GAC GROUP(601238) 新浪财经·2025-03-31 10:32Core 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].