB at the end of 2023[10] - Long-term borrowings as of the end of Q3 2024 were 50.76 billion yuan, a decrease of 1.3% compared to 51.45 billion yuan at the end of 2023[11] Shareholder Information - The company's largest shareholder, SAIC Industrial (Group) Co., Ltd., holds 63.27% of the total shares[6] - The number of ordinary shareholders at the end of the reporting period was 174,903[6] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 250.52 million, primarily due to government subsidies and asset disposal gains[4] Profitability Metrics - The weighted average return on equity (ROE) for the quarter was 0.07%, a decrease of 1.43 percentage points year-over-year[3] - The basic earnings per share (EPS) for the quarter was RMB 0.025, a decrease of 93.35% year-over-year[2] Expenses - R&D expenses for the first three quarters of 2024 were 11.53 billion yuan, a decrease of 5.9% compared to 12.25 billion yuan in the same period of 2023[12] - Sales expenses for the first three quarters of 2024 were 18.25 billion yuan, a decrease of 11.2% compared to 20.55 billion yuan in the same period of 2023[12]

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－048 监事会对姜宝新先生在担任职工代表监事期间为公司发展所作 贡献表示衷心的感谢。 特此公告。 上海汽车集团股份有限公司 监事会 2024 年 10 月 26 日 1 上海汽车集团股份有限公司 关于职工代表监事辞职的公告 本公司监事会及全体监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"）监事会于近日 收到公司职工代表监事姜宝新先生提交的书面辞职申请。姜宝新先生 由于工作变动，申请辞去上海汽车集团股份有限公司第八届监事会职 工代表监事职务，姜宝新先生辞职后仍将在公司担任审计室主任、风 险管理部总经理等职务。 ...