长安汽车总裁赵非： 技术务实锚定产业稳态 生态聚力激活资本估值

Core Insights - Zhao Fei's appointment as president of Changan Automobile symbolizes the company's transition from a traditional manufacturer to a technology-driven enterprise, focusing on navigating the profitability challenges in the electric vehicle (EV) sector [1] - Changan's strategy emphasizes leveraging ecological advantages and capital power, aiming for a more intelligent approach to operations [1] Group 1: Strategic Direction - Changan has undergone a comprehensive organizational restructuring, with a focus on stabilizing and advancing its operations in the EV market [2] - The company anticipates that the market share of EVs to fuel vehicles in China will reach 70:30 within the next two to three years, while globally, fuel vehicles will still account for 70% by 2030 [2] - Zhao Fei acknowledges the recent sales achievements of over 100,000 units for three consecutive months, attributing this to the company's commitment to mastering technology since its third entrepreneurial phase in 2017 [2] Group 2: Industry Challenges and Responses - Changan welcomes government efforts to address industry competition issues, having reduced supplier payment cycles to 53 days to build trust within the supply chain [3] - The company is committed to maintaining a research and development (R&D) investment of 6% of sales revenue, emphasizing the importance of innovation in transitioning to a technology company [3] - Changan's collaboration with Huawei is framed as a dual approach, balancing respect for partnerships with a commitment to technological independence and safety [3] Group 3: Technological Advancements - The company has recently achieved a significant milestone by becoming one of the first in China to utilize L3-level autonomous driving technology, focusing on safety through extensive testing and data collection [3][4] - Zhao Fei identifies data as the critical factor for advancing from L3 to L4 autonomous driving capabilities, highlighting the importance of a robust global R&D network [4] Group 4: Brand and Capital Strategy - Changan's three EV brands—Avita, Deep Blue, and Changan Origin—are strategically positioned to target different market segments, supported by a centralized management structure to minimize internal competition [5] - Capital operations are viewed as essential for enhancing the competitiveness of sub-brands, with Deep Blue achieving 700,000 cumulative deliveries and a strong likelihood of profitability in the coming year [6] - The company aims to expand its global presence, targeting 600,000 overseas sales by 2025, while acknowledging the need for improved efficiency and effectiveness in international markets [6] Group 5: Market Positioning and Future Outlook - Zhao Fei emphasizes that market valuation is a gradual process based on operational quality rather than speculation, aligning with Changan's focus on practical engineering and R&D [7] - The company is building a competitive edge through a combination of technological barriers, brand differentiation, and global production capabilities, marking a significant shift from scale competition to value competition in the automotive industry [7]