证券代码：600741 证券简称：华域汽车 公告编号：临 2024-018 华域汽车系统股份有限公司 2023 年年度股东大会决议公告 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： | 1、出席会议的股东和代理人人数 | 139 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,172,265,793 | | 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 | 68.9012 | | 份总数的比例（%） | | (一) 股东大会召开的时间：2024 年 6 月 28 日 (二) 股东大会召开的地点：上海汽车集团股份有限公司培训中心（上海市虹 口区同嘉路 79 号）3 号楼 3 楼报告厅 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (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。 本次股东大会采用现场投票和网络投票相结合的方式进行表决；符合《公司 法》及《公司章程》的规定，大会由公司董事会依法召集，董事长陈虹先生 ...

华域汽车系统股份有限公司 2023 年年度股东大会资料 华域汽车系统股份有限公司 2023 年年度股东大会资料 2024 年 6 月 28 日 1 华域汽车系统股份有限公司 2023 年年度股东大会资料 华域汽车系统股份有限公司 2023 年年度股东大会会议须知 为了维护投资者的合法权益，确保股东大会的正常秩序和议 事效率，根据《公司法》、《证券法》、《华域汽车系统股份有限公 司章程》等有关规定，特制定本须知： 一、为保证股东大会的严肃性和正常秩序，切实维护与会股 东（或授权代表）的合法权益，务请有出席股东大会资格的相关 人员事先办理参会登记手续，并准时参会。股东大会正式开始后， 终止现场参会登记。股东大会设秘书处，具体负责大会有关事宜。 二、股东（或授权代表）出席大会，依法享有发言权、咨询 权、表决权等各项权利。请出席股东大会的相关人员遵守股东大 会秩序，维护全体股东合法权益。公司不向参会股东发放任何形 式的礼品，以平等对待所有股东。 三、股东要求提问的，可在预备会议时向大会秘书处登记， 并填写提问登记表。公司将统一回答股东提出的问题，如问题涉 及与本次股东大会议题无关或将泄露公司商业秘密或有损公司、 股东 ...

公司董事会、监事会延期换届不会对公司的正常生产运营产生影 响。公司将积极推进董事会、监事会的换届工作，并及时履行相应的 信息披露义务。 特此公告。 华域汽车系统股份有限公司董事会 2024 年 6 月 20 日 证券代码：600741 证券简称：华域汽车 公告编号：临 2024-017 华域汽车系统股份有限公司 关于董事会、监事会延期换届的 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、准确性和完整性承担法律责任。 华域汽车系统股份有限公司（以下简称"公司"）第十届董事会、 第十届监事会的任期将于 2024 年 6 月 29 日届满。鉴于公司新一届董 事会、监事会的候选人提名工作尚未完成，为保持董事会、监事会工 作的连续性和稳定性，公司第十届董事会、监事会将延期换届，公司 董事会各专门委员会委员、高级管理人员的任期亦将相应顺延。 在公司新一届董事会、监事会换届工作完成前，公司第十届董事 会及全体董事、第十届监事会及全体监事、董事会各专门委员会委员、 高级管理人员等，将依据法律法规和《公司章程》有关规定继续履行 相应职责和义务。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3] Core Views - The company reported a revenue of 37 billion yuan in Q1 2024, showing a year-on-year increase of 0.6%, while the net profit attributable to shareholders was 1.26 billion yuan, a decrease of 12% year-on-year [3] - The gross margin for Q1 2024 was 12.54%, down 1.34 percentage points from the same period in 2023, and the net profit margin was 3.87%, down 0.71 percentage points year-on-year [3] - The company maintained revenue stability despite a decline in production from major clients, indicating resilience in its revenue generation [3] - The functional components segment showed strong profitability, contributing 42% to the net profit attributable to shareholders [3] - The company has a strong cash flow position with limited capital expenditure needs, indicating robust operational efficiency [3] Financial Summary - Revenue projections for the company are estimated to reach 176.2 billion yuan in 2024, 182.5 billion yuan in 2025, and 189.1 billion yuan in 2026, with net profits of 7.55 billion yuan, 8.10 billion yuan, and 8.82 billion yuan respectively [4][6] - The earnings per share (EPS) are projected to be 2.39 yuan in 2024, 2.57 yuan in 2025, and 2.80 yuan in 2026 [4][6] - The company’s price-to-earnings (P/E) ratio is expected to be approximately 6.9 for 2024, indicating a favorable valuation compared to industry peers [3][6] Valuation Assessment - The reasonable P/E range for the company in 2024 is estimated to be between 8 to 10 times, corresponding to a fair value range of 19.16 to 23.95 yuan per share [3] - The company’s financial metrics indicate a healthy balance sheet with a projected return on equity of 12.1% in 2024 [4][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 37.02 billion yuan in Q1 2024, representing a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 1.26 billion yuan, a decrease of 11.9% year-on-year [5][6]. - Despite pressure on major customers' production and sales, the company managed to maintain stable revenue growth through the continuous expansion of external customers [6][7]. - The company is focusing on the transition to new energy vehicles, with revenue from non-SAE customers accounting for 53.82% of total revenue, an increase of 4.25 percentage points year-on-year [6]. Summary by Sections Financial Performance - In Q1 2024, the company's gross margin was 12.5%, down 1.3 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [7]. - The company reported a net profit margin of 3.4%, a decrease of 0.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [7]. - 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 margin of over 13% [6]. Market Dynamics - The domestic passenger car wholesale sales in Q1 2024 reached 5.685 million units, a year-on-year increase of 10.6% but a quarter-on-quarter decrease of 27.9% [6]. - Major customer sales, including SAIC Group, faced challenges, with SAIC Group's sales down 6.4% year-on-year and 49.2% quarter-on-quarter [6]. Strategic Initiatives - The company is accelerating its transition to new energy vehicles, with over 65% of new business lifecycle orders related to electric vehicles [6]. - The company is optimizing resource allocation by exiting non-core businesses, such as the sale of a 45% stake in Shanghai Aidexia Machinery Co., Ltd [6].

