Investment Rating - The investment rating for the company is "Accumulate" (maintained) as of September 3, 2024 [1][6] Core Views - The company's revenue in the first half of 2024 decreased by 25.62% year-on-year to 45.808 billion yuan, with a net profit attributable to shareholders of 1.516 billion yuan, down 48.88% year-on-year [2][3] - The decline in revenue is attributed to a price war in the automotive industry, leading to both volume and price pressures [3] - The company is accelerating its smart and internationalization processes, with a focus on enhancing its autonomous brand and expanding overseas markets [4][3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 45.808 billion yuan, down 25.62% year-on-year, with a total sales volume of 863,000 vehicles, also down 25.79% year-on-year [2][3] - The average revenue per vehicle decreased due to the impact of the price war [3] - The company's joint venture brands faced short-term pressure, with a significant drop in investment income from joint ventures and associates, down 62.06% year-on-year [3][4] Future Outlook - The company is expected to enhance its smart technology and expand its international market presence, with a projected increase in overseas sales by 190% year-on-year in H1 2024 [4][3] - The company plans to launch its first collaborative model with Huawei in Q1 2025, focusing on smart electric technology [4][3] Earnings Forecast - The company is projected to achieve revenues of 118.781 billion yuan in 2024, with a year-on-year growth rate of -8%, and a net profit of 4.205 billion yuan, with a year-on-year decline of 5% [4][6] - The estimated earnings per share (EPS) for 2024 is 0.40 yuan, with a price-to-earnings (P/E) ratio of 18.29 [4][6]

截至月份: 2024年8月31日 狀態: 新提交 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 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9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601238 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,388,297,513 | RMB | 1 | RMB | | 7,388,297,513 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,388,297,513 | RMB | | 1 RMB | | 7,388,297,513 | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601238 | 說明 A股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 ...

Investment Rating - The report maintains an "Add" rating for A-shares and adjusts the H-shares rating to "Add" [1][2] Core Views - GAC Group is experiencing performance pressure during its transformation phase, necessitating urgent joint venture transitions [1] - The company's revenue for 1H24 decreased by 25.6% year-on-year to CNY 45.81 billion, with a net profit attributable to shareholders down 48.9% to CNY 1.52 billion [1] - The report highlights a significant decline in investment income from joint ventures, with a 58.8% year-on-year drop to CNY 2.01 billion in 1H24 [2] Summary by Sections Market Data - Total share capital: 10.392 billion shares - Total market value: CNY 76.897 billion - 1-year price range: CNY 7.09 to CNY 10.50 - Recent turnover rate: 11.83% [1] Company Performance - 1H24 revenue: CNY 45.81 billion, down 25.6% YoY - 2Q24 revenue: CNY 24.46 billion, down 30.5% YoY but up 14.6% QoQ - 1H24 net profit: CNY 1.52 billion, down 48.9% YoY - 2Q24 net profit: CNY 0.3 billion, down 79.3% YoY and 75.7% QoQ - 1H24 net loss after adjustments: CNY 0.34 billion [1][2] Joint Venture and Transformation - Investment income from joint ventures fell by 58.8% YoY to CNY 2.01 billion in 1H24 - GAC Honda's sales dropped by 28.3% YoY to 208,000 units, while GAC Toyota's sales decreased by 25.8% YoY to 336,000 units [1][2] - GAC Honda is advancing its electrification strategy, planning to launch six new electric models by 2027 [1] - GAC Toyota is focusing on self-research in electrification and smart collaboration, particularly in solid-state battery technology [1] Sales and Export Performance - GAC Trumpchi's sales increased by 0.4% YoY to 189,000 units in 1H24 - GAC Aion's sales decreased by 39.7% YoY to 126,000 units, but overseas sales surged by 190% YoY to 68,000 units [2] - The company aims to accelerate the development and production of six overseas products in 2H24 to achieve a sales target of over 150,000 units for the year [2]

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 ...

