Investment Rating - Maintains a "Recommend" rating [1] Core Views - The company's 2024H1 revenue was RMB 46.26 billion, a year-on-year decrease of 25.3%, with Q2 revenue at RMB 24.69 billion, down 30.2% year-on-year but up 14.5% quarter-on-quarter [2] - Non-GAAP net profit attributable to the parent company was negative RMB 340 million in 2024H1, with Q2 at negative RMB 1.03 billion, turning negative both year-on-year and quarter-on-quarter [2] - The company's total sales in 2024H1 were 863,000 units, down 25.8% year-on-year, with Q2 deliveries at 453,000 units, down 27.3% year-on-year but up 10.7% quarter-on-quarter [2] - The company is accelerating its intelligent technology development, aiming to achieve comprehensive leadership in intelligent driving by 2025 [2] - The company is expected to achieve revenues of RMB 1,229.4 billion, RMB 1,413.3 billion, and RMB 1,554.7 billion in 2024-2026, with net profits attributable to the parent company of RMB 3.22 billion, RMB 4.05 billion, and RMB 4.67 billion, respectively [2] Financial Forecasts - Revenue is projected to be RMB 122,939 million in 2024, RMB 141,334 million in 2025, and RMB 155,467 million in 2026, with growth rates of -5.2%, 15.0%, and 10.0%, respectively [4] - Net profit attributable to the parent company is expected to be RMB 3,223 million in 2024, RMB 4,052 million in 2025, and RMB 4,667 million in 2026, with growth rates of -27.2%, 25.7%, and 15.2%, respectively [4] - Earnings per share (EPS) are forecasted to be RMB 0.31 in 2024, RMB 0.39 in 2025, and RMB 0.45 in 2026 [4] - The PE ratio is expected to be 24x in 2024, 19x in 2025, and 16x in 2026 [4] Business Performance - The company's joint venture brands are under pressure, with GAC Honda's Q2 wholesale volume at 91,000 units, down 35.2% year-on-year, and GAC Toyota's Q2 wholesale volume at 180,000 units, down 22.7% year-on-year [2] - The self-owned brand GAC Trumpchi performed steadily, with Q2 sales of 103,000 units, down 1.0% year-on-year but up 21.0% quarter-on-quarter [2] - GAC Aion's Q2 sales were 77,000 units, up 40.8% year-on-year and 58.5% quarter-on-quarter [2] Intelligent Technology Development - The company has mastered L2 to L4 intelligent driving technology, with L2++ city intelligent driving functions already deployed in models like Hyper GT, Hyper HT, and the second-generation AION V [2] - The company plans to achieve nationwide deployment of urban NDA by the end of the year and aims to create a model for intercity three-dimensional travel in 2-3 cities within the Guangdong-Hong Kong-Macao Greater Bay Area by 2027 [2]

证券研究报告·公司点评报告·乘用车 广汽集团（601238） 2024 年半年报点评：业绩基本符合预期，合 资品牌盈利下滑 2024 年 08 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 110272 | 129706 | 146486 | 155235 | 165328 | | 同比（ % ） | 45.72 | 17.62 | 12.94 | 5.97 | 6.50 | | 归母净利润（百万元） | 8064 | 4429 | 4905 | 4587 | 5709 | | 同比（ % ） | 9.94 | (45.08) | 10.76 | (6.50) | 24.47 | | EPS- 最新摊薄（元 / 股） | 0.78 | 0.4 ...

H股代码：02238 H 股简称：广汽集团 A股代码：601238 A股简称：广汽集团 公告编号：临2024-062 广州汽车集团股份有限公司 监事会认为：公司2024年半年度报告的编制和审议程序符合法律、法规、公 司章程和公司内部管理制度的各项规定；公司2024年半年度报告的内容和格式符 合中国证监会和交易所的各项规定，所包含的信息能够从各个方面真实地反映出 公司报告期的经营管理和财务状况等事项；公司监事会未发现参与公司2024年半 年度报告编制和审议的人员有违反保密规定的行为。 第六届监事会第 22 次会议决议公告 本公司监事会及全体监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。 广州汽车集团股份有限公司（下称"公司"或"本公司"）第六届监事会第 22 次会议于 2024 年 8 月 30 日（星期五）上午 8:30 在广州市天河区珠江新城兴 国路 23 号广汽中心 1604 会议室召开，本次会议应到监事 5 名，现场出席监事 4 名，曹限东监事以视频方式参加会议。会议召集、召开符合《中华人民共和国公 司法》和《广州汽车集团股份有限公司章程 ...

