Core Insights - The automotive industry is facing significant challenges in 2024, with a notable decline in various operational metrics, particularly profits, which have decreased by 51.8% compared to the previous year [3] - The overall workforce in the automotive sector is expected to decrease significantly, while the average salary has increased slightly to 163,000 yuan, up from 158,000 yuan in 2023 [3][6] Operational Performance - In 2024, all operational indicators except sales revenue are projected to decline year-on-year, with profits dropping to 65.4 billion yuan, a reduction of 51.8% from 135.7 billion yuan in 2023 [3] - The industrial added value is expected to decrease by 33%, and vehicle sales are projected to decline by 6.8% [3] - The automotive industry's profit has shrunk by 70% over the past five years, with per capita profit dropping to 7,800 yuan in 2024, down from 16,400 yuan in 2023 [3] Segment Analysis - The joint venture passenger vehicle segment is experiencing a significant profit decline, with profits falling to 45.28 billion yuan in 2024, down from 47.16 billion yuan in 2023, leading to a per capita profit drop from 472,000 yuan to 229,000 yuan [4] - The heavy-duty truck segment remains in loss but shows signs of slowing losses due to increased overseas sales, while the light truck segment has reported its first loss in five years [4] Workforce Dynamics - The overall hiring and turnover rates in the automotive industry have increased in 2024, particularly in R&D and sales roles, indicating a shift towards a more competitive labor market [5] - The industry-wide hiring rate is 9.9%, slightly higher than the turnover rate of 9.2%, with a net inflow of personnel primarily in R&D and sales [5] Salary Trends - The average salary in the automotive industry has increased by 3% to 163,000 yuan, despite a slight decrease in total payroll costs [6] - The increase in average salary is attributed to a larger decline in the workforce compared to the total payroll, with R&D and sales professionals seeing the highest salary increases [6] - In 2024, the average salary for the independent passenger vehicle segment has surpassed that of the joint venture segment for the first time, reaching 178,000 yuan, a 7.7% increase [7]