国元证券股份有限公司 关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《安徽江淮汽车集团股份有限 公司 2024 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-2-1 | 十一、保荐机构对发行人本次向特 ...

特此公告。 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 公告编号：2025-002 安徽江淮汽车集团股份有限公司 关于向特定对象发行 A 股股票申请 获得上海证券交易所受理的公告 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（以下简称"公司"）于 2025 年 1 月 14 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理安徽江淮汽车 集团股份有限公司沪市主板上市公司发行证券申请的通知》（上证上审（再融资） [2025]11 号）。上交所依据相关规定对公司报送的沪市主板上市公司发行证券 的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形 式，决定予以受理并依法进行审核。 公司本次向特定对象发行 A 股股票事项尚需经上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据进展情况，严格按照上市公司向特定 ...

安徽江淮汽车集团股份有限公司 （ 安徽省合肥市东流路 176 号） 2024年度向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 证券简称：江淮汽车 股票代码：600418 Anhui Jianghuai Automobile Group Corp.,Ltd. 安徽江淮汽车集团股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 安徽江淮汽车集团股份有限公司 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第 ...

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the electric vehicle (EV) industry, specifically focusing on Huawei's role in the automotive sector and its collaboration with Jianghuai Automobile (JAC) [1][3][18]. Key Points and Arguments 1. **Huawei's Position in the EV Market** - Huawei's G series vehicles are seen as having significant potential, particularly in the second half of the electric vehicle market, which is shifting towards smart technology [1]. - The competitive edge in the automotive industry is increasingly tied to autonomous driving technology, which offers economies of scale [1]. 2. **High-End Vehicle Profitability** - Historical data indicates that a significant portion of automotive profits is concentrated in high-end vehicles, with single-unit profits potentially exceeding ten times that of lower-end models [2]. 3. **Collaboration with Jianghuai** - A notable partnership was established in December 2023, where Jianghuai became Huawei's fourth selected automotive brand, named "Zun Jie" [3]. - The collaboration is underpinned by a strong strategic foundation, emphasizing resource allocation and cooperation [4]. 4. **Production Capacity** - Jianghuai plans to establish a super factory with an annual production capacity of 200,000 vehicles by March 2024 [4]. 5. **Product Launches and Innovations** - The first model under the Huawei and Jianghuai partnership, the S800, is set to debut in November 2024, showcasing strong capabilities in model incubation and new vehicle launches [5]. - The S800 is designed with L3 autonomous driving hardware, indicating a strong focus on smart technology [8]. 6. **Brand Positioning and Market Strategy** - The S800 is positioned against luxury models like the BMW 7 Series, Audi A8, and Mercedes-Benz S-Class, emphasizing its luxury and technological features [6][7]. - The brand's appeal is expected to be driven by its advanced smart features, which are critical in attracting consumers [7]. 7. **Sales Projections** - Initial sales projections for the Zun Jie brand suggest a volume of approximately 45,000 to 50,000 units annually [10]. - The luxury segment, particularly models priced above one million yuan, is anticipated to have strong profitability potential, with a focus on differentiation in the market [16][17]. 8. **Market Dynamics and Future Outlook** - The luxury automotive market in China is still relatively untapped for domestic brands, presenting an opportunity for growth and innovation [16]. - The overall sentiment towards the future of Huawei in the automotive sector is optimistic, with expectations for continued technological advancements and market penetration [18]. Additional Important Insights - The discussion highlights the importance of product definition and market segmentation in the automotive industry, with successful brands demonstrating strong capabilities in these areas [12][13]. - The collaboration between Jianghuai and established brands like NIO and Volkswagen indicates a robust manufacturing capability and experience in high-end vehicle production [11]. - The emphasis on smart technology and innovation positions Huawei as a key player in the ongoing transformation of the automotive industry, particularly in the context of electric and autonomous vehicles [18].