会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 关于召开 2024 年半年度业绩说明会的公告 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。 | A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-065 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 重要内容提示： 会议召开时间：2024 年 9 月 9 日(星期一) 下午 14:00-15:00 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 2 日(星期一) 至 9 月 6 日(星期五)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gac.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广州汽车集团股份有限公司（下称"公司"或"本公司"）已于 2024 年 8 月 30 日发 ...

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。 | A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-064 | | --- | --- | --- | | H股代码：02238 | 股简称：广汽集团 H | | 广州汽车集团股份有限公司 关于股票期权限制行权的提示性公告 特此公告。 广州汽车集团股份有限公司董事会 2024 年 8 月 30 日 根据《2020 年 A 股股票期权与限制性股票激励计划（草案）》和中国证券登 记结算有限责任公司上海分公司关于股票期权自主行权的相关规定，结合广州汽 车集团股份有限公司（以下简称"本公司"）2024 年中期利润分配实施计划，将 股票期权限制行权时间公告如下： 一、本公司已于 2023 年 12 月 11 日正式进入《2020 年 A 股股票期权与限制 性股票激励计划（草案）》的第 2 个行权期（期权代码：0000000595），有效行权 期为 2023 年 12 月 11 日-2024 年 12 月 10 日，目前尚处于行权阶段。 二、本次限制行权期为 202 ...

Financial Performance - The company's total revenue for the first half of 2024 was approximately CNY 181.14 billion, marking its 12th consecutive year in the Fortune Global 500, ranking 181st[10]. - The company's operating revenue for the reporting period was CNY 45.81 billion, a decrease of 25.62% compared to CNY 61.59 billion in the same period last year[21]. - The net profit attributable to shareholders was CNY 1.52 billion, down 48.88% from CNY 2.97 billion year-on-year[21]. - Basic earnings per share decreased by 49.07% to CNY 0.14, down from CNY 0.28 in the same period last year[22]. - The company's total revenue for the agency sales model was RMB 305.79 billion, with a gross margin of 2.19%, reflecting a year-over-year decrease in revenue of 33.51% and a slight increase in gross margin by 0.97 percentage points[84]. - The total revenue for other sales models was RMB 156.76 billion, with a gross margin of 9.64%, showing a year-over-year decrease in revenue of 1.55% and an increase in gross margin by 0.18 percentage points[84]. - The company's total assets at the end of the reporting period were RMB 2,164.67 billion, with cash and cash equivalents decreasing by 15.02% year-over-year to RMB 415.51 billion[85][86]. - The company's liquidity ratio improved to approximately 1.37 times as of June 30, 2024, compared to 1.31 times at the end of 2023[89]. - The company's total equity increased to CNY 124.76 billion, compared to CNY 124.40 billion in the previous period[181]. Sales and Market Performance - In the first half of 2024, the company achieved total automotive sales exceeding 860,000 units, with self-owned brand sales accounting for approximately 36.5%[10]. - Overseas automotive sales reached approximately 68,000 units, representing a year-on-year growth of about 190%, with self-owned brand overseas sales at approximately 54,000 units, up 144%[11]. - The sales volume of GAC Trumpchi reached 193,600 units, with a year-on-year growth of 6.51%, while the sales volume of PHEV models surged by nearly 440% to 23,800 units[56]. - The company achieved total automotive production and sales of 859,500 units and 863,000 units respectively, with new energy vehicle sales accounting for 40.63% of total sales[54]. - The domestic automotive market saw a total production and sales of 1.39 million and 1.40 million vehicles, respectively, representing year-on-year growth of 4.9% and 6.1%[30]. Research and Development - The company emphasizes its commitment to research and development, particularly in autonomous driving and battery technology[8]. - Research and development investment for the first half of 2024 was approximately CNY 3.25 billion, with 1,656 new patent applications filed, including 847 invention patents[11]. - The company plans to launch solid-state batteries in the Haobo model by 2026, marking a significant advancement in its new energy vehicle technology[11]. - The company is focusing on key core technology research and development, particularly in low-carbon, new energy, and intelligent connected vehicles[12]. - Research and development expenses amounted to approximately RMB 32.51 billion, an increase of 2.74% year-on-year, focusing on hybrid and new energy vehicle development[77]. Environmental and Social Responsibility - The actual emission concentration of sulfur dioxide is 1.04 mg/Nm3, significantly below the standard of 500 mg/Nm3[113]. - The actual emission concentration of particulate matter is 0.49 mg/Nm3, well under the limit of 120 mg/Nm3, with a total emission of 1.01 t/a[113]. - The company has implemented effective pollution control measures, with no significant environmental pollution incidents reported during the reporting period[119]. - The company has established a comprehensive environmental monitoring plan, ensuring compliance with national standards and regular third-party assessments[127]. - The company has actively engaged in community support, donating 15.3 million yuan for local infrastructure and disaster recovery projects[132]. Corporate Governance and Management - The board of directors confirmed that the semi-annual report is true, accurate, and complete, with no significant omissions or misleading statements[2]. - The company is actively pursuing mixed-ownership reform and has implemented employee stock ownership plans to enhance corporate governance and performance incentives[12]. - The company has appointed KPMG as the auditor for the 2024 fiscal year, following the approval from the board and shareholders[136]. - The total amount of related party transactions for management services reached CNY 3,450,000 during the reporting period[142]. - GAC Group's financial transactions with related parties are based on market rates, ensuring compliance with pricing principles[142]. Future Plans and Strategies - The company aims to add over 100 new overseas sales points in the second half of 2024 as part of its international expansion strategy[12]. - The company plans to launch three flagship models equipped with Huawei's latest technology by 2025, further enhancing its collaboration with Huawei[56]. - The company plans to continue project verification based on industry chain layout and sales growth, with future investments to be made using self-owned funds[154]. - The company aims to establish a comprehensive new media matrix to enhance digital marketing and customer engagement[98]. - The company is focusing on localizing production and optimizing operations in overseas factories, such as the CKD factory in Malaysia and the GAC Aion factory in Thailand[98].

