证券代码：600418 证券简称：江淮汽车 公告编号：2024-060 安徽江淮汽车集团股份有限公司 董事会 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。 2024 年 11 月 14 日 一、根据《上市公司国有股权监督管理办法》（国资委 财政部 证监会令第 36 号）等有关规定，江汽控股原则同意公司向特定对象发行 A 股股票方案，融 资规模不超过 490,000 万元（含本数），本次发行股票数量不超过发行前公司总 股本的 30%。 二、本次发行股票的总体方案仍需按照有关规定，在获得公司股东会批准， 并经上海证券交易所审核通过及中国证监会同意注册后方可实施。 安徽江淮汽车集团股份有限公司关于向特定对象 三、本次发行股票工作完成后，公司应按规定及时申请办理产权登记和工商 变更等手续。 发行 A 股股票收到控股股东批复的公告 特此公告。 2024 年 11 月 13 日，安徽江淮汽车集团股份有限公司（以下简称"公司"） 收到安徽江淮汽车集团控股有限公司（以下简称"江汽控股"）出具的《关于安 徽江淮汽车集团股份有限公司向特定对象发 ...

安徽江淮汽车集团股份有限公司 2024 年第四次临时股东会会议资料 现场会议地点：安徽省合肥市东流路 176 号安徽江淮汽车集团股 份有限公司管理大楼 301 会议室 网络投票起止时间：自 2024 年 11 月 20 日至 2024 年 11 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 | 会 议 程 | 议 | | | | 1 | | --- | --- | --- | --- | --- | --- | | 1.关于公司符合向特定对象发行 A | | | 股股票条件的议案 | | 3 | | 2.关于公司向特定对象发行 A | | 股股票方案的议案 | | | 7 | | 3.关于公司向特定对象发行 A | | 股股票预案的议案 | | | 12 | | 4.关于公司向特定对象发行 A | | | 股股票方案论证分析报告的议案 | .. | 13 | | 5.关于公司向特定对象发行 A | | | ...

Investment Rating - The report assigns an "Outperform" rating to Jianghuai Automobile (JAC) with a target price of RMB 49.44, representing a 60% increase from the previous target price of RMB 30.90 [2][11] Core Views - Jianghuai Automobile demonstrated strong performance in the first three quarters of 2024, with net profit attributable to shareholders reaching RMB 630 million, a 2.4-fold year-over-year increase [1][8] - The company's Q3 2024 revenue was RMB 10.93 billion, down 5.5% YoY, but gross profit margin improved by 0.41 percentage points to 11.36% [1][9] - Jianghuai Automobile has expanded its open cooperation strategy, signing strategic agreements with Huawei Digital Energy and CATL to enhance its competitiveness in the new energy vehicle sector [2][10] Financial Performance - For 2024-2026, the report forecasts net profits of RMB 220 million, RMB 290 million, and RMB 410 million, respectively, with book value per share (BPS) of RMB 6.18, RMB 6.36, and RMB 6.60 [2][11] - The company's revenue is expected to grow from RMB 50.24 billion in 2024E to RMB 60.22 billion in 2026E, with a compound annual growth rate (CAGR) of approximately 9.5% [4][6] - Gross profit margin is projected to increase steadily from 11.7% in 2024E to 12.5% in 2026E, reflecting improved operational efficiency [4][6] Strategic Developments - Jianghuai Automobile has optimized its product and debt structures, expanded into domestic and international markets, and increased asset disposal income, contributing to its financial improvement [1][8] - The company's collaboration with Huawei Digital Energy focuses on the integration of vehicles, charging infrastructure, and digital platforms, while its partnership with CATL aims to incorporate advanced battery technology into multiple product lines [2][10] Valuation and Projections - The report values Jianghuai Automobile at 8.0x price-to-book (PB) ratio for 2024, up from the previous 5.0x PB, reflecting the company's growth potential [2][11] - Earnings per share (EPS) is expected to grow from RMB 0.10 in 2024E to RMB 0.19 in 2026E, driven by improved profitability and operational efficiency [4][6]

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 ...

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 ...