上汽集团（600104.SH）系列点评四 利润相对稳健 出海持续向上 2024年03月31日 ➢ 事件概述：公司发布 2023 年年报：2023 年公司总营收为 7,447.1 亿元， 推荐 维持评级 同比+0.1%；归母净利润为141.1亿元，同比-12.5%；扣非归母净利润为100.5 当前价格： 15.07元 亿元，同比+11.7%。其中2023Q4实现总营收2,213.6亿元，同比+2.2%，环 比+12.5%；归母净利润27.0亿元，同比-22.2%，环比-37.5%；扣非归母净利 润5.7亿元，同比+134.8%，环比-84.9%。 [Table_Author] ➢ 费用及减值影响 利润略有承压。公司2023Q4实现总营收2,213.6亿元， 同比+2.2%，环比+12.5%；扣非归母净利润 5.7 亿元，同比+134.8%，环比- 84.9%。收入端，2023Q4上市集团销量164.4万辆，同比+7.2%，收入增速低 于销量增速主要受年底折扣放大、单车收入有所下降影响；毛利端，2023Q4毛 利率10.71%，同比+1.2pct，环比+0.3pct；主要受益规模效应、出口促进毛利。 费用端，20 ...

Financial Performance - Total revenue for 2023 was RMB 744.705 billion, a slight increase of 0.09% compared to 2022[16] - Net profit attributable to shareholders was RMB 14.106 billion, a decrease of 12.48% year-on-year[16] - Operating cash flow surged by 345.41% to RMB 42.334 billion in 2023[16] - Total assets reached RMB 1.00665 trillion, up 1.67% from the previous year[16] - Revenue from core business operations (operating income) increased by 0.72% to RMB 726.199 billion[16] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 11.71% to RMB 10.044 billion[16] - Shareholders' equity attributable to the parent company grew by 2.54% to RMB 286.318 billion[16] - Basic earnings per share decreased by 12.43% to 1.226 yuan per share in 2023 compared to 1.400 yuan per share in 2022[17] - Net cash flow from operating activities increased by 345.41% due to adjustments in loan scale by the subsidiary Shanghai Automotive Group Finance Co., Ltd[17] - Operating revenue for Q4 2023 reached 221.36 billion yuan, the highest among all quarters[19] - Net profit attributable to shareholders in Q2 2023 was 4.30 billion yuan, the highest quarterly figure[19] - Non-recurring gains and losses totaled 4.06 billion yuan in 2023, a decrease from 7.13 billion yuan in 2022[21] - Government subsidies accounted for 4.05 billion yuan of non-recurring gains in 2023[21] - The fair value of trading financial assets increased by 1.46 billion yuan to 46.69 billion yuan at the end of 2023[22] - Other current assets - interbank certificates of deposit saw a significant increase of 21.71 billion yuan to 47.85 billion yuan[22] - Other non-current financial assets increased by 6.15 billion yuan to 22.78 billion yuan, contributing 1.16 billion yuan to current profit[22] - The company's total operating revenue in 2023 was RMB 744.705 billion, a slight increase of 0.09% year-on-year, while net profit attributable to shareholders decreased by 12.48% to RMB 14.106 billion[30] - Automotive manufacturing revenue decreased by 0.72% to 726.2 billion RMB, with a gross margin increase of 0.58 percentage points to 10.19%[33] - Financial sector revenue decreased by 19.80% to 18.5 billion RMB, with a gross margin increase of 5.44 percentage points to 85.47%[33] - Total revenue increased by 0.09% to 744.7 billion RMB, with a gross margin increase of 0.27 percentage points to 12.06%[33] - Vehicle sales decreased by 5.31% to 5,020,865 units, with inventory decreasing by 5.61% to 5,025,295 units[34] - Overseas revenue increased by 34.37% to 112.04 billion RMB, with a gross margin decrease of 1.72 percentage points to 6.30%[33] - Net cash flow from operating activities increased by 345.41% to 42.33 billion yuan in 2023[47] - Accounts receivable financing increased by 44.73% to 16.72 billion yuan[48] - Other debt investments surged by 441.91% to 4.57 billion yuan[48] - Overseas assets amounted to 97.44 billion yuan, representing 9.68% of total assets[49] - The company's long-term equity investment balance increased by 3.18% to 66.701 billion yuan at the end of 2023[62] - The fair value of financial assets measured at fair value at the end of the period was RMB 152.31 billion, with a total change in fair value of RMB 117.58 billion during the period[64] - The company's trading financial assets increased from RMB 45.23 billion at the beginning of the period to RMB 46.69 billion at the end of the period, with a fair value change loss of RMB 183.41 million during the period[64] - The company's other equity instrument investments decreased from RMB 17.19 billion at the beginning of the period to RMB 13.71 billion at the end of the period, with a fair value change loss of RMB 2.76 billion during the period[64] - The company's investment in China Merchants Bank (stock code: 600036) had an initial investment cost of RMB 3.68 billion and a year-end book value of RMB 8.63 billion, with a cumulative fair value change of RMB -2.93 billion included in equity[65] - The company's total investment in securities was RMB 12.34 billion at the beginning of the period and RMB 9.01 billion at the end of the period, with a total fair value change loss of RMB 116.66 million during the period[65] - The company's Qingdao SAIC Innovation Upgrade Industrial Equity Investment Fund had a total investment of RMB 13.5 billion, with a cumulative investment of RMB 11.71 billion in 23 projects and 6 sub-funds as of December 31, 2023[67] - The company's Jiaxing SAIC Chuangyong Equity Investment Fund had a total investment of RMB 3 billion, with a cumulative investment of RMB 2.23 billion in 33 projects and 4 sub-funds as of December 31, 2023[68] - The company's Shandong Shangqi Shandong High-Tech Power Equity Investment Fund had a total investment of RMB 807 million, with a cumulative investment of RMB 706 million in 15 projects as of December 31, 2023[69] - The company's Nanjing Junhong Tianyin Equity Investment Fund had a total investment of RMB 1.55 billion, with a cumulative investment of RMB 1.2 billion in 24 projects as of December 31, 2023[70] - The Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund increased its total subscribed capital from RMB 3.3734 billion to RMB 4.2625 billion, with SAIC Finance increasing its subscription from RMB 