上海市通力律师事务所 关于安徽江淮汽车集团股份有限公司 2024 年第四次临时股东会的法律意见书 在本法律意见书中, 本所仅对本次股东会召集和召开的程序、出席本次股东会人员资格 和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并不对 本次股东会所审议的议案内容以及该等议案所表述的事实或数据的真实性和准确性发表意 见。 本所及本所律师依据法律法规及本法律意见出具日以前已经发生或者存在的事实, 严 格履行了法定职责, 遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证, 保证本法律 意见所认定的事实真实、准确、完整, 所发表的结论性意见合法、准确, 不存在虚假记载、 误导性陈述或者重大遗漏, 并承担相应法律责任。 在此基础上, 本所律师出具法律意见如下: 24SH7200120/SLXL/cj/cm/D58 一. 关于本次股东会的召集、召开程序 根据公司公告的《安徽江淮汽车集团股份有限公司关于召开 2024 年第四次临时股东 会的通知》(以下简称"会议公告"), 公司董事会已于本次股东会召开十五日前以公告 方式通知各股东。 公司董事会已在会议公告等文件中载明了本次股东会召开的时间、地 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant year-on-year growth in net profit for Q3 2024, with a 1028.38% increase to 324 million yuan, despite a 5.57% decrease in revenue to 10.908 billion yuan [2][3] - The improvement in net profit is attributed to the optimization of product and debt structures, expansion into domestic and international markets, increased exchange gains, and reduced financial costs [2][3] - The company has formed strategic partnerships with major technology firms such as Huawei and CATL in the field of smart new energy vehicle development [3] Financial Performance Summary - Q3 2024 revenue was 10.908 billion yuan, down 5.57% year-on-year - Q3 2024 net profit was 324 million yuan, up 1028.38% year-on-year - Gross margin for Q3 2024 was 11.36%, an increase of 0.41 percentage points year-on-year - Selling expenses ratio was 3.88%, up 0.2 percentage points year-on-year - Management expenses ratio was 4.05%, up 0.52 percentage points year-on-year - R&D expenses ratio was 4.11%, up 1.06 percentage points year-on-year [2][3] Earnings Forecast - The company is expected to achieve net profits of 765 million yuan, 839 million yuan, and 1.237 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 126.52, 115.38, and 78.24 [3][5]

证券代码：600418 证券简称：江淮汽车 公告编号：2024-060 安徽江淮汽车集团股份有限公司 董事会 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。 2024 年 11 月 14 日 一、根据《上市公司国有股权监督管理办法》（国资委 财政部 证监会令第 36 号）等有关规定，江汽控股原则同意公司向特定对象发行 A 股股票方案，融 资规模不超过 490,000 万元（含本数），本次发行股票数量不超过发行前公司总 股本的 30%。 二、本次发行股票的总体方案仍需按照有关规定，在获得公司股东会批准， 并经上海证券交易所审核通过及中国证监会同意注册后方可实施。 安徽江淮汽车集团股份有限公司关于向特定对象 三、本次发行股票工作完成后，公司应按规定及时申请办理产权登记和工商 变更等手续。 发行 A 股股票收到控股股东批复的公告 特此公告。 2024 年 11 月 13 日，安徽江淮汽车集团股份有限公司（以下简称"公司"） 收到安徽江淮汽车集团控股有限公司（以下简称"江汽控股"）出具的《关于安 徽江淮汽车集团股份有限公司向特定对象发 ...

安徽江淮汽车集团股份有限公司 2024 年第四次临时股东会会议资料 现场会议地点：安徽省合肥市东流路 176 号安徽江淮汽车集团股 份有限公司管理大楼 301 会议室 网络投票起止时间：自 2024 年 11 月 20 日至 2024 年 11 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 | 会 议 程 | 议 | | | | 1 | | --- | --- | --- | --- | --- | --- | | 1.关于公司符合向特定对象发行 A | | | 股股票条件的议案 | | 3 | | 2.关于公司向特定对象发行 A | | 股股票方案的议案 | | | 7 | | 3.关于公司向特定对象发行 A | | 股股票预案的议案 | | | 12 | | 4.关于公司向特定对象发行 A | | | 股股票方案论证分析报告的议案 | .. | 13 | | 5.关于公司向特定对象发行 A | | | ...

