Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in wholesale volume in March 2024, with a month-on-month increase of 82% [3] - The company aims to achieve over 1 million sales for its self-owned brands in 2024, focusing on the integration of hybrid and electric vehicles with intelligent connectivity [3] - The company is actively collaborating with partners, including a partnership with Huawei for smart vehicle technology and a joint venture with Didi for autonomous driving [3] Financial Forecasts - Total revenue is projected to grow from 129,706 million RMB in 2023 to 189,710 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 7.60% [8] - The net profit attributable to the parent company is expected to increase from 4,429 million RMB in 2023 to 7,946 million RMB in 2026, reflecting a CAGR of 19.59% [8] - The earnings per share (EPS) is forecasted to rise from 0.42 RMB in 2023 to 0.76 RMB in 2026 [8] Market Performance - The closing price of the stock is currently at 9.33 RMB, with a price-to-earnings (P/E) ratio of 20.84 for 2023, expected to decrease to 11.61 by 2026 [8] - The company has a market capitalization of approximately 97,842.82 million RMB [8] Production and Sales Data - In March 2024, the company produced 160,534 vehicles and sold 179,319 vehicles, showing a month-on-month increase of 89% in production and 82% in sales [2][3] - The production and sales figures for different brands within the company indicate varied performance, with GAC Aion showing a remarkable month-on-month increase of 356% in production [2][3]

Investment Rating - The report maintains a positive outlook on the company, indicating a long-term growth potential with a projected revenue increase from 156.9 billion in 2024 to 201.7 billion in 2026, and a net profit growth from 6.5 billion to 8.0 billion during the same period [2][11]. Core Insights - The company reported a total wholesale vehicle sales of 179,000 units in March 2024, reflecting a year-on-year decrease of 22.6% but a month-on-month increase of 82.2%. For Q1 2024, total sales reached 410,000 units, down 24.1% year-on-year [2]. - GAC Honda and GAC Toyota faced significant sales declines in March 2024, with GAC Honda's sales down 25.0% year-on-year and GAC Toyota's down 20.0%. However, GAC's strategy of focusing on flagship models has helped maintain overall sales and profitability [2]. - GAC's new energy vehicle sales reached 34,000 units in March 2024, accounting for 18.7% of total sales, with GAC Trumpchi showing strong performance [2]. - The company's international expansion strategy is accelerating, with new sales outlets established in several South American countries and a strategic partnership signed in Indonesia, indicating potential new growth avenues [2]. Summary by Sections Sales Performance - In March 2024, GAC's wholesale sales were 179,000 units, down 22.6% year-on-year but up 82.2% month-on-month. Q1 2024 sales totaled 410,000 units, a 24.1% decline year-on-year [2]. - GAC Honda and GAC Toyota reported March sales of 53,000 and 65,000 units respectively, with year-on-year declines of 25.0% and 20.0% [2]. New Energy Vehicles - GAC's new energy vehicle sales in March 2024 were 34,000 units, down 23.8% year-on-year, representing 18.7% of total sales. GAC Trumpchi's sales were particularly strong at 33,000 units [2]. International Expansion - The company has accelerated its international strategy, adding 11 new sales points in South America and showcasing models at the Bolivia Expo Auto 2024. A strategic partnership with INDOMOBIL in Indonesia marks entry into Southeast Asia's largest automotive market [2]. Financial Projections - Revenue projections for 2024-2026 are 156.9 billion, 183.3 billion, and 201.7 billion respectively, with net profit estimates of 6.5 billion, 7.3 billion, and 8.0 billion [11].

| 2. 股份分類 | 普通股 | H 股份類別 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 02238 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,098,620,305 | RMB | | 1 RMB | | 3,098,620,305 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,098,620,305 | RMB | | 1 RMB | | 3,098,620,305 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州汽車集團股份有限公司(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2024年4月8日 I. 法定/註冊股本變動 | 1. 股 ...

A 股代码：601238 A 股简称：广汽集团 H 股代码：02238 H 股简称：广汽集团 公告编号：临 2024-025 广州汽车集团股份有限公司 2024 年 3 月份产销快报 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 2024 年 3 月汽车产量为 160,534 辆，同比下降 38.36%，本年累计产量为 402,803 辆，同比下降 28.57%； 3 月汽车销量为 179,327 辆，同比下降 22.62%，本年累计销量为 409,698 辆，同比下降 24.11%。各主要投资企业产销数据如下： | 位 | | | 产 | 量（辆） | | | | 销 | | 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | ...

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-024 | | --- | --- | --- | | 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 关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 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。 广州汽车集团股份有限公司（下称"本公司"或"公司"）于 2024 年 3 月 28 日召开第六届董事会第 60 次会议，审议通过了《关于以集中竞价方式回购股份 方案的议案》，详细信息请见本公司 2024 年 3 月 29 日于上海证券交易所网站 （http://www.sse.com.cn）发布的相关公告。 根据中国证券监督管理委员会《上市公司股份回购规则》、《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会决议公告 日（即 2024 年 3 月 29 日）的前一个交易日（即 2024 年 3 月 28 日）收市后登记 在册的本公司前十大股东和前十大无限售条件股东的持股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance slightly missed market expectations, with 2023 revenue of 128.76 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to the parent company of 4.43 billion yuan, a year-on-year decrease of 45.1% [5] - The decline in profit for 2023 is primarily attributed to aggressive business policies in response to industry price wars and restructuring costs related to GAC Mitsubishi [5] - The company plans to distribute a final cash dividend of 1 yuan per share to all shareholders [5] - The gross margin for 2023 was 6.9%, a slight decrease from the previous year, with the fourth quarter gross margin also under pressure due to intensified industry competition [5] - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 6.73 billion yuan, an increase of 12.08 billion yuan year-on-year [5] - Investment income decreased by 39.5% year-on-year, primarily due to pressure on joint venture brand sales [5] - GAC's self-owned brands showed a reduction in losses, with Aion's sales growing significantly [5] Financial Summary - Revenue projections for 2024-2026 are 150.80 billion yuan, 174.44 billion yuan, and 201.73 billion yuan respectively, with year-on-year growth rates of 17.1%, 15.7%, and 15.6% [4][10] - The net profit attributable to the parent company is projected to be 5.76 billion yuan in 2024, 6.48 billion yuan in 2025, and 7.02 billion yuan in 2026, with corresponding year-on-year growth rates of 30.1%, 12.4%, and 8.4% [4][10] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.55 yuan, 0.62 yuan, and 0.67 yuan respectively [5][10] - The company maintains a price-to-earnings (P/E) ratio of 15.8 for 2024, with a target price of 9.35 yuan [5][10] Market Performance - The stock price as of April 3, 2024, is 8.7 yuan, with a 52-week high of 11.79 yuan and a low of 7.72 yuan [1] - The company's market capitalization is approximately 91.24 billion yuan [1]

证券研究报告·公司点评报告·乘用车 广汽集团（601238） 2023 年 报 点 评 ： Q4 业 绩 符 合 预 期 ， 2024年 04月 03日 XEV+ICV+EV 共发展 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 110,272 129,706 158,143 176,318 189,710 执业证书：S0600122080033 同比 45.72% 17.62% 21.92% 11.49% 7.60% mengl@dwzq.com.cn 归母净利润（百万元） 8,064 4,429 5,211 6,644 7,946 同比 9.94% -45.08% 17.67% 27.50% 19.59% 股价走势 EPS-最新摊薄（元/股） 0.77 0.42 0.50 0.63 0.76 广汽集团 沪深300 P/E（现价&最新摊薄） 11.44 20.84 17 ...

