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].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 16.83 CNY per share, indicating a potential upside of 13% [1][2]. Core Views - The company reported a revenue of 744.7 billion CNY for 2023, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 14.1 billion CNY, down 12% year-on-year [1]. - The company is focusing on overseas expansion and the transition to new energy vehicles, with a target of 1.35 million units in overseas sales for 2024, representing a 12% increase year-on-year [2]. - The company is accelerating its new energy transition, with a notable focus on the new model, Zhiji L6, which is expected to enhance brand visibility and sales [2]. Financial Summary - For 2023, the company achieved a total revenue of 744.7 billion CNY, with a year-on-year growth rate of 0.1%. The net profit attributable to shareholders was 14.1 billion CNY, reflecting a year-on-year decline of 12.5% [6]. - The forecast for 2024-2026 includes total sales of 4.85 million, 4.76 million, and 4.64 million units, with revenues projected at 768.9 billion CNY, 804 billion CNY, and 839 billion CNY respectively [2][6]. - The report predicts net profits for 2024, 2025, and 2026 to be 15 billion CNY, 15.5 billion CNY, and 16.6 billion CNY respectively, with corresponding P/E ratios of 12, 11, and 10 [2][6].

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 3 月批发环比+83%，上汽通用产销恢复正常 2024年 04月 12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） 744,063 744,705 758,184 798,934 882,169 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） 16,118 14,106 14,266 17,677 19,627 执业证书：S0600122080033 同比 -34.30% -12.48% 1.13% 23.92% 11.03% mengl@dwzq.com.cn EPS-最新摊薄（元/股） 1.39 1.22 1.23 1.53 1.70 股价走势 P/E（现价&最新摊薄） 10.82 12.37 12.23 9.87 8.89 [关Ta键bl词e_：Ta#g出] 口导向 ...

上汽集团（600104.SH）系列点评五 销量环比显著提升 新能源表现亮眼 2024年04月10日 3 ➢ 事件：上汽集团发布2024年3月产销快报：3月集团批发销量38.1万辆， 推荐 维持评级 同比+8.4%，环比+83.5%；2024Q1集团累计批发销量83.4万辆，同比-6.4%； 当前价格： 15.30元 上汽大众 3 月批发 9.0 万辆，同比+11.1%，环比+42.9%；2024Q1 累计批发 24.8万辆，同比+9.6%；上汽通用3月批发6.2万辆，同比-1.3%，环比+359.3%； 2024Q1累计批发11.2万辆，同比-40.0%；上汽乘用车3月批发7.9万辆，同 比-4.0%，环比+139.9%；2024Q1累计批发16.3万辆，同比-17.3%；上汽通 [T able_Author] 用五菱3月批发11.4万辆，同比+26.0%，环比+52.0%；2024Q1累计批发22.4 万辆，同比+16.4%。 ➢ 合资销量回暖 荣威、五菱新能源表现亮眼。上汽集团3月批发销量38.1万 辆，受益行业需求向好及合资折扣放大，销量环比修复明显。分品牌看，3月上 汽大众、上汽通用五菱表现较好，批发 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.30 CNY, based on a current price of 15.30 CNY [7]. Core Views - The company experienced a slight decline in sales in Q1, but there was a significant increase in new energy vehicle sales both year-on-year and month-on-month [2][3]. - The company is expanding its product lineup with the upcoming launch of the intelligent electric vehicle, the Zhiji L6, which is expected to further boost new energy vehicle sales [3]. - Export sales showed recovery in March, indicating a potential easing of previous logistical constraints [4]. Financial Performance and Forecast - The company’s projected revenues for 2024-2026 are 744.7 billion CNY, 778.4 billion CNY, and 822.8 billion CNY, with year-on-year growth rates of 2.55%, 4.52%, and 5.7% respectively [5]. - The expected net profit for the same period is 15.7 billion CNY, 17.2 billion CNY, and 18.5 billion CNY, with growth rates of 11%, 10%, and 8% respectively [5]. - Earnings per share (EPS) are forecasted to be 1.35 CNY, 1.49 CNY, and 1.60 CNY for 2024, 2025, and 2026 respectively [5]. Sales Performance - In March, the company achieved wholesale vehicle sales of 381,000 units, a year-on-year increase of 8.41%, while the total sales for January to March were 834,000 units, reflecting a year-on-year decline of 6.4% [2]. - New energy vehicle sales reached 85,000 units in March, marking a 30% year-on-year increase and a 39% month-on-month increase, with total sales for the first quarter at 210,000 units, up 48% year-on-year [3]. Export and Logistics - The company’s export sales in March were 105,000 units, showing a year-on-year growth of 8.8%, indicating a return to positive growth after previous declines [4]. - The expansion of the company's self-operated fleet, which will grow to 31 vessels, is expected to alleviate previous logistical constraints and support future export growth [4].