Investment Rating - Maintain "Overweight" rating [1][2] Core Views - SAIC Motor's 1H24 revenue decreased by 12.4% YoY to RMB 277.09 billion, with net profit attributable to shareholders down 6.5% YoY to RMB 6.63 billion [1] - 2Q24 revenue fell 21.4% YoY and 0.6% QoQ to RMB 138.1 billion, with net profit attributable to shareholders down 9.0% YoY but up 44.2% QoQ to RMB 3.91 billion [1] - SAIC-GM's losses dragged down performance, with 1H24 losses reaching RMB 2.27 billion [1] - SAIC-Volkswagen and SAIC-GM-Wuling expected to show marginal improvement in 2H24 [1] - Overseas strategy focuses on flexible solutions, with HEV/fuel vehicle series launched to mitigate EU tariff policy risks [1] - Autonomous brand transformation underway, with IM Motors sales up 131.3% YoY to 27,000 units in the first 7 months of 2024 [1] Financial Performance - 1H24 gross margin decreased by 1.2 percentage points to 8.5% [1] - 2Q24 gross margin fell 1.3 percentage points YoY and 0.6 percentage points QoQ to 8.2% [1] - 1H24 investment income from associates and joint ventures dropped 51.6% YoY to RMB 2.21 billion [1] - 2Q24 investment income from associates and joint ventures plummeted 99.8% YoY and QoQ to RMB 4 million [1] Sales Performance - SAIC-Volkswagen sales in the first 7 months of 2024 decreased 1.5% YoY to 593,000 units, with 1H24 profit of RMB 860 million [1] - SAIC-GM sales in the first 7 months of 2024 dropped 55.1% YoY to 241,000 units, with 1H24 losses of RMB 2.27 billion [1] - SAIC-GM-Wuling sales in the first 7 months of 2024 increased 2.3% YoY to 644,000 units, with 1H24 profit of RMB 100 million [1] - SAIC Motor's overseas sales in the first 7 months of 2024 decreased 9.7% YoY to 570,000 units [1] Forecasts - 2024E-2026E net profit attributable to shareholders revised down by 31.3%/23.8%/17.6% to RMB 10.26/12.34/13.76 billion [1] - 2024E revenue expected to decrease 6.84% YoY to RMB 676.562 billion [2] - 2024E EPS forecast at RMB 0.89, with ROE (diluted) at 3.51% [2] - 2024E P/E ratio estimated at 14.2x, with P/B ratio at 0.5x [2] Strategic Initiatives - Implementing "Big Autonomous" strategy, integrating brand channels and technical resources [1] - MG and Roewe undergoing marketing channel adjustments to improve operational efficiency [1] - IM Motors launched 2024 LS6 SUV with Lingxi Digital Chassis at Chengdu Auto Show, targeting annual sales of 70,000-80,000 units [1]

上海汽车集团股份有限公司 关于上海汽车集团财务有限责任公司 2024 年半年度风险评估报告 上海汽车集团股份有限公司（以下简称"本公司"）按照《上海 证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的要 求，通过查验上海汽车集团财务有限责任公司（以下简称"上汽财务 公司"）《金融许可证》《企业法人营业执照》等证件资料，审阅上汽 财务公司相关财务报表，对上汽财务公司的经营资质、业务和风险状 况进行了评估，具体情况报告如下： 一、上汽财务公司基本情况 上汽财务公司成立于 1994 年 4 月，是经中国人民银行批准成立 的非银行金融机构，2024 年 6 月末上汽财务公司注册资本人民币 153.80 亿元（含 1000 万美元），由本公司及本公司控股子公司上海 汽车工业销售有限公司分别持股 98.999%、1.001%。 金融许可证机构编码：L0038H231000001 企业法人营业执照统一社会信用代码：913101151322268960 法定代表人：王晓秋 职工人数：2024 年 6 月末在册 614 人 注册地址及邮政编码：中国（上海）自由贸易试验区华京路 8 号 三层 317 室 200131 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2024－044 上海汽车集团股份有限公司 八届十七次监事会会议决议公告 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。 特此公告。 上海汽车集团股份有限公司 上海汽车集团股份有限公司第八届监事会第十七次会议通知于 2024 年 8 月 16 日通过传真、电子邮件等形式送达。本次监事会会议 于 2024 年 8 月 28 日采用通讯方式召开，应参加会议监事 4 人，实际 收到 4 名监事的有效表决票。会议的召集、召开符合《公司法》及《公 司章程》的有关规定。 经与会监事逐项审议，表决通过了如下决议： 1、公司 2024 年半年度报告及摘要 （同意 4 票，反对 0 票，弃权 0 票） 2、关于《公司 2024 年上半年度内部控制评价报告》的议案 （同意 4 票，反对 0 票，弃权 0 票） 监事会 2024 年 8 月 30 日 1 ...

