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On April 29, Changan Automobile released its first-quarter results in 2024. During the reporting period, Changan Automobile achieved operating income of 37.023 billion yuan, an increase of 7.14% over the same period last year, net profit of 1.158 billion yuan, down 83.39%, and non-net profit of 112 million yuan, down 91.77% from the same period last year.

According to the data, Changan automobile sales in the first quarter of 2024 were 692100, up 13.87 percent from the same period last year, including 437300 independent passenger vehicles, up 10.43 percent from the same period last year, and 128800 independent brand new energy passenger vehicles, up 52.36 percent from the same period last year. In terms of joint venture brands, Changan Ford sold 55600 vehicles, up 24.09% from the same period last year, and Changan Mazda sold 19300 vehicles, up 38.82% from the same period last year.

Although Changan car sales showed an increase, resulting in revenue growth, but profits have declined. Changan Automobile did not disclose the reasons for the decline in profits, saying that the decline in investment income was due to the impact of the investment income confirmed by the acquisition of Deep Blue Automobile in the same period. Affected by the depressed performance, Changan Automobile shares fell by the daily limit today, closing at 14.72 yuan per share, with a total market capitalization of 146 billion yuan.

It is understood that at present, Changan Automobile mainly operates new energy brands, including Deep Blue Automobile and Avita Technology, but the financial performance of these two companies is still mixed. Over the past year, the sales revenue of Deep Blue Automobile and Avita has increased significantly, but it is still in a state of loss.

In 2023, the operating income of Changan Automobile was 151.298 billion yuan, an increase of 24.78% over the same period last year. The net profit belonging to shareholders of listed companies was 11.327 billion yuan, an increase of 45.25% over the same period last year. The net profit after deducting non-recurring profits and losses belonging to shareholders of listed companies was 3.782 billion yuan, an increase of 16.19 percent over the same period last year. It is understood that this is the highest profit performance in the history of Changan Automobile. The net profit exceeded 10 billion yuan for the first time in 2016, reaching 10.29 billion yuan. Later, due to intensified market competition, profits declined for three consecutive years from 2017 to 2019, especially a net loss of 2.647 billion yuan in 2019, the first loss since Changan Automobile went public.

During the reporting period, Changan automobile sales totaled 2.5531 million vehicles, an increase of 8.82 percent over the same period last year, of which 1.597 million passenger cars were sold under its own brands, up 14.86 percent from the same period last year, while joint venture brands all declined, with Changan Ford falling 7.13 percent to 233100 vehicles and Changan Mazda down 14.77 percent to 88700 vehicles. The decline of the joint venture brand has had little impact on Changan Automobile, with overall sales accounting for 12.6% of Changan Automobile's total sales. Changan Automobile did not disclose the profit performance of Changan Ford and Changan Mazda.

Looking forward to 2024, Changan Automobile said that the company will launch a number of new and modified products, including 8 new energy products, including E07, C798, Deep Blue G318, Avita 15 and other models. It is understood that the goal of Changan Automobile in 2024 is to strive to achieve production and sales of more than 2.65 million vehicles, an increase of only 100000 vehicles over 2023. In 2030, Changan Automobile will strive to achieve sales of 5 million vehicles, including 4 million independent units, 3 million-3.5 million new energy sales and 1.2 million overseas sales.

According to the plan, Changan Automobile plans to stop selling fuel vehicles in 2025, which means that time for electrification transformation is running out, and judging from the current market performance, Changan vehicles still fuel vehicles maintain the tone of the market, while the layout of the new energy vehicle market has not yet reflected the due market effect. During the reporting period, Changan New Energy passenger cars sold 439500 vehicles, accounting for 17.21% of the total sales.

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