各位投资人 大家晚上好 我是动听电子记者分析师黄自立非常感谢大家能够参加我们今晚上节目开庭华语学科的一个观点的汇报因为我这边嗓子感冒的话有点那个刷牙 对,所以今天晚上的这个汇报的话,更多待会儿是我的邮件这边同时顺便来跟大家汇报。那我这边还是简要的讲一下我们当前时间点对华语汽车的一个核心结论吧。首先的话,结论的话,我们是轮回 短期以华誉代表双七的这一轮的国际改革我们认为应该是有至少八成身体上的一个补充空间那么长期来看的话我们是会认为华誉跟双七还是一笼金龙的一个关系那么在双七的这一轮的国际改革的一个继续追踪下我们认为华誉这边应该也会未来能够迎来一个经济和估值的一个持续上升的一个生态的周期那么也希望大家可以持续的关注华誉汽车这边的一个投入机会 第一点,我们认为应该还是要去思考,就是在更多话时代,跟更多话时代相比,至少明不见得一个重要数会发生什么样的变化。 这点我们认为是非常重要的因为我们对接下来三五年整个程序和民间这个议题认为自动化的话是最主要核心的一个就是主要矛盾那么在这个层其实我们认为跟电动化相比的话在中转每一台车的一个爆发程度应该是会更加爆款的那么对于整车的格局我们预计会有一个重塑期那么最终会推销的结果是 所 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company achieved a revenue of 42.2 billion yuan in Q3 2024, a year-on-year decrease of 5.4% but a quarter-on-quarter increase of 4.8%. The net profit attributable to the parent company was 1.61 billion yuan, down 15.2% year-on-year but up 0.7% quarter-on-quarter [3][4]. - Despite pressure on major clients' production and sales, the company demonstrated resilience with stable revenue growth, driven by the successful expansion of external customers [3][5]. - The gross margin for Q3 2024 was 12.3%, remaining flat year-on-year and increasing by 0.6 percentage points quarter-on-quarter, primarily due to a decrease in raw material costs [4][5]. - The company is actively expanding its external customer base, with revenue from customers outside SAIC Group accounting for 62.0% of total revenue in the first half of 2024, an increase of 6.6 percentage points year-on-year [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 42.2 billion yuan, a year-on-year decline of 5.4% and a quarter-on-quarter increase of 4.8%. The net profit attributable to the parent company was 1.61 billion yuan, reflecting a year-on-year decrease of 15.2% and a quarter-on-quarter increase of 0.7% [3][4]. - The gross margin was 12.3%, unchanged year-on-year and up 0.6 percentage points from the previous quarter, mainly due to lower raw material costs [4]. Market Strategy - The company is focusing on expanding its external customer base, with significant growth in revenue from new clients. In the first half of 2024, revenue from customers outside SAIC Group reached 62.0%, up 6.6 percentage points year-on-year [5][6]. - The company is also accelerating its transition to new energy vehicles, with over 70% of the revenue from new business related to electric vehicles [5][6]. Future Outlook - The company is expected to maintain steady growth in net profit, with projections of 6.5 billion yuan, 6.82 billion yuan, and 7.23 billion yuan for the years 2024, 2025, and 2026, respectively [6][10]. - The dividend payout ratio for 2023 is 32.78%, corresponding to a nearly 12-month dividend yield of 4.7% [6].

