证券代码：600104 证券简称：上汽集团 公告编号：临 2024－048 监事会对姜宝新先生在担任职工代表监事期间为公司发展所作 贡献表示衷心的感谢。 特此公告。 上海汽车集团股份有限公司 监事会 2024 年 10 月 26 日 1 上海汽车集团股份有限公司 关于职工代表监事辞职的公告 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。 上海汽车集团股份有限公司（以下简称"公司"）监事会于近日 收到公司职工代表监事姜宝新先生提交的书面辞职申请。姜宝新先生 由于工作变动，申请辞去上海汽车集团股份有限公司第八届监事会职 工代表监事职务，姜宝新先生辞职后仍将在公司担任审计室主任、风 险管理部总经理等职务。 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－047 上海汽车集团股份有限公司 关于召开 2024 年第三季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。 重要内容提示： 会议召开时间：2024 年 10 月 31 日(星期四) 下午 14:00-15:00 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/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 31 日 下午 14:00-15:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 24 日(星期四) 至 10 月 30 日(星期 三)16:00 前 ...

上汽集团(600104) / 乘用车 / 公司点评 / 2024.10.12 新能源车销量稳步攀升，海外销量稳健增长 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-11 | | 收盘价 ( 元 ) | 13.67 | | 流通股本 ( 亿股 ) | 115.75 | | 每股净资产 ( 元 ) | 24.76 | | 总股本 ( 亿股 ) | 115.75 | | 最近 12 月市场表现 | | ❖ 事件：公司发布 9 月销量公告，公司总销量 31.3 万辆，同比减少 35.03%。 ❖ 新能源汽车销量稳步攀升：9 月份，上汽集团新能源车销售 12.9 万辆，同 比增长 38.26%，占比为 41.28%，新能源市场持续发力。今年 1-9 月份，上汽 新能源汽车累计交付 88.6 万辆，同比增长 29.5%。其中，智己汽车终端交付量 超过 4500 辆，同比增长超过 150%。 ❖ 加快拓展海外市场：今年 1-9 月份。上汽集团海外市场终端交付量达到 80.6 万辆， ...

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-046 上海汽车集团股份有限公司2024年9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、误导怪陈述或者重大遗漏。并对其内容的真实性、准确性和完整性承担法律责任。 上海汽车集团股份有限公司2024年9月份产销快报数据如下: | 位 | | | | 社 量(辆) | | | | | 销 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 東 | 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 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 上汽大众 | 96,879 | 117,800 | -17.76% | 780,789 | 834,524 | -6.44% | 94,000 | 120,003 | -21.67% | 772,091 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 15.86 CNY [1] Core Views - The company's performance is in line with expectations, with a reported revenue of 277.086 billion CNY for the first half of the year, a year-on-year decrease of 12.4%. The net profit attributable to the parent company was 6.628 billion CNY, down 6.5% year-on-year [4] - The gross margin and expense ratio are under pressure, but cash flow has significantly improved, with a net cash flow from operating activities of 11.317 billion CNY, a year-on-year increase of 64.2% [4] - Sales pressure from SAIC-GM affects investment income, while the transformation of joint venture brand structures continues. Investment income in Q2 was 5.727 billion CNY, up 79.5% year-on-year [4] - The company is set to launch new self-owned electric vehicle models in the second half of the year and is deepening its overseas market efforts to address challenges [4] Financial Summary - Revenue (in million CNY): 720,988 (2022A), 726,199 (2023A), 738,063 (2024E), 770,275 (2025E), 804,845 (2026E) [4] - Net profit attributable to the parent company (in million CNY): 16,118 (2022A), 14,106 (2023A), 13,974 (2024E), 14,087 (2025E), 15,483 (2026E) [4] - Earnings per share (CNY): 1.39 (2022A), 1.22 (2023A), 1.21 (2024E), 1.22 (2025E), 1.34 (2026E) [4] - The company’s gross margin is projected to improve from 10.2% in 2023A to 11.0% in 2026E [4]