公司研究 | 季报点评 华域汽车 600741.SH 买入 （维持） 费用率改善，期待盈利能力提升 股价（2024年04月30日） 16.48元 目标价格 25.30元 52周最高价/最低价 19.9/15.55元 总股本/流通A股（万股） 315,272/315,272 A股市值（百万元） 51,957 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 业绩符合预期。1季度营收370.21亿元，同比增长0.6%；归母净利润12.63亿元， 报告发布日期 2024年05月05日 同比降低 11.9%；扣非归母净利润10.85亿元，同比降低7.9%。1季度公司营收整 体表现稳健，利润端预计受产业链降价压力、海外工厂产能爬坡、汇率波动等综合 影响承压。 1周 1月 3月 12月 绝对表现 -6.79 -1.38 -0.6 5.49 ⚫ 1 季度毛利率暂时承压，费用率及现金流改善。1季度毛利率 12.5%，同比下降 1.3 相对表现 -9.59 -3.27 -11.67 16.03 个百分点，预计主要受下游客户降价、新项目爬坡等因素影响。1季度期间费用率为 沪深300 2.8 1.89 11.07 -10.54 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its Q1 2024 results, which were slightly below expectations, with total revenue of 37 billion yuan, reflecting a quarter-on-quarter increase of 0.6% but a year-on-year decrease of 21.3%. The net profit attributable to shareholders was 1.263 billion yuan, down 11.9% quarter-on-quarter and 49.0% year-on-year [3] - The company is diversifying its customer base and actively seeking new clients, with significant growth in production from external clients such as Tesla, BYD, and Chery in Q1 2024, showing year-on-year increases of 2%, 8%, and 69% respectively. However, production from SAIC's brands showed mixed results, impacting overall revenue [3] - Continuous cost reduction and efficiency improvements are being implemented, with a Q1 2024 gross margin of 12.5%, slightly down from previous periods due to pressure from downstream automakers. The company is expected to maintain stable profitability through diversified customer structures and refined cost management [3] - The company's operating cash flow has significantly improved, with a net cash flow of 1.224 billion yuan in Q1 2024, up 117% year-on-year, primarily due to increased cash receipts from sales. The company has ample cash on hand, with monetary funds amounting to 41.5 billion yuan [3] Financial Forecasts and Valuation - The revenue forecasts for 2024-2026 are maintained at 180.5 billion yuan, 195.8 billion yuan, and 204.6 billion yuan, representing year-on-year growth of 7.1%, 8.5%, and 4.5% respectively. The net profit forecasts for the same period have been adjusted to 7.8 billion yuan, 8.3 billion yuan, and 8.8 billion yuan, with corresponding P/E ratios of 7, 6, and 6 times [4] - The company’s Q1 2024 net profit margin was 3.41%, reflecting a decrease compared to previous periods, but the overall profitability is expected to remain stable due to ongoing strategic initiatives [3][4]

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]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company achieved a revenue of 168.59 billion yuan in 2023, representing a year-on-year increase of 6.52%. The net profit attributable to shareholders was 7.21 billion yuan, with a slight increase of 0.15% year-on-year [1][3]. - The company is diversifying its customer base, with the revenue share from the SAIC system decreasing from 46.1% in 2021 to 41% in 2023, indicating a significant trend towards diversification [1]. - The company is transitioning towards electrification and intelligence in its product structure, with a notable increase in the supply of new energy components [1]. - The company’s revenue from electronic and electrical components grew by 18.68% year-on-year, while traditional products saw a decline in revenue growth [1][4]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 176.73 billion yuan, 182.97 billion yuan, and 187.13 billion yuan, respectively. Corresponding net profits are expected to be 7.49 billion yuan, 8.05 billion yuan, and 8.34 billion yuan [3][4]. - The diluted EPS for the next three years is forecasted to be 2.38 yuan, 2.55 yuan, and 2.65 yuan [4]. - The gross margin is expected to remain stable, with slight increases projected from 13.32% in 2023 to 13.44% in 2026 [4].

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 ...