Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 2024 performance was slightly below expectations, with total revenue of 4.6 billion yuan, a decrease of 1.7% quarter-on-quarter and 19.8% year-on-year. The net profit attributable to shareholders was 0.1 billion yuan, reflecting a year-on-year increase of 1.5% but a significant quarter-on-quarter decline of 79.5% [2] - Despite the decline in sales volume, the revenue growth outpaced sales, driven by strong export performance. The average selling price (ASP) per vehicle in Q3 2024 was 464,000 yuan, an increase of 2.9% quarter-on-quarter and 4.8% year-on-year, attributed to an optimized sales structure [2] - The company is expected to benefit from the new energy bus and battery replacement subsidy policies, which are anticipated to accelerate demand in Q4 2024 [3] Financial Performance Summary - The company forecasts total revenue for 2024-2026 to be 21 billion, 24 billion, and 27 billion yuan, respectively, with year-on-year growth rates of 8%, 13%, and 13% [3] - The net profit attributable to shareholders is revised down to 1.8 billion, 4.4 billion, and 6.4 billion yuan for 2024-2026, with corresponding year-on-year growth rates of 134%, 153%, and 45% [3] - The projected P/E ratios for 2024-2026 are 54, 21, and 15 times, respectively [3]

厦门金龙汽车集团股份有限公司 关于 2024 年 7-9 月份委托理财情况的公告 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。 证券代码：600686 证券简称：金龙汽车 编号：2024-075 重要内容提示： 委托理财受托方：中国工商银行股份有限公司；交通银行股份有限公司；招商 银行股份有限公司；中国民生银行；兴业银行股份有限公司；中国光大银行股 份有限公司；厦门银行股份有限公司；上海浦东发展银行股份有限公司；华夏 银行股份有限公司；渤海银行股份有限公司；苏州银行股份有限公司；浙商银 行股份有限公司；厦门国际银行股份有限公司。 本次委托理财金额：365,800 万元 委托理财产品名称：厦门银行股份有限公司结构性存款；兴业银行企业金融人 民币结构性存款产品；厦门国际银行（挂钩汇率三层区间 A 款）2024201100809 期；（挂钩汇率三层区间 A 款）2024537820822 期；民生银行聚赢汇率－挂钩 中债 10 年期国债到期收益率结构性存款（SDGA241583Z）；民生银行聚赢汇率 －挂钩中债 10 年期国债到期 ...

Revenue and Profit - Revenue for the third quarter was RMB 4.64 billion, a decrease of 1.65% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 9.996 million, an increase of 1.53% year-over-year[2] - The company's net profit attributable to shareholders for the first three quarters increased by 34.73% year-over-year, driven by slight revenue growth and improved gross margins[6] - Total operating revenue for the first three quarters of 2024 was RMB 14,399,821,132.81, a slight increase from RMB 14,084,395,063.92 in the same period of 2023[12] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was RMB 76,392,451.56, up from RMB 56,701,476.53 in the same period of 2023[12] - Sales revenue from goods and services in the first three quarters of 2024 was RMB 15,956,047,469.90, slightly lower than RMB 16,601,441,304.60 in the same period of 2023[14] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 27.81 billion, an increase of 5.50% compared to the end of the previous year[3] - The company's total equity attributable to shareholders increased by 1.67% compared to the end of the previous year, reaching RMB 3.18 billion[3] - Total assets increased to 27.81 billion RMB, up from 26.36 billion RMB at the end of 2023[10] - Current assets rose to 19.96 billion RMB, compared to 17.37 billion RMB at the end of 2023[10] - Total liabilities increased to 23.63 billion RMB, up from 22.27 billion RMB at the end of 2023[11] - Shareholders' equity grew to 4.18 billion RMB, compared to 4.09 billion RMB at the end of 2023[11] - Inventory increased to 3.05 billion RMB, up from 2.22 billion RMB at the end of 2023[10] - Accounts receivable rose to 3.75 billion RMB, compared to 3.00 billion RMB at the end of 2023[10] - Short-term borrowings decreased to 667.83 million RMB, down from 851.87 million RMB at the end of 2023[11] - Long-term borrowings increased to 4.19 billion RMB, up from 3.19 billion RMB at the end of 2023[11] - Retained earnings grew to 765.11 million RMB, compared to 713.82 million RMB at the end of 2023[11] Cash Flow - Net cash flow from operating activities for the first three quarters was RMB 1.30 billion, a decrease of 36.64% year-over-year[2] - The decrease in cash flow from operating activities was mainly due to a reduction in cash received from sales of goods[6] - Net cash flow from operating activities in the first three quarters of 2024 was RMB 1,301,688,957.04, a decrease from RMB 2,054,377,795.25 in the same period of 2023[14] - Net cash flow from investing activities in the first three quarters of 2024 was negative RMB 2,083,977,438.70, compared to negative RMB 857,512,438.75 in the same period of 2023[14] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 4,628,605,668.67, down from RMB 6,416,690,687.57 at the end of the same period in 2023[15] - Total investment payments in the first three quarters of 2024 were RMB 11,103,461,923.01, a significant increase from RMB 2,381,177,500.00 in the same period of 2023[14] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.02, an increase of 100% year-over-year[2] - Weighted average return on equity (ROE) for the first three quarters was 2.42%, an increase of 1.04 percentage points year-over-year[2] - Basic earnings per share for the first three quarters of 2024 were RMB 0.11, up from RMB 0.06 in the same period of 2023[13] - Total comprehensive income for the first three quarters of 2024 was RMB 144,015,775.86, compared to RMB 117,994,029.86 in the same period of 2023[13] Non-Recurring Items and Shareholder Information - Non-recurring gains and losses for the third quarter amounted to RMB 54.60 million, primarily due to gains from financial asset disposals and government subsidies[4] - The top shareholder, Fujian Automobile Industry Group Co., Ltd., holds 231.23 million shares, representing 32.25% of total shares[8] R&D and Accounting Standards - R&D expenses increased to RMB 516,544,314.21 in the first three quarters of 2024, compared to RMB 482,007,818.91 in the same period of 2023[12] - The company implemented new accounting standards or interpretations starting in 2024, which involved adjustments to the financial statements at the beginning of the year[16]