Investment Rating - The report maintains a "Buy" rating for SAIC Motor (600104 SH) [7] Core Views - SAIC Motor's 2024 H1 revenue was RMB 284 69 billion, down 12 8% YoY, with net profit attributable to parent company of RMB 6 63 billion, down 6 5% YoY, and non-GAAP net profit of RMB 1 02 billion, down 82 0% YoY [2][5] - Despite intense market competition, the company demonstrated relatively stable profitability, with continuous optimization of its sales structure [2][5] - In Q2 2024, SAIC Motor's wholesale sales reached 993,000 units, down 15 9% YoY but up 19 0% QoQ, with passenger vehicle registrations at 565,000 units, down 29 2% YoY and 20 3% QoQ [5] - The company's Q2 2024 revenue was RMB 141 61 billion, down 21 6% YoY and 1 0% QoQ, while operating income was RMB 138 10 billion, down 21 4% YoY and 0 6% QoQ [5] - SAIC Motor's Q2 2024 net profit attributable to parent company was RMB 3 91 billion, down 9 0% YoY but up 44 2% QoQ, with a net profit margin of 2 8%, up 0 4pct YoY and 0 9pct QoQ [5] - The company's Q2 2024 automotive business gross margin was 8 2%, down 1 3pct YoY and 0 6pct QoQ, while the expense ratio was 10 4%, up 1 5pct YoY but down 0 2pct QoQ [5] - SAIC Motor's Q2 2024 investment income was RMB 5 73 billion, up 79 5% YoY and 108 0% QoQ, with joint venture investment income at RMB 0 04 billion, significantly declining both YoY and QoQ [5] - The company's new energy vehicle sales exceeded 310,000 units in Q2 2024, up 49 5% QoQ, while overseas market deliveries reached 279,000 units, up 3 7% QoQ [5] - SAIC Motor is accelerating its intelligent and electric vehicle layout, with technologies such as DMH super hybrid, full-stack 3 0 intelligent vehicle solutions, and solid-state batteries being rapidly commercialized [6] - The company is expected to achieve net profit attributable to parent company of RMB 14 89 billion, RMB 15 61 billion, and RMB 16 72 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9 5X, 9 1X, and 8 5X [6] Financial Performance and Forecast - SAIC Motor's 2024E revenue is projected to be RMB 756 507 billion, with net profit attributable to parent company of RMB 14 891 billion [12] - The company's 2025E revenue is expected to reach RMB 774 582 billion, with net profit attributable to parent company of RMB 15 611 billion [12] - For 2026E, SAIC Motor's revenue is forecasted to be RMB 797 203 billion, with net profit attributable to parent company of RMB 16 719 billion [12] - The company's 2024E EPS is projected to be RMB 1 29, with a P/E ratio of 9 55X and a P/B ratio of 0 47 [12] - SAIC Motor's 2025E EPS is expected to be RMB 1 35, with a P/E ratio of 9 11X and a P/B ratio of 0 45 [12] - The company's 2026E EPS is forecasted to be RMB 1 44, with a P/E ratio of 8 50X and a P/B ratio of 0 43 [12] Business Highlights - SAIC Motor's joint venture performance showed mixed results in Q2 2024, with SAIC Volkswagen sales at 264,000 units (down 4 7% YoY, up 6 4% QoQ), SAIC GM sales at 114,000 units (down 57 0% YoY, up 2 3% QoQ), and SAIC-GM-Wuling sales at 346,000 units (up 5 6% YoY, up 54 5% QoQ) [5] - The company is accelerating its overseas market expansion, with a focus on consolidating its presence in Western Europe and South America while exploring emerging markets in Eastern Europe [5] - SAIC Motor has launched several new energy vehicle models, including the IM L6, Roewe D5X, and Buick GL8 plug-in hybrid, with the SAIC Volkswagen ID family achieving monthly sales exceeding 10,000 units [6]

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 8 月批发同比-39%，智己同比表现较佳 2024 年 09 月 10 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） | 744063 | 744705 | 676566 | 710977 | 776053 | | 同比（ % ） | (4.59) | 0.09 | (9.15) | 5.09 | 9.15 | | 归母净利润（百万元） | 16118 | 14106 | 14465 | 14155 | 16504 | | 同比（ % ） | (34.30) | (12.48) | 2.54 | (2.14) | 16.60 | | EPS- 最新摊薄（元 / 股） | 1.39 | 1.22 ...

