Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [3][4]. Core Views - The company is undergoing a significant transformation with a focus on both joint ventures and independent brands, aiming to enhance its market position and operational efficiency [2][3]. - The company's 2024 performance is under pressure, with total revenue expected to decline by 17.1% year-on-year to CNY 106.8 billion, and net profit expected to drop by 81.4% to CNY 0.82 billion [1][3]. - The report highlights a gradual improvement in sales and investment returns in the fourth quarter of 2024, indicating a potential recovery trajectory [1]. Summary by Sections Financial Performance - In 2024, the company anticipates a total revenue of CNY 106.8 billion, a decrease of 17.1% from the previous year, and a net profit of CNY 0.82 billion, down 81.4% [1][3]. - The gross margin is projected to decline by 1.1 percentage points to 5.8% [1]. - The fourth quarter of 2024 shows a revenue increase of 4.8% year-on-year and a net profit turnaround to CNY 0.7 billion [1]. Sales and Production - The company’s total sales volume is expected to decrease by 24.2% in 2024, totaling 1.917 million vehicles [1]. - The fourth quarter of 2024 saw a sales volume of 583,000 vehicles, reflecting a year-on-year decline of 19.6% but a quarter-on-quarter increase of 22.9% [1]. Strategic Initiatives - The company is implementing a comprehensive reform of its independent brand strategy, with plans to launch 20 new or updated models by 2025 [2]. - The establishment of a joint venture with Huawei aims to accelerate the development of high-end electric vehicles [2]. Future Outlook - The report projects a gradual recovery in profitability, with net profit estimates for 2025 and 2026 at CNY 0.75 billion and CNY 0.88 billion, respectively [3]. - The company is expected to improve its cost structure through unified procurement strategies, potentially reducing costs by 10% by 2025 [2].

| A股代码：601238 | A股简称：广汽集团 | 公告编号：临2025-032 | | --- | --- | --- | | H股代码：02238 | H 股简称：广汽集团 | | 广州汽车集团股份有限公司 关于与关联方发生金融业务的日常关联交易公告 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。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 经公司于 3 月 28 日召开的第六届董事会第 84 次会议全票审议通过，同意广 汽财务公司向本公司部分合营、联营企业吸收存款日均不超过 88 亿元、提供年 度授信不超过 126 亿元的金融服务（各合营、联营企业可以根据实际经营需要在 总额度内进行调剂）；同意广汽商贸根据经营计划，向部分合营企业申请不超过 30 亿元授信，期限自 2024 年年度股东大会审议通过之日起至下一年年度股东大 会之日止。 本次议案在提交董事会审议前，已经独立董事会议审议通过。本次董事会无 董事需回避表决，本次议案尚需公司年度股东大会审议批准。 （二）前次日常关联交易的预计和执行情况 重要内 ...

2025 年 03 月 31 日 公司研究 评级：增持(维持) [Table_Title] 转型期业绩承压，静待自主盈利修复 ——广汽集团（601238）2024 年年报点评 最近一年走势 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汽集团 | -3.0% | -9.2% | -2.1% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 2025/03/31 | | 当前价格（元） | | | 8.48 | | 52 周价格区间（元） | | | 7.07-10.84 | | 总市值（百万） | | | 86,471.12 | | 流通市值（百万） | | | 62,613.76 | | 总股本（万股） | | | 1,019,706.59 | | 流通股本（万股） | | | 738,369.76 | | 日均成交额（百万） | | | 386 ...

Group 1 - The company has approved a comprehensive reform of its operational management to enhance competitiveness and efficiency in response to current market conditions [1][2] - The reform will shift the management model from strategic control to operational control, focusing on research and development as well as comprehensive support [2] - The dual-driven approach includes "market-driven" strategies to improve product definition and "technology-driven" initiatives to enhance cost efficiency and technological advancement, particularly in autonomous driving and smart connectivity [2] Group 2 - The board meeting had full participation with 10 votes in favor of the reform proposal, indicating unanimous support [1][2] - The company aims to establish a highly efficient operational system that integrates research, production, supply, and sales management [2] - The goal is to create a strong operational enterprise characterized by strategic leadership, effective decision-making, resource allocation, management services, and collaborative innovation [2]

