Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance met expectations, with revenue of 1,430.72 billion yuan, a year-on-year increase of 1.95%, and a quarter-on-quarter decrease of 35.37% [3] - Net profit attributable to the parent company was 2.714 billion yuan, a year-on-year decrease of 2.48%, and a quarter-on-quarter increase of 0.55% [3] - The company's self-owned brand, new energy vehicles, and exports are performing well, with core technologies in new energy and intelligent hardware and software fully deployed [4] - Joint ventures are actively transforming, with collaborations such as the memorandum of understanding with Audi and the establishment of a software and digital center with General Motors [4] Financial Performance - Q1 2024 wholesale sales were 834,200 units, a year-on-year decrease of 6.40%, and a quarter-on-quarter decrease of 49.25% [3] - The average selling price (ASP) per vehicle was 171,500 yuan, a year-on-year increase of 4.75%, and a quarter-on-quarter increase of 27.34% [3] - Gross margin for Q1 2024 was 8.84%, a year-on-year decrease of 0.99 percentage points, and a quarter-on-quarter decrease of 1.87 percentage points [3] - Investment income for Q1 2024 was 2.754 billion yuan, a year-on-year decrease of 9.69%, and a quarter-on-quarter decrease of 33.03% [3] Profit Forecast and Valuation - Revenue for 2024E is projected to be 758.184 billion yuan, a year-on-year increase of 1.81% [2] - Net profit attributable to the parent company for 2024E is projected to be 14.266 billion yuan, a year-on-year increase of 1.13% [2] - EPS for 2024E is projected to be 1.23 yuan per share, with a P/E ratio of 12.06 [2] - Revenue for 2026E is projected to be 882.169 billion yuan, a year-on-year increase of 10.42% [2] - Net profit attributable to the parent company for 2026E is projected to be 19.615 billion yuan, a year-on-year increase of 10.96% [2] Market Data - Closing price: 14.86 yuan [5] - Price range over the past year: 12.92 yuan to 15.77 yuan [5] - P/B ratio: 0.59 [5] - Market capitalization: 1.7200895 trillion yuan [5] Financial Data - Net asset per share: 25.00 yuan [6] - Asset-liability ratio: 63.64% [6] - Total share capital: 11.5753 billion shares [6] - Circulating A shares: 11.5753 billion shares [6] Related Research - "SAIC Motor (600104): March Wholesale Sales Increased by 83% Month-on-Month, SAIC-GM Production and Sales Returned to Normal" (2024-04-12) [7] - "SAIC Motor (600104): 2023 Annual Report Review: Q4 2023 Performance Met Expectations, New Energy + Exports + Self-owned Brands All Performing Well" (2024-04-03) [7]

