GAC Group: Net profit in the third quarter exceeded 2.3 billion yuan, a year-on-year increase of 144%

  China Securities News (Reporter Wan Yu) Guangzhou Automobile Group (601238) announced its third-quarter performance report on the evening of October 27. The company achieved operating income of 31.527 billion yuan in the third quarter, a year-on-year increase of 51.58%; net profit attributable to the parent was 2.312 billion yuan, a year-on-year increase. 144.07%. In the first three quarters, the company achieved a consolidated operating income of 79.976 billion yuan, a year-on-year increase of 45.10%; net profit attributable to the parent was 8.062 billion yuan, a year-on-year increase of 52.59%.

  The announcement shows that GAC Group produced 228,100 vehicles and sold 237,200 vehicles in September, up 41.5% and 44.3% year-on-year respectively. From January to September, the cumulative production of vehicles was 1,832,600, and the cumulative sales were 1,825,000, up 26.9% year-on-year respectively. and 22.2%.

  The substantial increase in the scale of production and sales and the increase in the market share of high-value models has driven the increase in GAC Group’s gross profit. In the third quarter, GAC Group’s gross profit increased significantly, up 26.8% month-on-month and 10.8% year-on-year.

  In terms of self-owned brands, in September, the production and sales volume of GAC Aeon hit a new high, breaking through 30,000 units for the first time, up 122.7% and 121.2% year-on-year respectively. From January to September, Aion produced 182,384 vehicles and sold 182,321 vehicles, up 133.8% and 132.1% year-on-year respectively. On October 12, the second intelligent manufacturing center of GAC Aian was officially put into operation, and the overall production capacity plan exceeded 400,000 vehicles, which provided a strong guarantee for the continuous increase in sales.

  In September, GAC Trumpchi achieved production and sales of 37,223 vehicles and 33,494 vehicles, an increase of 65.1% and 46.1% year-on-year. From January to September, the cumulative production of vehicles was 274,605 ​​vehicles and sales of 267,374 vehicles, an increase of 32.0% and 20.9% year-on-year respectively. GAC Trumpchi continues to increase the proportion of electrified products. The Shadow Leopard, GS8 and the newly launched new SUV Yingku have all launched hybrid versions. The M8 hybrid version will also be launched by the end of the year. Hybridization of all products will be realized in 2025.

  In terms of joint ventures, GAC Toyota completed the production and sales of 91,649 vehicles and 96,000 vehicles in September, an increase of 89.5% and 98.8% year-on-year; from January to September, the cumulative production of vehicles was 758,399 vehicles, an increase of 32.1% year-on-year, and the cumulative sales of vehicles was 764,808 vehicles, an increase of 31.1% year-on-year. , and is expected to hit the million-dollar sales target throughout the year. From January to September, GAC Honda produced a total of 577,866 vehicles and sold a total of 572,963 vehicles, up 8.8% and 4.4% year-on-year respectively.

  The announcement also shows that during the reporting period, GAC Energy Technology Co., Ltd., jointly invested by GAC Group and GAC Aian, was officially registered and established. 4.96 billion yuan. The mixed-ownership high-tech enterprise incubated by GAC Group, Juwan Technology Research Institute, is actively expanding its production capacity. It is expected to add 8GWh of XFC extreme-speed battery production capacity in 2023, with the ability to support 120,000 new energy vehicles.

  Recently, Ruipai Power Technology Co., Ltd., jointly invested by GAC Group, GAC Aeon, and GAC Passenger Vehicle, was officially registered and established. and mass production integration. At the same time, Yinpai Battery Technology Co., Ltd., jointly invested by GAC Aian, GAC Passenger Vehicle, and GAC Commercial, and held by GAC Aian, was officially registered and established with a total investment of 10.9 billion yuan to carry out battery self-research and self-production industrialization construction and Manufacturing and sales of autonomous batteries. In addition, GAC Aeon also signed a strategic cooperation with Ganfeng Lithium, an upstream material supplier.