CHANGAN AUTOMOBILE-B(SZ:000625) Zhong Guo Qi Che Bao Wang·2025-04-14 04:10Core Insights - Changan Automobile reported a sales volume of 2.684 million units in 2024, a year-on-year increase of 5.1%, marking a seven-year high, with revenue reaching 276.72 billion yuan, up 7.7% year-on-year [2] - The company achieved a strong start in Q1 2025 with sales of 700,000 units, setting a historical record, and saw a significant increase in new energy vehicle sales by 62% to 87,000 units [2][4] - Changan's strategic focus on "Technology Changan" has driven its core product matrix upgrade, digital intelligence, and globalization strategy, showcasing its robust capabilities and innovative spirit [2] Sales Performance - In Q1, Changan's five major brands collectively performed well, with Changan Qiyuan surpassing 220,000 units in cumulative sales, and the main model Qiyuan A07 maintaining a top-three position in its class for 18 consecutive months [4] - The Deep Blue series delivered 24,000 units, reflecting an 86.7% year-on-year growth, while the Avita brand saw its sales double, with the Avita 06 receiving over 20,000 pre-orders within 26 hours [4] - The Changan CS75 series achieved a sales volume of 72,600 units in Q1, defending its position as the champion of SUV fuel vehicle sales [4] Technological Advancements - Changan has positioned itself in the first tier of core technologies, with solid-state battery research advancing rapidly, achieving an energy density of 400 Wh/kg and a range exceeding 1,500 km, with mass production expected by 2027 [5] - The Tian Shu intelligent driving system boasts a takeover frequency of only 0.1 times per 100 kilometers, leading the industry by ten times, while the Tian Heng chassis benefits from AI capabilities for real-time parameter adjustments [5][9] Strategic Initiatives - Changan's "Beidou Tian Shu 2.0" plan aims to transform the company into a technology enterprise, with plans to launch 35 smart new vehicles over the next three years, discontinuing all non-intelligent models [8] - The "Shangri-La" plan in the new energy sector aims to establish a competitive advantage across the entire industry chain, with significant milestones in solid-state battery technology and integrated range extension systems [8][9] - The "Hai Na Bai Chuan" globalization strategy is transitioning from product output to industrial output, with plans to establish over 1,000 local sales and service points in Europe and a manufacturing base in Thailand [8][9] Financial Performance - Changan's sales have seen continuous growth for five consecutive years, with new energy vehicle sales increasing from 284,000 units in 2022 to 735,000 units in 2024, achieving a penetration rate increase of 15.3 percentage points [10] - The company reported a net profit of 7.32 billion yuan in 2024, with a stable cash flow of 4.849 billion yuan, and maintained a cash balance of 119.7 billion yuan [12] - R&D investment reached 15.158 billion yuan in 2024, with a consistent growth rate of over 10%, reflecting a strong commitment to innovation [11][12] Future Outlook - Changan is expected to continue its upward trajectory in 2025, with a clear growth logic centered on technology, user focus, and ecological advantages [14] - The company aims to solidify its leading position in the Chinese market while making significant strides on the global stage with advanced technologies like solid-state batteries and flying cars [14]