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].

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 2024－049 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 ...

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 2024－048 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。 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－047 上海汽车集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 31 日(星期四) 下午 14:00-15:00 会议召开地点 ：上海证券交易所上证路演中心（ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 31 日 下午 14:00-15:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 24 日(星期四) 至 10 月 30 日(星期 三)16:00 前 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The sales of new energy vehicles are steadily increasing, with a significant year-on-year growth of 38.26% in September, accounting for 41.28% of total sales [2] - The company is accelerating its expansion into overseas markets, achieving a 5.5% year-on-year increase in overseas sales during the first nine months of the year [2] - The forecasted net profit for the company from 2024 to 2026 is projected to be 10.976 billion, 11.997 billion, and 12.081 billion yuan, respectively, with corresponding PE ratios of 14.42, 13.19, and 13.10 times [2] Summary by Sections Sales Performance - In September, the total sales volume was 313,000 vehicles, a decrease of 35.03% year-on-year [2] - New energy vehicle sales reached 129,000 units in September, marking a 38.26% increase year-on-year, with cumulative deliveries of 886,000 units from January to September, up 29.5% [2] Overseas Market Expansion - The company achieved 806,000 units in overseas deliveries from January to September, reflecting a 5.5% year-on-year growth [2] - The MG brand has delivered over 180,000 units in the European market, maintaining positive year-on-year growth [2] Financial Projections - The company’s projected operating revenue for 2024 is 569.37 billion yuan, with a revenue growth rate of -21.60% [3] - The projected net profit for 2024 is 10.976 billion yuan, with a net profit growth rate of -22.19% [3] - The earnings per share (EPS) for 2024 is expected to be 0.95 yuan, with a PE ratio of 14.42 [3]

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-046 上海汽车集团股份有限公司2024年9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9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 | 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 | 96,879 | 117,800 | -17.76% | 780,789 | 834,524 | -6.44% | 94,000 | 120,003 | -21.67% | 772,091 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 15.86 CNY [1] Core Views - The company's performance is in line with expectations, with a reported revenue of 277.086 billion CNY for the first half of the year, a year-on-year decrease of 12.4%. The net profit attributable to the parent company was 6.628 billion CNY, down 6.5% year-on-year [4] - The gross margin and expense ratio are under pressure, but cash flow has significantly improved, with a net cash flow from operating activities of 11.317 billion CNY, a year-on-year increase of 64.2% [4] - Sales pressure from SAIC-GM affects investment income, while the transformation of joint venture brand structures continues. Investment income in Q2 was 5.727 billion CNY, up 79.5% year-on-year [4] - The company is set to launch new self-owned electric vehicle models in the second half of the year and is deepening its overseas market efforts to address challenges [4] Financial Summary - Revenue (in million CNY): 720,988 (2022A), 726,199 (2023A), 738,063 (2024E), 770,275 (2025E), 804,845 (2026E) [4] - Net profit attributable to the parent company (in million CNY): 16,118 (2022A), 14,106 (2023A), 13,974 (2024E), 14,087 (2025E), 15,483 (2026E) [4] - Earnings per share (CNY): 1.39 (2022A), 1.22 (2023A), 1.21 (2024E), 1.22 (2025E), 1.34 (2026E) [4] - The company’s gross margin is projected to improve from 10.2% in 2023A to 11.0% in 2026E [4]

Investment Rating - The report maintains a "Buy" rating for SAIC Motor (600104 SH) [7] Core Views - SAIC Motor's 2024 H1 revenue was RMB 284 69 billion, down 12 8% YoY, with net profit attributable to parent company of RMB 6 63 billion, down 6 5% YoY, and non-GAAP net profit of RMB 1 02 billion, down 82 0% YoY [2][5] - Despite intense market competition, the company demonstrated relatively stable profitability, with continuous optimization of its sales structure [2][5] - In Q2 2024, SAIC Motor's wholesale sales reached 993,000 units, down 15 9% YoY but up 19 0% QoQ, with passenger vehicle registrations at 565,000 units, down 29 2% YoY and 20 3% QoQ [5] - The company's Q2 2024 revenue was RMB 141 61 billion, down 21 6% YoY and 1 0% QoQ, while operating income was RMB 138 10 billion, down 21 4% YoY and 0 6% QoQ [5] - SAIC Motor's Q2 2024 net profit attributable to parent company was RMB 3 91 billion, down 9 0% YoY but up 44 2% QoQ, with a net profit margin of 2 8%, up 0 4pct YoY and 0 9pct QoQ [5] - The company's Q2 2024 automotive business gross margin was 8 2%, down 1 3pct YoY and 0 6pct QoQ, while the expense ratio was 10 4%, up 1 5pct YoY but down 0 2pct QoQ [5] - SAIC Motor's Q2 2024 investment income was RMB 5 73 billion, up 79 5% YoY and 108 0% QoQ, with joint venture investment income at RMB 0 04 billion, significantly declining both YoY and QoQ [5] - The company's new energy vehicle sales exceeded 310,000 units in Q2 2024, up 49 5% QoQ, while overseas market deliveries reached 279,000 units, up 3 7% QoQ [5] - SAIC Motor is accelerating its intelligent and electric vehicle layout, with technologies such as DMH super hybrid, full-stack 3 0 intelligent vehicle solutions, and solid-state batteries being rapidly commercialized [6] - The company is expected to achieve net profit attributable to parent company of RMB 14 89 billion, RMB 15 61 billion, and RMB 16 72 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9 5X, 9 1X, and 8 5X [6] Financial Performance and Forecast - SAIC Motor's 2024E revenue is projected to be RMB 756 507 billion, with net profit attributable to parent company of RMB 14 891 billion [12] - The company's 2025E revenue is expected to reach RMB 774 582 billion, with net profit attributable to parent company of RMB 15 611 billion [12] - For 2026E, SAIC Motor's revenue is forecasted to be RMB 797 203 billion, with net profit attributable to parent company of RMB 16 719 billion [12] - The company's 2024E EPS is projected to be RMB 1 29, with a P/E ratio of 9 55X and a P/B ratio of 0 47 [12] - SAIC Motor's 2025E EPS is expected to be RMB 1 35, with a P/E ratio of 9 11X and a P/B ratio of 0 45 [12] - The company's 2026E EPS is forecasted to be RMB 1 44, with a P/E ratio of 8 50X and a P/B ratio of 0 43 [12] Business Highlights - SAIC Motor's joint venture performance showed mixed results in Q2 2024, with SAIC Volkswagen sales at 264,000 units (down 4 7% YoY, up 6 4% QoQ), SAIC GM sales at 114,000 units (down 57 0% YoY, up 2 3% QoQ), and SAIC-GM-Wuling sales at 346,000 units (up 5 6% YoY, up 54 5% QoQ) [5] - The company is accelerating its overseas market expansion, with a focus on consolidating its presence in Western Europe and South America while exploring emerging markets in Eastern Europe [5] - SAIC Motor has launched several new energy vehicle models, including the IM L6, Roewe D5X, and Buick GL8 plug-in hybrid, with the SAIC Volkswagen ID family achieving monthly sales exceeding 10,000 units [6]