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。 | A股代码：601238 | A股简称：广汽集团 | 公告编号：临2024-034 | | --- | --- | --- | | 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 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，现将股东大会股权登 记日（即 2024 年 5 月 15 日）登记在册的本公司前十大股东和前十大无限售条件 股东的持股情况公告如下： | | 截至 2024 年 5 月 15 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company aims to achieve over 1 million sales for its self-owned brands in 2024, focusing on the "XEV (hybrid) + ICV (intelligent connected vehicles)" and "EV (electric) + ICV" strategies to enhance its innovation capabilities [3] - The company is accelerating the electric transformation of its joint venture brands and continuously optimizing its product mix [3] Financial Forecasts and Valuation - Total revenue is projected to grow from 129,706 million RMB in 2023 to 189,710 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 7.60% [1][6] - 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 approximately 19.59% [1][6] - The latest diluted EPS is forecasted to rise from 0.42 RMB in 2023 to 0.76 RMB in 2026 [1][6] - The P/E ratio is expected to decrease from 20.79 in 2023 to 11.59 in 2026, indicating an improving valuation [1][6] Production and Sales Performance - In April 2024, the company's total passenger car production was 146,266 units, with a year-on-year decrease of 17% and a month-on-month decrease of 9% [2] - The total sales volume for April 2024 was 133,304 units, reflecting a year-on-year decline of 25% and a month-on-month decline of 26% [2] - The performance varied by brand, with GAC Honda's production increasing by 12% year-on-year, while GAC Toyota's production decreased by 33% year-on-year [2] Inventory and Market Position - The overall inventory of the company decreased in April 2024, with a total inventory of 12,962 units [3] - The company is launching new models, including the second-generation AION V, which supports advanced driving capabilities and has a long range of 750 km [2][3]

广汽集团（601238.SH）系列点评七 自主稳健向好 无图智驾加速 2024年05月09日 ➢ 事件概述：公司发布2024年4月产销快报，2024年4月公司汽车批发销 推荐 维持评级 售 13.3 万辆，同比-24.8%，环比-25.7%；1-4 月合计销售 54.3 万辆，同比- 当前价格： 8.71元 24.3%。广汽本田4月批发2.5万辆，同比-2.9%，环比-53.1%；1-4月批发14.2 万辆，同比-19.0%。广汽丰田4月批发4.9万辆，同比-32.2%，环比-24.9%； 1-4月批发20.5万辆，同比-29.8%。广汽乘用车4月批发3.8万辆，同比+29.1%， 环比+13.6%；1-4 月批发 12.3 万辆，同比+9.2%。广汽埃安 4 月批发 2.1 万 [T able_Author] 辆，同比-47.9%，环比-23.4%；1-4月批发7.0万辆，同比-41.2%。 ➢ 自主全面向新 广汽传祺持续发力。广汽新能源持续加速，广汽集团整体 2024 年 4 月新能源车型合计销售 2.7 万辆，同比-41.1%，占集团月度销量 21.8%；其中，广汽传祺表现亮眼，4月销量3.8万辆，同比 ...

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 2024-033 广州汽车集团股份有限公司 2024 年 4 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 4 月汽车产量为 146,278 辆，同比下降 17.39%，本年累计产量为 549,081 辆，同比下降 25.89%； 4 月汽车销量为 133,313 辆，同比下降 24.78%，本年累计销量为 543,011 辆，同比下降 24.28%。各主要投资企业产销数据如下： | | | 产 | | 量（辆） | | | | 销 | | 量（辆） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单 位 | 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 | | | | 同期 | 同比 | ...

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 | 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 | | | 7,388,283,953 | RMB | | 1 RMB | | 7,388,283,953 | | 增加 / 減少 (-) | | | 6,780 | | | RMB | | 6,780 | | 本月底結存 | | | 7,388,290,733 | RMB | | 1 RMB | | 7,388,290,733 | 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 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | ...

