On the evening of April 17, Changan Automobile released its 2023 annual report.
During the reporting period, Changan Automobile achieved operating income of 151.
3 billion yuan, an increase of 24.
78% over the same period last year, net profit of 11.
327 billion yuan, an increase of 45.
25% over the same period last year, and non-net profit of 3.
782 billion yuan, an increase of 16.
19% over the same period last year.
In a large number of domestic car companies, profitability is in the forefront.
Dismantling the 2023 financial report of Changan Automobile, how is the money earned and how is it spent? Hey, how do you make the money? How did Changan Automobile earn back its annual net profit of 11.
3 billion yuan? Comparing the results of the four quarters, we will find that the net profit of Changan Automobile in the first quarter is as high as 6.
97 billion yuan, accounting for 60% of the whole year.
In the last three quarters, the cumulative net profit of Changan Automobile was only 4.
36 billion yuan.
The surge in profits in the first quarter is due to the contribution of non-recurring profit and loss items and amounts.
Changan Automobile said that through additional investment in the former consortium Deep Blue Automobile (formerly Chongqing Changan New Energy Automobile Technology Co., Ltd.) to form a business merger under the same control, the investment income was confirmed to be 5.
021 billion yuan in the first quarter, accounting for 40% of the annual net profit.
The growth of sales volume and the optimization of product structure are the key to the profit growth of Changan Automobile.
Changan Automobile said that the increase in revenue and profit was mainly due to the increase in the company’s sales volume and the improvement in the quality of operation.
In 2023, the year of Changan Automobile products, a total of 12 blockbuster models were launched, including Avita 12, Deep Blue S7, Qiyuan A07 and other new energy models.
With the help of the new product cycle, Changan Automobile sold 2.
553 million vehicles last year, up 8.
8 per cent from a year earlier.
Among them, the two major businesses of new energy and exports rose sharply.
The independent brand New Energy sold 474000 vehicles last year, up 74.
8 percent from the same period last year, and exports 358000 vehicles, up 43.
9 percent from the same period last year.
According to the data, the overseas revenue of Changan Automobile reached 20.
54 billion yuan last year, an increase of 53.
1% over the same period last year, accounting for 2 percentage points to 13.
6% of revenue.
According to the analysis of Soochow Securities, the gross profit margin of Changan Automobile’s overseas business is as high as 24.
8%, which is 7.
4 percentage points higher than the domestic gross profit margin.
Changan Automobile said that the growth in sales in overseas areas is mainly due to the following reasons: first, Chinese automobile enterprises pay more and more attention to the development of overseas markets and speed up the layout of “going out to sea” one after another.
second, in recent years, Chinese brands represented by Changan Automobile have gradually established a competitive advantage in the field of new energy and intelligence, and the comprehensive strength of products has been significantly enhanced.
third, the large-scale export of new energy vehicles has driven up overall exports.
Hey, where did the money go? So where did Changan spend its money last year? Compared with the four major expenses, the growth rate of sales and R & D expenses is on the high side.
Of this total, the sales cost was 7.
65 billion yuan, an increase of 48.
8% over the same period last year, and the R & D expenditure was 5.
98 billion yuan, an increase of 38.
6% over the same period last year.
Changan Automobile explained that the increase was mainly due to the acquisition of Deep Blue Automobile and the inclusion of its sales and R & D expenses into the merger.
It is reported that in terms of R & D investment, Changan Automobile mainly carried out six R & D projects last year, including the development of advanced comfortable cars, the development of electric SUV for ultra-sensory driving, the research of a new generation of plug-in hybrid models, the research of power consumption technology of new vehicles, the research and development of high-performance scalable fluid simulation and optimization software for automobile development, and the development of intelligent electric digital platform.
Changan Automobile not only develops new products to enhance market competitiveness, but also realizes the independent control of software code.
Photo: Changan Automobile reported results in 2023, while the number of research and development personnel of Changan Automobile increased by 38.
9% year-on-year to 11000 last year.
Changan Automobile said this was mainly due to the increase in the number of R & D personnel due to the completion of the merger and acquisition of Deep Blue Automobile in 2023.
It is reported that Deep Blue Automobile is the core carrier of Changan Automobile “Shangri-La” strategy, carrying the strategic mission of the group’s transformation to new energy.
Specifically, in the fourth quarter of last year, the reduced investment income of the joint venture caused Changan Automobile to lose a lot of money.
Changan Automobile deducted non-net profit in the fourth quarter was only 170 million yuan, which was mainly affected by the reduction of 2.
4 billion yuan in investment income caused by Changan Ford impairment and other factors.
At the same time, due to the increase in discounts in the fourth quarter, the non-net profit of self-deduction fell 25.
1% to 2.
57 billion yuan compared with the same period last year.
Photo source: Changan Automobile 2023 results, in addition, there will be continuous blood transfusions for new energy brands.
In 2023, the revenue of the two major brands, Deep Blue and Avita, was 31.
5 billion yuan, with a combined net loss of 6.
6 billion yuan.
In terms of production capacity, Changan Automobile has a designed production capacity of 2.
14 million vehicles in 2023, with a capacity utilization rate of 87.31%. In the past three years, the production capacity of 630000 vehicles and 990000 engines has lagged behind, the production capacity of 570000 intelligent networks and new energy vehicles has been upgraded, 210000 sets of new energy battery PACK, 450000 sets of electric drives and 300000 sets of electric control capacity have been built, and the capacity structure has been gradually adjusted to new energy.
What’s the plan for this year? For 2024, Changan Automobile has set a clear business goal: to strive to achieve production and sales of more than 2.
65 million vehicles.
In terms of product planning, Changan Automobile will launch a number of new and modified products in 2024.
Among them, there are 8 new products of New Energy, including E07, C798, Deep Blue G318, Avita 15 and other new products.
At the same time, Changan Qiyuan A07, Deep Blue SL03, Deep Blue S7 and other modified products will also be listed one after another.
It is worth noting that the E07 positioning of medium and large digital intelligence new cars will be the first to take the new SDA platform.
the Deep Blue G318 positioning hard compact SUV to meet the differentiated and intelligent needs of young users.
and the Avita 15 positioning of high-end multi-person travel intelligent electric vehicles to meet the full-scene travel needs of high-end intelligent electric vehicle users.
Photo source: deep blue automobile, fuel vehicle field, Changan automobile’s task this year is “product consolidation and extension of the new stable base”.
Changan Automobile will launch five refurbished products, including C928 and Escape series, around the two major labels of “Blue Whale Power” and “Standard Smart Drive” to further strengthen its competitive lead.
Among them, the C928 positioning compact classic SUV, using a new design, the second generation of blue whale power and standard smart car.
In terms of joint venture brand, Changan Automobile and Changan Ford established Changan Ford New Energy vehicle Technology Co.
, Ltd last year, and the first strategic product, CX810, is in orderly progress.
With Mazda cooperation J90A, J90K and other vehicle projects, the scope of cooperation continues to extend.
In order to achieve the strategic goal of 2024, Changan Automobile and its holding subsidiaries plan to invest 10.
72 billion yuan, including 4.
58 billion yuan in fixed assets and 6.
14 billion yuan in equity.
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