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。 上海汽车集团股份有限公司第八届董事会第二十四次会议通知 于 2024 年 8 月 16 日通过传真、电子邮件等形式送达。本次董事会会 议于 2024 年 8 月 28 日采用通讯方式召开，应参加会议董事 8 人，实 际收到 8 名董事的有效表决票。会议的召集、召开符合《公司法》及 《公司章程》的有关规定。 经与会董事逐项审议,表决通过了如下决议： 1、2024 年半年度报告及摘要 证券代码：600104 证券简称：上汽集团 公告编号：临 2024－043 上海汽车集团股份有限公司 八届二十四次董事会会议决议公告 （同意 8 票，反对 0 票，弃权 0 票） 2、关于《公司 2024 年上半年度内部控制评价报告》的议案 本议案事先已经公司董事会审计委员会审议通过。 （同意 8 票，反对 0 票，弃权 0 票） 特此公告。 上海汽车集团股份有限公司 董事会 2024 年 8 月 30 日 2024 年上半年，公司实现营业总收入 2846.86 亿元，同比下降 12.82％；实现归属于 ...

Financial Performance - Total operating revenue for the first half of 2024 was CNY 284.69 billion, a decrease of 12.82% compared to the same period last year[16]. - Net profit attributable to shareholders was CNY 6.63 billion, down 6.45% year-on-year[16]. - Net profit after deducting non-recurring gains and losses was CNY 1.02 billion, a significant decrease of 82.00% compared to the previous year[16]. - Basic earnings per share decreased to CNY 0.577, down 6.33% from CNY 0.616 in the same period last year[17]. - The weighted average return on net assets was 2.30%, a decrease of 0.21 percentage points year-on-year[18]. - The company reported a net profit of CNY 1.99 billion for the first half of 2024, compared to a net profit of CNY 5.10 billion in the first half of 2023, reflecting a decline of 61.0%[101]. - The total comprehensive income for the first half of 2024 was CNY 6.21 billion, a decrease of 37.7% from CNY 9.97 billion in the same period of 2023[104]. - The total profit for the first half of 2024 was CNY 8.78 billion, down 36.5% from CNY 13.78 billion in the same period of 2023[105]. Cash Flow and Investments - Operating cash flow for the period increased by 64.18% to CNY 11.32 billion, attributed to adjustments in loan scale and deposit structure by a subsidiary[18]. - Cash flow from operating activities increased by 64.18% year-on-year, primarily due to adjustments in loan scales and deposit structures by a subsidiary[25]. - Cash flow from investing activities increased by 117.55% year-on-year, mainly due to reduced cash payments for investments by a subsidiary[25]. - Cash flow from financing activities increased by 140.51% year-on-year, primarily due to a decrease in cash used for debt repayment[25]. - The net cash flow from operating activities for the first half of 2024 was CNY 11,316,873,712.29, a significant increase from CNY 6,892,777,845.13 in the same period of 2023, representing a year-over-year growth of approximately 64.9%[109]. - The net cash flow from investment activities was CNY 1,471,640,802.39, a recovery from a negative cash flow of CNY -8,383,948,825.89 in the first half of 2023[109]. - The net cash flow from financing activities was CNY 4,327,256,794.54, a recovery from a negative cash flow of CNY -10,681,224,990.25 in the same period last year[110]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 973.11 billion, down 3.33% from the previous year[16]. - The company's total liabilities decreased to ¥626.71 billion from ¥663.74 billion, reflecting a reduction of about 5.6%[97]. - The company's cash and cash equivalents at the end of the period amounted to ¥159.74 billion, representing 16.42% of total assets, an increase of 11.21% from the previous year[28]. - The company's accounts receivable increased by 6.18% to ¥72.22 billion, compared to ¥68.02 billion at the end of the previous year[28]. - The company's total liabilities decreased to RMB 97,199,257,050.07 at the end of the first half of 2024[117]. Market and Product Development - The company faced challenges due to a decline in the fuel vehicle market and intensified price competition, leading to reduced sales revenue and gross profit[18]. - The company has not disclosed any plans for significant new products or market expansions in this report[4]. - The company launched several new energy products, including the Zhiji L6 and Roewe D5X, to stimulate market demand[23]. - The company is expanding its overseas market presence, particularly in Western Europe and South America, while addressing EU anti-subsidy investigations[23]. - The company plans to focus on new product development and market expansion strategies to improve future performance[101]. Environmental and Social Responsibility - The company has established a comprehensive environmental protection system and strictly adheres to pollution discharge standards[54]. - The total amount of COD emissions was 1,764 tons, with actual emissions at 93 tons, indicating effective pollution control measures[55]. - The company actively promotes third-party governance of pollutants and maintains pollution control facilities to meet discharge standards[56]. - The company implemented online monitoring for wastewater, waste gas, and noise, ensuring compliance with environmental standards[57]. - The company expects to reduce carbon dioxide emissions by 23,800 tons per year through carbon reduction projects[65]. Shareholder and Equity Information - The total number of ordinary shareholders reached 177,822 by the end of the reporting period[90]. - The company's total shares decreased from 11,683,461,365 to 11,575,299,445 due to the cancellation of 108,161,920 shares repurchased under the 2020 share buyback plan[89]. - The top ten shareholders hold a total of 63.27% of the shares, with Shanghai Automotive Industry Group Co., Ltd. being the largest shareholder[91]. - The company has initiated a three-year shareholder return plan (2024-2026) to enhance cash dividend predictability and completed a third round of share repurchases[24]. Financial Management and Accounting Policies - The financial statements for the first half of 2024 were prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of June 30, 2024[124]. - The company’s accounting policies include measuring expected credit losses on receivables and capitalizing development expenditures[123]. - The group assesses whether to terminate recognition of financial assets based on the degree of risk and reward transfer and control retained over the asset[148]. - The group recognizes expected credit losses based on the present value of the difference between cash flows expected to be received and cash flows contractually due, weighted by the probability of default[140].

