Core Viewpoint - GAC Group aims to transform into a technology-oriented enterprise, focusing on the intelligentization of the new energy vehicle industry, as highlighted by the launch of the GAC Starlink AI panoramic map at the 2025 Shanghai Auto Show [2] Group 1: New Vehicle Launches - GAC Group unveiled four new models at the auto show, including the first mass-produced L4 autonomous vehicle in collaboration with Didi, expected to begin production by the end of this year [3] - The GAC Trumpchi brand introduced the flagship SUV Trumpchi Xiangwang S9, set to launch in Q3 2025, featuring advanced driving and smart cabin technologies [3] - The GAC Haobo brand showcased the EARTH concept car, while GAC Lingcheng presented the GAC PICKUP 01, marking GAC's entry into the pickup market with plans for mass production by 2027 [3] Group 2: Strategic Initiatives and Market Position - GAC Group's financial report for 2024 indicated a revenue decline of 17.05% to CNY 106.798 billion and a net profit drop of 81.40% to CNY 0.824 billion, with a significant loss of CNY 4.351 billion when excluding non-recurring items [6] - To address market challenges, GAC initiated a three-year "Panyu Action" plan to enhance the integration and management of its self-owned brands, with seven new models planned for release in 2025 [6] - GAC set a sales target of 2.3 million vehicles for the year, despite a 9.42% decline in Q1 sales, and aims for self-owned brands to account for over 60% of total sales by 2027 [7] Group 3: International Expansion - GAC's export volume reached 127,000 vehicles in 2024, a 67.6% increase year-on-year, indicating progress in internationalization, though challenges remain compared to competitors [7] - The "One GAC" brand strategy was announced to enhance overseas market presence, with GAC showcasing multiple models at the Paris International Auto Show and launching a European market plan [7] - By the end of 2024, GAC's products will be available in 74 countries and regions, establishing a preliminary global sales and service network [7]

Group 1 - GAC Group launched four new vehicles at the Shanghai Auto Show, covering multiple brands and types, including passenger and commercial vehicles [1] - The company introduced the "GAC Starling AI Panorama," showcasing its strategy in artificial intelligence and the integration of technology to build a smart mobility ecosystem [1] - GAC has been an early player in automotive intelligence, launching its first connected vehicle system, T-Box, in 2013 and the ADiGO intelligent driving ecosystem in 2019 [1] Group 2 - GAC Group's Chairman emphasized the importance of safety in technology upgrades, stating that safety standards will not be compromised [2] - The introduction of the GAC PICKUP 01 concept vehicle signals GAC's entry into the global pickup truck market, which has a sales volume of 6 million units worldwide [2] - GAC aims to capture a share of the global pickup market, which constitutes about 10% of the overall automotive structure, focusing on international markets rather than just China [2] Group 3 - The mass production of the pickup truck is expected around 2027, amidst increasing competition in the Chinese automotive market [3] - GAC is committed to clear communication regarding the levels of autonomous driving, emphasizing that safety is a fundamental requirement [3] - The company has launched a partnership with Didi Autonomous Driving to introduce a globally adaptable L4 level autonomous vehicle [5] Group 4 - GAC is confident in the safety of its L4 autonomous vehicle, asserting that it will take full responsibility for the product without any disclaimers [6] - The company has set a target for its self-owned brands to account for 60% of total sales by 2027, aiming for an annual sales volume of 2 million vehicles [6] - GAC is undergoing significant organizational reforms, including public recruitment for key positions to build a talent pool that meets modern development needs [6]

| H股代码：02238 | A股代码：601238 | | --- | --- | | H 股简称：广汽集团 | A股简称：广汽集团 | | | 公告编号：临2025-039 | 广州汽车集团股份有限公司 关于以集中竞价方式回购股份进展的自愿性披露公告 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： ● 2025 年 4 月 28 日，广州汽车集团股份有限公司（下称"公司"）通过集 中竞价交易方式回购 A 股股份 1,288,404 股，占公司总股份数的 0.01%，回购成 交的最高价为 7.79 元/股，最低价为 7.73 元/股，成交总额 9,999,365.48 元（不 含交易费用）。 ● 截至本公告披露日，公司累计完成回购股份数量为 300,051,854 股，占 公司总股份数的 2.94%。其中，回购 A 股数量为 14,799,854 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 110,988,640.38 元（不 含交易费用）；回购 H 股数量为 285 ...

港股汽车股多数下跌，比亚迪股份(01211.HK)跌超5%，广汽集团(02238.HK)跌超3%，小鹏汽车 (09868.HK)、北京汽车(01958.HK)、吉利汽车(00175.HK)均跌超1%。 ...

