Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company showcased its strength in the global automotive industry by presenting multiple new energy commercial vehicle products and advanced technologies at the IAA Transportation 2024 in Germany [4] - The company has launched its European strategy aimed at creating greener cities through localized operations, linking various industry resources to establish a new benchmark for green logistics in Europe [4] - The company is expected to see significant improvements in its financial performance, with projected net profits of 220 million, 270 million, and 400 million yuan for 2024, 2025, and 2026 respectively [4] Financial Summary - Revenue is projected to grow from 45,016 million yuan in 2023 to 60,215 million yuan in 2026, reflecting a year-on-year growth rate of 23.1% in 2023 and 9.7% in 2026 [5][7] - The net profit is expected to recover from a loss of 1,582 million yuan in 2022 to a profit of 400 million yuan by 2026, indicating a significant turnaround [5][7] - The gross margin is forecasted to improve from 11.3% in 2023 to 12.5% in 2026, showcasing enhanced operational efficiency [5][7] Valuation Metrics - The company is assigned a price-to-book ratio (PB) of 4.0-5.0 for 2024, with a corresponding reasonable price range of 24.72 to 30.90 yuan [4] - Comparatively, the average PB for peer companies is around 5.7 for 2023 and 4.3 for 2024, indicating a competitive valuation [6] Market Performance - The company's stock has shown an absolute increase of 8.2% over the past month, 11.6% over the past two months, and 34.5% over the past three months, outperforming the market index [3]

江淮汽车(600418) / 商用车 / 公司点评 / 2024.09.10 24Q2 业绩同比高增长，智能网联进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-09 | | 收盘价 ( 元 ) | 22.63 | | 流通股本 ( 亿股 ) | 21.84 | | 每股净资产 ( 元 ) | 6.17 | | 总股本 ( 亿股 ) | 21.84 | | 最近 12 月市场表现 | | -21% -4% 14% 32% 50% 68% 江淮汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：2024H1 实现营业收入 213.40 亿元，同比-4.77%；实现归母净利润 3.01 亿元，同比+93.01%；实现扣非归母净利润 0.92 亿元，同比+137.77%。其中， 2024Q2 ...

安徽江淮汽车集团股份有限公司 证券代码:600418 证券简称:江淮汽车 编号:2024-040 单位：辆 八月份产销量明细 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） 9343 6930 34.82 53174 74547 -28.67 多功能乘用车（MPV） 1152 2013 -42.77 10983 13654 -19.56 基本型乘用车（轿车） 6946 8483 -18.12 42125 51263 -17.83 商 用 车 轻中型货车 9294 10693 -13.08 94803 90998 4.18 重型货车 854 989 -13.65 8285 10071 -17.73 皮卡 6330 5000 26.60 42388 36702 15.49 客车非完整车辆 205 166 23.49 2265 2044 10.81 多功能商用车 1580 51 2998.04 17769 12475 42.44 客车 242 498 -51.41 2850 2597 9.74 合计 35946 34823 3.22 ...

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:2024-040 安徽江淮汽车集团股份有限公司 2024 年 8 月产、销快报 安徽江淮汽车集团股份有限公司截至 2024 年 8 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 9 月 10 日 单位：辆 八月份产销量明细 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） 9343 6930 34.82 53174 74547 -28.67 多功能乘用车（MPV） 1152 2013 -42.77 10983 13654 -19.56 基本型乘用车（轿车） 6946 8483 -18.12 42125 51263 -17.83 商 用 车 轻中型货车 9294 10693 -13.08 94803 90998 4.18 重型货车 854 989 -13.65 8 ...

