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 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.74 CNY, down from the previous target of 23.94 CNY [1][2]. Core Insights - The company's performance met expectations, with core business expected to accelerate growth, particularly through new electric vehicle projects and global clients like Tesla [1][2]. - The company reported a revenue of 168.59 billion CNY for 2023, a year-on-year increase of 6.5%, and a net profit of 7.21 billion CNY, reflecting a slight increase of 0.2% [1][2]. - The fourth quarter showed a revenue of 47.03 billion CNY, up 4.6% year-on-year, and a net profit of 2.47 billion CNY, up 6.4% year-on-year [1][2]. Financial Summary - Revenue is projected to grow from 168.59 billion CNY in 2023 to 200.09 billion CNY in 2025, with a compound annual growth rate (CAGR) of approximately 9% [2]. - The net profit is expected to increase from 7.21 billion CNY in 2023 to 8.61 billion CNY in 2025, indicating a growth trajectory [2]. - The earnings per share (EPS) forecast for 2024 is 2.50 CNY, with an increase to 3.04 CNY by 2026 [1][2]. Business Development - The company is expanding its customer base beyond SAIC, with 53.8% of revenue coming from non-SAIC vehicle customers, an increase from 49.6% in the previous year [1][2]. - The company has secured contracts with major global clients such as Volkswagen, General Motors, Audi, BMW, and Mercedes-Benz, indicating a strong market position [1][2]. - The electric vehicle component business is expected to continue growing, contributing to revenue increases [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported its 2023 annual results, which met expectations, with total revenue of 168.6 billion yuan, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 7.2 billion yuan, a slight increase of 0.15% year-on-year [3][4] - The fourth quarter of 2023 saw a revenue of 47 billion yuan, with a quarter-on-quarter increase of 4.6% and a year-on-year increase of 5.5%. The net profit attributable to shareholders was 2.47 billion yuan, reflecting a quarter-on-quarter increase of 6.4% and a year-on-year increase of 30.2% [3][4] - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, accounting for 32.78% of the 2023 net profit attributable to shareholders [3] Summary by Sections Financial Performance - The company achieved a gross profit margin of 13.32% in 2023, a decrease of 0.90 percentage points year-on-year. The net profit margin was 4.28%, down 0.27 percentage points year-on-year [4] - The company’s total expenses ratio was 9.70%, a decrease of 0.47 percentage points year-on-year, with a notable reduction in management expenses [4] Customer and Business Structure - The company has diversified its customer base, with the top five customers accounting for 50.31% of sales. Over 53.82% of revenue comes from customers outside SAIC Group, indicating a shift towards a more diversified client structure [3] - The company has seen significant growth in orders from new energy vehicle-related models, with over 65% of new business orders related to this segment [3] Earnings Forecast and Valuation - The report forecasts revenue for 2024 and 2025 at 180.5 billion yuan and 195.8 billion yuan, respectively, with a projected revenue of 204.6 billion yuan in 2026, representing year-on-year growth rates of 7.1%, 8.5%, and 4.5% [4] - The net profit attributable to shareholders is expected to reach 8.64 billion yuan in 2024, 9.43 billion yuan in 2025, and 9.84 billion yuan in 2026, with corresponding year-on-year growth rates of 19.8%, 9.1%, and 4.4% [4]

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].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's net profit attributable to the parent company reached a historical high in Q4 2023, with a total revenue of 168.59 billion yuan for the year, representing a year-on-year increase of 6.5%. In Q4 2023, revenue was 47.04 billion yuan, up 4.6% year-on-year and 5.5% quarter-on-quarter [6] - The company is making continuous progress in diversification, with 53.82% of its main business revenue coming from customers outside the SAIC Group, indicating a growing share of revenue from external vehicle customers [6] - The core segments of the company have shown significant contributions, with major subsidiaries reporting substantial revenues and profits, particularly in the interior and exterior parts sector [6] - The company plans to achieve a consolidated revenue of 170.6 billion yuan in 2024, with a target to control operating costs within 148.5 billion yuan [6] - The report projects revenues for 2024, 2025, and 2026 to reach 180.5 billion yuan, 186.9 billion yuan, and 193.7 billion yuan respectively, with corresponding net profits of 8.19 billion yuan, 8.89 billion yuan, and 9.64 billion yuan [6][10] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 168.59 billion yuan, with a net profit of 7.21 billion yuan, reflecting a slight increase of 0.2% year-on-year. The report forecasts revenue growth of 7.1% for 2024 and 3.6% for the following years [7][10] - The report indicates a stable dividend policy, proposing a cash dividend of 7.5 yuan per 10 shares, totaling 2.365 billion yuan [6] Revenue and Profit Forecast - The company aims for a revenue of 170.6 billion yuan in 2024, with a projected operating cost of 148.5 billion yuan. The expected EPS for 2024, 2025, and 2026 is 2.60 yuan, 2.82 yuan, and 3.06 yuan respectively [6][10] - The report provides a detailed breakdown of revenue by business segments, with significant contributions from interior and exterior parts, and functional components [8] Valuation - The report assigns a reasonable PE range of 8-10 times for 2024, suggesting a fair value range of 20.79 to 25.99 yuan per share based on the current market conditions [6]

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].