Financial Performance - The operating revenue for Q1 2024 was CNY 37,021,118,059.79, representing a year-on-year increase of 0.56%[2] - The net profit attributable to shareholders decreased by 11.93% to CNY 1,262,788,615.21[2] - The net profit after deducting non-recurring gains and losses was CNY 1,084,993,434.36, down 7.87% compared to the same period last year[2] - Total operating revenue for Q1 2024 reached ¥37.02 billion, a slight increase of 0.56% compared to ¥36.82 billion in Q1 2023[19] - Net profit for Q1 2024 was ¥1.43 billion, a decrease of 15.0% from ¥1.69 billion in Q1 2023[20] - Earnings attributable to shareholders of the parent company for Q1 2024 were ¥1.26 billion, down 12.0% from ¥1.43 billion in Q1 2023[20] - Basic earnings per share for Q1 2024 was ¥0.401, compared to ¥0.455 in Q1 2023[21] Cash Flow - The net cash flow from operating activities increased significantly by 116.72% to CNY 1,223,622,655.09[2] - The net cash flow from operating activities for Q1 2024 was CNY 1,223,622,655.09, a significant increase from CNY 564,603,675.98 in Q1 2023, representing a growth of approximately 117.5%[24] - Total cash inflow from operating activities amounted to CNY 35,273,262,779.77, compared to CNY 33,375,216,187.93 in the previous year, indicating a year-over-year increase of about 5.7%[24] - Cash outflow from operating activities was CNY 34,049,640,124.68, up from CNY 32,810,612,511.95, reflecting an increase of approximately 3.8%[24] - The net cash flow from investing activities was negative at CNY -528,020,175.65, an improvement from CNY -886,467,800.83 in Q1 2023[24] - Cash inflow from investing activities totaled CNY 500,641,883.12, compared to CNY 265,524,677.01 in the same period last year, marking a growth of about 88.6%[24] - Cash outflow from investing activities was CNY 1,028,662,058.77, down from CNY 1,151,992,477.84, indicating a decrease of approximately 10.7%[24] - The net cash flow from financing activities was CNY 554,561,875.28, a decrease from CNY 1,062,900,444.25 in Q1 2023[25] - Total cash inflow from financing activities was CNY 2,140,104,441.30, compared to CNY 2,296,589,694.10 in the previous year, reflecting a decline of about 6.8%[25] - The ending balance of cash and cash equivalents increased to CNY 41,189,021,101.11, up from CNY 33,817,560,138.61 in Q1 2023, representing a growth of approximately 21.7%[25] - The company reported a total cash inflow of CNY 1,263,942,235.36 for the quarter, compared to CNY 771,125,353.63 in the same period last year, indicating an increase of about 63.8%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 174,585,576,686.17, a decrease of 0.86% from the end of the previous year[3] - The total liabilities as of March 31, 2024, were RMB 101,601,458,214.09, down from RMB 104,097,164,156.31, showing a decrease of about 2.4%[15] - Total liabilities as of Q1 2024 amounted to ¥111.59 billion, a decrease from ¥114.52 billion in the previous year[20] - Total equity as of Q1 2024 was ¥63.00 billion, up from ¥61.58 billion in Q1 2023[20] - The company's long-term equity investments increased to RMB 12,730,285,335.92 from RMB 12,306,809,396.03, reflecting an increase of approximately 3.4%[15] - The total assets decreased to RMB 174,585,576,686.17 from RMB 176,096,527,061.77, a decline of about 0.9%[15] - The company's total non-current assets were RMB 59,253,865,997.98, slightly down from RMB 59,476,623,454.35, reflecting a decrease of about 0.4%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 63,227[6] - The largest shareholder, Shanghai Automotive Group Co., Ltd., held 58.32% of the shares[7] Other Financial Metrics - Non-recurring gains and losses amounted to CNY 177,795,180.85, with government subsidies contributing CNY 201,622,682.14[4] - The weighted average return on net assets was 2.16%, a decrease of 0.50 percentage points[2] - The company reported a decrease in research and development expenses to ¥1.64 billion in Q1 2024 from ¥1.81 billion in Q1 2023[20] - Other comprehensive income after tax for Q1 2024 was a loss of ¥139.22 million, compared to a gain of ¥340.77 million in Q1 2023[21]

[Table_Header] 公司点评报告●汽车行业 2024年 4月 1日 [Table_Title] [Table_StockCode] 新产品、新客户稳步推进，盈利能力维 华域汽车(600741.SH) [Table_InvestRank] 持稳定 推荐 维持评级 核心观点： 分析师 [Table事_S件um：m公ar司y]发布 2023 年度财务报告，全年公司实现营业收入 1685.94 亿元， [石Ta金b漫le_Authors] ：010-80927689 同比+6.52%，实现归母净利润 72.14 亿元，同比+0.15%，实现扣非归母净利润 ：shijinman_yj@chinastock.com.cn 65.03 亿元，同比+0.62%。 分析师登记编码：S0130522030002 我们的分析和判断：  上汽系占比不断下降，多元化客户、多产品策略带动公司经营稳步有升。 研究助理 秦智坤 客户结构多元化：公司近年上汽体系收入占比不断下滑，上汽大众、上汽通 ：qinzhikun_yj@chinastock.com.cn 用、上汽乘用车三大客户合计占公司总营收在 2021~2023 年 ...

