Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 and Q1 2024 met expectations, with steady progress in external collaborations [3][4] - The company is actively collaborating with Huawei and Volkswagen, which is expected to enhance long-term growth potential [4] - The commercial vehicle business remains stable, and profit forecasts for 2024-2025 have been adjusted upwards [4] Financial Performance Summary - For 2023 Q4, total revenue was 11.038 billion yuan, with a year-on-year increase of 23.0% but a quarter-on-quarter decrease of 4.6% [3] - The net profit attributable to shareholders for 2023 Q4 was -0.32 billion yuan, an improvement from -7.99 billion yuan in 2022 Q4 [3] - In 2024 Q1, total revenue was 11.282 billion yuan, showing a year-on-year increase of 4.61% and a quarter-on-quarter increase of 2.21% [3] - The net profit attributable to shareholders for 2024 Q1 was 1.05 billion yuan, a year-on-year decrease of 28.72% but a quarter-on-quarter recovery [3] Sales and Margins - In 2023 Q4, total sales volume was 151,300 units, with a year-on-year increase of 17.6% but a quarter-on-quarter decrease of 6.9% [4] - The gross margin for 2023 Q4 was 10.8%, reflecting a slight decline compared to previous periods [4] - In 2024 Q1, the gross margin improved to 11.44% [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised to 4.13 billion yuan for 2024 and 8.58 billion yuan for 2025 [4] - The projected net profit for 2026 is 12.6 billion yuan, with corresponding P/E ratios of 83, 40, and 27 for 2024, 2025, and 2026 respectively [4]

证券研究报告·公司点评报告·商用车 江淮汽车（600418） 2023 年报&2024 年一季报点评：业绩符合预 2024年 05月 03日 期，外部合作稳步推进 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 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 36,577 45,016 49,619 58,199 67,379 执业证书：S0600122080033 同比（%） (9.26) 23.07 10.22 17.29 15.77 mengl@dwzq.com.cn 归母净利润（百万元） (1,582.48) 151.51 412.99 857.82 1,262.80 同比（%） - - 172.58 107.71 47.21 股价走势 EPS-最新摊薄（元/股） (0.72) 0.07 0.19 0.39 0.58 江淮汽车 沪深300 P/E（现价&最新摊薄） (21.61) 225.74 82.82 39. ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 11,265,195,407.45, representing a year-on-year increase of 4.61%[4]. - The net profit attributable to shareholders was CNY 105,493,716.26, showing a decline of 28.72% compared to the same period last year[4]. - The basic earnings per share for the period was CNY 0.05, down by 28.57% compared to the previous year[4]. - The total comprehensive income for Q1 2024 was ¥105,890,809.34, compared to ¥112,693,974.92 in Q1 2023, showing a decrease of 6.93%[24]. - The company's total operating cost for Q1 2024 was ¥11,276,431,189.44, which is an increase of 4.70% compared to ¥10,768,078,827.83 in Q1 2023[23]. Cash Flow - The net cash flow from operating activities was negative at CNY -1,225,777,205.46, a decrease of 167.96% year-on-year[4]. - In Q1 2024, the company's cash inflow from operating activities was CNY 8.44 billion, a decrease of 11.8% compared to CNY 9.57 billion in Q1 2023[26]. - The net cash outflow from operating activities in Q1 2024 was CNY -1.23 billion, contrasting with a net inflow of CNY 1.80 billion in Q1 2023[26]. - Cash inflow from investment activities totaled CNY 2.47 billion in Q1 2024, down 46.2% from CNY 4.60 billion in Q1 2023[27]. - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 9.99 billion, down from CNY 11.10 billion at the end of Q1 2023[27]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 48,317,750,728.31, an increase of 3.32% from the end of the previous year[5]. - The total liabilities increased to RMB 28.19 billion from RMB 26.78 billion, representing a growth of about 5.26%[20]. - The total assets of Anhui Jianghuai Automobile Group Co., Ltd. increased to RMB 48.32 billion as of March 31, 2024, compared to RMB 46.76 billion at the end of 2023, reflecting a growth of approximately 3.35%[19]. - The company's inventory decreased to RMB 4.21 billion from RMB 4.75 billion, a reduction of approximately 11.29%[19]. - The total accounts payable increased to RMB 9.52 billion from RMB 8.70 billion, an increase of about 9.43%[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 176,290[9]. - The top shareholder, Anhui Jianghuai Automobile Group Holding Co., Ltd., held 615,400,702 shares, accounting for 28.18% of total shares[10]. - The company has not reported any significant changes in its shareholder structure or major financing activities during the reporting period[14]. Government Support and Expenses - The company received government subsidies amounting to CNY 106,942,718.13 during the reporting period, which contributed to the financial results[6]. - Research and development expenses for Q1 2024 were ¥344,076,054.06, a decrease of 6.89% from ¥369,511,618.63 in Q1 2023[23]. - Employee compensation payments rose to CNY 1.06 billion in Q1 2024, an increase of 13% from CNY 937 million in Q1 2023[26]. - The company reported a decrease in employee compensation payable to RMB 542.63 million from RMB 625.86 million, a decline of approximately 13.27%[20].

Financial Performance - The company achieved a net profit of CNY 253,932,677.90 for the fiscal year 2023, with a total distributable profit of CNY 1,127,687,308.73[3] - The proposed cash dividend is CNY 0.21 per share, totaling CNY 45,864,205.61, which represents 30.27% of the net profit attributable to shareholders[3] - The company reported a net profit attributable to shareholders of CNY 151,509,307.57 for the year 2023[3] - The company's operating revenue for 2023 reached ¥44,940,360,420.64, an increase of 23.14% compared to ¥36,494,673,897.91 in 2022[16] - The net profit attributable to shareholders of the listed company was ¥151,509,307.57, a significant recovery from a loss of ¥1,582,476,908.50 in the previous year[16] - Basic earnings per share for 2023 was CNY 0.07, a significant improvement from CNY -0.72 in 2022[17] - The total operating income for 2023 was CNY 44.94 billion, with quarterly revenues of CNY 10.77 billion, CNY 11.60 billion, CNY 11.55 billion, and CNY 11.02 billion respectively[18] - Total revenue for the year reached 45.016 billion yuan, a 23.07% increase compared to the previous year, with a net profit of 152 million yuan, marking a turnaround from losses[23] Cash Flow and Assets - The net cash flow from operating activities increased by 121.88% to ¥3,396,381,311.11, up from ¥1,530,754,228.03 in 2022[16] - The total assets at the end of 2023 were ¥46,763,854,960.32, a slight decrease of 0.68% from ¥47,082,686,343.62 at the end of 2022[16] - The net cash flow from operating activities for 2023 was ¥3,396,381,311.11, an increase of 121.88% compared to ¥1,530,754,228.03 in 2022, primarily due to increased cash receipts from sales[42] - The net cash flow from investing activities increased by 53.72% to ¥1,531,359,279.78 in 2023 from ¥996,217,086.27 in 2022, mainly due to cash recovered from the disposal of fixed and intangible assets[42] - The net cash flow from financing activities decreased to -¥3,810,735,861.17 in 2023 from -¥663,048,365.08 in 2022, primarily due to a reduction in net bank borrowings[42] Operational Efficiency and Strategy - The company is focusing on new product development and market expansion strategies to enhance its competitive position in the automotive industry[11] - The company plans to invest in new technologies to improve operational efficiency and product offerings in the coming years[11] - The company is exploring potential mergers and acquisitions to strengthen its market presence and diversify its product portfolio[11] - The company aims to expand its market presence and enhance innovation to drive sustainable growth[22] - The company is committed to digital transformation and improving operational efficiency, which has been positively impacted by ongoing reforms and strategic initiatives[23] - The company plans to enhance its supply chain efficiency, targeting a 15% reduction in operational costs over the next two years[76] Environmental Management - The company has established a comprehensive wastewater treatment station to ensure that production and domestic wastewater meets discharge standards before entering municipal sewage systems[115] - The company utilizes a variety of air pollution control technologies, including activated carbon adsorption and RTO combustion, to treat emissions from painting and drying processes[115] - The company has implemented a system for collecting and treating volatile organic compounds (VOCs) generated during engine testing, ensuring emissions are within regulatory limits[117] - The company has adopted advanced technologies for the treatment of exhaust gases, including catalytic oxidation and particle capture systems[117] - The company has established a solid waste management system, ensuring hazardous waste is disposed of by qualified entities in compliance with national regulations[169] Governance and Compliance - The company has established specialized committees, including an audit committee and a compensation and assessment committee, to enhance governance[87] - The audit committee confirmed that the financial statements fairly reflect the company's financial position and operating results for the reporting period[88] - The management team emphasized the importance of compliance and governance, appointing a new Chief Compliance Officer to strengthen oversight[77] - There were no penalties imposed by securities regulatory authorities in the past three years[83] - The company has implemented a differentiated performance assessment system for senior management, linking it to annual performance responsibility agreements[99] Market Trends and Future Outlook - The future outlook remains positive, with expectations of continued growth driven by increased demand for electric vehicles and innovative automotive solutions[11] - The company expects to sell 500,000 vehicles in 2024, representing a year-on-year growth of 14.84%, and aims for total revenue of 50 billion RMB, a 10.38% increase[66] - The market share of new energy vehicles has surpassed 30%, becoming a significant force in the global automotive industry's transformation[64] - The company is focusing on the trends of electrification, intelligence, connectivity, and ecological development in the automotive industry[65] Research and Development - Research and development expenses totaled ¥2.23 billion, accounting for 4.97% of total operating revenue, with 28.64% of R&D expenses capitalized[39] - The company has 4,843 R&D personnel, representing 21% of the total workforce, with a significant portion holding advanced degrees[41] - The company is focusing on product and technology innovation, with advancements in new energy technologies and intelligent driving systems, including the mass production of hybrid thermal management architecture[23] Employee and Director Compensation - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 9.2325 million yuan[81] - The independent directors received a total compensation of 8 million CNY each during the reporting period[73] - The financial officer reported a compensation of 56.79 million CNY for the reporting period[74] - The company has established a performance-oriented salary incentive policy to ensure market competitiveness for talent[94] Risk Management - The company did not face any significant risks that could materially affect its operations during the reporting period[4] - The company faces risks from international environmental changes and increasing pressure for energy conservation and emissions reduction[67]

