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 ...

财联社10月31日讯（记者 刘阳）作为华为"四界"合作伙伴之一的江淮汽车，大有成为下一个赛力斯之 势。 10月31日，江淮汽车盘中涨停，报40.95元。自今年9月30收获涨停板后的19个交易日内，江淮汽车股价 累计涨超63%，总市值逼近900亿，创历史最高。 "由于三季报资产处置收益较高，同时公司对外合作推进顺利，我们上调了公司2024、2025、2026年的 归母净利润预测。"东吴证券最新研报认为，江淮汽车与华为在产品开发、生产制造、销售和服务等领 域全面战略合作，着力打造豪华智能网联电动汽车，首款车型预计于2025年春季正式发布；与大众战略 合作进展顺利；公司商用车业务经营稳定，出口业务表现良好。 10月29日晚间，江淮汽车发布三季报，前三季度在营收下滑的背景下实现净利大幅增长，录得营收 322.06亿元，同比下滑5.06%；净利润6.25亿元，同比大增239.86%。分季度看，江淮汽车三季度单季净 利润达3.24亿元，同比增幅超10倍，创2017年以来单季盈利新高。 "第三季度净利润暴增，主要系公司持续致力于优化资产结构，提高资源配置效率，报告期内资产处置 收益大幅增加所致。"针对今年前三季度的净利润增 ...

Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue reaching 10.93 billion yuan, reflecting a year-on-year increase of 23.07% [2] - The net profit attributable to shareholders was 324 million yuan, showing a significant year-on-year increase of 1028.38% [2] - The company is progressing well in external collaborations, including a comprehensive strategic partnership with Huawei and a successful collaboration with Volkswagen [4] Financial Performance Summary - Q3 2024 total sales volume was 109,200 units, with a year-on-year increase of 9.53% [3] - The gross profit margin for Q3 2024 improved to 11.36%, with a quarter-on-quarter increase of 0.22 percentage points [3] - The company reported a significant increase in asset disposal income, amounting to 555 million yuan in Q3 2024, compared to only 2 million yuan in Q3 2023 [3] - The forecast for net profit attributable to shareholders has been revised upwards to 719 million yuan for 2024, 914 million yuan for 2025, and 1.61 billion yuan for 2026 [4] Revenue and Profit Forecast - Total revenue is projected to be 44.44 billion yuan in 2024, with a slight decrease of 1.27% year-on-year, followed by a significant increase of 46.01% in 2025 [1][4] - The earnings per share (EPS) is expected to be 0.33 yuan in 2024, increasing to 0.42 yuan in 2025 and 0.74 yuan in 2026 [1][4]

证券时报记者 叶玲珍10月29日晚间，江淮汽车(600418)发布三季报，前三季度在营收下滑的背景下实现 净利大幅增长，录得营收322.06亿元，同比下滑5.06%；净利润6.25亿元，同比大增239.86%。 分季度来看，江淮汽车三季度单季净利润达3.24亿元，同比增幅超10倍，创2017年以来单季盈利新高。 拆解江淮汽车业绩增长的原因，主要来自于两个方面，一是公司持续优化产品结构和债务结构，积极开 拓海内外市场，前三季度实现汇兑收益增加和财务费用减少；二是得益于资产结构优化，资源配置效率 得到提升，前三季度资产处置收益大幅增加。 财务报表显示，前三季度江淮汽车资产处置收益高达5.83亿元，同比增加5.77亿元。 由于非经常性损益金额较大，江淮汽车扣非后净利润仍处于亏损状态，亏损额为2.31亿元，较去年同期 减亏近3亿元。 江淮汽车是一家集全系列商用车、乘用车及动力总成研产销和服务于一体，涵盖汽车出行、金融服务等 众多领域的综合型汽车企业集团。 据产销快报，公司今年前三季度销售乘用车、商用车合计31.53万辆，同比下降4.72%，其中新能源乘用 车销量约为2.16万辆，同比增长1.48%。 具体来看，江淮汽 ...

