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].

华域汽车系统股份有限公司 董事会议事规则 第一章 总则 第一条 为规范华域汽车系统股份有限公司（以下简称：公司或本 公司）董事会的议事和决策行为，明确董事会的职责和权限，确保董 事会决策的民主化、科学化和高效规范运作，根据《中华人民共和国 公司法》（以下简称：《公司法》）、《中华人民共和国证券法》（以下简 称：《证券法》）、中国证监会《上市公司治理准则》、《上市公司章程指 引》、上海证券交易所《股票上市规则》（以下简称：《上市规则》）、《上 上市公司自律监管指引第 1 号——规范运作》以及《华域汽车系统股 份有限公司章程》（以下简称：《公司章程》）特制定本规则。 第二条 公司董事会及其成员除遵守《公司法》、《证券法》及其他 现行有关法律、法规、《公司章程》外，也应遵守本规则的规定。 公司董事会应以诚实信用、依法办事的原则对股东大会负责，认 真履行《公司章程》和股东大会赋予的职责，公平对待所有股东，并 关注其他利益相关者的利益。 第三条 在本规则中，董事会指公司董事会；董事指公司所有董事。 第四条 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书或者证券事务代表兼任董事会办公室负责人，保管董 事会和董事 ...

华域汽车系统股份有限公司董事会审计委员会 关于对普华永道中天会计师事务所（特殊普通合伙） 2023 年度审计履职情况的评估及履行监督职责的报告 根据《公司法》、《证券法》《上市公司治理准则》《国有企业、上 市公司选聘会计师事务所管理办法》、《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等法律法规的要求，华域汽车系统股 份有限公司（以下简称"公司"） 董事会审计委员会对会计师事务 所 2023 年度审计履职评估及履行监督职责情况报告如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 机构名称：普华永道中天会计师事务所（特殊普通合伙） 成立日期：2013 年 1 月 18 日（由普华永道中天会计师事务所有 限公司转制为特殊普通合伙企业） 注册地址：中国（上海）自由贸易试验区陆家嘴环路 1318 号星 展银行大厦 507 单元 01 室 首席合伙人：李丹 普华永道中天会计师事务所（特殊普通合伙）（以下简称"普华 永道中天"）已经按照《中国注册会计师审计准则》、《企业内部控制 审计指引》等文件的相关要求，对公司 2023 年度财务报告及 2023 年 12 月 31 日的财务 ...

华域汽车系统股份有限公司 上汽财务公司成立于 1994 年 5 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 企业法人营业执照统一社会信用代码：913101151322268960 注册资本：人民币 153.80 亿元 法定代表人：王晓秋 关于对上海汽车集团财务有限责任公司的风险评估报告 （2023 年度） 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、上汽财务公司基本情况 职工人数：2023 年 12 月末在册 641 人 1 注册地址及邮政编码：中国（上海）自由贸易试验区华京路 8 号 三层 317 室 20013 ...