GAC Group (02238) announced annual results with profit attributable to shareholders of 824 million yuan, achieving cumulative annual automobile sales of more than 2 million units

According to the Zhitong Finance App, GAC Group (02238) announced its 2024 annual results, with sales revenue of 107.784 billion yuan (RMB, same below); gross profit of 2,438 billion yuan; profit attributable to shareholders of 824 million yuan; basic income per share of 0.08 yuan; proposed final dividend of 0.02 yuan per share.

The announcement stated that production and operation are moving forward under pressure. Faced with unprecedented challenges, the Group immediately deployed and launched the “Battle to Deepen Reform, Strengthen Management, Promote Development, and Improve Quality and Efficiency” to make every effort to reverse the decline in business performance. Since August 2024, the Group's automobile sales have continued to increase compared to the previous cycle, and the cumulative sales volume for the whole year has exceeded 2 million units. Independent brands have made every effort to enhance product competitiveness and launched major models such as the GAC Trumpchi Xiang S7, GAC Aion second-generation AION V, AION RT, AION UT, and Haobo HL. GAC Trumpchi achieved annual sales of about 415,000 units, of which MPV models sold about 184,000 units, leading the list among domestic MPV manufacturers; GAC Egypt achieved sales of about 375,000 units per year, ranking among the leading pure electric new energy vehicle manufacturers. At the same time, it is actively expanding the industrial ecosystem. The company signed a deepening cooperation agreement with Huawei to build a new high-end smart new energy vehicle brand to bring consumers a more forward-looking intelligent travel experience. In 2024, the group achieved sales revenue of about 401.65 billion yuan in aggregate, and was selected as one of the Fortune 500 for 12 consecutive years, ranking 181.

Overseas business is being promoted in depth. 2024 is a “year of deepening development” of GAC's internationalization strategy. The annual overseas sales volume of automobiles reached 127,000 units, an increase of 67.6% over the same period last year; among them, overseas sales of own-brand cars exceeded 100,000 units for the first time, an increase of 92.3% over the same period last year, and have entered 74 countries and regions around the world. Actively promoting overseas localized production and industrial ecology, the CKD plant in Malaysia and GAC Aian's smart factory in Thailand have been put into operation one after another, marking that the Group has officially entered a new stage of development with equal emphasis on vehicle exports and overseas localized production in overseas markets. In addition, the Group has deployed 6 major after-sales parts warehouses around the world. The logistics, parts guarantee system and energy ecology business have simultaneously entered the Thai market, and the global “R&D, production, supply, and service” system is beginning to take shape.

Technological innovation leads change. Firmly build a foundation and establish enterprises with technology, continuously raise the level of self-reliance and self-improvement in science and technology and the level of autonomy and controllability of the industrial chain, and accelerate the cultivation of new quality productivity. The Group invested more than 7.15 billion yuan in R&D throughout the year, added more than 3,200 new patent applications, and accumulated more than 21,000 patent applications by the end of 2024. In the field of intelligence, during the reporting period, various models equipped with the urban NDA smart driving function were launched, and the urban NDA was opened nationwide; the group was approved as one of the first car companies in the country to launch an L3 autonomous driving road pass pilot, and accelerated the commercialization of autonomous driving. In the field of new energy, key core components such as self-developed Impac batteries and Ruipai electric drives have all been mass-produced. In the field of forward-looking technology, the new flying car brand GOVY and the first composite wing flying car GOVY AirJet were released to speed up the layout of the three-dimensional travel model; GoMate, the industry's first artificial intelligent robot with variable wheel foot configuration, was launched, and its industrial application was accelerated.