亏转盈，东风发力了

Core Viewpoint - Dongfeng Group is at a critical juncture for value reassessment, as it transitions from a traditional automotive manufacturer to a player in the new energy vehicle (NEV) market, showing signs of recovery after a challenging period [2][4]. Financial Performance - In 2024, Dongfeng Group reported a revenue of 106.2 billion RMB, a 6.9% increase from 2023, with a gross profit of 13.7 billion RMB, up 38.2% [2][8]. - The company achieved a net profit of 0.58 billion RMB, marking a significant turnaround from a loss of 3.9 billion RMB in 2023 [2][9]. - The gross margin improved to 12.8%, an increase of nearly 3 percentage points [9]. Business Segments - The Lantu brand showed exceptional performance with a gross margin ranking second in the industry, delivering 85,700 units in 2024, a 70% increase year-on-year, significantly outpacing the industry average growth of 35.5% [3][9]. - Dongfeng's total vehicle sales reached 1.89 million units, a decline of 9.2%, with NEV sales accounting for 20.8% of total sales, reflecting a 13.4% increase [8][9]. Strategic Initiatives - Dongfeng is focusing on a multi-brand strategy, investing heavily in NEV technology, including solid-state batteries and high-end brand development [3][12]. - The company is undergoing significant asset restructuring, selling non-core assets and reducing production capacity of joint ventures by 30%-50% to pivot towards electric vehicle production [12][14]. - Dongfeng has initiated a partnership with Huawei to enhance its smart vehicle capabilities, integrating Huawei's technology into its high-end models [12][13]. Future Outlook - Dongfeng aims to achieve a sales target of 3 million vehicles by 2025, with 1 million of those being NEVs and 500,000 for overseas markets [10][16]. - The potential collaboration with Xiaomi is seen as a critical factor for Dongfeng's future, as both companies explore various partnership models to leverage Dongfeng's manufacturing capabilities [17][21].