EBSCN·2024-04-01 16:00Investment 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]