华域汽车系统股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 活动类别 | □媒体采访 █业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | | | | 参与人员 | 投资者、公司总经理、独立董事、财务总监、董事会秘 | | | | | 书等 | | | | 会议时间 | 2024 年 月 日 16:00-17:00 | 3 | 29 | | 会议地点 | 上海证券交易所上证路演中心 | | | | | （网址：http://roadshow.sseinfo.com/） | | | | 会议形式 | 网络文字互动 | | | | | 投资者提出的主要问题汇总及公司回复： | | | | | 1．公司在氢能源汽车产业链上的布局或规划，2023 年 | | | | | 电动汽车零部件占比情况。 | | | | 投资者关系 | 回复：公司所属亚普汽车部件股份有限公司主要生产储 | | | | 活动主要内 | 能系统产品，包括燃油系统、电池包壳体 ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[华ITnaf 域bol]e 汽_Ti车tle]( 600741) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，核心业务有望加快放量 目标价格： 22.74 上次预测： 23.94 公 ——华域汽车2023 年报点评 当前价格： 16.71 司 吴晓飞(分析师) 郁研(研究助理) 2024.03.31 更 0755-23976003 021-38031026 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com yuyan028679@gtjas.com 证书编号 S0880517080003 S0880123070140 52周内股价区间（元） 15.85-19.73 报 总市值（百万元） 52,682 告 本报告导读： 总股本/流通A股（百万股） 3,153/3,153 流通 B股/H股（百万股） 0/0 公司发布2023年报，全年业绩保持平稳，Q4收入和净利润数据亮眼。公司持续开拓 流通股比例 100% 配套电动化车型的新项目，核心业务有 ...

证券研究报告·公司点评报告·汽车零部件 华域汽车（600741） 2023 年报点评：Q4 盈利中枢抬升，业绩符合 2024 年 04月 01日 预期 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孙仁昊 营业总收入（百万元） 158,268 168,594 180,511 195,792 204,602 执业证书：S0600123090002 同比 13.09% 6.52% 7.07% 8.47% 4.50% sunrh@dwzq.com.cn 归母净利润（百万元） 7,203 7,214 8,644 9,431 9,846 同比 11.35% 0.15% 19.82% 9.11% 4.40% 股价走势 EPS-最新摊薄（元/股） 2.28 2.29 2.74 2.99 3.12 华域汽车 沪深300 P/E（现价&最新摊薄） 7.31 7.30 6.09 5.59 5.35 12 83 %% [ ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [3][8]. Core Insights - The company achieved a revenue of 168.59 billion yuan in 2023, representing a year-on-year growth of 6.5%. The net profit attributable to shareholders was 7.21 billion yuan, with a slight increase of 0.15% year-on-year [4]. - The company has shown resilience in its operations, with various business segments performing steadily. The main business revenue reached 159.52 billion yuan, growing by 6.7% year-on-year, despite a decline in the metal forming and mold business by 14.1% [4][5]. - The customer structure has improved significantly, with 53.82% of the main business revenue coming from customers outside the SAIC Group. The revenue from new energy vehicle-related models accounted for over 65% of new business orders [6][8]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 168.59 billion yuan, with a net profit of 7.21 billion yuan. The gross margin for domestic operations was 14.9%, while the gross margin for international operations was only 3.2% [4][5]. - The forecast for net profit in 2024 and 2025 has been adjusted to 7.54 billion yuan and 7.95 billion yuan, respectively, with a new estimate for 2026 set at 8.26 billion yuan [8]. Business Segments - The interior and exterior trim and functional components businesses are the main profit contributors, with net profits of 4.43 billion yuan and 2.46 billion yuan, respectively, in 2023 [5]. - The company has maintained a strong position in the automotive parts industry, with a significant portion of its revenue coming from partnerships with major automotive manufacturers [6][8]. Market Position - The company is recognized as a leading player in the domestic automotive parts sector, with a strong bargaining power within the supply chain. Its core business has achieved a level of self-sufficiency [8].