Financial Performance - Total revenue for Q3 2024 was CNY 10,908,180,898.40, a decrease of 5.57% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 324,292,107.53, an increase of 1,028.38% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 0.15, reflecting a significant increase of 1,400.00% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 32,271,164,286.02, a decrease of 5.03% from CNY 33,978,086,217.88 in the same period of 2023[14] - The net profit for Q3 2024 was CNY 471,462,328.67, a significant increase from CNY 95,855,722.24 in Q3 2023, representing a growth of 392.5%[15] - The total profit for Q3 2024 reached CNY 552,275,663.73, compared to CNY 206,239,566.15 in the same period last year, marking an increase of 168.5%[15] - The total comprehensive income for Q3 2024 was CNY 376,255,131.52, compared to CNY 75,306,224.02 in Q3 2023, indicating an increase of 400.3%[16] Assets and Liabilities - Total assets at the end of Q3 2024 reached CNY 50,294,028,783.87, representing a growth of 7.55% from the end of the previous year[3] - The total assets of the company reached CNY 50,294,028,783.87, an increase of 7.25% from CNY 46,763,854,960.32 in the previous year[13] - Non-current liabilities rose to CNY 6,923,795,211.76, up 25.94% from CNY 5,493,839,277.43 in 2023[13] - The company's total liabilities amounted to CNY 35,417,645,943.21, an increase of 9.87% from CNY 32,270,790,962.71 in the previous year[13] Cash Flow - Net cash flow from operating activities for the year-to-date period decreased by 42.63% to CNY 2,136,359,715.83[2] - Cash flow from operating activities for the first nine months of 2024 was CNY 2,136,359,715.83, down from CNY 3,723,649,550.12 in the same period last year, a decrease of 42.7%[18] - Cash flow from investing activities for the first nine months of 2024 showed a net outflow of CNY 2,831,459,121.87, compared to a net outflow of CNY 962,129,743.20 in the same period last year[18] - Cash flow from financing activities for the first nine months of 2024 resulted in a net outflow of CNY 47,202,447.59, an improvement from a net outflow of CNY 2,363,605,401.42 in the same period last year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 119,658[8] - The largest shareholder, Anhui Jianghuai Automobile Group Holding Co., Ltd., holds 615,400,702 shares, accounting for 28.18% of total shares[9] - The total number of shares held by the top ten shareholders represents 39.92% of the total shares[9] - The company has no significant changes in the relationships among the top shareholders, indicating stable ownership structure[10] Operational Insights - The company reported a significant increase in asset disposal gains, contributing to improved net profit margins[6] - The company continues to optimize its product and debt structure while actively expanding into domestic and international markets[6] - The company has not reported any significant changes in its operational status during the reporting period[11] Other Financial Metrics - Non-recurring gains for Q3 2024 totaled CNY 647,350,682.58, down from CNY 856,306,043.84 in the previous year[5] - The weighted average return on equity for Q3 2024 was 2.38%, an increase of 2.16 percentage points year-on-year[2] - Research and development expenses increased to CNY 1,237,258,294.30 in 2024, compared to CNY 1,172,035,142.51 in 2023, reflecting a growth of 5.56%[14] - The company's cash and cash equivalents as of September 30, 2024, were approximately ¥13.26 billion, down from ¥15.35 billion at the end of 2023, representing a decrease of about 13.6%[11] - Accounts receivable increased to approximately ¥3.89 billion from ¥2.97 billion, reflecting a growth of about 30.8% year-over-year[11] - Inventory decreased to approximately ¥4.22 billion from ¥4.75 billion, indicating a decline of about 11.2%[11] - The company reported trading financial assets of approximately ¥3.81 billion, up from ¥1.80 billion, marking an increase of about 111.2%[11] - The company’s other receivables increased to approximately ¥670.90 million from ¥544.02 million, reflecting a growth of about 23.4%[11] - The company's cash and cash equivalents totaled CNY 28,833,057,257.11, slightly up from CNY 28,827,330,237.50 in the previous period[12] - Long-term equity investments increased to CNY 6,692,028,918.83, up 23.52% from CNY 5,417,357,213.20 in 2023[12] - The company reported a decrease in short-term borrowings to CNY 178,491,001.40 from CNY 50,045,833.33 in the previous year, indicating a significant reduction in short-term debt[12]

一、董事会会议召开情况 安徽江淮汽车集团股份有限公司（以下简称"公司"或"江淮汽车"）八届 二十三次董事会会议通知于 2024 年 10 月 24 日通过书面、通讯等方式送达。本 次董事会会议于 2024 年 10 月 29 日以现场结合通讯方式召开。会议的召开符合 《中华人民共和国公司法》和《公司章程》的规定。本次会议应出席董事 11 人， 实际出席会议董事 11 人（其中董事江鑫、国怀伟，独立董事李晓玲、汤书昆、 许敏、尤佳以通讯方式出席会议）。会议由董事长项兴初先生主持，公司监事和 高级管理人员列席了会议。 二、董事会会议审议情况 证券代码：600418 证券简称：江淮汽车 公告编号：2024-057 安徽江淮汽车集团股份有限公司 八届二十三次董事会决议公告 与会董事以记名投票的方式审议以下议案并形成决议如下： 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。 表决结果：11 票同意，0 票反对，0 票弃权。 安徽江淮汽车集团股份有限公司 本议案事先经公司董事会审计委员会 2024 年第六次会议审议通过并同意提 交公司董事 ...