980 million to RMB 1.33 billion, holding a 31.20% share[72] - As of December 31, 2023, the Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund had a cumulative paid-in capital of RMB 2.131 billion and invested in 23 projects totaling RMB 1.496 billion[72] - The Jiaxing Chuangqi Venture Capital Fund was established with an initial subscribed capital of RMB 5 billion, with SAIC Changzhou Innovation Fund subscribing RMB 4.999 billion, holding a 99.98% share[73] - As of December 31, 2023, the Jiaxing Chuangqi Venture Capital Fund had a cumulative paid-in capital of RMB 1.97 billion and invested in 1 project totaling RMB 1.97 billion[73] - The Shanghai SAIC Xinju Venture Capital Fund was established with an initial size of RMB 6.012 billion, with SAIC Group subscribing RMB 6 billion, holding a 99.80% share[74] - As of December 31, 2023, the Shanghai SAIC Xinju Venture Capital Fund had a cumulative paid-in capital of RMB 321 million and invested in 1 project totaling RMB 198 million[74] - The company realized a settlement gain of RMB 4.1613 million through forward foreign exchange contracts during the reporting period[75] - The company's derivative trading limit was set at USD 9.4 billion or equivalent in other currencies, with no over-limit situations occurring as of December 31, 2023[76] - SAIC Motor's total assets reached 111.03 billion yuan, with a net profit attributable to the parent company of 3.13 billion yuan[78] - SAIC General Motors' total assets amounted to 87.48 billion yuan, with a net profit attributable to the parent company of 2.54 billion yuan[78] - Huayu Automotive's total assets stood at 176.10 billion yuan, with a net profit attributable to the parent company of 7.21 billion yuan[78] - SAIC Finance's total assets reached 301.14 billion yuan, with a net profit attributable to the parent company of 5.70 billion yuan[78] - SAIC-GM-Wuling's total assets were 60.29 billion yuan, with a net profit attributable to the parent company of 930.57 million yuan[78] - The company aims to achieve annual vehicle sales of 5.45 million units in 2024, with expected operating revenue exceeding 790 billion yuan[83] - Domestic new energy vehicle sales in China are projected to reach 10.8 million units in 2024, a 30% year-on-year increase[81] - The company plans to focus on the development of new energy vehicles, leveraging technologies like DMH super hybrid and the Galaxy Full Stack 3.0 intelligent vehicle solution[82] - The company will accelerate the transformation and upgrading of its parts business to align with the trends of electrification and intelligent networking[83] - The company faces risks from intense domestic price competition and potential trade protection measures in overseas markets[84] - The company held 1 general meeting of shareholders in 2023, with resolutions including the 2022 annual board report, profit distribution plan, and financial audit institution appointment[87][90] - The board of directors consists of 8 members, including 2 external directors and 3 independent directors, with 6 board meetings held during the reporting period[87] - The company received visits from over 150 investment institutions and 2,300 individuals, and participated in 88 investor exchange meetings organized by securities firms[87] - 4 periodic reports and 66 interim announcements were disclosed throughout the year, with no correction announcements issued[87] - The company revised 6 basic management systems, including the articles of association, shareholder meeting rules, and related party transaction management system[87] - The board approved the "Further Deepening of Professional Manager Compensation System Reform Implementation Plan" and the "Incremental Performance Incentive Plan 2022 Implementation Plan"[88] - The company held 3 earnings briefings and received 650 consultation calls during the reporting period[87] - The board's strategic and ESG sustainable development committee held 1 meeting, while the audit committee and nomination, compensation, and assessment committee held 5 and 4 meetings respectively[87] - The total pre-tax compensation for the Board Secretary in 2023 was 1.4541 million yuan[94] - The total pre-tax compensation for the former Vice President in 2023 was 2.7351 million yuan[94] - The total pre-tax compensation for the former Employee Representative Director in 2023 was 1.1644 million yuan[94] - The total pre-tax compensation for the former Employee Representative Supervisor in 2023 was 789,300 yuan[94] - The total pre-tax compensation for the former Supervisor Chairman in 2023 was 0 yuan[94] - The total pre-tax compensation for the Board of Directors and Supervisors in 2023 was 33.9704 million yuan[94] - The number of shares held by the former Employee Representative Supervisor remained unchanged at 800 shares from the beginning to the end of the year[94] - The total number of shares held by the Board of Directors and Supervisors remained unchanged at 9,180 shares from the beginning to the end of the year[94] - The total pre-tax compensation for the Employee Representative Supervisor in 2023 was 0 yuan[94] - The total pre-tax compensation for the former Vice President in 2023 was 2.7351 million yuan[94] - The total actual remuneration received by all directors, supervisors, and senior management at the end of the reporting period was 33.97 million RMB[101] - Independent directors receive an annual pre-tax allowance of 100,000 RMB, with necessary and reasonable expenses incurred during their duties covered by the company[100] - The company's senior management's performance-based compensation is linked to the company's performance and individual performance evaluation results[100] - The company's "1+5" rolling development plan for 2023-2027 was approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual profit distribution plan and financial final report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual report and summary were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual social responsibility report and internal control evaluation report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual board of directors work report and president work report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual independent directors' work report was approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual board of directors audit committee work report was approved during the 8th Board of Directors' 13th meeting[103] - The company approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors held 6 meetings in 2023, with 5 conducted via telecommunication and 1 in person[108] - The company's strategic and ESG sustainable development committee includes members such as Chen Hong, Wang Xiaoqiu, and Wang Jian[109] - The company's audit committee reviewed and approved the "1+5" rolling development plan (2023-2027), focusing on high-quality development and expanding overseas business[110] - The company approved the addition of Huang Jian as a director, with his term aligned with the eighth board of directors[107] - The company's board of directors approved the 2023 semi-annual report and internal control evaluation report[104] - The company's board of directors approved the 2023 third-quarter report and the implementation plan for the salary determination mechanism reform (2023-2026)[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - Total number of employees in the parent company and major subsidiaries is 207,001, with 14,087 in the parent company and 192,914 in major subsidiaries[115] - Number of technical personnel in the parent company is 8,596, accounting for 61% of the total parent company employees[115] - Number of employees with postgraduate education or above in the parent company is 4,539, accounting for 32.2% of the total parent company employees[116] - The company implemented a salary linkage mechanism with economic benefits, ensuring timely and full payment of salaries and social insurance[117] - The company awarded 18 employees with honors such as "Shanghai Outstanding Technical Leader" and "China Automotive Industry Outstanding Young Scientific Talent" in 2023[117] - The company conducted a total of 2.19 million training sessions, accumulating approximately 940,000 training days in 2023[118] - The company completed 177 automotive engineering training classes, training over 20,000 professionals in 2023[118] - The company integrated 130 new courses, bringing the total to over 1,000 courses in emerging technology fields such as electronic and electrical architecture, software development, and intelligent cockpits[118] - The company added 32 new instructors, bringing the total number of instructors to over 280[118] - The company promoted over 2,500 skilled workers through vocational training and certification, with more than 800 achieving senior technician or higher levels[119] - The company has built training bases with a total construction area of approximately 35,500 square meters since 2011[119] - The company approved a cash dividend of RMB 3.69 per 10 shares, totaling RMB 4.23 billion[120] - The cash dividend accounted for 30% of the net profit attributable to shareholders, with a total dividend payout ratio of 31.83%[123][124] - The company established 203 management systems and 127 internal control sub-processes by the end of 2023[126] - The company's internal control system was effectively executed, with no significant or material weaknesses identified in financial or non-financial reporting[127] - Environmental protection investment during the reporting period was 4,456 million yuan[130] - The company has 27 wastewater discharge outlets and 873 exhaust gas discharge outlets[133] - The actual emissions of major pollutants: COD 327 tons, NH3-N 17 tons, NOx 118 tons, SO2 9 tons[133] - The company reduced CO2 equivalent emissions by 144,217 tons[143] - The company established a dual-carbon working group to promote carbon reduction throughout the product lifecycle[143] - The company strictly complies with national and local environmental standards for wastewater and exhaust emissions[132] - The company has installed online monitoring devices for atmospheric pollutant emissions at key emission points[135] - The company implements a "three simultaneous" system for environmental protection facilities in construction projects[136] - The company has developed emergency response plans for environmental incidents and conducts regular training and drills[137] - The company promotes green manufacturing and energy efficiency benchmarking projects to build green factories and products[142] - Total social responsibility investment reached 24.3562 million yuan, including 12.1319 million yuan in funds and 12.2243 million yuan in material donations, benefiting 213,716 people[146] - Total investment in poverty alleviation and rural revitalization projects amounted to 25.6722 million yuan, with 25.3647 million yuan in funds and 307,500 yuan in material donations, benefiting 27,794 people[147] - The company changed its accounting firm from Deloitte Touche Tohmatsu to PricewaterhouseCoopers, with a total annual remuneration not exceeding 4 million yuan, including 400,000 yuan for internal control audit fees[152] - The company's audit fees decreased by more than 20% compared to the previous year due to a competitive bidding process[152] - The company and its controlling shareholders maintained good integrity status during the reporting period[155] - The total expected amount for the "Commod