Financial Performance - Total revenue for Q1 2024 was approximately ¥143.07 billion, a decrease of 1.95% compared to the same period last year[4]. - Net profit attributable to shareholders was approximately ¥2.71 billion, down 2.48% year-on-year[4]. - The basic earnings per share for Q1 2024 was ¥0.236, reflecting a decrease of 2.48% year-on-year[4]. - Net profit for Q1 2024 was ¥2.85 billion, down 30.8% from ¥4.13 billion in Q1 2023[17]. - Operating profit for Q1 2024 was ¥3.17 billion, a decline of 43.1% compared to ¥5.58 billion in Q1 2023[17]. - Earnings per share for Q1 2024 was ¥0.236, slightly down from ¥0.242 in Q1 2023[17]. - Other comprehensive income after tax for Q1 2024 was ¥326.46 million, down from ¥1.38 billion in Q1 2023[17]. Cash Flow - Operating cash flow showed a significant improvement, with a net cash flow of approximately -¥4.55 billion, an increase of 53.91% compared to the previous year[4][7]. - In Q1 2024, the cash inflow from operating activities was CNY 173.78 billion, a decrease of 21.3% compared to CNY 220.82 billion in Q1 2023[19]. - The net cash flow from operating activities was negative at CNY -4.55 billion, improving from CNY -9.86 billion in the same period last year[19]. - The cash inflow from investment activities totaled CNY 119.11 billion, down from CNY 127.84 billion in Q1 2023, resulting in a net cash outflow of CNY -3.10 billion[20]. - The cash inflow from financing activities was CNY 37.44 billion, significantly higher than CNY 26.59 billion in Q1 2023, leading to a net cash inflow of CNY 11.24 billion[20]. - The company reported a significant increase in cash received from financing activities, particularly from loans, which amounted to CNY 28.87 billion, compared to CNY 19.65 billion in Q1 2023[20]. Assets and Liabilities - Total assets at the end of Q1 2024 were approximately ¥959.58 billion, a decrease of 4.68% from the end of the previous year[5]. - The total current assets as of March 31, 2024, amount to ¥585,168,227,514.01, a decrease from ¥619,608,636,778.94 as of December 31, 2023[13]. - The total non-current assets as of March 31, 2024, are ¥374,407,344,150.45, down from ¥387,041,641,882.60[14]. - The total liabilities as of March 31, 2024, amount to ¥495,439,479,982.63, compared to ¥547,440,155,168.03 at the end of 2023, reflecting a decrease of approximately 9.5%[14]. - Total liabilities decreased to ¥610.70 billion from ¥663.74 billion year-over-year, a reduction of 8.0%[15]. - The company reported a short-term loan of ¥61,278,065,749.82, which increased from ¥44,920,602,982.12[14]. - The company’s long-term borrowings as of March 31, 2024, are ¥52,112,546,899.97, slightly up from ¥51,454,950,549.85[14]. Shareholder Information - Shareholders' equity attributable to the parent company increased by 1.05% to approximately ¥289.34 billion[5]. - The top ten shareholders collectively hold 78.67% of the company's shares, with Shanghai Automotive Industry Group Co., Ltd. being the largest shareholder at 63.27%[8]. - As of March 31, 2024, the company has repurchased a total of 25,821,600 shares, accounting for 0.2231% of the total share capital[10]. Expenses and Costs - Research and development expenses increased to ¥3.95 billion, up 3.6% from ¥3.81 billion in Q1 2023[16]. - The company reported a decrease in interest income to ¥3.92 billion from ¥4.70 billion, a decline of 16.4%[16]. - The company’s total costs for Q1 2024 were ¥143.32 billion, a decrease of 0.6% from ¥144.24 billion in Q1 2023[16]. - The cash paid for purchasing goods and services was CNY 154.35 billion, down from CNY 197.10 billion in Q1 2023[19]. Accounts Receivable and Inventory - Accounts receivable decreased to ¥62,555,769,765.37 from ¥68,019,556,853.36, indicating a reduction of approximately 8.5%[13]. - The company’s inventory decreased to ¥91,376,337,705.39 from ¥98,603,705,752.11, a decline of about 7.5%[13].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 16.83 CNY per share, indicating a potential upside of 13% [1][2]. Core Views - The company reported a revenue of 744.7 billion CNY for 2023, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 14.1 billion CNY, down 12% year-on-year [1]. - The company is focusing on overseas expansion and the transition to new energy vehicles, with a target of 1.35 million units in overseas sales for 2024, representing a 12% increase year-on-year [2]. - The company is accelerating its new energy transition, with a notable focus on the new model, Zhiji L6, which is expected to enhance brand visibility and sales [2]. Financial Summary - For 2023, the company achieved a total revenue of 744.7 billion CNY, with a year-on-year growth rate of 0.1%. The net profit attributable to shareholders was 14.1 billion CNY, reflecting a year-on-year decline of 12.5% [6]. - The forecast for 2024-2026 includes total sales of 4.85 million, 4.76 million, and 4.64 million units, with revenues projected at 768.9 billion CNY, 804 billion CNY, and 839 billion CNY respectively [2][6]. - The report predicts net profits for 2024, 2025, and 2026 to be 15 billion CNY, 15.5 billion CNY, and 16.6 billion CNY respectively, with corresponding P/E ratios of 12, 11, and 10 [2][6].