Investment Rating - The investment rating for GAC Group is "Buy" (maintained) [1] Core Views - The performance of GAC Group's Q1 2025 results is generally in line with expectations, with a focus on waiting for the effects of reforms to materialize [8] - The company has established a GH project company in collaboration with Huawei, aiming to leverage both parties' strengths in product development and marketing strategies [8] - The report maintains profit forecasts for GAC Group, projecting net profits of 3.5 billion, 4.7 billion, and 5.6 billion RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23, 17, and 15 times [8] Financial Performance Summary - Total revenue for 2023 is projected at 129.706 billion RMB, with a year-on-year growth of 17.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 4.4289 billion RMB, reflecting a year-on-year decline of 45.08% [1] - The latest diluted EPS for 2023 is estimated at 0.43 RMB per share, with a P/E ratio of 18.51 times [1] - Q1 2025 revenue is reported at 19.88 billion RMB, with a significant decline in sales volume for GAC's self-owned brands [8] - The gross profit margin for Q1 2025 is noted at 0.2%, a decrease compared to previous periods [8] - The total investment income for Q1 2025 is reported at 1.17 billion RMB, showing a year-on-year decline of 36% [8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.04 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [6][3]. Core Views - The company reported a total revenue of 19.88 billion CNY in Q1 2025, reflecting a year-on-year decrease of 7.8% and a quarter-on-quarter decrease of 39.8%. The net profit attributable to shareholders was -730 million CNY, indicating a significant decline compared to the previous year [1][2]. - The company is facing short-term revenue pressure, but the average selling price (ASP) per vehicle has increased. The decline in profits is attributed to decreased vehicle sales, intensified market competition, increased promotional spending, and reduced government subsidies [1][2]. - The company is focusing on smart driving technology as a core strategy and is expanding its battery swap station network in collaboration with CATL. This dual approach aims to drive the company out of its current operational downturn [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the total revenue was 19.88 billion CNY, down 7.8% year-on-year and 39.8% quarter-on-quarter. The net profit attributable to shareholders was -730 million CNY, with a non-recurring net profit of -890 million CNY, marking a year-on-year decline of 229.9% [1][2]. - The sales, management, R&D, and financial expense ratios were 6.3%, 5.6%, -1.4%, and 1.9%, respectively, showing year-on-year changes of 0.4pts, 0.9pts, -1.1pts, and 0.2pts [1]. Sales Performance - The total wholesale volume in Q1 2025 was 371,000 vehicles, a decrease of 9.4% year-on-year. The breakdown shows that GAC Honda sold 93,000 vehicles (-20.7%), GAC Toyota sold 162,000 vehicles (+3.6%), GAC Trumpchi sold 69,000 vehicles (-19.0%), and GAC Aion sold 47,000 vehicles (-3.6%) [2][3]. Strategic Initiatives - The company has launched several new electric vehicle models and is enhancing its product matrix to better position itself in the new energy and intelligent vehicle sectors. This includes the introduction of various electric SUVs and sedans [2]. - The strategic partnership with CATL aims to implement battery swap standards across more models and expand the battery swap station network, which is expected to support the company's recovery [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 124.69 billion CNY, 144.15 billion CNY, and 167.35 billion CNY, respectively. The net profit attributable to shareholders is expected to be 875 million CNY, 1.15 billion CNY, and 2.37 billion CNY for the same years [5][9].

Core Viewpoint - The automotive industry is shifting towards L2 level technology for driver assistance, emphasizing the importance of safety as a fundamental baseline rather than an optional feature [1][3][4] Group 1: Company Strategy and Transformation - GAC Group is transitioning towards becoming a technology-driven and intelligent enterprise, focusing on integrating smart technology with automotive products to enhance competitiveness [1][7] - The company has launched the "Panyu Action" initiative, which aims to reform internal management and improve operational efficiency by integrating research, production, supply, and sales [12][14] - GAC Group plans to achieve a production and sales target of 2 million units for its self-owned brands by 2027, supported by a comprehensive product development strategy [12][14] Group 2: Product Development and Innovation - GAC Group is committed to developing L3 conditional automated driving and L4 highly automated driving vehicles, with a focus on safety and accountability for these technologies [2][5][6] - The company has accumulated over 10 million kilometers of real-world testing data to support the development of its automated driving technologies [5] - GAC Group is also entering the pickup truck market with the GAC PICKUP 01 concept vehicle, targeting international markets and aiming for production by 2027 [9] Group 3: Market Positioning and Consumer Engagement - GAC Group emphasizes the need for clear communication regarding the distinctions between L2, L3, and L4 driving technologies to prevent consumer misunderstandings [4][3] - The company is focusing on high-end consumer segments with its new product lines, such as the "Chuanqi Xiangwang" series, which aims to meet diverse consumer needs in the premium market [10][11] - GAC Group is enhancing its service offerings, including 24-hour vehicle pickup and delivery, to improve customer experience and satisfaction [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.82 CNY, based on an estimated EPS of 0.49 CNY for 2025 and a comparable company PE average of 18 times [3][6]. Core Insights - The company's gross margin is under short-term pressure, and it continues to deepen its collaboration with Huawei [2][9]. - The first quarter performance met expectations, with a revenue of 19.65 billion CNY, a year-on-year decline of 7.9%, and a net profit attributable to the parent company of -0.732 billion CNY, compared to 1.22 billion CNY in the same period last year [9]. - The company is accelerating the transformation of its joint venture brands towards electrification and intelligence, with significant new product launches expected to enhance market competitiveness [9]. - The company is pushing internal reforms for its self-owned brands and deepening cooperation with Huawei, aiming for a cost reduction of approximately 10% by 2025 [9]. Financial Summary - The company's projected financials for 2023A to 2027E show a revenue decline in 2024A to 106.798 billion CNY, followed by a recovery to 116.686 billion CNY in 2025E, with a CAGR of 7.9% from 2025E to 2027E [5][10]. - The gross margin is expected to improve from 5.8% in 2024A to 7.5% in 2027E, while the net profit margin is projected to stabilize around 3.7% by 2027E [5][10]. - The company anticipates a significant recovery in net profit attributable to the parent company, from 0.824 billion CNY in 2024A to 5.016 billion CNY in 2027E, reflecting a strong rebound in profitability [5][10].