投资者可于 2024 年 08 月 23 日(星期五) 至 08 月 29 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 saicmotor@saic.com.cn 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 证券代码：600104 证券简称：上汽集团 公告编号：临 2024－042 上海汽车集团股份有限公司 关于召开 2024 年半年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： 上海汽车集团股份有限公司（以下简称"公司"）将于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入 地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 8 月 30 日下午 14:00-15:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资 ...

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 7 月批发同比-37%，智己同比表现较佳 2024 年 08 月 15 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 | 758184 | 798934 | 882169 | | 同比（%） | (4.59) | 0.09 | 1.81 | 5.37 | 10.42 | | 归母净利润（百万元） | 16118 | 14106 | 14266 | 17677 | 19615 | | 同比（%） | (34.30) | (12.48) | 1.13 | 23.92 | 10.96 | | EPS-最新摊薄（元/股） | 1.39 | 1.22 | 1.23 | 1 ...

证券代码:600104 证券简称:上汽集团 公告编号:临 2024-041 上海汽车集团股份有限公司2024年7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7月份产销快报数据如下: | 車 位 | | | | 本 量(辆) | | | | | 領 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 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 | 77.741 | 107,426 | -27.63% | 597,593 | 602,142 | -0.76% | 81,003 | 99,003 | -18.18% | 593,091 | ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2024-040 重要内容提示： 每股分配比例 A 股每股现金红利 0.37044 元 上海汽车集团股份有限公司 相关日期 2023 年年度权益分派实施公告 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/15 | － | 2024/8/16 | 2024/8/16 | 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。 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大 会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 根据《公司法》《证券法》《上海证券交易所上市公司自律监管指 ...

国泰君安证券股份有限公司 关于上海汽车集团股份有限公司差异化分红事项的专项核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"、"独立财务顾 问"）接受委托，担任上海汽车集团股份有限公司（以下简称"上汽集 团"、"上市公司"或"公司"）2021年至2024年股份回购事项独立财务 顾问。根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管 指引第7号——回购股份》等法律、法规及规范性文件的有关规定，独立财 务顾问对上市公司本次差异化分红事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因及依据 2020年7月3日，上汽集团召开第七届董事会第十二次会议，审议通过 了《关于以集中竞价方式回购公司股份的议案》；2020年7月20日，上汽集 团召开2020年第一次临时股东大会，审议通过了《关于以集中竞价方式回 购公司股份的议案》（以下简称"2020年回购"）。2021年1月19日， "2020年回购"期限届满，上汽集团通过集中竞价交易方式实际回购公司 股份数量合计为108,161,920股。上汽集团于2024年1月11日在中国证券登记 结 ...