AutoBeta(AutoBeta.net)04/21 Report--

On April 20, Changan Automobile released its 2020 financial results, showing that Changan Automobile realized operating income of 84.56 billion yuan in 2020, an increase of 19.79 percent over the same period last year, and the net profit of shareholders belonging to listed companies was 3.32 billion yuan, an increase of 225.6 percent over the same period last year.

The reason for the sharp increase in Changan Automobile net profit, mainly obtained three non-recurrent profit and loss items contributed a total net profit of about 5.6 billion yuan: 1, the wholly-owned subsidiary Chongqing Changan New Energy Automotive Technology Co., Ltd. introduced strategic investors to increase the net profit of about 2.1 billion yuan; 2. The transfer of 50% shares of Changan Peugeot Citroen Motor Co., Ltd. earned a net profit of about 1.4 billion yuan. 3. The share price of Ningde era stock rose and increased the net profit by 1.775 billion yuan. From July 1 to October 30, 2020, Changan Automobile sold a total of 23 million shares of Ningde Times, directly affecting Changan Automobile's annual after-tax net profit of about 1.971 billion yuan.

In other words, after deducting the net profit of non-recurring profit and loss, the loss is 3.25 billion yuan, only relying on the automobile business Changan Automobile is still in a state of loss. However, the sharp reduction from the net loss of 4.762 billion yuan in 2019 is mainly due to the continued growth of sales.

According to previously released sales data, the cumulative sales of Changan Automobile in 2020 was 2.0037 million, an increase of 14% over the same period last year. Changan Department, Changan Mazda and Changan Ford all achieved year-on-year growth. In particular, Changan independent plate, with Changan CS75 series, Changan Yiyou and Changan UNI-T and other models, Changan automobile sales reached 1.0369 million vehicles in 2020, making it the largest increase in sales among Chinese independent brands.

As for the joint venture sector, Changan Ford sold 253300 vehicles for the year, up 37.7 per cent from a year earlier, while Changan Mazda sold 137300 vehicles, up 2.8 per cent from a year earlier.

Changan Automobile sales performance is far better than other car companies, but if you only look at the automobile business, the huge loss of 3.25 billion yuan is still unexpected. Of course, this situation will also be alleviated this year.

According to the forecast of the first quarter financial report disclosed by Changan Automobile, the net profit attributed to the listed company is expected to be 7-1 billion yuan, an increase of 10.92%-58.46% over the same period last year. After deducting non-recurring profits and losses, the net profit is 6-850 million yuan, an increase of 133.46%-147.40% over the same period last year. According to sales data, the cumulative sales of Changan Automobile in the first quarter of 2021 was 641100, including 522600 in Changan Independent Plate, 64400 in Changan Ford and 29300 in Changan Mazda. In other words, Changan Automobile has made a profit by relying solely on the automobile business.

At the Shanghai Auto Show, Changan Automobile released the 14th five-year Plan and Vision 2030. In terms of products, the company will launch 26 new smart electric vehicles in the past five years. Among them, Changan passenger car brand will launch 8 PHEV models and 6 EV models; high-end new energy vehicle AB brand will launch 5 models; Auchan brand will launch 2-3 PHEV models and 4 EV models. In addition, the high-end intelligent electric vehicle that Changan Automobile will jointly build with Huawei and Ningde era will be announced at the end of the year.

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