广汽集团：发布番禺行动，聚焦大自主

Investment Rating - The report maintains a "Buy" rating for GAC Group [1] Core Views - GAC Group is focusing on its "Panyu Action" to enhance its self-owned brands, aiming for self-owned brands to account for over 60% of total sales by 2027 [29] - The report highlights a significant decline in profit contributions from joint ventures, with a need for operational adjustments to maintain profitability [11][24] - The company is actively pursuing international expansion and electric vehicle transformation, with specific targets set for market penetration and product launches [36][40] Summary by Sections 1. Basic Operating Conditions - The market share of state-owned and joint venture brands is declining, with a notable drop in the electric vehicle segment [11] - GAC's self-owned brand sales remain stable, while joint venture profits are under pressure due to market competition [21][24] 2. Panyu Action and Industry Layout - GAC Group's "Panyu Action" aims to shift management from strategic to operational control, with a goal of launching 22 new self-owned models in the next three years [29] - The company is collaborating with Huawei to create a new high-end smart electric vehicle brand [34] - GAC plans to enter 100 countries and regions by 2027, with a target of exporting 500,000 vehicles [36] 3. Joint Ventures - The strategy for joint ventures focuses on maintaining healthy operations and optimizing production capacity [40] - GAC Toyota is expected to lead in maintaining profitability, while GAC Honda has faced significant challenges [24] 4. Frontier Industries - GAC is developing flying cars and has launched a new brand for this sector, aiming for market leadership in low-altitude economy [42] - The company is also advancing in humanoid robotics, with plans for mass production by 2026 [45] - GAC is building a comprehensive L4 autonomous driving ecosystem, including partnerships for Robotaxi services [49] 5. Profit Forecast and Investment Recommendations - The report adjusts profit forecasts, lowering the 2024 net profit estimate while increasing expectations for 2025 and 2026 [53] - GAC Group is compared with other A-share listed automotive companies, suggesting a potential for higher valuation due to ongoing reforms [53][54]