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **18.72 CNY** [2][4] Core Views - The company's Q3 performance met expectations, with revenue of **421.99 billion CNY**, a **5.4% YoY decline** but a **4.8% QoQ increase** [1] - Net profit attributable to the parent company in Q3 was **16.11 billion CNY**, down **15.2% YoY** but up **0.7% QoQ** [1] - The company achieved stable operations by expanding incremental markets and implementing cost control measures despite industry challenges [1] - Q3 gross margin improved to **12.3%**, up **0.6 percentage points QoQ**, while the expense ratio slightly improved [1] - The company is advancing its neutralization strategy, with over **60% of revenue** coming from non-industry clients in H1, helping to offset the decline in industry client sales [1] - The company's global business platform is opening new opportunities, with international clients including Tesla, Mercedes-Benz, and BMW [1] Financial Performance - Revenue for the first three quarters was **1194.91 billion CNY**, down **1.7% YoY**, with net profit attributable to the parent company at **44.73 billion CNY**, down **5.6% YoY** [1] - Operating cash flow for the first three quarters was **56.19 billion CNY**, down **22.5% YoY** [1] - The company's revenue from exterior and interior parts business in Q3 was **926 billion CNY**, with a net profit of **27.1 billion CNY**, showing a slight YoY increase [1] Business Segments - Exterior and interior parts: Revenue of **926 billion CNY**, net profit of **27.1 billion CNY** in Q3 [1] - Metal forming and molds: Revenue of **57 billion CNY**, net profit of **2.1 billion CNY** in Q3 [1] - Functional parts: Revenue of **192 billion CNY**, net profit of **16.6 billion CNY** in Q3 [1] - Electronic and electrical parts: Revenue of **47 billion CNY**, net loss of **0.9 billion CNY** in Q3 [1] - Heat treatment parts: Revenue of **4 billion CNY**, net loss of **0.2 billion CNY** in Q3 [1] Future Outlook - The company is expected to achieve steady growth with the support of non-industry clients and new energy vehicle business [1] - The company has secured new orders, with over **50% of domestic independent brand orders** and over **70% of new energy vehicle business** in H1 [1] Valuation and Forecast - The report forecasts EPS for 2024-2026 at **2.08**, **2.24**, and **2.32 CNY**, respectively, with a target price of **18.72 CNY** based on a **9x PE ratio** [2] - The company's revenue is expected to grow at a CAGR of **6.4%** from 2024 to 2026, reaching **201.7 billion CNY** by 2026 [3]

请他在第一时间为大家解读一下公司的整个一个三级度的财务情况的一个表现接下去呢这个我把时间呢交给这个毛总然后毛总的介绍完毕以后呢我们也会预留一些时间和大家做这个软搭做交流下面把时间交给毛总好各位国际人分析师大家下午好我是公司财务总监毛伟杰 下面我向各位通报一下华誉汽车三级报的这样一个整体的财务运营的一个情况首先让大家看到我们图框的这个TBT我们直接进入第四页以后的内容第一个层面就是合并报表口径前三季度华誉汽车整体的一个财务表现 那么1到9月 华谊汽车每季实现的合并营业收入1195亿同比去年同期下降了1.7%归随于我们公司的正义润44.73亿只要去年同期下降了5.63%扣非以后的归母正义润40.87亿只要去年同期下降了1.32%这个下降幅度与归随于我们公司正义润下降幅度 缩窄是因为两期的非竞争性损益的金额不一样去年同期的非竞争性损益相对较大扣分以后整体的规模经营链的下降幅度是1.32%还低于总体的合并营业收入的降幅记录每股收益1.419元跟规模经营链同步的降幅跟去年同期降幅 周年活动产生的现金额量均为56.19个亿较上年同期下降了22.47%这一块我们具体的原因和细节我们将在后面的现金分析当中为大家再做进一步的展 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 42.2 billion yuan, showing a quarter-on-quarter decrease of 5.4% but an increase of 4.8% year-on-year. The net profit attributable to shareholders was 1.61 billion yuan, reflecting a year-on-year decrease of 15.2% but a slight increase of 0.7% quarter-on-quarter [2] - The company continues to advance its neutralization strategy to mitigate sales pressure from SAIC clients. In Q2 2024, revenue from core clients such as SAIC, Tesla, BYD, and Geely increased by 9%, 31%, 11%, and 14% respectively. The company achieved revenue growth against the trend by enhancing the value of each vehicle and expanding its client base, with 62% of H1 2024 revenue coming from clients outside the SAIC Group [2] - Gross margin showed signs of recovery, with Q3 2024 gross margin at 12.3%, stable compared to the previous quarter. The