The 2022 annual performance report disclosed by GAC Group on March 29 showed that both annual revenue and net profit achieved double-digit growth. During the reporting period, GAC Group achieved total operating revenue of approximately 514.605 billion yuan on a comprehensive basis, a year-on-year increase of approximately 19.74%. The consolidated total operating income was approximately 110.006 billion yuan, a year-on-year increase of approximately 45.36%; the net profit attributable to shareholders of listed companies was approximately 8.068 billion yuan, a year-on-year increase of approximately 10.00%. Basic earnings per share are 0.78 yuan/share, a year-on-year increase of more than 8%; GAC Group's dividend rate in 2022 has stabilized at a level above 30. It will distribute dividends of 2.4 yuan (including tax) for every 10 shares to all shareholders throughout the year. The total dividends distributed throughout the year are approximately 2.516 billion yuan (including interim dividend).
In 2022, under the challenges of rising raw material prices, unstable supply chains, and recurring epidemics, my country's automobile production and sales will grow by 3.4 and 2.1 year-on-year, while Guangzhou Automobile Group produced 2.4799 million vehicles and sold 2.4 million vehicles in 2022. There were 2.4338 million cars, a year-on-year increase of 16.0 and 13.5 respectively, far exceeding the industry level; the production and sales scale rose to fourth in the industry, and the market share increased to approximately 9.1, a record high. Healthy and stable development fully highlights GAC Group’s excellent industrial layout and system-wide development capabilities, as well as its sustainable development potential.
The independent "Gemini" achieves the best performance in history, and sales of Aian continue to double
During the reporting period, GAC's independent brands continued to promote "ICV XEV/EV" (intelligent hybrid / electrification) dual-core drive strategy has been implemented, and the proportion of new energy vehicles and energy-saving vehicles continues to increase. The production and sales volume of GAC New Energy Vehicles reached 315,900 and 309,500 respectively, representing year-on-year increases of 118.3 and 116.7 respectively. The sales volume of independent brands throughout the year was 633,700 vehicles, and the independent “Twin Stars” achieved the best results in history.
In 2022, GAC Aian focused on "EV ICV" (intelligent electrification), with cumulative sales of 271,000 vehicles, a year-on-year increase of 126%, achieving leadership in the market segment, and overall sales increasing rapidly. Data shows that the AION S and Y series are at the forefront of the compact BEV sedan and SUV markets respectively, with sales of both models continuing to grow, reaching nearly 120,000 units each. Founder Securities pointed out that the compact market segment of 100,000-200,000 yuan is still a blue ocean. Aion currently has three products in this field, namely the SUV models AION Y Plus, AION V Plus and the sedan model AION S. The rich product line layout helps Aian further strengthen its advantages in the compact market with few competing products.
At the same time, GAC Aion continues to promote the brand and officially launches the new high-end brand Haopin Hyper, forming an AION Hyper dual-brand matrix. This year, there will be Hyper GT, Hyper SSR, and Hyper's new SUV***. Deliveries of this model have started. With the successful commissioning of the second intelligent manufacturing center of Aian, GAC Aian's production capacity has been increased to 400,000 vehicles per year. In 2023, GAC Aian's production and sales target is 500,000 vehicles, challenging 600,000 vehicles; by 2030, production and sales will strive to exceed 1.5 million vehicles, accelerating the construction of a world-class high-end smart electric vehicle brand. Following the completion of nearly 18.3 billion yuan in Series A financing last year, GAC Aion is now making every effort to promote its IPO, which is expected to bring considerable investment income to the controlling shareholder GAC Group after listing.
GAC Trumpchi, another independent brand, is advancing rapidly and continues to focus on the "XEV ICV (intelligent hybrid) strategy to accelerate its transformation into a new energy technology enterprise. In 2022, GAC Trumpchi will turn losses into profits. "XEV" models such as GS8 HEV, M8 HEV, Yingku HEV, and Yingbao HEV have been launched one after another, and the sales ratio has steadily increased. It is worth noting that the Trumpchi M8 has sold more than 65,000 units, and its popularity has not diminished, becoming the best model for 39 consecutive months. China's luxury MPV sales champion, GAC Trumpchi also vigorously promotes marketing digitization and realizes direct customer connection, direct sales and direct service through APP.
