GAC GROUP(601238) 新浪财经·2025-04-26 10:25Group 1 - The company's Q1 revenue was 19.65 billion yuan, a year-on-year decrease of 7.9%, with a net profit attributable to shareholders of -0.732 billion yuan compared to 1.22 billion yuan in the same period last year [1] - The Q1 gross margin was 0.2%, down 6.3 percentage points year-on-year, primarily due to declining sales and intensified market competition [1] - The net cash flow from operating activities in Q1 was -11.21 billion yuan, compared to -6.139 billion yuan in the same period last year, mainly due to reduced cash inflow from decreased sales [1] Group 2 - Investment income in Q1 was 1.174 billion yuan, a year-on-year decrease of 36.3%, with investment income from joint ventures down 39.8% to 1.094 billion yuan [2] - GAC Honda and GAC Toyota's sales were 92,700 and 161,600 units respectively, with GAC Honda down 20.7% and GAC Toyota up 3.6% year-on-year [2] - GAC Honda's first pure electric SUV, the P7, received over 5,000 orders within 24 hours of its launch, while GAC Toyota's new model, the Platinum 3X, broke 10,000 orders within one hour [2] Group 3 - The company's Q1 loss from its own brands (excluding investment income) was -1.987 billion yuan, an increase in loss of 855 million yuan year-on-year [3] - GAC Trumpchi's sales were 69,200 units, down 19.0% year-on-year, while GAC Aion's sales were 47,100 units, down 3.6% [3] - The company is deepening its collaboration with Huawei and has completed initial reforms in its core operational areas for its own brands, aiming for a cost reduction of about 10% by 2025 [3] Group 4 - EPS forecasts for 2025-2027 are 0.49, 0.50, and 0.49 yuan respectively, with a target price of 8.82 yuan based on an average PE of 18 times for comparable companies in 2025 [4]