[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 华域汽车（600741）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 15.30 | | 52 周股价波动（元） | 13.17-19.50 | | 总股本 / 流通 A 股（百万股） | 3153/3153 | | | | | 总市值 / 流通市值（百万元） 相关研究 | 48237/48237 | | | | | [Table_ReportInfo] 《中性化持续推进》 2024.03.31 市场表现 | | 华域汽车 海通综指 -25.87% -18.87% -11.87% -4.87% 2.13% | --- | --- | --- | --- | |---------- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 77.29 billion yuan for the first half of 2024, representing a year-on-year growth of 0.4%, and a net profit attributable to the parent company of 2.86 billion yuan, up 0.8% year-on-year [5]. - The company is accelerating the development of external customers, achieving stable growth despite pressure on major downstream customers' production and sales [6]. - The company aims for a revenue target of 170.6 billion yuan in 2024, with an expected year-on-year growth rate of 1.2% and a planned gross profit margin of over 13.0% [7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 40.27 billion yuan, a year-on-year increase of 0.3% and a quarter-on-quarter increase of 8.8% [6]. - The gross profit margin for Q2 2024 was 11.7%, down 0.8 percentage points year-on-year and quarter-on-quarter, primarily due to rising raw material costs and intensified competition [6]. - The net profit for Q2 2024 was 1.6 billion yuan, reflecting a year-on-year increase of 13.7% and a quarter-on-quarter increase of 26.7%, with a corresponding net profit margin of 4.0% [6]. Market Position and Strategy - The company has increased its revenue from external customers, with revenue from customers outside of SAIC Group accounting for 62.0% of total revenue in the first half of 2024, up 6.6 percentage points year-on-year [7]. - The company is focusing on the smart electric trend and accelerating the innovation and transformation of core business technologies, achieving good progress in areas such as intelligent cockpits and electric drive systems [7]. - The company has completed the sale of a 45% stake in Shanghai Aidexia Machinery Co., optimizing resource allocation and reducing burdens [7]. Future Outlook - The company is expected to maintain steady growth supported by the continuous advancement of new products and customers, capitalizing on the explosive growth of the new energy vehicle market and the high-end positioning of independent brands [7]. - Forecasted net profits for 2024-2026 are 6.56 billion, 6.92 billion, and 7.34 billion yuan, respectively, with corresponding valuations of 7.1X, 6.7X, and 6.3X [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [7][15]. Core Insights - The company's H1 2024 revenue reached 77.292 billion yuan, a year-on-year increase of 0.42%, while the net profit attributable to shareholders was 2.863 billion yuan, up 0.76% year-on-year [10][11]. - The company has successfully diversified its customer base, with major clients including Tesla, Seres, BYD, Geely, and Chery, contributing to stable revenue and profit despite a decline in sales from SAIC Group [10][11]. - The company’s strategic shift in customer structure has resulted in 62% of its main business revenue coming from clients outside of SAIC Group in H1 2024, with a year-on-year growth rate of over 19% for the top ten non-SAIC clients [10][11]. Financial Performance Summary - In H1 2024, the company reported a revenue of 77.292 billion yuan, with a Q2 revenue of 40.27 billion yuan, reflecting a year-on-year increase of 0.29% and a quarter-on-quarter increase of 8.78% [10][11]. - The gross profit margin for Q2 2024 was 11.7%, showing a slight decrease of 0.8 percentage points year-on-year and quarter-on-quarter, while the net profit margin improved to 4.0%, up 0.5 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [10][11]. - The company forecasts revenues of 177.3 billion yuan, 188.0 billion yuan, and 198.2 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.562 billion yuan, 8.141 billion yuan, and 8.707 billion yuan [10][11]. Product and Market Strategy - The company is focusing on promoting its core business capabilities in smart cockpits, body platforms, smart driving platforms, and smart power platforms, which are expected to enhance the value per vehicle [10][11]. - The company has secured key model projects for various components, including interior parts, zero-gravity seats, smart steering wheels, and transmission systems, indicating a positive trend in product integration and market acceptance [10][11].

公 司 报 告 华域汽车(600741.SH) 业外客户拓展对冲上汽系下滑，费用强管控维持业绩稳定 | --- | --- | |------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.hasco-group.com | | 大股东 / 持股 | 上海汽车集团股份有限公司 /58.32% | | 实际控制人 | 上海市国有资产监督管理委员会 | | 总股本 ( 百万股 ) | 3,153 | | 流通 A 股 ( 百万股 | ) 3,153 | | | | | 流通 B/H 股 ( | 百万股 ) | | 总市值（亿元） | 461 | | 流通 A 股市值 ( | 亿元 ) 461 | | 每股净资产 ( 元 ) | 18.41 | | 资产负债率 (%) | 65.1 | | 行情走势图 | | 推荐（维持） 股价：14.61 元 | --- | --- | |---------------------|--------------------------- ...