[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）公司年报点评 2024年03月31日 [Table_InvestInfo] 投资评级 优于大市 维持 中性化持续推进 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价（In元fo）] 16.71 投资要点： 52周股价波动（元） 15.55-19.90 总股本/流通A股（百万股） 3153/3153 总市值/流通市值（百万元） 52682/52682  23Q4 扣非归母净利润创历史新高。根据华域汽车 2023 年年报，2023 年全 相关研究 年公司取得营收1685.9亿元，同比+6.5%；其中23Q4营收470.4亿元，同 [《Ta内b外le饰_R盈e利po改rtI善nf，o]智 能电动加速突破》 比+4.6%，环比+5.5%。2023 年全年公司取得扣非归母净利润 65 亿元，同 比+0.6%；其中23Q4扣非23.6亿元，同比+7.4%，环比+34.8%。 2021.08.30 市场表现 中性化持续推进。2023年按汇总口径统计，公司主营业务收入的 53.8 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.30 CNY per share [3][6]. Core Insights - The company's performance in 2023 met expectations, with total revenue of 168.59 billion CNY, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 7.21 billion CNY, up 0.2% year-on-year [2][5]. - The company is optimizing its customer structure, with an increasing focus on the new energy vehicle (NEV) business, which accounted for over 65% of new orders in 2023 [2][6]. - The gross margin for the fourth quarter improved sequentially, reaching 14.5%, while the annual gross margin was 13.3%, a decrease of 0.9 percentage points year-on-year [2][5]. - The company is accelerating the scale application of intelligent and electric products, enhancing its core competitiveness and opening new growth spaces [2][6]. Financial Performance Summary - In 2023, the company reported a net cash flow from operating activities of 11.32 billion CNY, an increase of 13.3% year-on-year [2][5]. - The forecasted earnings per share (EPS) for 2024-2026 are 2.30 CNY, 2.42 CNY, and 2.55 CNY respectively, with an average PE ratio of 11 times for comparable companies in 2024 [2][5]. - The company’s total revenue is projected to grow to 179.46 billion CNY in 2024, with a year-on-year growth rate of 6.4% [5][6].

内部控制审计报告 as 普华永道 内部控制审计报告 普华永道中天特审字(2024)第 0987 号 (第一页,共二页) 华域汽车系统股份有限公司 华域汽车系统股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了华域汽车系统股份有限公司(以下简称"华域汽车")2023年 12 月 31 目的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由 于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度 降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 普华永道中天会计师事务所(特殊普通合伙) 中国上海市黄浦区湖滨路202号领展企业广场2座普华永道中心11楼 邮编200021 总机:+86 (21) 2323 8888, 传真:+86 (21) 2323 8800, www.pwccn.com 普华永道 普华永道中天特审字(2024)第 0987 号 (第二页,共二页) 四、财务报告内部控制审计意见 我们认为,华域汽车于 2023年12月 31日按照《企业内部控制基本规范》 ...