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2024-032 广州汽车集团股份有限公司 关于 2020 年 A 股股票期权与限制性股票激励计划 第二个行权期行权结果暨股份变动公告 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： 2020 年 A 股股票期权与限制性股票激励计划第 2 个行权期行权结果： 行权方式为自主行权,自 2023 年 12 月 11 日起进入行权期。本月行权 6,780 股， 截至 2024 年 4 月 30 日，累计行权 156,653 股，占第 2 个行权期可行权股票期权 总量的 0.63%。 一、2020 年 A 股股票期权与限制性股票激励计划的决策程序及相关信息披 露 1、2020 年 9 月 24 日，公司第五届董事会第 52 次会议和第五届监事会第 19 次会议审议通过《关于 2020 年 A 股股票期权与限制性股票激励计划（草案）及 摘要的议案》及其他相关议案，公司独立董事、监事会、律师、独立财务顾问均 发表了相关意见。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a total revenue of 21.566 billion yuan in Q1 2024, with a year-on-year decline of 20.6% [4] - The main operational strategy for Q1 was to continue inventory clearance, impacting quarterly revenue performance [4] - The company focuses on the "XEV (Hybrid) + ICV (Intelligent Connected Vehicle)" and "EV (Electric) + ICV" strategies to enhance independent innovation capabilities [5] Financial Performance Summary - Total revenue for 2022 was 110.272 billion yuan, with a year-on-year growth of 45.72% [1] - The net profit attributable to the parent company for 2022 was 8.064 billion yuan, reflecting a year-on-year increase of 9.94% [1] - The projected net profit for 2024 is 5.211 billion yuan, with a year-on-year growth of 17.67% [1][5] - The company aims to achieve over 1 million units in sales for its independent brands in 2024 [5] Key Financial Metrics - The latest diluted EPS is projected to be 0.50 yuan per share in 2024, with a P/E ratio of 17.67 [1][5] - The gross margin for Q1 2024 was reported at 7.14%, showing an improvement compared to previous quarters [4] - The company's total assets are projected to reach 244.926 billion yuan by 2024 [6]

Investment Rating - The report maintains a "Recommended" investment rating for GAC Group (601238.SH) with a current price of 8.67 CNY [1][2]. Core Insights - GAC Group's Q1 2024 performance shows total revenue of 21.57 billion CNY, reflecting a year-on-year decrease of 18.8% and a quarter-on-quarter decrease of 31.6%. The gross margin for Q1 2024 is 8.1%, which is an increase of 3.5 percentage points year-on-year but a decrease of 1.2 percentage points quarter-on-quarter. The net profit attributable to the parent company, excluding non-recurring items, is 690 million CNY, down 52.1% year-on-year but showing a quarter-on-quarter recovery [2][5]. - The report highlights that while revenue is under short-term pressure due to changes in sales volume, the profit margin has improved quarter-on-quarter. The decline in net profit is attributed to reduced investment income from joint ventures and increased sales and management expense ratios [2][5]. - GAC's joint venture brands are facing challenges, with GAC Toyota and GAC Honda experiencing significant declines in wholesale volumes, down 29.1% and 21.7% year-on-year, respectively. In contrast, GAC's own brand, GAC Trumpchi, has shown resilience with a 2.3% year-on-year increase in sales [2][5]. - The company is advancing its smart driving and cockpit technologies, with the "Smart Driving 2027" initiative focusing on AI platforms and data integration. GAC plans to implement advanced driving features across its vehicle lineup by 2025 [2][5]. - The investment outlook remains positive, with projected revenues for 2024-2026 at 156.94 billion CNY, 183.33 billion CNY, and 201.67 billion CNY, respectively. The net profit attributable to the parent company is expected to be 5.86 billion CNY, 6.41 billion CNY, and 7.56 billion CNY for the same period [2][5]. Financial Summary - For 2023, GAC Group's total revenue is reported at 129.71 billion CNY, with a projected growth rate of 17.6%. The net profit attributable to the parent company is 4.43 billion CNY, reflecting a significant decline of 45.1% year-on-year [5]. - The financial forecasts indicate a gradual recovery in profitability, with net profit growth rates of 32.3%, 9.4%, and 17.9% for 2024, 2025, and 2026, respectively [5]. - Key financial metrics include a projected PE ratio of 21 for 2023, decreasing to 12 by 2026, indicating an improving valuation outlook as earnings recover [5].