证券代码：600741 证券简称：华域汽车 公告编号：临 2024－028 华域汽车系统股份有限公司 关于召开 2024 年半年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 8 月 29 日发布了公司 2024 年半年度报告。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 9 月 6 日上午 11:00~12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进 行交流。 会议召开时间： 2024 年 9 月 6 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 8 月 30 日（星期五）至 9 月 5 日（星期四） 下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通 ...

为落实国务院《关于进一步提高上市公司质量的意见》要求， 响应上海证券交易所《关于开展沪市上市公司"提质增效重回报" 专项行动的倡议》，践行"以投资者为本"的理念，华域汽车系统 股份有限公司（以下简称"公司"） 围绕创新增效、回报股东、 增进沟通、规范运作等方面，制定了 2024 年度"提质增效重回报" 行动方案，以进一步推动公司高质量发展和投资价值提升，切实 维护全体股东合法权益，方案具体如下： 一、创新增效，不断增强公司核心竞争力 公司在"十四五"规划中，明确提出："积极把握全球汽车行 业'新四化'变革，聚焦'数字化转型'和' 智能化升级'，择优汰劣 进一步打造核心主业，形成软硬兼备的集成能力，覆盖品价皆优 的客户群体，完善全球融合的运营体系，树立智能制造的示范标 杆，努力把华域汽车建设成为全球领先的独立供应汽车零部件系 统公司"的发展思路和目标。2024 年，公司围绕该目标将重点推 进以下工作： 证券代码：600741 证券简称：华域汽车 公告编号：临 2024-027 华域汽车系统股份有限公司 2024 年度"提质增效重回报"行动方案 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 ...

证券代码：600741 证券简称：华域汽车 公告编号：临 2024-025 华域汽车系统股份有限公司 第十届董事会第十四次会议决议公告 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、准确性和完整性依法承担法律责任。 华域汽车系统股份有限公司第十届董事会第十四次会议于 2024 年 8 月 27 日以通讯表决方式召开。本次会议通知已于 2024 年 8 月 16 日以电子邮件等方式送达。会议应参加表决董事 9 名，实际收到 9 名董事的有效表决票。会议符合《公司法》及《公司章程》的有关规 定。经审议，本次会议通过决议如下： 一、《公司 2024 年半年度报告及摘要》； 本议案会前已经公司董事会审计委员会审议通过。 （同意 9 票，反对 0 票，弃权 0 票） 详见上海证券交易所网站 http://www.sse.com.cn。 二、《关于"上海汽车集团财务有限责任公司 2024 年半年度风险 持续评估报告"的议案》； 本议案会前已经公司独立董事专门会议审议通过。 （本议案涉及控股股东下属的关联企业，关联董事王晓秋先生、 贾健旭先生、华恩德先生回避表决。其余 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately RMB 77.29 billion, a 0.42% increase compared to RMB 76.97 billion in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2024 was approximately RMB 2.86 billion, reflecting a 0.76% increase from RMB 2.84 billion in the previous year[22]. - The net profit after deducting non-recurring gains and losses was approximately RMB 2.61 billion, which is a 9.13% increase from RMB 2.39 billion in the same period last year[22]. - The weighted average return on equity decreased to 4.84%, down 0.36 percentage points from 5.20% in the previous year[21]. - The net cash flow from operating activities for the first half of 2024 was approximately RMB 5.08 billion, a 3.58% increase from RMB 4.90 billion in the same period last year[22]. - The total assets at the end of the reporting period were approximately RMB 178.34 billion, an increase of 1.28% from RMB 176.10 billion at the end of the previous year[22]. - The net assets attributable to shareholders at the end of the reporting period were approximately RMB 58.05 billion, a 0.49% increase from RMB 57.77 billion at the end of the previous year[22]. - The basic earnings per share for the first half of 2024 was RMB 0.908, a slight increase of 0.78% from RMB 0.901 in the same period last year[21]. Market and Business Operations - The company’s revenue from domestic customers decreased by 0.20%, while revenue from international markets increased by 6.52%[39]. - The market share of new energy vehicles reached 35.2% in the first half of 2024, with production and sales of 4.929 million and 4.944 million units respectively, representing a year-on-year growth of 30.1% and 32%[28]. - Over 50% of the new business lifecycle orders were from domestic independent brands, and over 70% were related to new energy vehicle models[33]. - The company has established 100 production and manufacturing bases globally, enhancing its local R&D and supply capabilities[31]. - The company has formed long-term partnerships with major domestic automakers, including Tesla Shanghai and BYD, contributing to a 19% year-on-year increase in sales from the top ten non-SAE customers[34]. - The company is focusing on cost reduction and efficiency improvement measures to maintain stable profitability amid intense market competition[35]. Financial Management - The company's financial expenses increased by ¥1.18 billion, mainly due to increased exchange losses caused by currency fluctuations[41]. - The company reported a net cash outflow from investing activities of ¥302.33 million, which is a 48.29% improvement compared to a net outflow of ¥584.62 million in the previous year[41]. - The company’s R&D expenses decreased by 15.77% to approximately ¥2.95 billion from ¥3.51 billion in the previous year[41]. - The company’s short-term borrowings increased by 2.87% to ¥10.94 billion, compared to ¥10.64 billion in the previous year[43]. - The company has not disclosed any new employee incentive plans or stock ownership plans, indicating a potential area for future development[72]. Environmental and Sustainability Initiatives - The company has implemented various measures to reduce carbon emissions, including green product design and clean energy alternatives, aligning with national "dual carbon" policies[112]. - Shanghai Yanfeng Jinqiao Automotive Trim Systems Co., Ltd. has achieved national-level green factory status, while other subsidiaries have also received regional green factory certifications[112]. - The company has installed a cumulative photovoltaic capacity of 22.13 MW across multiple bases, contributing to its renewable energy initiatives[113]. - The company emitted a total of 1.65 tons of non-methane total hydrocarbons from January to June 2024[79]. - The company disposed of 327.38 tons of hazardous waste through qualified third-party services from January to June 2024[79]. Strategic Outlook and Future Plans - The company plans to conduct financial derivatives business within a limit of USD 611.157 million or equivalent foreign currency, focusing on forward foreign exchange contracts[60]. - The company anticipates that the domestic and international automotive markets will face multiple factors affecting macroeconomic conditions, consumer environments, and inflation expectations, leading to potential fluctuations in production and sales volumes[62]. - The company aims to enhance its international operational capabilities to meet the demands of global automotive supply chains and navigate risks associated with currency policies and trade barriers[63]. - The company is committed to accelerating product structure adjustments and technological innovation to align with the evolving automotive industry trends[63]. - The company has set a future outlook with a revenue target of 320 billion CNY for the full year 2024, which would require a growth rate of approximately 10% in the second half[120]. Shareholder and Corporate Governance - The company held three shareholder meetings in 2024, with attendance representing 67.21%, 68.90%, and 64.69% of total shares, respectively, indicating strong shareholder engagement[68]. - The company has experienced significant management changes, including the appointment of Wang Xiaoqiu as chairman and Xu Ping as general manager following the retirement of previous executives[70]. - The company maintains a good integrity status, with no significant debts or court judgments unfulfilled by the controlling shareholder[117]. - The report indicates that there were no changes in the controlling shareholder or actual controller during the reporting period[152]. - The company has not engaged in any significant related party transactions during the reporting period[142].

