安徽江淮汽车集团股份有限公司 （ 安徽省合肥市东流路 176 号） 2024年度向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 证券简称：江淮汽车 股票代码：600418 Anhui Jianghuai Automobile Group Corp.,Ltd. 安徽江淮汽车集团股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 安徽江淮汽车集团股份有限公司 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第 ...

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 年度向特定对象发行 A 股股票之法律意见书 致：安徽江淮汽车集团股份有限公司 敬启者： 上海市通力律师事务所（以下简称"本所"）根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司证 券发行注册管理办法》（以下简称"《管理办法》"）和有权立法机构、监管机构已公开颁 布、生效且现时有效之有关法律、法规以及规范性文件（以下简称"法律、法规以及规 范性文件"），按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具本法律意 见书。 （引言） 根据安徽江淮汽车集团股份有限公司（以下简称"江淮汽车"、"公司"或"发行人"） 的委托，本所指派黄艳律师、郑江文律师、梁翔蓝律师（以下合称"本所律师"）作为 江淮汽车 2024 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾问， 就本法律意见书出具日前已经发生的事实或存在的事实，根据本所律师对法律、法规以 及规范性文件的理解出具法律意见。 本所出具的法律意见书和律师工作报告仅对出具日以前已经发生或存在的与本次 发行有关的事项 ...

"|RsM | 容 诚 审计报告 安徽江淮汽车集团股份有限公司 容诚审字|2024|230Z0559 号 容诚会计师事务所(特殊普通合伙) 中国 北京 6-1-1 录 | 子号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-150 | 6-1-2 审计报告 容诚审字[2024]230Z 安徽江淮汽车集团股份有限公司全体股东: 一、审计意见 我们审计了安徽江淮汽车集团股份有限公司(以下简称江淮汽车)财务报表, 包括 2023年 12月 31日的合并及母公司资产负债表,2023年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务 报表附注。 我们认为,后附 ...

国元证券股份有限公司 关于安徽江淮汽车集团股份有限公司 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 声 明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）委托，担任其向特定对象发行股票的保荐机构， 为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册办法》"）、《〈上市公司证 券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五 十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号》（以 下简称"《适用意见第 18 号》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有 关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和 道德准则出 ...

国元证券股份有限公司 关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《安徽江淮汽车集团股份有限 公司 2024 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-2-1 | 十一、保荐机构对发行人本次向特 ...

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中汽协副总工程师许海东以2023年12月中汽协预测的数据做对比。 一年前，这家协会预测，2024年汽车总销量为3100万辆左右，其中乘用车预计为2680万辆，商用车 为420万辆，新能源汽车为1150万辆，出口为550万辆。 撰 文 / 牛跟尚 设 计 / 赵昊然 一份有关中国汽车行业2228万名从业者的考卷，让人五味杂陈。 2025年1月13日，中国汽车工业协会(简称中汽协)发布，2024年，中国汽车产销累计完成3128.2万辆 和3143.6万辆，同比分别增长3.7%和4.5%，产销量再创新高，连续第二年保持在3000万辆以上规 模。 中汽协副秘书长陈士华在当天表示，中国汽车产销总量"连续16年稳居全球第一"，中国新能源汽车 产销量"连续10年名列全球第一"，"完成全年预期目标"。 结果是，除商用车预测有逆向偏差外——比预测少了近33万辆，2024年总体销量、乘用车、新能源 汽车、出口销量均超出预期；特别是，乘用车销量2756.3万辆，新能源汽车销量1286万辆，出口销 量585.9万辆。 汽车商业评论通过数据发现，2024年，中国车市有八大变量值得掘金。 一是眼睛向"新"要增量。 新能源汽车产销分别完成 ...