证券研究报告·公司点评报告·乘用车 上汽集团（600104） 3 月批发环比+83%，上汽通用产销恢复正常 2024年 04月 12日 买入（维持） 证券分析师 黄细里 [Table_EPS] 执业证书：S0600520010001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 744,063 744,705 758,184 798,934 882,169 huangxl@dwzq.com.cn 同比 -4.59% 0.09% 1.81% 5.37% 10.42% 研究助理 孟璐 归母净利润（百万元） 16,118 14,106 14,266 17,677 19,627 执业证书：S0600122080033 同比 -34.30% -12.48% 1.13% 23.92% 11.03% mengl@dwzq.com.cn EPS-最新摊薄（元/股） 1.39 1.22 1.23 1.53 1.70 股价走势 P/E（现价&最新摊薄） 10.82 12.37 12.23 9.87 8.89 [关Ta键bl词e_：Ta#g出] 口导向 ...

证券研究报告 公 2024年04月10日 司 报 告 上汽集团(600104) │ 行 业： 汽车/乘用车 公 投资评级： 买入（维持） 司 当前价格： 15.30元 点 Q1 销量小幅下滑，新能源同环比高增 目标价格： 20.30元 评 研 事件： 究 基本数据 2024年4月8日，公司发布3月份产销快报，公司3月实现汽车批发销量 11,575.30/11,575. 总股本/流通股本(百万股) 38.1万辆，同比增长8.41%；公司1-3月实现汽车批发销量83.4万辆，同 30 比下降6.4%。 流通A股市值(百万元) 177,102.08 ➢ Q1销量小幅下滑，大众品牌销量回暖 每股净资产(元) 24.51 公司3月实现汽车批发销量 38.1万辆，同比增长8.41%；1-3月实现汽车 资产负债率(%) 65.94 批发销量83.4万辆，同比下降6.4%，主要系2月春节假期影响。合资品牌 一年内最高/最低(元) 15.77/12.92 中，上汽大众Q1实现销量24.8万辆，同比增长9.6%，销量回暖；上汽通 用Q1实现销量11.2万辆，同比下降40%，销量持续承压。自主方面，上汽 股价相对走势 乘用车Q1实 ...

上汽集团（600104.SH）系列点评五 销量环比显著提升 新能源表现亮眼 2024年04月10日 3 ➢ 事件：上汽集团发布2024年3月产销快报：3月集团批发销量38.1万辆， 推荐 维持评级 同比+8.4%，环比+83.5%；2024Q1集团累计批发销量83.4万辆，同比-6.4%； 当前价格： 15.30元 上汽大众 3 月批发 9.0 万辆，同比+11.1%，环比+42.9%；2024Q1 累计批发 24.8万辆，同比+9.6%；上汽通用3月批发6.2万辆，同比-1.3%，环比+359.3%； 2024Q1累计批发11.2万辆，同比-40.0%；上汽乘用车3月批发7.9万辆，同 比-4.0%，环比+139.9%；2024Q1累计批发16.3万辆，同比-17.3%；上汽通 [T able_Author] 用五菱3月批发11.4万辆，同比+26.0%，环比+52.0%；2024Q1累计批发22.4 万辆，同比+16.4%。 ➢ 合资销量回暖 荣威、五菱新能源表现亮眼。上汽集团3月批发销量38.1万 辆，受益行业需求向好及合资折扣放大，销量环比修复明显。分品牌看，3月上 汽大众、上汽通用五菱表现较好，批发 ...

证券简称:上汽集团 公告编号:临 2024-024 证券代码:600104 | 東 位 | | | | 产 量(辆) | | | | | ਦੇ ਜੋ | 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 汽车有限公司 | 89.146 | 80,107 | 11.28% | 251,282 | 233,219 | 7.75% | 90.003 | 81,019 | 11.09% | 248.059 | 226,330 | 9.60% | | 上汽通用 汽车有限公司 | 70,237 | 63,686 | 10.29% | 100.042 | 187,331 | -46.60% | 62,000 | 62,800 | -1. ...