华域汽车系统股份有限公司 上海汽车集团财务有限责任公司（以下简称：上汽财务公司）设 立于 1994 年 4 月，是经中国人民银行批准成立的非银行金融机构。 公司注册资本人民币 153.80 亿元（含 1000 万美元），由上海汽车集 团股份有限公司、上海汽车工业销售有限公司分别持股 98.999%、 1.001%。 金融许可证机构编码：L0038H231000001 关于对上海汽车集团财务有限责任公司的 风险评估报告 （2024 年上半年） 华域汽车系统股份有限公司按照《上海证券交易所上市公司自律 监管指引第 5 号——交易与关联交易》的要求，通过查验上海汽车集 团财务有限责任公司（以下简称"上汽财务公司"）《金融许可证》、 《企业法人营业执照》等证件资料，审阅上汽财务公司 2024 年上半 年相关财务报表，对上汽财务公司的经营资质、业务和风险状况进行 了评估，具体情况报告如下： 一、上海汽车集团财务有限责任公司基本情况 企业法人营业执照统一社会信用代码：913101151322268960 1 注册资本：人民币 153.80 亿元 法定代表人：王晓秋 注册地址及邮政编码：中国（上海）自由贸易试验区华京路 8 ...

公司 2024 年半年度报告的编制以及董事会审议程序符合国家法 律法规、《公司章程》和公司内部管理制度的相关规定；公司 2024 年 半年度报告的主要内容和格式符合中国证监会和上海证券交易所的 相关规定，报告中所载内容反映了报告期公司的财务状况和经营业 绩；没有发现参与 2024 年半年度报告编制和审议的人员有违反保密 规定的行为。 （同意 3 票，反对 0 票，弃权 0 票） 二、《公司 2024 年半年度内部控制评价报告》。 证券代码：600741 证券简称：华域汽车 公告编号：临 2024－026 华域汽车系统股份有限公司 第十届监事会第十三次会议决议公告 本公司监事会及全体监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。 华域汽车系统股份有限公司第十届监事会第十三次会议于 2024 年 8 月 27 日以通讯表决方式召开。本次会议通知已于 2024 年 8 月 16 日以电子邮件等方式送达。会议应参加表决监事 3 名，实际收到 3 名监事的有效表决票，会议符合《公司法》及《公司章程》的有关规 定。经审议，本次会议通过决议如下： 一、《 ...