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the electric vehicle (EV) industry, specifically focusing on Huawei's role in the automotive sector and its collaboration with Jianghuai Automobile (JAC) [1][3][18]. Key Points and Arguments 1. **Huawei's Position in the EV Market** - Huawei's G series vehicles are seen as having significant potential, particularly in the second half of the electric vehicle market, which is shifting towards smart technology [1]. - The competitive edge in the automotive industry is increasingly tied to autonomous driving technology, which offers economies of scale [1]. 2. **High-End Vehicle Profitability** - Historical data indicates that a significant portion of automotive profits is concentrated in high-end vehicles, with single-unit profits potentially exceeding ten times that of lower-end models [2]. 3. **Collaboration with Jianghuai** - A notable partnership was established in December 2023, where Jianghuai became Huawei's fourth selected automotive brand, named "Zun Jie" [3]. - The collaboration is underpinned by a strong strategic foundation, emphasizing resource allocation and cooperation [4]. 4. **Production Capacity** - Jianghuai plans to establish a super factory with an annual production capacity of 200,000 vehicles by March 2024 [4]. 5. **Product Launches and Innovations** - The first model under the Huawei and Jianghuai partnership, the S800, is set to debut in November 2024, showcasing strong capabilities in model incubation and new vehicle launches [5]. - The S800 is designed with L3 autonomous driving hardware, indicating a strong focus on smart technology [8]. 6. **Brand Positioning and Market Strategy** - The S800 is positioned against luxury models like the BMW 7 Series, Audi A8, and Mercedes-Benz S-Class, emphasizing its luxury and technological features [6][7]. - The brand's appeal is expected to be driven by its advanced smart features, which are critical in attracting consumers [7]. 7. **Sales Projections** - Initial sales projections for the Zun Jie brand suggest a volume of approximately 45,000 to 50,000 units annually [10]. - The luxury segment, particularly models priced above one million yuan, is anticipated to have strong profitability potential, with a focus on differentiation in the market [16][17]. 8. **Market Dynamics and Future Outlook** - The luxury automotive market in China is still relatively untapped for domestic brands, presenting an opportunity for growth and innovation [16]. - The overall sentiment towards the future of Huawei in the automotive sector is optimistic, with expectations for continued technological advancements and market penetration [18]. Additional Important Insights - The discussion highlights the importance of product definition and market segmentation in the automotive industry, with successful brands demonstrating strong capabilities in these areas [12][13]. - The collaboration between Jianghuai and established brands like NIO and Volkswagen indicates a robust manufacturing capability and experience in high-end vehicle production [11]. - The emphasis on smart technology and innovation positions Huawei as a key player in the ongoing transformation of the automotive industry, particularly in the context of electric and autonomous vehicles [18].

Investment Rating - The report maintains a "Buy" investment rating for Jianghuai Automobile (600418.SH) due to its growth potential and collaboration with Huawei [20]. Core Viewpoints - Jianghuai Automobile's Q3 2024 performance met expectations, with total revenue of 10.931 billion yuan, a year-on-year decrease of 5.5% but a quarter-on-quarter increase of 8.7%. The net profit attributable to shareholders was 324 million yuan, a significant year-on-year increase of 1028.4% and a quarter-on-quarter increase of 66.0%, primarily driven by increased asset disposal gains [1]. - The first model from the collaboration with Huawei, the Zun Jie S800, was officially unveiled and is expected to launch in the first half of 2025. This model features advanced technology and design elements aimed at the luxury market [2][17]. - The company is focusing on optimizing its product and debt structure, with a notable increase in asset disposal gains contributing to its financial performance [16]. Financial Forecast - The forecast for Jianghuai Automobile's revenue for 2024, 2025, and 2026 is 48.489 billion yuan, 63.454 billion yuan, and 87.609 billion yuan, respectively. The expected EPS for the same years is 0.12 yuan, 0.25 yuan, and 0.47 yuan [33][20]. - The report indicates a projected revenue growth rate of 7.7% for 2024, 30.9% for 2025, and 38.1% for 2026, with a net profit growth rate of 70.0% for 2024 and 116.1% for 2025 [33][20].

Investment Rating - The investment rating for the company is "Buy" with a target price of 39.46 CNY per share [10][13]. Core Views - The company is positioned as a platform-type state-owned enterprise focusing on the integration of complete vehicles and core components, advancing into the smart vehicle sector with collaborations with major tech firms like Huawei [10][13]. - The company has launched its first model, the Zun Jie S800, in collaboration with Huawei, indicating a strong push towards smart vehicle technology [10][13]. - The company aims to enhance its brand image and establish itself as a benchmark for domestic luxury vehicles through the sales of its Zun Jie products [4][10]. Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 32.27 billion CNY, a year-on-year decrease of 5.0%, while net profit attributable to the parent company was 625 million CNY, a significant increase of 239.86% year-on-year [10][13]. - The company's gross margin improved to 11.36%, benefiting from optimized product structure and enhanced resource allocation efficiency [10][13]. - Revenue projections for 2024-2026 are 49.71 billion CNY, 63.24 billion CNY, and 78.30 billion CNY, respectively, with corresponding net profits of 656 million CNY, 842 million CNY, and 1.14 billion CNY [13][14]. Product Revenue Forecast - The revenue forecast for different product segments includes: - Passenger vehicles: Revenue of 15.91 billion CNY in 2023, with a growth rate of 57.48% [6]. - Commercial vehicles: Revenue of 2.10 billion CNY in 2023, with a growth rate of 30.5% [6]. - Buses: Revenue of 196.30 million CNY in 2023, with a growth rate of 32.98% [6]. - Chassis: Revenue of 260.34 million CNY in 2023, with a growth rate of 70.81% [6]. - Other main businesses: Revenue of 2.60 billion CNY in 2023, with a growth rate of 12.13% [6]. Strategic Initiatives - The company is expanding its overseas business, having launched a European strategic plan at the Hannover International Transport Fair, focusing on localized operations and green logistics solutions [10][13]. - The collaboration with Huawei is expected to empower the company's passenger vehicle business, enhancing its technological capabilities in smart and electric vehicles [4][10].