Product power, brand power, and marketing power enhancements will simultaneously promote the high-quality development of GAC Trumpchi. Sales in 2022 will reach 362,548 vehicles, a year-on-year increase of 11.8%, and the results are impressive in the traditional car market where the share has declined significantly. ?
Build "electrification and intelligence" full-stack self-research capabilities and accelerate the implementation of independent research and development results
Annual report data shows that GAC continues to increase R&D investment, with R&D investment reaching 6.526 billion in 2022 , so far the cumulative investment in independent research and development has exceeded 35 billion yuan. The group has made fruitful achievements in independent research and development, successfully mastering key core component technologies covering complete vehicles and powertrains, new energy "three electricity", intelligent network connection, etc., and has comprehensively built "electrification and intelligence" full-stack self-research capabilities to ensure that It maintains its leading position in the industry in electrification and intelligent connectivity technologies, and at the same time vigorously promotes the localization of chips. There were 3,255 new patent applications throughout the year, including 1,316 invention patents, and the cumulative number of patent applications exceeded 14,000, including over 5,000 invention patent applications.
In 2022, GAC’s technological innovation achievements will continue to be implemented. Julang Hybrid, which consists of three parts: hybrid engine (E), electromechanical coupling system (M) and power battery (B), is suitable for all XEV models such as HEV, PHEV and REEV. Among them, 2.0ATK GMC2.0 has been installed on The hybrid version of Shadow Leopard and Shadow Cool, the 2.0TM THS power combination has been installed on GS8 HEV and M8 HEV. The two major technologies of the new generation pure electric exclusive platform AEP 3.0 and Xingling electronic and electrical architecture will be used in mass production of Hyper GT and other models. ADiGO PILOT advanced assisted driving (medium computing power platform) has been mass-produced on the AION LX Plus model, and ADiGO PILOT super parking (low computing power platform) has been mass-produced on Yingku.
In addition, GAC Aian released a new generation of high-performance integrated electric drive technology Quark electric drive in March this year, which bursts out powerful power in a smaller size, with a motor power density as high as 12kw/kg, which is relatively high. 100 higher than the industry’s 6kw/kg. Based on safe and reliable SiC (silicon carbide) chip drive and protection design, the maximum efficiency of Quark electric drive exceeds 99.8, ranking at the top level in the industry. By pushing the output performance and efficiency of the motor to the extreme, Quark electric drive can give Hyper SSR and Hyper GT better performance and space experience.
As the commercialization of intelligent driving accelerates, Robotaxi is considered to be the most likely to become the next hot spot similar to ChatGPT in the automotive industry. IHS Markit predicts that by 2030, China's total market size for shared travel will reach 2.25 trillion yuan, of which Robotaxi may account for 60%. Ruqi Travel is an important strategic deployment of GAC Group in the smart travel sector. In 2022, on the one hand, it has built an autonomous driving operation technology system and implemented mixed operations of manned online ride-hailing and autonomous Robotaxi. On the other hand, it is also actively deploying smart Connect the automotive industry chain to explore commercialized autonomous driving product solutions. At the same time, Ruqi Travel’s efforts to enter the capital market are also progressing as planned.
GAC Toyota has entered the million-unit club, and GAC Honda’s series of products will usher in a strong cycle
In 2022, GAC Group’s investment income from associates and joint ventures increased by 24.08% year-on-year.
GAC Toyota released the fifth-generation intelligent electric hybrid dual-engine last year. Highly intelligent power technology drives product strength to continuously improve, with annual production and sales exceeding one million vehicles, of which dual-engine hybrid and new energy models account for the sales volume. Over 30. GAC Toyota will release and upgrade 12 smart electric hybrid dual-engine products this year, and accelerate the introduction of bZ pure electric series models. It plans to increase the sales proportion of electrified models (HEVPHEVEV) to 60% by 2025, and achieve electrification of 100 models in 2035. .