company maintained good control over expenses, with a period expense ratio of 9.4% [3] - Operating cash flow showed volatility, with a net operating cash flow of 540 million yuan in Q3 2024, down 77% year-on-year. The company has ample cash on hand, with monetary funds amounting to 33.9 billion yuan at the end of Q3 2024 [3] Financial Forecasts and Valuation - Due to significant sales pressure from SAIC clients, the revenue forecasts for 2024-2026 have been revised down to 162.5 billion, 173.1 billion, and 182.6 billion yuan respectively, reflecting year-on-year changes of -3.6%, +6.5%, and +5.5%. The net profit forecasts for the same period have also been adjusted to 7.2 billion, 7.8 billion, and 8.3 billion yuan, with corresponding P/E ratios of 7, 6, and 6 times [4]

证券代码：600741 证券简称：华域汽车 公告编号：临 2024－030 华域汽车系统股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 华域汽车系统股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日发布了公司 2024 年第三季度报告。为使投资者更加全面、深入 地了解公司的经营成果、财务状况，公司计划于 2024 年 11 月 8 日上 午 11:00~12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问 题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三 1 会议召开时间： 2024 年 11 月 8 日（星期五）上午 11:00~12:00 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 1 日（星期五）至 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company has shown significant progress in neutralization, with continuous improvement in revenue structure. For the first three quarters of 2024, the company achieved revenue of 119.49 billion yuan, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 4.47 billion yuan, a year-on-year decrease of 6% [4][5] - In Q3 2024, the company reported revenue of 42.20 billion yuan, down 5% year-on-year but up 5% quarter-on-quarter, with a net profit of 1.61 billion yuan, down 15% year-on-year but up 1% quarter-on-quarter [4][5] - The gross margin for Q3 2024 was 12.3%, an increase of 0.01 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, while the net profit margin was 4.3%, down 0.4 percentage points year-on-year and quarter-on-quarter [4][5] Revenue and Profit Forecast - The company is expected to achieve revenues of 172 billion yuan, 178.1 billion yuan, and 184.4 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 6.16 billion yuan, 6.78 billion yuan, and 7.34 billion yuan for the same years [6][10] - The earnings per share (EPS) are projected to be 1.95 yuan, 2.15 yuan, and 2.33 yuan for 2024, 2025, and 2026 respectively [6][10] Financial Performance - The company’s total revenue for 2023 is estimated at 168.59 billion yuan, with a year-on-year growth of 6.5%, and a projected net profit of 7.21 billion yuan, showing a minimal growth of 0.2% [7][10] - The gross margin is expected to decline slightly from 13.3% in 2023 to 12.5% in 2024, and remain stable at around 12.4% for the following years [10][11] Market Comparison - The company’s stock price as of October 30, 2024, corresponds to a price-to-earnings (P/E) ratio of approximately 8.1 for 2024, 7.4 for 2025, and 6.8 for 2026, indicating a stable operational outlook [6][10] - The reasonable P/E range for the company in 2024 is estimated to be between 9 and 10 times, corresponding to a fair value range of 17.59 to 19.55 yuan per share [6][10]

华域汽车：前三季度净利润44.73亿元 同比下降5.63% 财联社10月29日电，华域汽车发布2024年第三季 度报告，前三季度实现营业收入1194.91亿元，同比下降1.70%；归属于上市公司股东的净利润44.73亿 元，同比下降5.63%。 第三季度实现营业收入421.99亿元，归属于上市公司股东的净利润16.11亿元。 公司通过积极抢拓增量市场、优化调整业务结构、严格落实控费降本等措施，努力实现经营业绩的总体 平稳。 