证券代码：600686 证券简称：金龙汽车 编号：2024-074 厦门金龙汽车集团股份有限公司 关于会计政策变更的公告 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。 厦门金龙汽车集团股份有限公司（以下简称公司或金龙汽车）于 2024 年 10 月 29 日召开第十一届董事会第九次会议，审议并通过了《关于会计政策变更的 议案》。本次会计政策变更系根据中华人民共和国财政部（以下简称"财政部"） 相关规定进行的相应变更，无需提交股东大会予以审议，不会对公司财务状况、 经营成果和现金流量产生重大影响。现将具体情况公告如下： 一、会计政策变更概述 （一）会计政策变更的原因、内容及日期 1.2024 年 3 月，财政部会计司编写的《企业会计准则应用指南汇编 2024》 出版发行，其中第十四章规定，企业提供的、不能作为收入规定的单项履约义务 的质量保证（以下简称"保证类质量保证"），因该质量保证产生的预计负债， 应当按确定的金额，计入"主营业务成本"或"其他业务成本"。 由于上述应用指南的变化，公司需对原会计政策进行相应变更，并按以上文 ...

证券代码：600686 证券简称：金龙汽车 编号：2024-072 二、审议通过《公司 2024 年第三季度报告》 详见上海证券交易所网站《金龙汽车 2024 年第三季度报告》。 （表决情况：7 票同意，0 票反对，0 票弃权） 厦门金龙汽车集团股份有限公司 第十一届董事会第九次会议决议公告 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。 厦门金龙汽车集团股份有限公司（以下简称公司或金龙汽车）第十一届董事 会第九次会议通知于 2024 年 10 月 23 日以书面形式发出，并于 2024 年 10 月 29 日以通讯方式召开。本次会议应参会董事 7 人，实际参会董事 7 人；公司监事及 高级管理人员列席了本次会议。会议的召开符合《中华人民共和国公司法》《厦 门金龙汽车集团股份有限公司章程》的规定，会议合法有效。会议由董事长谢思 瑜召集并主持，经与会人员认真审议，形成如下决议： 一、审议通过《关于会计政策变更的议案》 详见上海证券交易所网站《关于会计政策变更的公告》（编号：2024-074） （表决情况：7 票同意，0 票反对， ...