Investment Rating - The report gives a "Buy" rating to Jianghuai Automobile (JAC) [2] Core Views - JAC has partnered with Huawei to enter the ultra-high-end automotive market, launching the "Zunjie" brand, which is expected to drive rapid sales growth [1] - The collaboration with Huawei includes the development of the X6 platform, which supports large sedans, SUVs, and MPVs, with an annual production capacity of 200,000 units [1] - JAC's experience in manufacturing high-end vehicles for NIO has laid a solid foundation for its collaboration with Huawei [1] - The company operates in both passenger and commercial vehicle segments, with a strong presence in the MPV and light truck markets [1] Financial Projections - Revenue for 2024-2026 is projected to be 44.4/62.6/68.0 billion yuan, with year-over-year growth of 1.2%/41.0%/8.7% [2] - Net profit attributable to shareholders is expected to be 710/1,340/1,723 million yuan, with year-over-year growth of 371.3%/87.7%/28.6% [2] - EPS for 2024-2026 is forecasted to be 0.33/0.61/0.79 yuan per share, with corresponding P/E ratios of 119.11/63.46/49.34 [2] Business Segments Passenger Vehicles - JAC's MPV segment is strong, with the Ruifeng RF8 being the world's first MPV equipped with Huawei's HarmonyOS smart cockpit [1] - The "Zunjie" brand, developed in collaboration with Huawei, targets the luxury D-segment market, with the Zunjie S800 priced between 1-1.5 million yuan [1] Commercial Vehicles - JAC's light truck sales have consistently ranked among the top five in China, with 130,345 units sold in the first nine months of 2024 [1] - The company's commercial vehicle segment includes trucks, buses, and specialized vehicles, catering to diverse market needs [1] Strategic Collaborations - JAC has a long-standing partnership with NIO, which has enhanced its high-end manufacturing capabilities [1] - The collaboration with Huawei includes the development of intelligent driving, smart cockpit, and smart electric vehicle technologies [1] - JAC has also partnered with Volkswagen to produce new energy vehicles, with a focus on the MEB platform [123] Market Positioning - The Zunjie S800, a luxury D-segment sedan, is positioned to compete with high-end models from BBA (BMW, Mercedes-Benz, Audi) [1] - The vehicle features L3 autonomous driving hardware and is powered by Huawei's Qiankun ADS 3.0 system [1] Production Capacity - JAC is building a super factory with an annual capacity of 200,000 units, focusing on the X6 platform for high-end vehicles [1] - The Zunjie S800 is expected to have an annual production capacity of 35,000 units [72] Historical Performance - JAC's net profit margin turned positive in the first three quarters of 2024, with a net profit margin of 1.5% [28] - The company's R&D expenses have increased significantly, reaching 1.6 billion yuan in 2023 [31]

Investment Rating - The report maintains a "Buy" investment rating for Jianghuai Automobile (600418.SH) due to its growth potential and collaboration with Huawei [20]. Core Viewpoints - Jianghuai Automobile's Q3 2024 performance met expectations, with total revenue of 10.931 billion yuan, a year-on-year decrease of 5.5% but a quarter-on-quarter increase of 8.7%. The net profit attributable to shareholders was 324 million yuan, a significant year-on-year increase of 1028.4% and a quarter-on-quarter increase of 66.0%, primarily driven by increased asset disposal gains [1]. - The first model from the collaboration with Huawei, the Zun Jie S800, was officially unveiled and is expected to launch in the first half of 2025. This model features advanced technology and design elements aimed at the luxury market [2][17]. - The company is focusing on optimizing its product and debt structure, with a notable increase in asset disposal gains contributing to its financial performance [16]. Financial Forecast - The forecast for Jianghuai Automobile's revenue for 2024, 2025, and 2026 is 48.489 billion yuan, 63.454 billion yuan, and 87.609 billion yuan, respectively. The expected EPS for the same years is 0.12 yuan, 0.25 yuan, and 0.47 yuan [33][20]. - The report indicates a projected revenue growth rate of 7.7% for 2024, 30.9% for 2025, and 38.1% for 2026, with a net profit growth rate of 70.0% for 2024 and 116.1% for 2025 [33][20].