In 2022, GAC Honda will continue to rank first in the mainstream car market with its excellent reputation in SSI, CSI, and IQS surveys conducted by J.D. Power.
Following last year’s launch of new cars such as the e:NP1 Extreme 1, Fit Unlimited MUGEN version, ZR-V Zhizai, Odyssey four-seat version, stylish e:HEV, all-new Binzhi, all-new Haoying, etc., in 2023 GAC Honda will also usher in The strong cycle includes the already released ZR-V Zhizai e:HEV and stylish HATCHBACK, as well as major replacement models such as the 11th-generation Accord, the new Haoying hybrid and plug-in hybrid versions. All new models launched by Guangqi Honda after 2030 will be pure electric vehicles, hybrid vehicles and other electrified models, which will bring more choices to Chinese consumers, and the future is promising.
The five major increments continue to make efforts to draw up the development blueprint of the "trillion GAC"
Looking forward to 2023, the China Automobile Association predicts that the automobile market will grow by about 3%, but the risk of negative growth still exists . As far as the industrial development pattern is concerned, the structure of the car series continues to be reshaped, and the market share of independent brands continues to increase; the product structure continues to be adjusted, and new energy sources are further accelerated; automobile exports are expected to continue to maintain rapid growth, and China's overseas development of automobiles will usher in a golden era.
At the end of 2022, GAC released the "Trillion GAC 1578 Development Outline" for 2030, committed to achieving the trillion-dollar revenue target. Specifically, it will focus on the transformation and upgrading of complete vehicles, the strengthening and extension of parts and components chains, and commerce and trade. It continues to make efforts in the five major increments of smart travel, energy and ecological empowerment, and internationalization. 2023, as the year of laying the foundation for the "Trillion GAC" blueprint, will challenge the goal of increasing automobile production, sales and output value by 10% year-on-year.
Facing development opportunities in strategic emerging industries such as new energy and intelligent connectivity, GAC Group has accelerated the localization of chips and worked with mining companies to lay out the lithium ore material supply chain to extend to the front end of the industrial chain. Zeng Qinghong, chairman of GAC Group, said that GAC Group will focus on replenishing and strengthening chains, focusing on the "new four modernizations" transformation, and strive to create three major ecological carriers: "energy technology ecological carrier", "industrial chain ecological carrier" and "industrial cluster ecological carrier" to seize the market share A new highland for intelligent new energy vehicles. At present, the independent power battery industrialization project - Yinpai Battery has successfully started construction; Ruipa Power has been established to promote the integration of independent electric drive research and development, trial production, testing and mass production; GAC Energy Technology has been established to accelerate the construction of charging and swapping storage Energy supply ecology and battery recycling ecology.
It is worth noting that overseas markets are becoming an important growth point for GAC Group’s performance. Thanks to the competitive advantages that Chinese brand car companies have gradually established in the fields related to three-electric technology and intelligent driving, Chinese cars are accelerating their integration into the international market. In 2022, GAC International exported more than 33,000 vehicles, a year-on-year increase of 59%, and its products have entered 29 countries and regions including the Middle East and South America. As an important new growth point, internationalization will contribute significantly to the company's profitability in the future. According to the "Trillion GAC" blueprint, GAC Group aims to sell 400,000 vehicles to overseas markets in 2030 and achieve revenue of 60 billion yuan by 2030. Zeng Qinghong said that GAC will accelerate the promotion of internationalization, coordinate research, production, supply and marketing, actively expand overseas market layout and export its own brand products, and open up a new path for GAC Group to achieve stable growth and high-quality development.
In 2022, under the influence of a series of uncertain factors, GAC Group still delivered to the market a year-on-year increase in production and sales, a record high market share, and both net assets and total operating income exceeded 100 billion yuan. The impressive report card of healthy operation, good performance and balanced development further highlights GAC’s solid basic skills. In the future, GAC will continue its focus on sustainable and high-quality development, actively deploy the entire automotive industry chain, and work hard to realize the grand blueprint of "one trillion GAC"!
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