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 21,346,440,113, representing a decrease of 19.12% compared to the same period last year[2] - Net profit attributable to shareholders for the same period was CNY 1,220,351,768, down 20.65% year-on-year[2] - The basic earnings per share for Q1 2024 was CNY 0.12, reflecting a decrease of 20.00%[2] - Total operating revenue for Q1 2024 was CNY 21,566,434,255, a decrease of 18.9% compared to CNY 26,556,723,915 in Q1 2023[19] - Net profit for Q1 2024 was CNY 1,092,162,866, down 16.4% from CNY 1,306,220,346 in Q1 2023[20] - The total operating cost for Q1 2024 was CNY 23,060,417,964, down 18.2% from CNY 28,188,485,021 in Q1 2023[19] - The company reported investment income of CNY 1,844,213,711 in Q1 2024, a decrease of 37.7% from CNY 2,954,518,144 in Q1 2023[19] Cash Flow - The net cash flow from operating activities was negative at CNY -6,139,262,889, a significant decline of 731.46% compared to the previous year[5] - In Q1 2024, the cash inflow from operating activities was CNY 29.49 billion, a decrease of 20.5% compared to CNY 37.11 billion in Q1 2023[22] - The net cash flow from operating activities was -CNY 6.14 billion, compared to -CNY 738.37 million in the same period last year[22] - Cash inflow from investment activities totaled CNY 5.29 billion, down 32.4% from CNY 7.84 billion in Q1 2023[23] - The net cash flow from investment activities was -CNY 4.39 billion, slightly improved from -CNY 4.64 billion in Q1 2023[23] - Cash inflow from financing activities reached CNY 10.67 billion, an increase of 19.5% compared to CNY 8.94 billion in Q1 2023[24] - The net cash flow from financing activities was CNY 2.09 billion, up from CNY 882.57 million in the same quarter last year[24] - The company experienced a net cash decrease of -CNY 8.38 billion in Q1 2024, compared to -CNY 4.51 billion in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 212,461,261,535, down 2.72% from the end of the previous year[2] - The company's current assets decreased from 101,110,638,069 RMB to 91,895,282,055 RMB, a decline of about 9.5%[15] - The total liabilities decreased from 77,126,948,156 RMB to 68,503,354,658 RMB, a reduction of approximately 11.3%[16] - Total liabilities decreased to CNY 86,883,808,163 as of March 31, 2024, from CNY 93,994,959,024 as of December 31, 2023, a reduction of 7.5%[17] - The company's long-term equity investments rose from 37,137,446,421 RMB to 39,062,638,379 RMB, an increase of about 5.2%[16] - Short-term borrowings increased from 11,673,725,574 RMB to 14,954,167,769 RMB, an increase of approximately 28.5%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 156,036[8] - The largest shareholder, Guangzhou Automobile Industry Group Co., Ltd., holds 52.52% of the shares[7] - Guangzhou Automobile Industry Group Co., Ltd. holds 5,508,160,069 shares, accounting for approximately 52.52% of the total share capital[11] - The number of shares held by major shareholders participating in margin financing includes 133,944,448 shares by Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd.[10] Other Income and Expenses - Non-recurring gains and losses amounted to CNY 532,971,040, primarily due to government subsidies received[4] - The company reported a 510.09% increase in other income, mainly from government subsidies[5] - Research and development expenses for Q1 2024 were CNY 375,358,538, a slight decrease of 5.5% compared to CNY 397,188,956 in Q1 2023[19] - Other comprehensive income after tax for Q1 2024 was CNY 77,101,720, compared to CNY 47,658,632 in Q1 2023, an increase of 61.9%[20] Inventory and Receivables - Inventory increased from 16,720,313,161 RMB to 17,503,387,685 RMB, an increase of approximately 4.7%[15] - The company's receivables increased from 5,303,952,616 RMB to 5,551,805,242 RMB, an increase of approximately 4.7%[15] - Cash and cash equivalents decreased from 48,895,164,629 RMB to 39,509,454,127 RMB, a drop of about 19.5%[15]

Vehicle Production and Sales - The company achieved a total vehicle production and sales volume exceeding 2.5 million units, with nearly 890,000 units from its own brand, both figures marking historical highs[10]. - The total vehicle sales for the year reached 2,504,975 units, representing a year-on-year increase of 2.92%[120]. - The total production and sales of the group reached 2.5288 million and 2.5050 million units in 2023, with a market share of approximately 9.61%, up from 8.32% in the previous year[70]. - The production and sales of new energy passenger vehicles surged to 572,900 and 549,600 units, marking year-on-year increases of 81.36% and 77.55%[70]. - The company plans to achieve over 1 million units in sales for its self-owned brands by 2024[20]. Financial Performance - The sales revenue for the year reached approximately RMB 502.3 billion, marking a 21-place increase in the Fortune Global 500 ranking to 165[11]. - The total sales revenue for the group reached approximately RMB 129.706 billion, an increase of about 17.62% compared to the same period last year[97]. - The net profit attributable to shareholders of the parent company was approximately RMB 4.429 billion, a decrease of about 44.48% year-on-year[97]. - The gross profit margin for the group improved by 0.85 percentage points, with total gross profit amounting to RMB 5.527 billion, an increase of 46.80% year-on-year[97]. - The group's operating cash flow net amount was RMB 4.604 billion, a substantial increase of 169.36% compared to the previous year[96]. Research