Anhui Jianghuai Automobile Group Corp (600418) Q4 2024 earnings summary

Executive summary

• Achieved sales of 403,100 vehicles, down 7.42% year-over-year; revenue of ¥42.2 billion, down 6.25% year-over-year; net loss attributable to shareholders of ¥1.78 billion.

• R&D investment reached ¥3.46 billion, up 55.03% year-over-year, accounting for 8.23% of revenue.

• Focused on high-quality development, transformation to electrification and intelligence, and deepened cooperation with leading technology partners.

Financial highlights

• Revenue: ¥42.12 billion, down 6.28% year-over-year.

• Net loss attributable to shareholders: ¥1.78 billion, compared to a profit of ¥151 million last year.

• Gross margin for manufacturing: 9.54%, nearly flat year-over-year.

• Basic and diluted EPS: -0.82 yuan, down from 0.07 yuan last year.

• Operating cash flow: ¥2.71 billion, down 20.17% year-over-year.

• R&D capitalization ratio: 49.11%.

Outlook and guidance

• 2025 sales target: 430,000 vehicles, up 6.67% year-over-year; revenue target: ¥46 billion, up 9%.

• Industry expected to maintain growth, with policy support for equipment upgrades and new energy vehicles.