IT 之家 3 月 29 日消息，上汽集团今日晚间发布年度业绩报告称，2023 年营业收入约 7261.99 亿元，同 比增加 0.72%；归属于上市公司股东的净利润约 141.06 亿元，同比减少 12.48%；基本每股收益 1.226 元，同比减少 12.43%。 ...

日前，飞凡汽车官方针对“被上汽集团放弃”等传闻作出回应。 飞凡汽车官方发给经销商的沟通信中对上述市场传闻进行了辟谣，并强调飞凡汽车在确保独立运营的前提下，将 进一步深化“轻资产”战略，还将继续保持既定的产品布局与业务节奏，在今年年中推出全新的重磅车型。 飞凡汽车声明称，“飞凡汽车在确保独立运营的前提下，进一步深化‘轻资产’战略，通过加强与上汽集团相关优势 资源的协同，优化业务职能，聚焦与用户紧密相关的核心业务，提升整体运营效率，以更健康稳健的姿态应对市 场变化。” 图源： 飞凡汽车 产品规划方面，“飞凡汽车全新的重磅车型将在今年年中亮相。”声明还透露，在今年3月28日即将召开的经销商大 会上，飞凡汽车将详细沟通后续的整体规划。在4月份举办的今年北京车展上，飞凡汽车也会以独立展台展出。 黄河科技学院客座教授、汽车行业分析师张翔对财经网汽车分析称，目前市场竞争激烈，飞凡汽车销量低于预 期，低迷的市场表现在如今非常内卷的新能源车市场上几乎没有任何存在感，形势相对不容乐观。 此前，有媒体报道称，“飞凡汽车预计将裁员70%以上，即便躲过本次裁员，飞凡员工也会大概率面临降薪。同 时，整合进上汽的飞凡高阶智驾团队已遭‘团灭 ...

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 2 月批发环比-15 %，新能源渗透率环比持续 2024年 03月 13日 提升 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2021A 2022A 2023E 2024E 2025E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 779,846 744,063 725,471 740,858 798,868 执业证书：S0600122080033 同比 5.08% -4.59% -2.50% 2.12% 7.83% mengl@dwzq.com.cn 归母净利润（百万元） 24,533 16,118 13,417 16,617 22,709 同比 20.08% -34.30% -16.76% 23.85% 36.66% 股价走势 EPS-最新摊薄（元/股） 2.12 1.39 1.16 1.44 1.96 上汽集团 沪深300 P/E（现价&最新摊薄） 7.03 10.71 12.86 10.39 7.60 1 ...