广州汽车集团股份有限公司（简称"本公司"或"公司"）第七届董事会第 2 次会议于 2025 年 3 月 31 日(星期一)以通讯方式召开。本次会议应参与表决董 事 10 人，实际参与表决董事 10 人。本次会议的召集、召开符合《中华人民共和 国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董事 会议事规则》的相关规定，所做决议合法有效。经与会董事投票表决，审议通过 了《关于运营管控全面改革的议案》。 会议同意公司结合当前市场竞争形势以及自主品牌番禺行动三年规划，积极 推进自主品牌管控模式从战略管控向运营管控全面转型改革。在已完成针对产品、 采购、财务、销售领域的改革基础上，本次改革重点聚焦研发和综合保障领域， 目的是通过"双轮驱动"不断提升产品竞争力和服务保障效率。一是"市场驱动"， 通过强化市场洞察，提升产品定义能力，精准把握市场趋势与消费者偏好，优化 产品规划开发，使产品深度契合消费者需求；二是"技术驱动"，通过技术创新 与平台模块化，推进降低成本、提高效率、增强技术先进性，尤其增强自动驾驶、 智能网联、三电系统的平台技术先进性和领先力。通过运营管控全面改革，构建 研产供销、人财物集中 ...

Investment Rating - The investment rating for GAC Group is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with significant improvements in sales and profitability in Q4 2024 compared to previous quarters [8] - GAC Group is establishing a project company in collaboration with Huawei, aiming to create a new luxury smart electric vehicle brand [8] - Due to increased industry competition, the profit forecasts for 2025 and 2026 have been adjusted downwards, but the company is expected to enjoy a higher valuation due to ongoing reforms [8] Financial Performance Summary - Total revenue for 2023 was 129,706 million yuan, with a projected decline of 16.90% in 2024, followed by a recovery to 158,421 million yuan in 2025 [1] - The net profit attributable to shareholders for 2023 was 4,428.90 million yuan, with a significant projected decline of 81.40% in 2024, but a strong recovery expected in subsequent years [1] - The latest diluted EPS for 2024 is projected at 0.08 yuan, with a forecasted increase to 0.34 yuan in 2025 and 0.46 yuan in 2026 [1] Sales and Profitability Insights - In Q4 2024, GAC Group's revenue was 33.04 billion yuan, showing a 5% increase quarter-on-quarter and a 16% increase year-on-year [8] - The wholesale sales of GAC's self-owned brands improved significantly, with GAC Passenger Cars and GAC Aion achieving year-on-year increases of 24.4% and 14.8%, respectively [8] - The gross profit margin for Q4 2024 was 5.1%, reflecting a slight decrease compared to previous quarters [8] Investment and Collaboration Developments - GAC Group announced the establishment of a GH project company with a registered capital of 1.5 billion yuan, focusing on deep collaboration with Huawei in product development and marketing strategies [8] - The partnership aims to leverage both companies' strengths to create a new automotive brand based on advanced technology [8] Valuation Metrics - The projected P/E ratios for GAC Group are 105.12 for 2024, decreasing to 24.81 in 2025, and further down to 15.55 by 2027 [1] - The company’s net profit margin is expected to improve from 0.76% in 2024 to 2.81% by 2027 [9]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating substantial financial pressure and challenges in both its independent and joint ventures [1][4]. Financial Performance - The company achieved a revenue of 107.8 billion yuan in 2024, a year-on-year decrease of 17% [1]. - The net profit attributable to shareholders was 820 million yuan, down 81% year-on-year [1]. - The adjusted net profit excluding non-recurring items was a loss of 4.35 billion yuan, compared to a profit of 3.57 billion yuan in the same period last year [1]. Quarterly Analysis - In Q4 2024, the company reported a revenue of 33 billion yuan, with a quarter-on-quarter increase of 5% and a year-on-year increase of 16% [2]. - The total vehicle sales in Q4 2024 reached 286,000 units, reflecting a quarter-on-quarter increase of 19% and a year-on-year increase of 52% [2]. - The gross margin for Q4 2024 was 5.9%, showing a decline of 2.3 percentage points year-on-year [2]. Joint Venture Performance - The joint venture with Guangben reported a net loss of 800 million yuan in 2024, while Guangfeng achieved a net profit of 5.3 billion yuan [3]. - The joint venture investment income in Q4 2024 was 730 million yuan, a decrease of 5.5 billion yuan quarter-on-quarter [3]. Future Outlook - The company plans to launch over 20 new models in 2025, including 7 from its independent brand, aiming for annual production and sales exceeding one million vehicles [3]. - The introduction of a new electric SUV, P7, by Guangben is scheduled for April, marking a step towards electrification [3]. - A partnership with Huawei has led to the establishment of Huawang Automotive, with an investment of 1.5 billion yuan, focusing on luxury smart electric vehicles [3]. Investment Recommendations - The company faces significant pressure in both independent and joint ventures for 2024, leading to adjustments in net profit expectations for 2025-2027 [4]. - The target valuation for A-shares has been adjusted to 9.9 yuan, while H-shares are set at 3.5 HKD, with a downgrade in rating to "recommended" [4].

