千亿级投资背后，解码长安汽车智能化转型谋略

Core Insights - Changan Automobile has demonstrated resilience in a competitive automotive market, achieving a record high in sales and revenue for 2024, with total sales reaching 2.684 million units, a year-on-year increase of 5.1% [1][2] - The company reported total revenue of 276.72 billion yuan, including 15.35 billion yuan from Avita, marking a 7.7% year-on-year growth [1][4] - Changan's strategic focus on three major plans—new energy, intelligent technology, and globalization—has begun to yield positive results, contributing to its robust performance [4][8] Sales and Revenue Performance - Changan's sales have seen continuous growth for five consecutive years, with new energy vehicle sales reaching 735,000 units in 2024, up from 284,000 units in 2022 [2][4] - Overseas sales also hit a record high, increasing from 249,000 units in 2022 to 536,000 units in 2024, with overseas sales accounting for 20% of total sales [2][4] Operational Quality and Profitability - The company has maintained a steady improvement in operational quality, with new energy revenue accounting for 46.5% of total revenue, a 16 percentage point increase year-on-year [3][4] - Changan's average selling price for new energy vehicles increased by 10,100 yuan per vehicle, while average unit costs decreased by 6,700 yuan, resulting in a 2 percentage point increase in gross margin [4][6] Research and Development Investment - Over the past decade, Changan has invested over 40 billion yuan in the new energy sector and over 60 billion yuan in intelligent technology, with total R&D investment reaching 110 billion yuan [6][7] - In 2024, R&D expenditure was reported at 15.158 billion yuan, maintaining a growth rate of over 10% [6][7] Strategic Plans and Future Outlook - Changan is accelerating its transformation into a smart low-carbon mobility technology company, with plans to invest over 200 billion yuan in AI and flying car technology over the next decade [8][9] - The company aims to complete test flights of flying cars by the end of 2025 and achieve production of humanoid robots by 2028, positioning itself as a leader in the new automotive technology landscape [9]