Investment Rating - The report assigns an "Outperform" rating to Jianghuai Automobile (JAC) with a target price of RMB 49.44, representing a 60% increase from the previous target price of RMB 30.90 [2][11] Core Views - Jianghuai Automobile demonstrated strong performance in the first three quarters of 2024, with net profit attributable to shareholders reaching RMB 630 million, a 2.4-fold year-over-year increase [1][8] - The company's Q3 2024 revenue was RMB 10.93 billion, down 5.5% YoY, but gross profit margin improved by 0.41 percentage points to 11.36% [1][9] - Jianghuai Automobile has expanded its open cooperation strategy, signing strategic agreements with Huawei Digital Energy and CATL to enhance its competitiveness in the new energy vehicle sector [2][10] Financial Performance - For 2024-2026, the report forecasts net profits of RMB 220 million, RMB 290 million, and RMB 410 million, respectively, with book value per share (BPS) of RMB 6.18, RMB 6.36, and RMB 6.60 [2][11] - The company's revenue is expected to grow from RMB 50.24 billion in 2024E to RMB 60.22 billion in 2026E, with a compound annual growth rate (CAGR) of approximately 9.5% [4][6] - Gross profit margin is projected to increase steadily from 11.7% in 2024E to 12.5% in 2026E, reflecting improved operational efficiency [4][6] Strategic Developments - Jianghuai Automobile has optimized its product and debt structures, expanded into domestic and international markets, and increased asset disposal income, contributing to its financial improvement [1][8] - The company's collaboration with Huawei Digital Energy focuses on the integration of vehicles, charging infrastructure, and digital platforms, while its partnership with CATL aims to incorporate advanced battery technology into multiple product lines [2][10] Valuation and Projections - The report values Jianghuai Automobile at 8.0x price-to-book (PB) ratio for 2024, up from the previous 5.0x PB, reflecting the company's growth potential [2][11] - Earnings per share (EPS) is expected to grow from RMB 0.10 in 2024E to RMB 0.19 in 2026E, driven by improved profitability and operational efficiency [4][6]

证券代码:600418 证券简称:江淮汽车 编号:2024-059 安徽江淮汽车集团股份有限公司截至 2024 年 10 月份产销快报数据如下： 本公告为快报数，具体数据以公司定期报告为准。 安徽江淮汽车集团股份有限公司 2024 年 10 月产、销快报 本公司董事会及全体董事保证本公司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。 特此公告！ 安徽江淮汽车集团股份有限公司董事会 2024 年 11 月 9 日 单位：辆 十月份产销量明细 月度同比 年度同比 本月 去年 同期 增减% 本年 累计 去年 累计 增减% 产 量 乘 用 车 运动型多用途乘用车（SUV） 7358 7689 -4.30 71230 92639 -23.11 多功能乘用车（MPV） 1334 1770 -24.63 13505 16992 -20.52 基本型乘用车（轿车） 5115 5835 -12.34 56795 66396 -14.46 商 用 车 轻中型货车 8335 13953 -40.26 110889 116185 -4.56 重型货车 677 1772 -61. ...

Group 1 - The automotive industry, to which Jianghuai Automobile belongs, has an overall increase of 1.16% [1] - Within the industry, 203 stocks have risen, with five stocks including Zotye Automobile and Fuda Co., Ltd. hitting the daily limit [1] - Conversely, 72 stocks have declined, with the largest drops seen in Beite Technology, Longsheng Technology, and Xingyu Co., Ltd., with declines of 5.28%, 4.86%, and 3.74% respectively [1] Group 2 - As of November 4, the latest margin trading balance for the stock is 5.781 billion yuan, with a financing balance of 5.748 billion yuan [1] - Over the past ten days, the margin financing balance has increased by 1.385 billion yuan, representing a week-on-week growth of 31.76% [1]