Investment Rating - The investment rating for the company is "Buy" with a target price of 39.46 CNY per share [10][13]. Core Views - The company is positioned as a platform-type state-owned enterprise focusing on the integration of complete vehicles and core components, advancing into the smart vehicle sector with collaborations with major tech firms like Huawei [10][13]. - The company has launched its first model, the Zun Jie S800, in collaboration with Huawei, indicating a strong push towards smart vehicle technology [10][13]. - The company aims to enhance its brand image and establish itself as a benchmark for domestic luxury vehicles through the sales of its Zun Jie products [4][10]. Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 32.27 billion CNY, a year-on-year decrease of 5.0%, while net profit attributable to the parent company was 625 million CNY, a significant increase of 239.86% year-on-year [10][13]. - The company's gross margin improved to 11.36%, benefiting from optimized product structure and enhanced resource allocation efficiency [10][13]. - Revenue projections for 2024-2026 are 49.71 billion CNY, 63.24 billion CNY, and 78.30 billion CNY, respectively, with corresponding net profits of 656 million CNY, 842 million CNY, and 1.14 billion CNY [13][14]. Product Revenue Forecast - The revenue forecast for different product segments includes: - Passenger vehicles: Revenue of 15.91 billion CNY in 2023, with a growth rate of 57.48% [6]. - Commercial vehicles: Revenue of 2.10 billion CNY in 2023, with a growth rate of 30.5% [6]. - Buses: Revenue of 196.30 million CNY in 2023, with a growth rate of 32.98% [6]. - Chassis: Revenue of 260.34 million CNY in 2023, with a growth rate of 70.81% [6]. - Other main businesses: Revenue of 2.60 billion CNY in 2023, with a growth rate of 12.13% [6]. Strategic Initiatives - The company is expanding its overseas business, having launched a European strategic plan at the Hannover International Transport Fair, focusing on localized operations and green logistics solutions [10][13]. - The collaboration with Huawei is expected to empower the company's passenger vehicle business, enhancing its technological capabilities in smart and electric vehicles [4][10].

证券代码:600418 证券简称:江淮汽车 编号:2024-062 安徽江淮汽车集团股份有限公司 单位：辆 十一月份产销量明细 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） 4893 9235 -47.02 76125 101874 -25.28 多功能乘用车（MPV） 1198 1709 -29.90 14703 18701 -21.38 基本型乘用车（轿车） 2240 6753 -66.83 59035 73149 -19.29 商 用 车 轻中型货车 8928 14069 -36.54 119817 130254 -8.01 重型货车 1216 2201 -44.75 11211 15132 -25.91 皮卡 5600 4457 25.65 59396 50526 17.56 客车非完整车辆 334 400 -16.50 3206 3006 6.65 多功能商用车 1027 2295 -55.25 22708 18415 23.31 客车 506 497 1.81 4208 3847 9.38 合计 25942 41 ...

Investment Rating - The report assigns a "Buy" investment rating to the company for the first time, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [3][15]. Core Insights - The company is experiencing a successful collaboration with Huawei, accelerating its progress in smart vehicle technology. The partnership spans product development, manufacturing, sales, and service, aiming to create luxury smart connected electric vehicles [3][6]. - The company reported a revenue of 32.21 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.1%, but a significant increase in net profit attributable to shareholders, which reached 625 million yuan, up 239.86% year-on-year [3][6]. - The company plans to invest over 20 billion yuan in research and development over the next five years, launching more than 30 smart electric vehicle products [3][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 10.91 billion yuan, with a year-on-year growth of 8.72% and a quarter-on-quarter decline of 5.57% [3][6]. - The gross profit margin for Q3 2024 was reported at 11.36%, showing improvements in profitability compared to previous quarters [3][6]. - The company forecasts revenues of 45.93 billion yuan, 60.65 billion yuan, and 74.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.31 yuan, 0.40 yuan, and 0.57 yuan [6][7]. Sales and Production Insights - The total sales volume for Q3 2024 was 109,200 units, with a year-on-year increase of 9.86%. Passenger vehicle sales specifically grew by 32.56% year-on-year [3][6]. - The company is focusing on enhancing its asset structure and improving resource allocation efficiency, which has led to a significant increase in asset disposal gains [3][6]. Future Outlook - The company is expected to continue its growth trajectory with a projected increase in revenue and net profit over the next few years, driven by the launch of new smart electric vehicle models and ongoing collaboration with Huawei [3][6].

证券代码：600418 证券简称：江淮汽车 公告编号：2024-061 安徽江淮汽车集团股份有限公司 2024 年第四次临时股东会决议公告 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 | 4,231 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 821,750,528 | | 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 | 37.6257 | | 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。 本次会议由董事长项兴初主持。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) 股东会召开的时间：2024 年 11 月 20 日 (二) 股东会召开的地点：安徽省合肥市东流路 176 号安徽江淮汽车集团股份 有限公司管理大楼 301 会议室 (三) 出席会议的普通股股东及其持有股份情况： 二 ...