Financial Performance - In 2023, the company reported a revenue of ¥168.59 billion, representing a 6.52% increase compared to ¥158.27 billion in 2022[22]. - The net profit attributable to shareholders was ¥7.21 billion, a slight increase of 0.15% from ¥7.20 billion in the previous year[22]. - The basic earnings per share for 2023 was ¥2.288, showing a marginal increase of 0.13% from ¥2.285 in 2022[21]. - The net cash flow from operating activities reached ¥11.32 billion, marking a 13.28% increase from ¥9.99 billion in 2022[22]. - The company's total assets at the end of 2023 were ¥176.10 billion, an 8.17% increase from ¥162.80 billion at the end of 2022[22]. - The company's net assets attributable to shareholders increased by 9.06% to ¥57.77 billion from ¥52.97 billion in 2022[22]. - The company reported a net profit of ¥6.50 billion after deducting non-recurring gains and losses, which is a 0.62% increase from ¥6.46 billion in 2022[22]. - The weighted average return on equity decreased to 13.03%, down 1.08 percentage points from 14.11% in 2022[21]. - The gross profit margin for the main business decreased by 1.01 percentage points to 12.65% compared to the previous year[50]. - The operating cost for the current period is RMB 146.14 billion, reflecting a 7.64% increase from RMB 135.76 billion year-on-year[47]. Market and Sales Performance - The domestic automobile market showed a steady recovery, with total production and sales reaching 30.161 million and 30.094 million units, respectively, marking a year-on-year increase of 11.6% and 12%[33]. - The sales of new energy vehicles reached 8.34 million units, reflecting a significant growth of 33.7% and a market share increase to 31.6%[33]. - 53.82% of the company's main business revenue in 2023 came from non-SAIC Group vehicle customers, with significant contributions from Tesla Shanghai, FAW-Volkswagen, and BYD among others[42]. - The company achieved a 26.71% increase in net profit from the metal forming and mold segment, rising to ¥412.62 million in 2023[63]. - The company reported a significant increase in vehicle sales, achieving a year-on-year growth of 15% in Q4 2023[176]. Research and Development - The total R&D expenditure is RMB 7.12 billion, accounting for 4.22% of the operating revenue[56]. - The company applied for 1,431 patents in 2023, including 405 invention patents, and obtained 1,325 patents, with 425 being invention patents[59]. - The company has 11,420 R&D personnel, representing 20.13% of the total workforce[57]. - The company launched the industry-leading Safe Unit, a complete safety solution based on zero-gravity seats, showcasing its integrated capabilities in seating, safety, electronics, and motors[39]. - The company has developed a full range of drive motors and electronic control products covering 400V-800V, securing new projects with SAIC General and Leap Motor[40]. Strategic Initiatives - The company is focused on business innovation, market share expansion, and cost optimization to navigate competitive pressures in the industry[32]. - The company is actively expanding its international market presence, particularly in automotive interior systems and seating[34]. - The company plans to enhance its competitive advantage by focusing on "intelligent and electric" trends, leveraging its extensive business layout and strong integration capabilities[87]. - The company will continue to target growth in emerging markets and key customers, particularly in the new energy and luxury vehicle segments[88]. - The company aims to strengthen its global supply capabilities and international operations in response to the global platform development and procurement trends of international automakers[85]. Environmental and Social Responsibility - The company invested 5,994.5 million RMB in environmental protection during the reporting period[124]. - The company emitted a total of 7.31 tons of chemical oxygen demand and 0.17 tons of ammonia nitrogen from wastewater in 2023[130]. - The company implemented measures to reduce carbon emissions, achieving a reduction of 15,134.73 tons of CO2 equivalent during the reporting period[160]. - The company established a dual-carbon management team to promote green low-carbon development and carbon neutrality goals[161]. - The company has made significant efforts in environmental protection and sustainable resource utilization, aligning its development strategy with social responsibility[163]. Governance and Compliance - The company completed four periodic reports and twenty-six temporary announcements during the reporting period, ensuring timely and accurate information disclosure to investors[93]. - The company’s governance structure is compliant with relevant laws and regulations, ensuring effective decision-making and operational coordination[93]. - The company has not faced any penalties from securities regulatory authorities in the past three years[102]. - The company’s board of directors includes independent directors who ensure compliance and governance standards are met[96]. - The total remuneration for all directors, supervisors, and senior management personnel reached RMB 14.7867 million as of the report date[100]. Future Outlook - For 2024, the company aims to achieve consolidated revenue of CNY 170.6 billion, with operating costs controlled within CNY 148.5 billion[87]. - The company aims for a revenue growth target of 20% for the fiscal year 2024[177]. - Future guidance suggests a revenue growth target of 12% for the upcoming fiscal year, supported by ongoing market expansion efforts[179]. - The company is exploring strategic acquisitions to bolster its logistics capabilities, with a focus on companies specializing in green technologies[180]. - New product launches are scheduled for Q2 2024, including two electric SUV models aimed at the domestic market[176].