Investment Rating - The report assigns an "Accumulate" rating for Jianghuai Automobile (600418) as part of its initial coverage [3][9]. Core Insights - The company reported a significant increase in net profit for Q3 2024, reaching 324 million yuan, compared to 29 million yuan in the same period of 2023, primarily due to increased asset disposal gains [3][4]. - The collaboration with Huawei is expected to enhance the company's capabilities in smart and high-end electric vehicles, with the first product under the MAEXTRO brand entering the verification stage [4][6]. - The company is projected to benefit from the recovery in light truck sales and the expansion of overseas business, with notable growth in its pickup truck exports [4][6]. Financial Performance Summary - For Q3 2024, Jianghuai Automobile achieved a revenue of 10.908 billion yuan, a year-on-year decrease of 5.57%, while the gross profit margin was 11.36%, showing slight improvements [3][4]. - The company’s net profit for Q3 2024 was significantly higher than the previous year, with a year-on-year increase of 1,028.38% and a quarter-on-quarter increase of 66.02% [3][4]. - The report forecasts revenues of 45.953 billion yuan, 62.469 billion yuan, and 81.531 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 628 million yuan, 907 million yuan, and 1.22 billion yuan [6][7]. Market Performance - Jianghuai Automobile's stock has outperformed the CSI 300 index significantly over the past month, three months, and twelve months, with increases of 55.9%, 103.3%, and 111.1% respectively [3][4]. - The company's total market capitalization is approximately 85.39 billion yuan, with a daily average trading volume of 7.81 million yuan [4][9]. Future Outlook - The report anticipates a new product cycle driven by the partnership with Huawei, which is expected to accelerate the company's high-end and intelligent vehicle offerings [6][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.3 yuan, 0.4 yuan, and 0.6 yuan, respectively, indicating a strong growth trajectory [6][7].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][8]. Core Views - The company is expected to benefit from the upcoming launch of the luxury electric vehicle "Zun Jie" in collaboration with Huawei, which is anticipated to significantly boost its passenger car business [2][5][8]. - Despite a slight decline in revenue for the first three quarters of 2024, the company has shown a remarkable increase in net profit, primarily due to improved product and debt structure optimization [3][4][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 32.271 billion yuan, a year-on-year decrease of 5.02%, while net profit reached 625 million yuan, an increase of 239.86% [2][3]. - The third quarter of 2024 saw a revenue of 10.931 billion yuan, down 5.52% year-on-year, but net profit surged by 1028.38% to 324 million yuan, indicating a significant improvement in profitability [4][8]. Sales Performance - Passenger car sales decreased by 17.0% year-on-year to 131,400 units in the first nine months of 2024, while commercial vehicle sales increased by 6.54% to 184,000 units, supported by strong export demand [3][8]. - The company’s commercial vehicle segment is expected to remain stable due to favorable export conditions, with projected revenues for 2024-2026 of 22.569 billion yuan, 26.935 billion yuan, and 29.452 billion yuan, respectively [11][12]. Future Outlook - The company anticipates total revenue of 46.079 billion yuan in 2024, with a projected growth rate of 2.4%, followed by 28.7% in 2025 and 23.2% in 2026 [8][13]. - The introduction of the "Zun Jie" model is expected to reshape the company's passenger vehicle segment, with the first model set to launch in spring 2025 [5][8]. Valuation Metrics - The report estimates earnings per share (EPS) of 0.32 yuan, 0.43 yuan, and 0.52 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 116.1x, 86.4x, and 72.3x [9][15].

股 票 研 究 ——江淮汽车 2024 年三季报 | --- | |-----------------------------------| | | | [table_Authors] 吴晓飞 ( 分析师 ) | | 0755-23976003 | | wuxiaofei@gtjas.com | | 登记编号 S0880517080003 | | --- | |------------------------| | | | 管正月 ( 分析师 ) | | 021-38032026 | | guanzhengyue@gtjas.com | | S0880521030003 | 本报告导读： 三季报符合预期，自主和商用车业务逐步恢复，华为新车即将亮相，合作项目顺利 推进，新能源布局即将步入收获期。 投资要点： [Table_Summary] 维持增持评级，上调目标价至 47.12 元。资产处置增厚公司业绩， 调整公司 2024-2026 年 EPS 预测为 0.35（+0.14）/0.42（+0.07）/0.52 （+0.08）元，考虑华为合作新车即将上市，双方合作逐步深入，给 予公司 2024 年 2 倍 PS ...