公司研究 | 年报点评 上汽集团 600104.SH 业绩符合预期，自主新能源及出海推动自 买入 （维持） 股价（2024年04月03日） 15.35元 主整体销量规模提升 目标价格 20.32元 52周最高价/最低价 15.65/12.79元 总股本/流通A股（万股） 1,157,530/1,157,530 A股市值（百万元） 177,681 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 业绩符合预期。公司2023年营业收入 7261.99亿元，同比增长0.7%；归母净利润 报告发布日期 2024年04月07日 141.06亿元，同比下降12.5%；扣非归母净利润100.45亿元，同比增长11.7%。4 季度营业收入2182.29亿元，同比增长3.5%，环比增长13.9%；归母净利润26.99 亿元，同比下降 22.2%，环比下降 37.6%；扣非归母净利润 5.73 亿元，同比增长 1周 1月 3月 12月 134.8%，环比下降 84.9%。4季度集团销量 164.35万辆，同环比分别增长 7.2%、 25.9%，2023年公司计提信用减值损失 35.05亿元、资产减值损失 44.47亿元造成 绝 ...

上海汽车集团股份有限公司 关于子公司股权转让及增资扩股的公告 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： 证券代码：600104 证券简称：上汽集团 公告编号：临 2024－023 上海汽车集团股份有限公司（以下简称公司）控股子公司 MG Motor India Pvt. Ltd.（以下简称 MGI）拟通过股权转让及增资扩 股方式，引入 JSW Ventures Singapore Pte.Limited（以下简称 JSW Singapore)等投资者。 一、 交易概述 为深入推进公司国际经营战略，抢抓印度市场快速发展的机遇， 持续提升 MG 品牌在印度市场的份额，有效防范经营风险，公司控股 子公司 MGI 拟引入印度本土投资者，通过发挥协同效应，为实现可持 续健康发展创造更有利的条件。其中，JSW Singapore 以 265.1 亿印 度卢比（约 22.56 亿元人民币）认购公司子公司上海汽车香港投资有 限公司所持 MGI 10.12 亿股股份，并以 92.6 亿印度卢比(约 7.88 亿 元人民币) ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of 744.705 billion yuan in 2023, a year-on-year increase of 0.09%. The net profit attributable to shareholders was 14.106 billion yuan, a decrease of 12.48% year-on-year, while the net profit after deducting non-recurring items was 10.045 billion yuan, an increase of 11.71% year-on-year [3][4] - In Q4 2023, the company reported total revenue of 221.363 billion yuan, with a quarter-on-quarter increase of 2.17% and a year-on-year increase of 12.49%. The net profit attributable to shareholders was 2.699 billion yuan, a decrease of 22.19% quarter-on-quarter and 37.56% year-on-year [3][4] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 744.705 billion yuan, with a slight increase of 0.09% year-on-year. The net profit attributable to shareholders was 14.106 billion yuan, down 12.48% year-on-year. The diluted EPS for 2023 was 1.22 yuan per share [2][3] - In Q4 2023, the company’s wholesale sales reached 1.6435 million vehicles, with a year-on-year increase of 25.87%. The average selling price per vehicle was 134,700 yuan, down 10.63% year-on-year [3][4] Profitability and Cost Management - The gross margin for Q4 2023 was 10.71%, showing improvements due to scale effects. The selling, administrative, and R&D expense ratios were 4.21%, 3.38%, and 2.76%, respectively [3][4] - The company’s investment income for Q4 2023 was 4.112 billion yuan, with a year-on-year decrease of 10.59% [3][4] Future Outlook - The company is focusing on its core technologies in new energy and is actively expanding its export markets. The partnership with Audi aims to develop new intelligent electric vehicle models for the Chinese market [4] - The profit forecast for 2024 and 2025 has been adjusted to 14.267 billion yuan and 17.677 billion yuan, respectively, reflecting a more competitive market environment [4]