Financial Performance - The company's sales revenue for the six months ended June 30, 2024, was RMB 46,255,051 thousand, a decrease of 25.4% compared to RMB 61,911,005 thousand in the same period of 2023[5]. - Gross profit for the same period was RMB 2,152,452 thousand, representing an increase of 9.0% from RMB 1,974,744 thousand year-on-year[5]. - The operating loss for the six months was RMB 758,966 thousand, significantly improved from a loss of RMB 3,036,021 thousand in the previous year[5]. - Profit attributable to the owners of the company for the period was RMB 1,516,347 thousand, down 48.9% from RMB 2,966,171 thousand in the same period last year[5]. - The company reported a total comprehensive income of RMB 1,431,556 thousand for the period, down from RMB 2,640,000 thousand in the previous year[7]. - Basic and diluted earnings per share attributable to the owners of the company were both RMB 0.14, compared to RMB 0.28 in the same period last year[7]. - The company reported interest expenses of RMB 306,424 thousand for the six months ended June 30, 2024, significantly higher than RMB 142,652 thousand in 2023, an increase of 114.4%[6]. - The company declared dividends amounting to RMB 9,134,057 thousand for the six months ended June 30, 2024, compared to RMB 10,393,601 thousand in 2023, a decrease of 12.1%[30]. - The company declared an interim dividend of RMB 0.03 per share for 2024, down from RMB 0.05 per share in 2023, totaling approximately RMB 311.75 million compared to RMB 524.25 million in the previous year[42]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 216,339,376 thousand, a slight decrease from RMB 218,448,770 thousand at the end of 2023[9]. - The company's cash and cash equivalents decreased to RMB 27,535,264 thousand from RMB 39,522,331 thousand at the end of 2023[9]. - Non-current assets increased to RMB 115,492,665 thousand from RMB 117,338,133 thousand at the end of 2023[9]. - Total liabilities decreased to RMB 91,524,301 thousand as of June 30, 2024, down from RMB 93,994,958 thousand at the end of 2023, indicating improved financial stability[25]. - The total assets decreased to RMB 150,498,446 thousand as of June 30, 2024, from RMB 195,739,169 thousand as of December 31, 2023, representing a reduction of 23.1%[33]. - The company's total liabilities decreased to RMB 106,408,831 thousand as of June 30, 2024, from RMB 140,231,813 thousand as of December 31, 2023, a decrease of 24.1%[33]. - Current borrowings increased by 25.22% compared to the end of the previous year, driven by the increased demand for short-term loans to supplement working capital[121]. - Non-current borrowings increased by 7.07% compared to the end of the previous year, reflecting the increased demand for long-term funds for business development[121]. - Total borrowings amounted to approximately RMB 33.32 billion, primarily from bank and financial institution loans[123]. Operational Efficiency - The company reported an operating loss of RMB 758,966 thousand for the six months ended June 30, 2024, compared to an operating loss of RMB 3,036,021 thousand for the same period in 2023, showing an improvement in operational efficiency[21][23]. - The net cash flow from operating activities was RMB 1,848 million, a significant improvement from a net outflow of RMB 528 million in the same period last year, reflecting better operational efficiency[105]. - The company incurred depreciation and amortization expenses of RMB 4,359,232 thousand for the six months ended June 30, 2024, compared to RMB 3,631,604 thousand for the same period in 2023, reflecting increased asset utilization[26]. Market and Sales Performance - The automotive business segment generated revenue of RMB 43,795,565 thousand, while the other segment contributed RMB 2,459,486 thousand, indicating a significant drop in both segments compared to the previous year[21][23]. - In the first half of 2024, the company achieved total vehicle sales of over 860,000 units, with self-owned brand sales accounting for approximately 36.5%[48]. - The company reported consolidated sales revenue of approximately RMB 181.14 billion for the first half of 2024, maintaining its position in the Fortune Global 500 for 12 consecutive years, ranking 181st[48]. - The company achieved total vehicle production and sales of 859,500 and 863,000 units in the first half of 2024, down 28.19% and 25.79% year-on-year, respectively[83]. - The sales of new energy vehicles for the company were 183,900 and 164,100 units, reflecting a decline of 25.35% and 30.61% year-on-year[83]. - The sales revenue from the domestic market was RMB 40,701 million, down 31.89%, while overseas sales revenue was RMB 5,554 million, up 157.61%[114]. Research and Development - Research and development investment amounted to approximately RMB 3.251 billion in the first half of 2024, with 1,656 new patent applications filed, including 847 invention patents[51]. - The company is advancing the development of solid-state batteries, expected to be equipped in the Haobo model by 2026, and has implemented L2++ smart driving features in its vehicles[51]. - GAC plans to launch six new electric vehicle models by 2027, with the introduction of the new pure electric SUV model e:NP2 during the reporting period[89]. Strategic Initiatives - The company aims to enhance operational efficiency by focusing on six key areas: product strength, brand strength, marketing strength, sales strength, service strength, and execution strength[54]. - The company plans to add over 100 new overseas points of sale in the second half of 2024, furthering its international expansion strategy[54]. - The company is committed to deepening mixed-ownership reform and has been recognized as an excellent enterprise in the 2023 "Double Hundred Enterprises" initiative by the State-owned Assets Supervision and Administration Commission[51]. - The company is actively pursuing innovation in low-carbon, new energy, and intelligent connected vehicles, with a focus on key core technology research and development[55]. - The company aims to enhance organizational efficiency and governance through deep reforms, focusing on a market-oriented mechanism and a multi-dimensional long-term incentive system[57]. Industry Context - In the first half of 2024, the automotive industry in China saw production and sales of 13.89 million and 14.04 million vehicles, respectively, representing a year-on-year increase of 4.9% and 6.1%[79]. - New energy vehicle production and sales reached 4.93 million and 4.94 million units, marking a year-on-year growth of 30.1% and 32%, with a market share of 35.2%[82]. - The domestic sales of Chinese brand passenger vehicles reached 7.42 million units, a year-on-year increase of 23.9%, capturing 61.9% of the market share[82]. Corporate Structure and Governance - GAC Group's board of directors is led by Chairman Zeng Qinghong, with a diverse team of executive and non-executive directors[151]. - GAC Group's subsidiary, GAC Motor, was established in July 2008 and focuses on developing its own brand products and technologies[148]. - GAC Group holds a 12.84% stake in Chenqi Technology Limited, a mobility platform established in April 2019[149]. - GAC Group's subsidiary, Ruipai Power Technology Co., Ltd., was established in October 2022 to enhance its electric vehicle technology[150].

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 ...