公司簡介
公司是中國重卡行業領域綜合實力最強的汽車及裝備製造產業集團之一，公司以發動
機、車橋、變速箱在內的動力總成系統為根基，延伸上游零部件和下游重卡，率先涉
足叉車和智能倉儲。經過多年發展，構築起了動力總成(發動機、變速箱、車橋)、整車
整機、液壓控制和汽車零部件四大產業板塊的協同發展格局。
投資概要
重卡行業最壞時期或已過去
2021 年，中國重卡行業呈現出明顯的前高後低態勢，上半年增速較高，銷量同比增長
27.7%；5-12 月同比“八連降”，其中 8-12 月同比降幅超過 50%。全年累計銷量達到
139.1 萬輛，同比下降 14.1%，為近六年來首次下跌，但仍為歷史第二高點，僅次於
2020 年。主要原因在於：

Company Profile
Weichai is one of the automobile and equipment manufacturing groups with the strongest
comprehensive strength in China's heavy truck industry. Based on the powertrain system
including engine, axle and gearbox, the Company extends upstream components and
downstream heavy trucks, and takes the lead in forklifts and intelligent warehousing. After
years of development, the Company has built a synergetic development pattern of four
major industrial segments including powertrain (engine, gearbox, and axle), vehicle and
machinery, hydraulic control, and auto parts.
Investment Summary
Increase by 60% yoy in Q2, Verifying the Industry's Prosperity
In 2021, China's heavy truck industry showed an obvious trend of highs and lows. There was
a high growth rate in H1. The sales volume grew by 27.7% yoy; "eight consecutive declines"
were seen from May to December. In particular, the year-on-year decline from August to
December exceeded 50%. The cumulative sales volume for 2021 reached 1,391 thousand
units, down 14.1% yoy, the first decline in the past six years, but still the second highest in
history, second only to 2020. The main reasons are as follows:

投資概要
公司簡介
廣汽集團現有主要業務包括研發、整車（汽車、摩托車）、零部件、商貿服務、金
融、出行等業務，構成了完整的汽車產業鏈閉環。公司堅持“合資+自主”戰略，擁有廣
汽本田、廣汽豐田、廣汽傳祺、廣汽埃安、廣汽菲克、廣汽三菱 6 大品牌及眾多暢銷
車型，目前在國內市場佔有率 8.1%，並在中高級轎車市占率第一。
晶片短缺影響合資品牌盈利，三季度業績下滑較大
2021 年前三季度，廣汽集團實現營業收入 555.17 億元，同比增長 28.64%，實現歸母
淨利潤 52.84 億元，同比增長 5.63%。單從第三季度來看，公司實現營業收入 207.99
億元，同比增長 19.48%，歸母淨利潤 9.47 億元，同比下降 64.71%。
第三季度收入大增主要因為自主品牌銷量較去年同期大幅改善（單季銷量 10.59 萬
輛，同比增長 7.14%）以及新能源積分獲得收入；淨利大幅下滑主要因投資收益 17.81
億元，同比下降 49.81%，其中對聯營和合營企業投資收益 16.76 億元，同比下降
50.94%，主要源自合資公司車型結構調整及晶片短缺導致廣汽豐田、廣汽本田銷量下
挫、盈利下滑：受缺芯影響，第三季度廣本和廣豐的銷量分別同比下滑 23.67%和
25.30%，導致投資收益減少；其次，原材料大幅上漲，也影響了合資公司的盈利能
力。

Company Profile
Currently, GAC's major segments cover R&D, vehicle (automobiles and motorcycles), parts,
commerce services, financial services, and mobile travel service, developing a complete
cycle of the automotive industry chain. By adhering to the strategy of "joint ventures + selfowned brands", the Company owns six major brands including GAC Honda, GAC Toyota, GAC
Motor, GAC Aion, GAC FCA, and GAC Mitsubishi, as well as many best-selling models. GAC
currently has a market share of 8.1% in China, ranking first in the market share of mid-tohigh-end sedans.
Investment Summary
FY20 Profit Decreases by 10% yoy, Mainly Due to Impairment
In 2020, GAC recorded operating revenue of RMB63,157 million, up by 5.78% Y-o-Y; net
profit attributable to the parent company was RMB5,966 million, down by 9.85% Y-o-Y; in
addition to the impact of COVID-19 pandemic, the decline in results was mainly due to the
large accrued expenses in the fourth quarter (provision for asset impairment of RMB720
million in a lump sum). After deducting non-recurring gains and losses, net profit
attributable to the parent company was RMB4,807 million, up by 25.17% Y-o-Y. Self-owned
brands achieved loss reduction. After deducting non-recurring gains and losses and return
on investment, net loss attributable to the parent company was RMB5.1 billion, down by
12% Y-o-Y. EPS was RMB0.58, down by 11% Y-o-Y. The final dividend was RMB0.15 per share.
Combined with the interim dividend of RMB 0.03 per share, the dividend payout ratio was
31%.
Gross margin decreased by 0.38 ppts Y-o-Y, mainly due to the negative effect of scale caused
by the decline in sales volume of self-owned brands. The period expense ratio for the whole
year decreased by 2.1 ppts Y-o-Y, mainly because the sales expense ratio fell by 1.86 ppts,
and other expense ratios remained flat Y-o-Y. The R&D expenses totaled RMB5.1 billion, of
which 17% was expensed. Joint ventures had a good profitability. The annual return on
investment was RMB9,911 million, up by 2.96% Y-o-Y. Specifically, the return on investment
in associates and joint ventures was RMB9,571 million, up by 1.83% Y-o-Y. At the end of
2020, monetary funds were RMB28.5 billion and interest-bearing liabilities were RMB14.8
billion.
Japanese JVs Remain Strong Momentum While Self-owned Brands Make Continuous
Improvemen