长安汽车转型阵痛:深蓝汽车、阿维塔去年深亏超55亿，汽车毛利率连降

Core Viewpoint - Changan Automobile has reported a significant increase in net profit for Q1 2025, with an expected net profit of 1.3 to 1.4 billion yuan, marking a year-on-year growth of 12.26% to 20.89%. However, the company faces challenges in its transformation, particularly with its core brands Deep Blue and Avita, which have incurred substantial losses despite increased sales in 2024 [1][2]. Financial Performance - In 2024, Changan Automobile achieved a revenue of 159.73 billion yuan, a year-on-year increase of 5.58%, but the net profit fell to 7.32 billion yuan, a decline of 35.37% [2][8]. - The operating cash flow for 2024 decreased by 75.58% to 4.849 billion yuan, indicating significant financial pressure [5]. Brand Performance - The core brands, Deep Blue and Avita, reported combined losses exceeding 5.5 billion yuan in 2024, with cumulative losses over the past three years surpassing 14 billion yuan [2][4]. - Deep Blue's revenue in 2024 was 37.23 billion yuan, with a net loss of 1.57 billion yuan, while Avita generated 15.35 billion yuan in revenue but incurred a net loss of 4.01 billion yuan [2][4]. Market Dynamics - Changan's total vehicle sales in 2024 reached 2.684 million units, a 5.1% increase year-on-year, with new energy vehicle sales accounting for approximately 27% of total sales [6][8]. - The company aims to fully electrify its product line by 2025, but as of now, traditional fuel vehicles still dominate revenue, indicating a pressing need for transformation [6][7]. Strategic Developments - The resignation of CEO Wang Jun and the ongoing restructuring with Dongfeng Group signal a potential shift in the company's strategic direction, raising concerns about the future of its new energy initiatives [10][11]. - Changan's overseas sales grew by 49.59% in 2024, while domestic sales declined by 2.14%, highlighting a shift in market focus [7][8].