Group 1 - GAC Group showcased multiple brands including GAC Aion and GAC Trumpchi at the Shanghai Auto Show, unveiling four new vehicles and introducing flying cars and third-generation humanoid robots, embracing the AI transformation era [1][3] - The company launched the GAC Starlink AI panoramic map, focusing on safety and aiming to create an "AI+" full-scenario intelligent travel ecosystem, integrating "sky, people, home, and car" [3] - GAC has incubated the flying car brand GOVY, with the multi-rotor GOVY AirCar starting airworthiness certification and plans to begin reservations within the year, marking a new era in low-altitude travel [3][5] Group 2 - In the robotics sector, GAC has developed the third-generation humanoid robot GoMate, achieving seamless integration of AI large models and assisted driving algorithms, with plans to establish the world's first humanoid robot application demonstration area in Guangzhou this year [6][8] - GAC's GoLife "green intelligent home" solution supports over 1,000 home appliance brands and more than 4,000 devices, aiming for deep integration between smart car cabins and the Internet of Things to meet customized family needs [9] - GAC aims to redefine cars as "intelligent mobile homes," targeting the launch of the first L3 conditional autonomous driving product and the first mass-produced L4 highly autonomous vehicle by the end of this year [10] Group 3 - GAC Trumpchi, in collaboration with Huawei and CATL, unveiled the Trumpchi Xiangwang S9, the first flagship SUV of the 9 series, featuring the latest driving assistance system and HarmonyOS cabin, set to launch in Q3 2025 [12][15] - GAC Aion and Didi Autonomous Driving are jointly developing the first mass-produced L4 highly autonomous vehicle, expected to roll off the production line by the end of this year and gradually operate in select areas of Guangzhou and Beijing next year [10][13] - GAC's commercial vehicle brand GAC Lingcheng introduced the GAC PICKUP 01, a technology aesthetic pickup concept designed for global users, showcasing high performance and intelligence [15][17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.82 CNY, based on a projected EPS of 0.49 CNY for 2025 and a comparable company PE average of 18 times [3][6]. Core Insights - The company's gross margin is under short-term pressure, primarily due to a decline in sales and increased promotional expenses amid intensified market competition [2][9]. - The first quarter performance met expectations, with a revenue of 19.65 billion CNY, a year-on-year decrease of 7.9%, and a net profit attributable to the parent company of -0.732 billion CNY, compared to 1.22 billion CNY in the same period last year [9]. - The company is accelerating the transformation of its joint venture brands towards electrification and intelligence, with significant new product launches expected to enhance market competitiveness [9]. - The company is deepening its collaboration with Huawei, aiming to reduce costs by approximately 10% by 2025 through internal reforms and integration of its brands [9]. Financial Summary - The company's projected financials indicate a revenue of 128,757 million CNY for 2023, with a forecasted decline to 106,798 million CNY in 2024, followed by a recovery to 116,686 million CNY in 2025 [5][10]. - The gross margin is expected to improve from 6.0% in 2023 to 7.0% in 2025, while the net profit margin is projected to rise from 3.4% to 4.3% over the same period [5][10]. - The earnings per share (EPS) is forecasted to be 0.43 CNY in 2023, dropping to 0.08 CNY in 2024, and then recovering to 0.49 CNY in 2025 [5][10].