DONGFENG GROUP(HK:00489) Zhong Zheng Wang·2025-03-29 07:20Core Viewpoint - The automotive industry is experiencing a shift towards scale competition and ecological cooperation, particularly in the realm of smart technology and electric vehicles, with Dongfeng Motor Group emphasizing a dual strategy of self-research and collaboration with partners like Huawei [1][2]. Financial Performance - In 2024, Dongfeng Group achieved a turnaround with revenues of 106.197 billion yuan, a year-on-year increase of 6.9%, and a net profit of 58 million yuan, compared to a loss of 3.887 billion yuan in the previous year, with an overall gross margin of 12.8% [1]. - The passenger vehicle segment generated approximately 52.297 billion yuan in sales revenue, reflecting a year-on-year growth of 22.93%, driven by brands like Lantu and Dongfeng Fengshen [4]. Market Dynamics - The company sold approximately 1.8959 million vehicles in 2024, a decline of 9.2% year-on-year, with passenger vehicle sales increasing by 26.4% to 438,900 units, while joint venture vehicle sales fell by 29.22% to 1.1052 million units [3]. - The share of new energy vehicle sales reached approximately 394,600 units, marking a year-on-year increase of 13.4%, with the proportion of new energy vehicles in total sales rising by 4.1 percentage points [3]. Strategic Initiatives - Dongfeng Group plans to launch seven new energy vehicles by 2025, incorporating both self-developed and Huawei's technologies, while maintaining a strategy of collaboration and self-research to enhance innovation capabilities [2][5]. - The company is focusing on accelerating its smart technology initiatives, with 77% of its models equipped with L2+ level autonomous driving capabilities and ongoing pilot projects for integrated vehicle-road-cloud technology in multiple locations [2].