Investment Rating - The investment rating for the company has been downgraded to "Recommended" [2][8][18] Core Views - The company reported a revenue of 107.8 billion yuan for 2024, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 0.82 billion yuan, down 81% year-on-year [2][4] - The company is expected to face significant pressure in both its independent and joint ventures in 2024, but there are expectations for operational improvements in 2025 [2][8] - The target price for the company's A-shares is set at 9.9 yuan and for H-shares at 3.5 HKD, based on adjusted profit expectations for 2025-2027 [2][8] Financial Summary - Total revenue for 2024 is projected at 107.8 billion yuan, with a year-on-year growth rate of -16.9% for 2025, followed by positive growth rates of 8.4%, 13.0%, and 11.4% for 2026 and 2027 respectively [4][9] - The net profit attributable to shareholders is expected to recover from -0.82 billion yuan in 2024 to 1.19 billion yuan in 2025, with further increases to 2.32 billion yuan in 2026 and 3.14 billion yuan in 2027 [4][9] - The earnings per share (EPS) is projected to rise from 0.08 yuan in 2024 to 0.31 yuan in 2027 [4][9] Operational Insights - The company plans to launch over 20 new models in 2025, including 7 from its independent brand, aiming for total production and sales exceeding 1 million units [2][8] - The company is collaborating with Huawei, having invested 1.5 billion yuan to establish a new automotive venture focused on luxury smart electric vehicles [2][8] Market Performance - The company's stock price as of March 28, 2025, is 8.49 yuan, with a historical high of 10.69 yuan and a low of 7.13 yuan within the past 12 months [4][5]