证 2024 年 09 月 03 日 告 券 研 究 报 2024 年半年报点评：业绩符合预期，与华为深 度合作有望带动公司乘用车品牌向上 —江淮汽车（600418.SH）公司动态研究报告 买入(维持) 投资要点 ▌2024 年 Q2 扣非归母净利润转正，轻中型货车及新 能源乘用车表现较好 业绩符合预期，24Q2 扣非归母净利润转正：8 月 28 日，公司 发布 2024 年半年报。24Q2 公司实现总营收 100.57 亿 元 ， 同比-13.5%，环比-10.9%；24Q2 单季度归母净利润 1.95 亿 元，同比+2616.5%，环比+85.2%；24Q2 单季度扣非归母净利 润 1.03 亿元，对比 23Q2 为-1.42 亿元，2024Q1 为 -0.11 亿元，实现单季度扣非归母净利润转正。 期间费用率保持平稳：24Q2 期间费用率为 10.8%，环比 +0.3pct。其中销售费用率环比+0.5pct 至 4.4%，研发费用 率环比+1.4pct 至 4.4%，管理费用率环比+0.1pct 至 3.7%， 由于汇兑损益增加，财务费用率环比-1.5pct 至-1.6%。 轻中型货车及新能源乘用车表现 ...

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company's 1H24 performance met expectations, with a revenue decline of 4.8% year-on-year to 21.3 billion yuan, while net profit attributable to shareholders increased by 93.8% year-on-year to 300 million yuan [2] - The company is focusing on high-end and international transformation, with a significant partnership with Huawei to enter the luxury car market [3] - The company has adjusted its 2024 net profit forecast upward by 17.2% to 430 million yuan, maintaining forecasts for 2025-2026 at 560 million and 1.01 billion yuan respectively [3] Summary by Sections 1H24 Performance - Revenue for 1H24 was 21.3 billion yuan, down 4.8% year-on-year - Net profit attributable to shareholders was 300 million yuan, up 93.8% year-on-year - Non-recurring net profit was 90 million yuan, compared to a loss of 240 million yuan in the same period last year [2] Financial Metrics - 2Q24 revenue was 10.03 billion yuan, down 13.5% year-on-year and 10.9% quarter-on-quarter - 2Q24 net profit attributable to shareholders was 200 million yuan, up 2616.5% year-on-year and 85.2% quarter-on-quarter - 1H24 gross margin was 11.3%, a decrease of 0.4 percentage points year-on-year [2] Strategic Partnerships - The company has strengthened its collaboration with Huawei, launching two electric pickup models priced at 159,800 and 169,800 yuan, which are expected to disrupt the traditional energy pickup market [3] - The partnership with Huawei includes the launch of the "MAEXTRO" brand targeting the luxury car market, with the first product expected to be launched in 1H25 [3] - The company is also collaborating with Volkswagen, with the first model from their joint venture set to be exported to Europe [3]

Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile (600418) [1] Core Views - The company's Q2 2024 performance met expectations, with significant contributions from foreign exchange gains related to exports. The total sales volume in Q2 2024 was 99,700 units, reflecting a year-on-year decline of 29.01% [3][4] - Jianghuai Automobile is engaged in a comprehensive strategic partnership with Huawei to develop luxury intelligent connected electric vehicles, with the first model expected to launch in Spring 2025 [3][4] Financial Performance Summary - Q2 2024 revenue reached 10.057 billion yuan, with a year-on-year increase in net profit attributable to shareholders of 2616.52% [3] - The company forecasts net profits of 590.13 million yuan, 869.86 million yuan, and 1.49385 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 73, 49, and 29 [2][3] - The gross profit margin for Q2 2024 was 11.14%, with a year-on-year decrease of 0.66 percentage points [3] Sales and Export Performance - In Q2 2024, the company exported 32,000 vehicles, marking a year-on-year increase of 36.2% [3] - The sales volume for commercial vehicles in Q2 2024 was 59,900 units, showing a year-on-year increase of 5.73% [3] Cost and Expense Management - The selling, administrative, and R&D expense ratios for Q2 2024 were 4.38%, 3.65%, and 4.42% respectively, reflecting increases compared to the previous year [3] - Financial expenses significantly decreased due to increased foreign exchange gains [3]

-13% 6% 24% 42% 61% 79% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 江淮汽车 上证指数 [Table_Report] 相关报告 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 25.16 | | | 上次预测: | 25.16 | | [当前价格： Table_CurPrice] | | 19.70 | | --- | |------------------------| | 管正月(分析师) | | 021-38032026 | | guanzhengyue@gtjas.com | | S0880521030003 | [Table_Market] 交易数据 | --- | --- | |--------------------------|----------- ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 10 billion CNY, representing a year-on-year growth of 15%[1]. - The company's operating revenue for the first half of 2024 was ¥21,297,795,201.25, a decrease of 4.79% compared to ¥22,369,300,254.83 in the same period last year[18]. - Net profit attributable to shareholders for the first half of 2024 was ¥300,828,910.45, a significant increase of 93.84% from ¥155,193,426.19 in the previous year[18]. - Basic earnings per share for the first half of 2024 were ¥0.14, doubling from ¥0.07 in the same period last year, indicating a 100% increase[19]. - The total comprehensive income for the first half of 2024 was ¥171,324,836.17, compared to ¥89,637,697.22 in the same period of 2023, indicating growth[170]. Market Expansion and Product Development - User data indicates that the number of vehicles sold increased by 20% compared to the same period last year, totaling 150,000 units sold[1]. - The company is expanding its market presence in Southeast Asia, with plans to establish a new manufacturing facility in Vietnam by Q3 2024[1]. - New product development includes the launch of two electric vehicle models, expected to contribute an additional 1 billion CNY in revenue by the end of 2024[1]. - The company is focused on expanding its market presence and enhancing its product offerings through new technology developments and strategic partnerships[12]. Research and Development - The company has invested 500 million CNY in R&D for advanced automotive technologies, focusing on autonomous driving and smart connectivity[1]. - The company’s R&D expenses for the first half of 2024 were 788.28 million RMB, a decrease of 3.70% from the previous year[28]. - Research and development expenses increased by 42.59% to ¥936,753,368.73, making up 1.94% of total assets[30]. Financial Position and Assets - Total assets at the end of the reporting period increased by 3.44% to ¥48,372,429,523.80 from ¥46,763,854,960.32 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 1.82% to ¥13,474,858,673.71 compared to ¥13,233,862,166.42 at the end of the previous year[18]. - Accounts receivable increased by 43.20% to ¥4,256,386,603.46, accounting for 8.80% of total assets[30]. - The company reported a total of 615,400,702 shares held by Anhui Jianghuai Automobile Group Holding Co., Ltd., representing a significant ownership stake[158]. Environmental Responsibility - The company continues to focus on environmental responsibility and compliance with pollution control measures[43]. - The company has established a hazardous waste treatment protocol, with various hazardous materials being entrusted to qualified disposal units for safe handling[59]. - The company has implemented a comprehensive waste management strategy, including separate storage for hazardous and non-hazardous solid waste, with complete labeling and record-keeping[100]. - The company has established a wastewater treatment station with a processing capacity of 65 m³/h, utilizing hydrolysis acidification and SBR biological treatment processes, achieving stable compliance with discharge standards[98]. Cash Flow and Financing Activities - The net cash flow from operating activities decreased by 89.59%, amounting to ¥60,600,243.73 compared to ¥581,938,032.25 in the same period last year[18]. - Cash inflow from financing activities was ¥3.48 billion, an increase of 8.6% from ¥3.21 billion in the first half of 2023[176]. - The ending balance of cash and cash equivalents was ¥11.23 billion, up from ¥8.63 billion at the end of the first half of 2023[177]. Corporate Governance and Management Changes - Appointment of Ma Cuibing as Deputy General Manager and election as a Director on January 29, 2024[40]. - Departure of Director Yong Fengshan on April 1, 2024, and election of Jiang Xin as a new Director on May 29, 2024[41]. - The company has no significant risks affecting its operations during the reporting period, ensuring stable performance moving forward[1]. Strategic Partnerships - The company has established strategic partnerships with major technology firms like Huawei and CATL to enhance its smart electric vehicle development capabilities[25]. - The company aims to become a global leader in smart vehicles, emphasizing a commitment to intelligent technology in its product offerings[25]. Compliance and Regulatory Matters - The company has completed environmental impact assessments for all existing production projects and obtained necessary environmental protection administrative permits[110]. - The company has been included in the positive list of ecological environment supervision, reducing the frequency of on-site inspections[141]. - The company has established a strong compliance framework for environmental monitoring, focusing on self-monitoring and emergency management[141].

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 ...