and Development - Research and development investment for the year was approximately RMB 8.22 billion, with 3,195 new patent applications filed, including 1,567 invention patents[11]. - The company is focusing on R&D investments, which reached RMB 100 million in 2023, to enhance its technological capabilities[27]. - The company is accelerating the development of solid-state batteries and L3 autonomous driving technology to strengthen its competitive edge[18]. - The company has developed the self-researched P58 microcrystalline super battery cell, achieving a cycle life of over 1.5 million kilometers and advanced performance metrics in the industry[86]. - The company has established a global R&D system with locations in Milan, Los Angeles, Shanghai, Xiamen, and Guangzhou, enhancing innovation in intelligent driving technology[88]. New Energy Vehicles - The proportion of new energy vehicle sales reached nearly 22%, with the share of new energy vehicles in the self-owned brand sales increasing to about 58%[10]. - The company successfully launched self-developed battery and electric drive systems, achieving mass production of its "three electric" systems for new energy vehicles[11]. - The production and sales of new energy vehicles (NEVs) reached 9.587 million and 9.495 million units in 2023, with year-on-year growth of 35.8% and 37.9%, capturing a market share of 31.6%[65]. - The revenue from new energy vehicles was RMB 58.00 billion, with subsidies accounting for 0.00%[125]. - The company aims to achieve annual sales of over 4.75 million vehicles and annual revenue of RMB 1 trillion by 2030[133]. International Expansion - The company aims to achieve overseas sales exceeding 150,000 vehicles in 2024, with a focus on markets like Thailand and Malaysia[18]. - The company achieved overseas sales of approximately 55,000 vehicles in 2023, establishing a presence in 41 countries and regions with 236 overseas service outlets[78]. - The company aims to export 500,000 vehicles by 2030 as part of its internationalization strategy, with a focus on global market layout and product localization[77]. - GAC Group's sales and service operations cover 41 countries and regions[41]. - The company established GAC International to oversee overseas market operations and sales services, focusing on long-term product planning and overseas factory establishment[49]. Corporate Governance - The board of directors is responsible for preparing financial statements that accurately reflect the company's performance and financial position for the fiscal year ending December 31, 2023[154]. - The company has established various board committees, including a strategy committee, audit committee, compensation and assessment committee, and nomination committee, to oversee key areas of governance[160]. - The company has complied with the corporate governance code and has implemented effective risk management and compliance systems[155]. - Independent directors confirmed their independence and participated in discussions regarding significant matters, ensuring fair and impartial decision-making[158]. - The company emphasizes compliance and risk management, with dedicated departments led by experienced professionals[200]. Market Trends and Outlook - The domestic automobile market is expected to maintain a growth rate of over 3% in 2024, driven by government policies promoting consumption and the development of the new energy vehicle industry[131]. - The domestic new energy vehicle market is expected to reach sales of 11 to 12 million units, with the growth of range-extended and plug-in hybrid models surpassing the overall growth of new energy vehicles[132]. - The market share of domestic brands is projected to exceed 50%, while the share of joint venture brands will continue to decline[132]. - In 2024, China's automobile exports are anticipated to exceed 5.5 million units, making it the world's largest automobile exporter[132]. - The company aims to achieve a net profit growth of 12% in 2024, supported by new product launches and market expansion strategies[192]. Product Development and Innovation - The company launched new models including GAC Trumpchi E9, ES9, E8, and various hybrid and electric vehicles during the reporting period[38]. - The company launched several new models, including the GAC Trumpchi E9, ES9, E8, and the new generation of GAC Honda Accord, enhancing its product lineup[54]. - The company launched the world's first passenger car ammonia engine, achieving a carbon reduction rate of up to 90%[86]. - The company launched three PHEV models, including the GAC Trumpchi E9, E8, and ES9, which received the "Second World’s Top Ten Hybrid Systems" award[86]. - The company plans to launch three new electric vehicle models in 2024, aiming for a 25% increase in EV sales[196].