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 ...

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].