Investment Rating - The report maintains a "Buy" rating for H shares and an "Accumulate" rating for A shares [1][2] Core Views - The report highlights GAC Group's 2023 performance, noting a 17.8% year-on-year increase in revenue to CNY 128.76 billion, while net profit attributable to shareholders decreased by 45.1% to CNY 4.43 billion [1] - The report emphasizes the company's strategic focus on high-end products and accelerated overseas expansion, particularly through GAC Aion's new factory in Thailand and GAC Trumpchi's integration with Huawei's HarmonyOS [2] - The report projects net profits for 2024E-2026E at CNY 6.18 billion, CNY 6.77 billion, and CNY 7.03 billion respectively, indicating a positive outlook for the company's autonomous electric vehicle sales [2] Summary by Sections Market Data - Total shares outstanding: 10.487 billion - Total market capitalization: CNY 92.285 billion - One-year price range: CNY 7.72 to CNY 11.79 - Recent three-month turnover rate: 15.84% [1] Financial Performance - 2023 revenue: CNY 128.76 billion, up 17.8% year-on-year - 2023 net profit: CNY 4.43 billion, down 45.1% year-on-year - 4Q23 revenue: CNY 31.1 billion, down 13.8% quarter-on-quarter - 4Q23 net profit: Loss of CNY 0.08 billion [1][2] Investment Income - 2023 investment income from joint ventures and associates: CNY 8.66 billion, down 41.0% year-on-year - 4Q23 investment income: CNY 1.28 billion, down 36.3% year-on-year [1][2] Sales Performance - GAC Aion sales in 4Q23: 129,000 units, up 45.2% year-on-year - GAC Trumpchi sales in 4Q23: 111,000 units, up 16.2% year-on-year [2] Future Projections - 2024E revenue forecast: CNY 142.32 billion - 2024E net profit forecast: CNY 6.18 billion - 2025E net profit forecast: CNY 6.77 billion - 2026E net profit forecast: CNY 7.03 billion [4][5]

| A股简称：广汽集团 股简称：广汽集团 | 公告编号：临2024-023 | | --- | --- | | H | | | A股代码：601238 H股代码：02238 | | 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 关于召开 2023 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。 重要内容提示： 会议召开时间：2024 年 4 月 11 日(星期四)上午 10:00-11:30 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/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 4 月 2 日(星期二)至 4 月 10 日(星期三)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 3 月 28 日发布公 ...

Investment Rating - The report has downgraded the investment rating of GAC Group to "Recommended" [2][3][15] Core Views - GAC Group's revenue increased by 17.76% year-on-year to CNY 12,875.73 million in 2023, driven by a significant rise in self-owned vehicle sales, which grew by 39.9% [2][3] - Despite the revenue growth, the net profit attributable to shareholders decreased by 45.11% to CNY 442.89 million due to intensified market competition affecting profit margins [2][3] - The company completed the restructuring of GAC Mitsubishi, which is expected to stabilize investment income from joint ventures despite declining sales in GAC Toyota and GAC Honda [2][3] Summary by Sections Financial Performance - In 2023, GAC Aion's sales reached 480,003 units, up 77.02%, while GAC Passenger Cars sold 406,505 units, a 12.12% increase [2] - The overall gross margin for the company was 6.9%, slightly down from 7.0% in 2022, with a stable expense ratio of 9.5% [2][5] - Investment income fell to approximately CNY 8.66 billion, a 39.5% decline year-on-year, with joint venture income dropping by 41% [2][5] Future Outlook - The report forecasts GAC Group's net profit for 2024-2026 to be CNY 4.87 billion, CNY 5.63 billion, and CNY 6.59 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.54, and CNY 0.63 [2][5] - The company plans to repurchase shares, indicating confidence in future growth, with a commitment to distribute at least 10% of annual distributable profits as cash dividends over the next three years [2][3] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 19, 17, and 14 respectively, based on the closing price of A shares on March 29, 2024 [2][5] - The report highlights that the self-owned segment has begun to recover, while GAC's joint ventures still hold advantages in the fuel and hybrid vehicle markets [2][3]