公司报告 | 首次覆盖报告 自主业务向上，华为赋能豪华标杆 公司简介：业务全面的老牌国资车企，主业向上 江淮汽车前身是 1964 年成立的合肥江淮汽车制造厂，多年深耕汽车领域。 目前已成为一家集商用车/乘用车/动力总成研产销服于一体、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，包括"钇为"、"思皓"、 "瑞风"、"JAC"等品牌。 自主业务：聚焦核心主业，出口&商用车是业绩强支撑点。 1）出口：先发优势明显，成为销量重要增长点。公司深耕出口 30 余年， 海外布局超 130 个国家和地区，渠道布局优势明显。2023 年出口近 17 万 辆，同比增速 48%，境外及港澳台地区收入占比达 58%，首次超过国内， 海外毛利率 9.85%，连续 2 年同比增长。2）商用车：轻卡伴随行业复苏， 有望回归历史均值。公司为轻卡行业龙头之一，市占率稳居前列。受 2020 年销量透支及疫情影响，国内销量连续两年下滑。当前国四淘汰+超载治理 +需求透支基本出清，国内轻卡行业景气度持续修复，江淮作为行业龙头或 将充分受益，销量及毛利率有望回归历史区间。3）乘用车：车型精简&产 能利用率提升，毛利率有望持续改善。2018 ...

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。 证券代码:600418 证券简称:江淮汽车 编号:2024-039 安徽江淮汽车集团股份有限公司 2024 年 7 月产、销快报 安徽江淮汽车集团股份有限公司截至 2024 年 7 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。 特此公告！ 安徽江淮汽车集团股份有限公司董事会 2024 年 8 月 10 日 单位：辆 七月份产销量明细 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） 8855 4701 88.36 43831 67617 -35.18 多功能乘用车（MPV） 942 1684 -44.06 9831 11641 -15.55 基本型乘用车（轿车） 5408 8517 -36.50 35179 42780 -17.77 商 用 车 轻中型货车 9514 10754 -11.53 85509 80305 6.48 重型货车 809 942 -14.12 7431 90 ...

Summary of Conference Call on Jianghuai Automobile Company Overview - The conference call focused on Jianghuai Automobile, a key player in the automotive industry in China [1] Core Insights and Arguments - The speaker, Jiang Yuheng, an automotive analyst from Northeast Journey Research Institute, provided updates on the evolution of Jianghuai Automobile and future outlooks [1] Additional Important Content - The call was structured to ensure all participants were in listening mode, indicating a formal presentation style [1]

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 江淮汽车(600418)公司信息点评 2024 年 07 月 14 日 股票数据 | --- | --- | |---------------------------------------------|-------------| | 07[Table_StockInfo 月 12日收盘价(元)] | 19.09 | | 52 周股价波动(元) | 10.28-21.82 | | 总股本/流通 A 股(百万股) | 2184/2184 | | 总市值/流通市值(百万元) | 41693/41693 | | 相关研究 | | | [Table_ReportInfo] 《与华为合作进一步深化》 | 2024.03.30 | | 《拥抱智能,转型升级》 | 2024.01.30 | 市场表现 [Table_QuoteInfo] 江淮汽车 海通综指 -21.90% -7.90% 6.10% 20.10% 34.10% 48.10% 2023/7 2023/10 2024/1 2024/4 | --- | --- | --- | --- | ...

证券研究报告·公司点评报告·商用车 江淮汽车(600418) 2024 年半年度业绩预增公告点评:业绩超预 期,外部合作稳步推进 2024 年 07 月 11 日 买入(维持) | --- | --- | --- | --- | --- | --- | |----------------------------|------------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 36577 | 45016 | 50793 | 64893 | 77593 | | 同比(%) | (9.26) | 23.07 | 12.83 | 27.76 | 19.57 | | 归母净利润(百万元) | (1,582.48) | 151.51 | 590.13 | 869.86 | 1,493.85 | | 同比(%) | - | - | 289.50 | 47.40 | 71.74 | | EPS-最新摊薄(元/股) | (0.72) ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][9]. Core Viewpoints - The first model developed in collaboration with Huawei has entered the vehicle validation stage and is expected to be launched in the first half of next year [2][5]. - The partnership with Huawei is not limited to high-end vehicles but also includes the integration of Huawei's technology into more of JAC's models, enhancing the brand's product offerings [3][4]. - The domestic passenger car market is expanding rapidly, with JAC poised to break into the high-end vehicle segment, which has been dominated by foreign brands [4][5]. Summary by Relevant Sections Basic Data - Current stock price is 19.09 CNY, with a total market capitalization of 41.7 billion CNY and total shares outstanding of 2,184 million [1][2]. Business Development - JAC's collaboration with Huawei is progressing, with the first model expected to roll off the production line by the end of this year [2][5]. - The construction of a world-class smart factory is nearly complete, with a planned annual production capacity of 200,000 vehicles [2]. Market Positioning - The domestic passenger car market saw an increase from 821,000 units in 2022 to 1,004,000 units in 2023, with Chinese brands' market share rising from 6.5% in 2022 to 21.0% in the first five months of 2024 [4]. - JAC aims to leverage its partnership with Huawei to disrupt the high-end vehicle market, which has been largely controlled by foreign manufacturers [4][5]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 48.49 billion CNY, 69.20 billion CNY, and 80.71 billion CNY, respectively, with corresponding net profits of 258 million CNY, 585 million CNY, and 969 million CNY [6][10]. - The earnings per share (EPS) are forecasted to be 0.12 CNY, 0.27 CNY, and 0.44 CNY for the years 2024, 2025, and 2026 [10].

证券代码：600418 证券简称：江淮汽车 公告编号：2024-038 安徽江淮汽车集团股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.021 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/18 | － | 2024/7/19 | 2024/7/19 | 差异化分红送转： 否 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 2,184,009,791 股为基数，每股派发现金红利 0.021 元（含税），共计派发现金红利 45,864,205.61 元。 1. 发放年度：2023 年年度 2. 分派对象： 三、 相关日 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | | | | | |------------------------------------|----------------------------|-------------|------------| | | | 运输设备业/ | 可选消费品 | | | [Table_Invest] 评级: | | 增持 | | 中报预告超预期,扣非利润扭亏为盈 | [Table_Target] 目标价格: | 上次评级: | 增持25.18 | | 年中报业绩预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 20.6019.15 | | 管正月(分析师) | | | | | 021-38032026guanzhengyue@gtjas.com | [Table_Date] | | 2024.07.11 | 登记编号 S0880517080003 S0880521030003 本报告导读: 公司 2024 年中报业绩预告超预期,上半年扣非归母净利扭亏为盈,公司基 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately 290 million yuan for the first half of 2024, representing an increase of 134.81 million yuan, or 86.86%, compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around 78 million yuan for the first half of 2024[3] - In the same period last year, the net profit attributable to shareholders was 155.19 million yuan, and the net profit after deducting non-recurring gains and losses was -243.23 million yuan[4] - The earnings per share for the same period last year was 0.07 yuan[4] Financial Improvements - The company achieved a significant reduction in financial expenses due to the optimization of its debt structure and a substantial decrease in loan interest[5] - The company also benefited from increased foreign exchange gains due to currency fluctuations, contributing to the overall improvement in financial performance[5] Forecast and Reporting - The performance forecast is based on preliminary calculations and has not been audited by registered accountants[3] - There are no significant uncertainties that could affect the accuracy of this performance forecast[6] - The company emphasizes that the final financial data will be disclosed in the official 2024 semi-annual report[6] - Investors are advised to pay attention to investment risks related to the preliminary nature of the forecast data[6]

证券代码:600418 证券简称:江淮汽车 编号:2024-036 本公告为快报数，具体数据以公司定期报告为准。 特此公告！ 安徽江淮汽车集团股份有限公司董事会 2024 年 7 月 6 日 单位：辆 六月份产销量明细 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） 6460 4735 36.43 34976 62916 -44.41 多功能乘用车（MPV） 685 1261 -45.68 8889 9957 -10.73 基本型乘用车（轿车） 5065 7086 -28.52 29771 34263 -13.11 商 用 车 轻中型货车 9581 9572 0.09 75995 69551 9.27 重型货车 690 958 -27.97 6622 8140 -18.65 皮卡 4404 4698 -6.26 29590 27165 8.93 客车非完整车辆 460 277 66.06 1854 1508 22.94 多功能商用车 2361 692 241.18 13626 12424 9.67 客车 289 494 -41 ...