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-045 | | | | | ম 量(辆) | | | | | 備 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 車 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 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 上汽大众 汽车有限公司 | 86,317 | 114,582 | -24.67% | 683,910 | 716,724 | -4.58% | 85,000 | 110,033 | -22.75% | 678,091 | 712,325 | -4.81% | | 上汽通用 | | | | | | | | | | | | | | 汽车有限公司 | 14.319 | 83,585 | -82.87% | 235.430 | 622.483 | ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 12.55 CNY per share on August 29, 2024, corresponding to a PE ratio of 10/9/8 for the years 2024-2026 [2][4]. Core Insights - The company reported a total revenue of 284.69 billion CNY for H1 2024, a year-on-year decrease of 12.8%, and a net profit attributable to shareholders of 6.63 billion CNY, down 6.5% year-on-year. The adjusted net profit was 1.02 billion CNY, reflecting a significant decline of 82.0% year-on-year [1][5]. - In Q2 2024, total revenue was 138.1 billion CNY, down 21.4% year-on-year and 0.6% quarter-on-quarter, with a net profit of 3.91 billion CNY, down 9.0% year-on-year but up 44.2% quarter-on-quarter [1][4]. - The company is focusing on optimizing its production and sales structure while accelerating its transition to new energy vehicles, achieving a 29.9% year-on-year increase in new energy vehicle deliveries in the first half of 2024 [1][5]. Summary by Sections Revenue and Profitability - For H1 2024, the company’s total revenue was 284.69 billion CNY, with a net profit of 6.63 billion CNY and an adjusted net profit of 1.02 billion CNY [1][5]. - Q2 2024 saw total revenue of 138.1 billion CNY, with a net profit of 3.91 billion CNY and an adjusted net profit of -1.1 billion CNY [1][4]. Sales Performance - The company sold 993,000 vehicles in Q2 2024, a year-on-year increase of 15.9% and a quarter-on-quarter increase of 19.0%. However, the average selling price (ASP) decreased to 95,000 CNY, down 6.4% year-on-year and 16.5% quarter-on-quarter [1][4]. Cost and Expenses - The gross margin for Q2 2024 was 8.2%, down 1.3 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to intensified price competition [1][4]. - The company’s expense ratios for sales, management, R&D, and financial costs were 4.4%, 3.3%, 2.7%, and 0.2%, respectively, with slight variations compared to the previous quarter [1][4]. Investment and Future Outlook - The company’s investment income for Q2 2024 was 5.73 billion CNY, significantly impacted by losses from joint ventures, particularly from General Motors [1][5]. - The report anticipates revenue growth for 2024-2026, projecting revenues of 706.7 billion CNY, 706.7 billion CNY, and 779.9 billion CNY, with net profits of 14.13 billion CNY, 15.30 billion CNY, and 17.22 billion CNY, respectively [2][4].

降库存影响短期表现,期待集团新面貌 基本数据 风险提示：消费需求不及预期、出海不及预期、公司智能化进展不及预期。 研究员 宋亭亭 SAC No. S0570522110001 SFC No. BTK945 songtingting021619@htsc.com +(86) 21 2897 2228 联系人 张硕 SAC No. S0570123080061 zhangshuo023124@htsc.com +(86) 21 2897 2228 2024 H1 公司实现归母净利 66.28 亿元，同比-6.5% 公司发布半年报，24 年 H1 实现营收 2846.86 亿元（yoy-12.82%），归母净 利 66.28 亿元（yoy-6.45%），扣非净利 10.20 亿元（yoy-82.00%）。其中 Q2 实现营收 1416.14 亿元（yoy-21.60%，qoq-1.02%），归母净利 39.14 亿元（yoy-9.03%，qoq+44.22%）。考虑行业竞争加剧对公司影响，我们下 调公司 2024-2026 年 EPS 分别至 1.19、1.28、1.42 元（前值 24-26 年 1.39、 1. ...