Summary of GAC Group Conference Call Company Overview - **Company**: GAC Group - **Year**: 2024 and 2025 projections Key Industry Insights - **Automotive Sales Growth**: In 2024, GAC Group's automotive sales volume increased by 10.51% year-on-year, driven by policy support and export growth [3] - **New Energy Vehicles (NEVs)**: Plug-in hybrid and extended-range vehicles led the growth in NEVs, accounting for 40% of NEV sales, with domestic NEV penetration reaching 45.3% [3] - **Export Performance**: GAC Group's exports grew by 19.3% year-on-year, with total sales reaching 200.3 million vehicles, marking China as the world's largest automotive exporter for the second consecutive year [3] Financial Performance - **Revenue Decline**: GAC Group's consolidated revenue for 2024 decreased by 17% to 107.8 billion yuan, primarily due to declining gross margins in its self-owned brands [3][5] - **Net Loss**: The company reported a net loss of 78.7 billion yuan in 2024, attributed to increased promotional spending and declining sales [3][17] - **Investment Income**: In 2025, other income increased to 2.73 billion yuan due to government subsidies, while investment income decreased to 7.21 billion yuan, mainly due to reduced profits from joint ventures [6] Brand Performance - **Self-Owned Brands**: GAC's self-owned brands reported a loss of 7.8 billion yuan in 2025, with a 28 billion yuan increase in losses year-on-year due to increased promotional spending and declining sales [7] - **Sales Breakdown**: GAC Trumpchi sold 415,000 vehicles, with MPV models leading at 184,000 units, while Aion's sales reached 375,000 vehicles, showing a significant increase in the second half of the year [4] Strategic Initiatives - **Reform Measures**: GAC Group initiated a unified scheduling reform for its self-owned brands to enhance decision-making efficiency and reduce costs, aiming for a cost reduction of over 10% by 2025 [11][18] - **Partnership with Huawei**: A joint venture with Huawei was established to develop vehicles targeting the 300,000 yuan market, with the first model expected to launch in 2026 [14] - **New Product Development**: Plans to launch 22 new models by 2027, focusing on electric, hybrid, and intelligent vehicles, with a target of achieving 2 million units in sales for self-owned brands [12][18] Market Expansion - **International Strategy**: GAC Group aims to export 180,000 vehicles in 2025, with a focus on emerging markets such as Russia, Mexico, and Brazil, and plans to establish subsidiaries in various regions [24] - **Technological Advancements**: The company is investing in autonomous driving technologies, with plans to mass-produce L3 autonomous vehicles and launch L4 models in collaboration with Didi [20][21] Additional Insights - **Financial Health**: As of the end of 2024, GAC Group's net assets decreased by 1.3 billion yuan, with a debt-to-asset ratio of 47%, reflecting increased borrowing for international business development [5] - **Market Positioning**: GAC's brands are positioned to cater to different market segments, with Trumpchi targeting mainstream consumers, Aion focusing on younger demographics, and Haobo appealing to high-end users [12] This summary encapsulates the key points from the GAC Group conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Core Viewpoint - GAC Group demonstrated strong operational resilience in 2024, achieving total revenue of 401.65 billion yuan despite a challenging automotive market, with a significant decline in vehicle sales [1] Financial Performance - GAC Group reported total revenue of 401.65 billion yuan and consolidated revenue of 107.78 billion yuan for 2024 [1] - The company sold 2.0031 million vehicles, a year-on-year decrease of 20.04%, with its own brand sales declining by 10.95%, which is lower than the industry average [1] - The proposed cash dividend payout ratio increased to 62.43% of net profit, with cumulative dividends exceeding 26 billion yuan since its listing [1] Brand Performance - GAC's own brands (GAC Trumpchi and GAC Aion) achieved sales of 789,500 units, accounting for 39.41% of total sales, an increase of 5.2 percentage points from 2023 [2] - New energy vehicles (NEVs) from GAC's own brands reached sales of 430,800 units, making up 55% of their total sales, significantly above the industry average of around 30% [2] - GAC Aion's sales reached 375,000 units, a year-on-year increase of 42.3%, while GAC Trumpchi's NEV sales grew by 129.8% to 186,000 units [2] Technological Innovation - GAC Group made significant advancements in smart technology, launching the ADiGO 5.0 intelligent driving system, which supports advanced driver assistance features [4] - Plans are in place to introduce L3 autonomous driving vehicles by 2025, showcasing the company's commitment to technological development [4] Global Expansion - GAC Group's overseas sales exceeded 127,000 units in 2024, a year-on-year increase of 67.6%, with exports of its own brands surpassing 100,000 units [6] - The company established a presence in 74 countries and regions, with 490 sales and service outlets, achieving a gross margin of 14.72% in overseas markets [6] - Significant growth was noted in Southeast Asia, with sales in Thailand, Malaysia, and Indonesia reaching 48,000 units, a year-on-year increase of 85% [6] Localization Strategy - GAC Group is advancing its localization strategy with the opening of a smart factory in Thailand, which has an annual capacity of 50,000 units, and a CKD factory in Malaysia [7] - The establishment of an assembly center in Mexico is aimed at facilitating entry into the North American market [7] - The company plans to continue expanding its global footprint, targeting 180,000 overseas sales by 2025 [7]