2024 年 3 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。 证券代码:600418 证券简称:江淮汽车 编号:2024-017 安徽江淮汽车集团股份有限公司 安徽江淮汽车集团股份有限公司董事会 2024 年 4 月 10 日 单位：辆 三月份产销量明细 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） 5418 14362 -62.28 14741 37237 -60.41 多功能乘用车（MPV） 2269 2051 10.63 5402 5616 -3.81 基本型乘用车（轿车） 5431 5982 -9.21 13909 16781 -17.11 商 用 车 轻中型货车 13272 16406 -19.10 42831 37248 14.99 重型货车 1423 2172 -34.48 3739 4206 -11.10 皮卡 5408 3928 37.68 15076 14046 7.33 客车非完整车辆 281 23 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2024-016 雍凤山先生辞职不会导致公司董事会成员低于《公司法》规定的法定人数， 不会影响公司董事会的正常运作。根据《公司法》及《公司章程》的有关规定， 雍凤山先生的辞职报告自送达公司董事会之日起生效。 公司及公司董事会对雍凤山先生任职期间为公司发展做出的贡献表示衷心 的感谢！ 安徽江淮汽车集团股份有限公司 关于公司董事辞职的公告 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。 安徽江淮汽车集团股份有限公司于 2024 年 4 月 1 日收到公司董事雍凤山先 生提交的书面辞职报告。雍凤山先生因工作调整原因，申请辞去公司董事职务。 特此公告。 安徽江淮汽车集团股份有限公司 董事会 2024 年 4 月 3 日 ...

[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03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 与华为合作进一步深化 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价（In元fo）] 16.49 投资要点： 52周股价波动（元） 10.28-21.82 总股本/流通A股（百万股） 2184/2184 与华为终端签订合作备忘录，共同推进鸿蒙生态建设。2024年3月26日， 总市值/流通市值（百万元） 36014/36014  相关研究 江汽集团与华为终端有限公司签订合作备忘录，双方将基于以OpenHarmony [《Ta拥b抱le智_R能e，p转or型tI升nf级o]》 为底座的 HarmonyOS，共同进行场景定义和体验设计，启动鸿蒙原生应用 2024.01.30 开发，面向泛终端为用户提供全方位的信息体验升级，致力于为用户提供更 加智慧的出行解决方案，共同打造泛生活、泛终端、泛场景的行业领先的信 市场表现 息服务平台。本次合作备忘录的签订，将进一步深化江汽集团与华 ...

根据《企业会计准则第 16 号—政府补助》的相关规定，公司及子公司对 上述补助资金计入到账当期的损益，将对公司利润产生积极影响，具体的会计 处理以会计师年度审计确认后的结果为准，请广大投资者注意投资风险。 证券代码：600418 证券简称：江淮汽车 编号：2024-015 特此公告。 安徽江淮汽车集团股份有限公司 关于获得政府补助的公告 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。 截至 2024 年 3 月 28 日，公司及子公司累计收到与收益相关的政府补贴人 民币 176,786,778.28 元（不含公司前期已披露政府补贴）,具体明细如下： | 序 号 | 公司名称 | 项目名称 | 金额（元） | 收到时间 | 补贴性质 | | --- | --- | --- | --- | --- | --- | | | | 中央服务外包项目 | 292,000.00 | 2023/12/19 | 与收益相关 | | | | 资金 | | | | | | | 一次性扩岗补助 | 28,500.00 | 2023/12/21 | 与 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2024-014 安徽江淮汽车集团股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 30 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 635,488,503 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 29.0973 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 董事长项兴初因工作原因无法出席并主持本次股东大会，经半数以上董事共 同推举，本次会议由董事总经理李明主持。本次会议的召集、召开及会议表决方 式等符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 03 月 28 日 (二) 股东大会召开的地点：安徽省合肥市东流路 176 号安徽江淮汽车集团股 份有限公 ...

8 Yin Chena Road Middle 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 年第二次临时股东大会的法律意见书 上海 SHANGHAI 北京 BEIJING 深圳 SHENZHEN 香港 HONG KONG 致:安徽江淮汽车集团股份有限公司 上海市通力律师事务所(以下简称"本所")接受安徽江淮汽车集团股份有限公司(以下 简称"公司")的委托,指派本所郑旭超律师、沈瑶律师(以下合称"本所律师")根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和规 范性文件(以下统称"法律法规")及《安徽江淮汽车集团股份有限公司章程》(以下简称"公 司章程")的规定就公司 2024年第二次临时股东大会(以下简称"本次股东大会")相关事宜 出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中的所有 签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、完整和有 效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意 ...