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。 厦门金龙汽车集团股份有限公司（以下简称公司或金龙汽车）第十一届监事 会第八次会议通知于 2024 年 10 月 23 日以书面形式发出，并于 2024 年 10 月 29 日以通讯方式召开。会议应参会监事 3 人，实际参会监事 3 人。会议的召开符合 《中华人民共和国公司法》《厦门金龙汽车集团股份有限公司章程》的规定，会 议合法有效。会议由监事会主席叶远航召集并主持，经与会人员认真审议，形成 如下决议： 一、审议通过《监事会对公司 2024 年第三季度报告的书面审核意见》 根据《证券法》的规定和《上海证券交易所股票上市规则》的要求，监事会 对公司 2024 年第三季度报告进行了审核，认为公司 2024 年第三季度报告编制和 审议程序符合法律、法规、公司章程和公司信息披露管理制度的规定，报告的内 容和格式符合中国证监会和证券交易所的各项规定，所包含的信息能从各方面真 实、准确、完整地反映出公司 2024 年第三季度的经营管理和财务状况。在出具 本意见前，未发现参与 2024 年第三 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's sales in Q3 2024 reached 9,990 units, with a year-on-year decline of 4% and a quarter-on-quarter decline of 24%. Production was 11,057 units, showing a year-on-year increase of 14% [2] - The demand for buses is expected to increase in Q4 due to the implementation of a vehicle replacement policy, which includes subsidies for new energy city buses and battery replacements [2] - The company has significantly increased its inventory in Q3 2024, indicating a strong order backlog that is likely to be released in Q4 [2] Financial Forecasts - The company is projected to achieve total revenue of 20,973 million yuan in 2024, with a year-on-year growth of 8%. The net profit attributable to the parent company is expected to reach 305.24 million yuan, representing a year-on-year increase of 306% [3] - The report forecasts earnings per share (EPS) of 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 28 times [3] - For 2025 and 2026, the company is expected to generate revenues of 23,754 million yuan and 26,757 million yuan, respectively, with net profits of 625.44 million yuan and 890.91 million yuan, reflecting growth rates of 105% and 42% [3] Market Data - The closing price of the company's stock is 11.86 yuan, with a market capitalization of 8,504.18 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.68 [5] Basic Data - The company's total assets are projected to reach 30,301 million yuan in 2024, with a debt-to-asset ratio of 85.24% [6][10] - The company has a total share capital of 717.05 million shares, with a net asset value per share of 4.75 yuan [6][10]

证券代码：600686 证券简称：金龙汽车 编号：2024-071 厦门金龙汽车集团股份有限公司 2024 年 9 月份产销数据快报 厦门金龙汽车集团股份有限公司 2024 年 9 月份客车产销数据快报如下： | 单位：辆 | | --- | | 项目名称 | 本月数 | 去年同月 | 当月同比 | 本年累计 | 去年同期 | 累计同比 | | --- | --- | --- | --- | --- | --- | --- | | | | | 增减 | | 累计 | 增减 | | 客车生产量 | 4,074 | 3,251 | 25.32% | 33,622 | 30,473 | 10.33% | | 其中：大型客车 | 1,803 | 1,309 | 37.74% | 14,013 | 12,290 | 14.02% | | 中型客车 | 644 | 490 | 31.43% | 5,468 | 4,746 | 15.21% | | 轻型客车 | 1,627 | 1,452 | 12.05% | 14,141 | 13,437 | 5.24% | | 客车销售量 | 3,902 | 3,937 | -0.8 ...

天衡联合律师事务所 Tenet & Partners 中国·厦门 厦禾路 666号海翼大厦 A 幢 16-17 楼 电话:86 ·592 ·5883666 · 传真: 86 ·592 ·5881668 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 福建天衡联合律师事务所 关于 厦门金龙汽车集团股份有限公司 2024 年第三次临时股东大会 法律意见书 天衡联合律师事务所 Tenet & Partners 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 全国优秀律师事务所 · 福建首家特殊普通合伙制律师事务所 http://www.tenetlaw.com 法律意见书 关于厦门金龙汽车集团股份有限公司 2024 年第三次临时股东大会 法律意见书 2、出席本次股东大会现场会议的股东(或股东代理人)在办理出席现场 会议登记手续时向公司出示的居民身份证、营业执照、法定代表人身份证明、 授权委托书、股票帐户卡等,其真实性应当由股东(或股东代理人)自行负责, 本所律师 ...

证券代码：600686 证券简称：金龙汽车 公告编号：2024-070 厦门金龙汽车集团股份有限公司 2024 年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | 比例（%） | | A 股 | 238,724,603 | 99.6283 | 712,702 | 0.2974 | 177,800 | 0.0743 | 2、 议案名称：关于修订《关联交易管理制度》的议案 审议结果：通过 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长谢思瑜主持会议，会议召集和召开程序、 表决方式符合《公司法》和《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘 ...