卖越多亏越多！ 长安汽车被“亲儿子”拖垮，董事长年薪缩水 | 次世代车研所

Core Viewpoint - In 2024, Changan Automobile reported a disappointing financial performance despite achieving a seven-year high in sales, with revenue growth of only 5.58%, the lowest in years, and a net profit decline of 35.37% [3][7][9]. Sales Performance - Changan Automobile's total sales reached 2.684 million units in 2024, marking a year-on-year increase of 5.1% and a seven-year high [4][7]. - The company's new energy vehicle (NEV) sales reached 735,000 units, up 52.8% year-on-year, while overseas sales increased by 49.6% to 536,000 units [4][7]. Financial Performance - The company's operating revenue for 2024 was CNY 159.73 billion, reflecting a year-on-year growth of 5.58%, but the revenue growth rate was the lowest in many years [7]. - Net profit attributable to shareholders was CNY 7.32 billion, down 35.37% year-on-year, marking the largest decline in five years [7][9]. - The gross profit margin for 2024 was 14.94%, a decrease of 2.32 percentage points from 2023, with the margin in the Chinese market at 12.07%, down 4.07 percentage points [7]. Cost and Expense Analysis - Changan Automobile faced rising costs, with sales expenses increasing by 26.11%, management expenses by 7.41%, and R&D expenses by 8.79% in 2024 [8][9]. - The decline in net profit was attributed to increased costs associated with maintaining market share amid intensified competition, as well as ongoing investments in R&D and marketing [9]. Losses from New Energy Brands - The company's new energy brands, Deep Blue and Avita, reported significant losses, with Deep Blue losing CNY 1.572 billion and Avita losing CNY 4.018 billion in 2024 [9][12]. - Despite a nearly doubled delivery volume for Deep Blue, the brand still reported a loss, indicating challenges in achieving profitability [11]. Restructuring and Strategic Changes - Changan Automobile is undergoing a restructuring process with Dongfeng Motor Group, which is expected to be led by Dongfeng, adding uncertainty to Changan's future performance [3][14][15]. - The restructuring aims to achieve resource integration, technology upgrades, and market expansion, although it may introduce uncertainties related to policy changes and market competition [15].