Zhongxin Jingwei, May 1 - Guangzhou Automobile Group recently disclosed a quarterly report showing that the company's revenue and net profit attributable to shareholders of listed companies (hereinafter referred to as net profit) fell year-on-year.
Screenshot of GAC Group's first quarterly report
According to GAC Group's quarterly report, in the first quarter of 2024, the company achieved revenue of 21.346 billion yuan, down 19.12% year-on-year, and net profit of 1.220 billion yuan, down 20.65% year-on-year.
GAC Group mentioned on its official website on April 26 that in the first quarter of this year, the overall inventory pressure of the automotive industry increased, a new round of price war was launched, and GAC Group's production and sales reached 403,000 and 410,000 respectively. GAC exported 26,000 units in the first quarter, reflecting a 155.1% y/y increase.
Minsheng Securities Research Report believes that the short-term pressure on the revenue side of GAC Group is mainly due to the change in sales scale, and the year-on-year decline in profit is mainly affected by the decline in investment income of joint ventures, as well as the increase in sales and management expense ratios.
Wind screenshot
Wind shows that as of March 31, a total of 5 shareholders have changed the number of shares, and 1 shareholder has newly entered the top 10 shareholders. In terms of the number of shareholders, as of March 31, GAC Group had a total of 156036 shareholders, with a change rate of 3.63% from February 29.
On the evening of March 28, GAC Group released the "2023 Annual Report", saying that in 2023, GAC Group will achieve operating income of 128.757 billion yuan, a year-on-year increase of 17.48%, and a net profit of 4.429 billion yuan, a year-on-year decrease of 45.08%. (Sino-Singapore Jingwei APP)
(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )