6月20日，针对近期舆论关注的广汽埃安员工持股争议、供应商账期政策、自主品牌发展路径等热点问 题，广汽集团董事长、总经理冯兴亚出面逐一回应。 广汽与"爆雷"毫无关系 针对网络流传的"广汽埃安高管可提前全额退股"的说法，冯兴亚明确表示："不存在这种可能。" 冯兴亚详细解释，2022年广汽埃安启动混改并推行员工持股计划时，已对所有参与员工（包括管理层与 普通员工）明确约定5年锁定期，至2027年届满。锁定期内若员工离职，需按上一年埃安净资产值退还 本金，规则对全体员工一视同仁。 谈及埃安上市计划，冯兴亚坦言，受2024年新能源市场环境变化及资本市场IPO形势影响，当前并非最 佳上市时机。"我们的核心任务是做大埃安估值，未来资本运作形式可能包括上市、集团收购等；员工 退出渠道也将多元化，如分红、股权交易等。"他透露，广汽集团近期已与参与持股的员工深入沟通， 目前员工支付利息和本金无压力；确有困难者，公司将对其提供帮助。 针对"爆雷"等传闻，冯兴亚以数据回应："广汽集团2024年资产负债率仅47.6%，是中国汽车行业财务结 构最好的企业之一。可以肯定地说，无论是广汽集团，还是广汽埃安，都跟'爆雷'毫无关系。" 冯兴亚 ...

Group 1 - The core viewpoint of the report indicates that GAC Group's Q1 performance fell short of expectations, with joint venture brand sales continuing to decline, presenting short-term challenges [1] - GAC Group's Q1 2025 revenue decreased to 19.88 billion RMB, down 7.8% year-on-year and 39.8% quarter-on-quarter, with a net loss of 730 million RMB due to weak automotive demand, intensified market competition, increased promotional costs, and reduced government subsidies [1][2] - The report highlights that GAC's new vehicle deliveries dropped to 371,000 units, a 9.4% year-on-year decline, significantly lagging behind the industry growth rate of 11% [2] Group 2 - The report notes that GAC Group's sales performance is declining despite industry stimulus policies, with specific brands like Trumpchi and Aion seeing sales drop by 19% and 4% respectively [2] - GAC Group is pursuing a dual-track strategy: launching affordable models under the Trumpchi and Aion brands for the mass market, while developing a luxury brand in collaboration with Huawei for the high-end market [2] - The effectiveness of GAC's ongoing transformation remains uncertain, as the company still relies heavily on joint venture brands like Toyota and Honda, which are lagging in the electrification transition compared to local competitors [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][9]. Core Views - The company's performance is under pressure during the transformation period, awaiting recovery in autonomous profitability [2]. - The company reported a revenue of 107.78 billion yuan for 2024, a year-on-year decrease of 17.1%, and a net profit attributable to shareholders of 0.82 billion yuan, down 81.4% year-on-year [4][5]. Summary by Sections Recent Performance - The company's stock performance over the last year shows a decline of 3.0% over one month, 9.2% over three months, and 2.1% over twelve months, compared to the CSI 300 index [3]. - The current stock price is 8.48 yuan, with a 52-week price range of 7.07 to 10.84 yuan [3]. Sales and Profitability - In 2024, the company's overall sales were under pressure, with self-owned brands performing better than joint ventures. The self-owned brand sales reached 790,000 units, a decrease of 10.9% year-on-year, accounting for 39.4% of total sales [5]. - The joint venture brands saw significant declines, with GAC Honda and GAC Toyota sales down 26.5% and 22.3% respectively [5]. - The total revenue for 2024 was 107.78 billion yuan, with a gross margin of 2.2%, down 0.5 percentage points year-on-year due to intensified market competition [5]. Strategic Initiatives - The company is advancing its smart and international strategies, including a partnership with Huawei to establish a new brand targeting high-end customers, and a significant increase in overseas sales, which reached 127,000 units, up 67.6% year-on-year [5]. - The company is also exploring new technologies, launching a new flying car brand and humanoid robots [5]. Financial Forecast - The company is expected to achieve revenues of 143.2 billion yuan, 165.1 billion yuan, and 179.8 billion yuan from 2025 to 2027, with year-on-year growth rates of 33%, 15%, and 9% respectively [8]. - The net profit attributable to shareholders is projected to be 1.78 billion yuan, 3.06 billion yuan, and 4.85 billion yuan for the same period, with growth rates of 116%, 72%, and 59% respectively [8].