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-063 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 关于 2024 年中期利润分配方案的公告 现金股息。 三、相关风险提示 本次利润分配方案结合了公司发展阶段、未来的资金需求等因素，不会对公 司经营现金流产生重大影响，不会影响公司正常经营和长期发展。 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： 广州汽车集团股份有限公司（下称：公司或本公司）于 2024 年 8 月 30 日召 开第六届董事会第 68 次会议，审议通过了《关于 2024 年中期利润分配方案的议 案》，拟以利润分配股权登记日（2024 年 9 月 23 日）公司的总股本为基数，向 全体股东派发每 10 股 0.3 元人民币（含税）现金股息，有关事宜公告如下： 一、利润分配方案内容 经董事会决议，公司 2024 年中期拟以实施权益分派股权登记日登记的总股 本为基数，向全体股东每 10 ...

广州汽车集团股份有限公司关于募集资金2024年半年度使用情况的专项报告 2024年1月1日至2024年6月30日 （本专项报告除特别注明外，均以人民币元列示） 广州汽车集团股份有限公司 2024年半年度募集资金存放与实际使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，本公司就 2024 年半年 度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）募集资金金额及资金到账时间 经中国证券监督管理委员会《关于核准广州汽车集团股份有限公司非公开发行股票的批复》(证监许可 [2017]1801 号文)核准，本公司向特定投资者非公开发行不超过 753,390,254 股新股(以下简称"非公开发行股票")。 募集资金总额为人民币 1,500,000.00 万元，扣除承销及保荐费用人民币 8,250.00 万元后，实际募集资金净额为人 民币 1,491,750.00 万元，已由非公开发行股票的联席主承销商中金公司于 2017 年 11 月 10 日汇 ...

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-061 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 第六届董事会第 68 次会议决议公告 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。 广州汽车集团股份有限公司（下称"本公司"或"公司"）第六届董事会第 68 次会议于 2024 年 8 月 30 日（星期五）上午 9:30 在广州市珠江新城兴国路 23 号广汽中心 32 楼会议室召开。 审议结果：同意 11 票，反对 0 票，弃权 0 票。 上述议案在提交董事会审议前已经董事会审计委员会审议通过。 二、审议通过《关于 2024 年中期利润分配方案的议案》, 同意 2024 年中期 向全体股东（股权登记日为 2024 年 9 月 23 日）派发每股 0.03 元（含税）的中 期现金股利，并授权公司董事会秘书、公司秘书拟订及刊发利润分配实施公告。 审议结果：同意 11 票，反对 0 票，弃权 0 票。 三、审议通过《 ...

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-060 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 截至 2024 年 8 月 22 日，公司已通过集中竞价交易方式累计完成回购股份数 量为 104,673,170 股，占公司总股份数的 1.01%，与上次披露数相比增加 0.02%； 其中，回购 A 股数量为 9,259,170 股，回购成交的最高价为 7.82 元/股，最低价 为 7.10 元/股，成交总金额为 69,926,540.50 元（不含交易费用）；回购 H 股数 量为 95,414,000 股，回购成交的最高价为 2.95 港元/股，最低价为 2.61 港元/ 股，成交总金额为 267,353,904.00 港元（不含交易费用）。本次回购符合相关法 律法规的规定及公司既定的回购股份方案。 三、其他事项 ●截至 2024 年 8 月 22 日，广州汽车集团股份有限公司（下称"公司"）以 集中竞价交易方式累计完成回购股份数量为 104,673,170 股，占公司总股份数的 1.01%；其 ...