查看公告原文 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥42,199,023,208.53, a decrease of 5.36% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥1,610,757,149.50, down 15.20% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,477,431,704.57, a decline of 15.61% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.511, down 15.26% year-on-year[3]. - In Q3 2024, the company's net profit was CNY 5,112,446,973.24, a decrease of 4.87% compared to CNY 5,373,855,379.85 in Q3 2023[20]. - The company's total profit for Q3 2024 was CNY 5,512,882,025.55, a decrease of 5.76% compared to CNY 5,850,594,309.90 in Q3 2023[20]. - The total comprehensive income for Q3 2024 was CNY 5,343,067,936.49, down from CNY 5,649,669,227.66 in Q3 2023, indicating a decrease of 5.41%[21]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥5,619,038,446.00, reflecting a decrease of 22.47%[3]. - The company reported cash and cash equivalents of ¥33,936,730,712.29 as of September 30, 2024, compared to ¥40,211,335,460.71 at the end of 2023[14]. - The net cash flow from financing activities was -3,416,876,631.93 CNY, compared to -1,605,676,560.48 CNY in the previous year, indicating a significant increase in cash outflow[24]. - The total cash and cash equivalents at the end of the period amounted to 33,755,991,302.93 CNY, down from 38,069,419,612.38 CNY year-over-year[24]. - The net increase in cash and cash equivalents was -6,169,087,562.82 CNY, contrasting with a positive increase of 5,022,984,827.40 CNY in the same period last year[24]. - The cash outflow from financing activities totaled 9,839,258,488.50 CNY, up from 7,992,045,806.43 CNY year-over-year[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥180,953,955,797.03, an increase of 2.76% from the end of the previous year[3]. - The total liabilities rose to CNY 116.67 billion in Q3 2024, compared to CNY 114.52 billion in Q3 2023, indicating a 1.9% increase[16]. - The equity attributable to shareholders at the end of the reporting period was ¥60,111,770,929.36, up 4.06% from the previous year[3]. - The equity attributable to shareholders increased to CNY 60.11 billion in Q3 2024, up from CNY 57.77 billion in Q3 2023, representing a growth of 4.0%[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 64,009, with the largest shareholder, Shanghai Automotive Group Co., Ltd., holding 1,838,663,129 shares, representing 58.32%[9]. - The top ten shareholders include several institutional investors, with Hong Kong Central Clearing Limited holding 135,582,155 shares, representing 4.30%[9]. - The total number of shares held by the top ten unrestricted shareholders is 2,042,000,000, which includes shares held by various investment funds[9]. Operational Challenges and Strategies - The company faced ongoing challenges due to intensified market competition and fluctuating customer demand, prompting measures to optimize business structure and control costs[4]. - Compared to Q2 2024, the company achieved slight growth in both operating revenue and net profit attributable to shareholders, indicating a trend of stabilization and recovery[4]. Research and Development - Research and development expenses in Q3 2024 were CNY 4,571,680,910.72, down 11.2% from CNY 5,152,249,840.64 in Q3 2023[20]. - The company has not reported any new products or technologies in the current quarter[12]. Future Outlook and Guidance - The company has not provided any future outlook or performance guidance in the current report[12]. - There are no significant changes in the shareholder structure or any new strategies announced during the reporting period[13]. - The report does not indicate any changes in the company's operational status that require investor attention[14]. - The company has not disclosed any mergers or acquisitions in the recent quarter[12]. - The company has not engaged in any share buybacks or significant capital expenditures during the reporting period[12].

证券代码：600741 证券简称：华域汽车 公告编号：临 2024-029 华域汽车系统股份有限公司 关于全资子公司拟签署"合资公司 出资协议"的提示性公告 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、准确性和完整性依法承担法律责任。 据测算，公司本次投资金额约占本公司最近一期经审计净资产的 0.32%。根据《公司章程》等相关规定，本次投资涉及金额未达到本 公司董事会审批权限，本次投资不构成关联交易，不构成重大资产重 组情形。 特别提示： ● 拟投资标的名称：华翔圣德曼（上海）汽车系统有限公司（最 终名称以市场监管部门登记为准） ● 拟投资方式和占比：拟以全资子公司持有的华翔圣德曼（山 西）汽车系统有限公司（以下简称：圣德曼山西）100%股权作价， 出资设立华翔圣德曼（上海）汽车系统有限公司（以下简称：合资公 司），并占该合资公司 30%股权。 一、本次投资概述 近日，公司全资子公司华域汽车系统（上海）有限公司（以下简 称：华域上海）拟与山西华翔集团股份有限公司（以下简称：华翔股 份）签署《共同设立合资公司之出资协议》等相关文件。 华域上海拟以其持有的 ...