证券研究报告 公 2024年03月11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： 14.98元 2 月销量短期承压，新能源继续高增长 点 目标价格： 评 研 事件： 究 基本数据 2024年3月8日，公司发布2月份产销快报，公司2月实现汽车批发销量 11,575.30/11,575. 总股本/流通股本(百万股) 20.78万辆，同比下降31%，环比下降15%，下滑主要受春节假期影响。 30 ➢ 受春节假期影响，2月销量短期承压 流通A股市值(百万元) 173,397.99 2月公司汽车批发销量为20.78万辆，同比下降31%，环比下降15%，受春 每股净资产(元) 24.47 节假期影响，2月销量短期承压。零售来看，公司1-2月实现整车销量73.6 资产负债率(%) 63.95 万辆，同比增长11%，保持行业领先。分品牌看，2月公司旗下除上汽通用 一年内最高/最低(元) 15.65/12.92 五菱、智己汽车和名爵印度外，其余品牌销量均同比下滑，上通五、智己 汽车和名爵印度 2 月批发销量分别为 7.5/0.2/0.5 万辆，同比分别增长 股价相对走势 ...

转自：北京日报客户端 2024年3月 10日，中国人民政治协商会议第十四届全国委员会第二次会议在北京人民大会堂举行闭幕会。新华社记 者 丁海涛 摄 新华社北京3月10日电 题：从2024年中国两会看高质量发展新蓝图 一年一度的全国两会，一直是观察中国发展和政策走向的重要窗口。 2024年是新中国成立75周年，也是实现“十四五”规划目标任务的关键一年，“高质量发展”成为今年全国 两会热门词汇。这不仅关乎14亿多中国人的福祉，也为世界各国带来发展机遇。 ...

投中网 > 资本市场 > 正文 B轮砸了80亿，国家队又进场了 投中网 | 黎曼 2024-03-02 16:08:00 还在牌桌的玩家正在抓紧造血、融资。 最近，上汽亲儿子，智己汽车宣布获得超80亿元的B轮股权融资，又一笔近年来造车领域的少数巨额融 资。 智己汽车成立于2020年12月，是由上汽集团、张江高科和阿里巴巴集团共同打造的“新势力”，注册资本 高达100亿元。其中，上汽集团出资54亿元，持有54%的股权；张江高科与阿里巴巴各出资18亿元，分 别持有18%股权。 而品牌名“智己”取自《周易 系辞上》“知周乎万物，而道济天下”，意在用智慧周全万物，勤奋探索， 定义、创造、实现时代所驱、用户所需的智慧出行。 颇为显眼的是，智己汽车在本轮融资着重宣传了自己的“新生代大厂国家队”的身份。 智己汽车是业内首个如此直接宣传的车企，给自己主动贴了个标签。背后含义很明显，首先是作为上汽 集团新能源转型的排头兵，是资源足、实力强的“车二代”，宣传文案也写了“上汽集团技术All in、资源 All in、服务All in智己汽车”。 其次，投资方是国家队，并且是“持续看好”。 本轮的投资方是众多银行系。领投机构是中银金 ...

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 1 月批发同比+3%，新能源车销量同比高增 2024年 02月 19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 2021A 2022A 2023E 2024E 2,025E 021-60199793 营业总收入（百万元） 779,846 744,063 725,471 740,858 798,868 huangxl@dwzq.com.cn 同比 5.08% -4.59% -2.50% 2.12% 7.83% 研究助理 孟璐 归母净利润（百万元） 24,533 16,118 13,417 16,617 22,709 执业证书：S0600122080033 同比 20.08% -34.30% -16.76% 23.85% 36.66% mengl@dwzq.com.cn EPS-最新摊薄（元/股） 2.12 1.39 1.16 1.44 1.96 股价走势 P/E（现价&最新摊薄） 6.87 10.45 12.55 10.14 7.42 [关Ta键bl词e_：Ta#g出] 口导向 ...

证券研究报告 公 2024年02月18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： 14.58元 1 月零售销量开门红，自主品牌表现亮眼 点 目标价格： 评 研 事件： 究 基本数据 2024年2月9日，公司发布1月份产销快报，公司1月实现汽车批发销量 11,575.30/11,575. 总股本/流通股本(百万股) 30 24.49万辆，同比增长2.9%，环比下降61.55%。 流通A股市值(百万元) 168,767.87 ➢ 1月销量开门红，零售端同比大幅增长 每股净资产(元) 24.47 公司 24 年 1 月实现批发销量 24.49 万辆，同比增长 2.9%；实现零售销量 资产负债率(%) 63.95 超过45万辆，同比增长近50%，实现24年销量开门红。分品牌来看，上汽 大众 1 月实现批发销量 9.5 万辆，同比增长 32%，表现十分亮眼。自主品 一年内最高/最低(元) 15.65/12.92 牌中，上汽智己 1 月实现销量 5001 辆，同比增长 886%；上汽乘用车 1 月 股价相对走势 实现销量 5.06万辆，同比下降 9.17%，1月自 ...