When BYD, Great Wall, Selis and other car companies have shared the "Jiebao" on the platform, as a traditional car company giant , it seemed a bit lonely.
On October 29, Changan Automobile disclosed the latest financial report: In the first three quarters of this year, revenue and net profit were 111 billion and 3.58 billion, respectively.-63.87%; Among them, in the third quarter, Changan Automobile achieved revenue and net profit of 34.24 billion and 748.1 billion, respectively, with a growth rate of -19.85%and -66.44%, respectively.
From the perspective of the stretch cycle, this is the worst three -quarter report that Changan Automobile has surrendered over the past decade.
For the car company in Changan Automobile, I have seen the Finance many times before.In the past few years, Changan Automobile has not worked hard.In the field of fuel vehicles, in the face of the increasingly declining trend of joint venture brands, Changan Automobile has successfully cultivated independent brands. Among all large car groups in China, Changan Automobile has one of the few independent brands and gets rid of joint venture brands.In the field of new energy vehicles, Changan Automobile has begun to promote new energy transformation very early. In the past few years, new energy brands such as Avita and Deep Blue have been launched, especially with Ningde Times, joint effortsThe created Avita can be called "heavy money".
Behind the "plunge" of profit
In the third quarterly report, Changan Automobile did not give a specific explanation to the performance significantly.
But combined with the sales of Changan Automobile, the reason why its third quarter performance encountered "big landslide", which has a lot to do with the decline in the sales of fuel vehicles.
Since the beginning of this year, the penetration rate of new energy has further improved.According to the latest data of the China Automobile Circulation Associations press conference, the retail sales of the new energy passenger car market in September were 1.123 million units, an increase of 50.9%year -on -year, and the market penetration rate was 53.3%.50%.Since the beginning of the year, the cumulative retail sales of new energy vehicles have reached 7.132 million units, an increase of 37.4%year -on -year.
However, in the opposite side of the new energy vehicle explosion, it is the shrinking of the fuel vehicle market.In September, the sales volume of fuel vehicles was 1.07 million, a year -on -year decrease of 15.4%. The sluggishness of the fuel vehicle market had a significant impact on Changan Automobile.
The above content mentioned that Changan Automobile is one of the few auto companies that carry flags for independent brands and get rid of joint venture brands.In the 2022 annual report, Great Wall Motors mentioned that "the independent brand business has performed strongly during the reporting period and its profitability has continued to improve." At present, although new energy vehicles have become the mainstream, the sales of fuel vehicles in Changan Automobile are still not low.According to statistics, Changan Automobiles independent brand new energy vehicles sold 447,600 units from January to September, an increase of 46%year-on-year. Although the sales of new energy vehicles of independent brands have maintained an increase, the proportion of new energy vehicles of independent brands in total sales accounted for only the total sales volume.For 23.5%, more than 70%of the fuel cars still come from independent brands.
From the three major explosive fuel vehicle models of Changan Automobile "Changan CS75 Plus, Yidong Plus, Uni-V": January to September this year, Changan CS75 wholesale sales cumulative sales accumulated147,000 units, a year-on-year decrease of 23.54%; Yimong sales were 117,000 units, a year-on-year decrease of 12.53%. The sales volume of UNI-V was 63,700 units, a year-on-year decrease of 38%. From this, the three models have declined to varying degrees.
Whats more worth mentioning is that after entering the third quarter, the sales of these three models showed a accelerated decline: the decline in Yimong reached 37.5%, and the decline in the third quarter of Changan CS75 declined in the third quarter.It reached 44.4%.
Affected by the plummeted sales of explosive models, the profit margin data of Changan Automobile in the third quarter also declined.According to the financial report, in the first three quarters of this year, the gross profit margin and net interest rates of Changan Automobile were 14.38%and 2.44%, respectively. In the third quarter of last year, the gross profit margin and net interest rates of Changan Automobile were 16.59%and 8.08%; in 2022In the third quarter, the gross profit margin and net interest rates of Changan Automobile were 20.32%and 8.04%, respectively.
For Changan Automobile, because most of the sales volume comes from fuel vehicles, in the context of continuous shrinking the fuel vehicle market, its performance decline is naturally unavoidable.In fact, Changan Automobile had discovered this problem very early, and it began to vigorously transform the new energy vehicle business early, but unfortunately, to this day, Changan Automobiles new energy vehicle business still cannot pick up the beam.
How to "break through"?
In the matter of transitioning new energy, Changan Automobile has "foresight".
As early as 2001, Changan Automobile began researching new energy technology and developed the first hybrid prototype. In December 2009, Changans first pure tram "Changan Benng Benng BenRun MINI "offline.It is reported that this is the first pure electric vehicle in China. Although it was ultimately due to the high cost and immature technology, Changan Benben MINI did not have mass production, but it can see the vision of Changan Automobile.
In October 2017, Changan Automobile announced the launch of the "Shangri -La Plan".By 2020, three new energy -specific platforms will be built; by 2025, traditional fuel vehicles will be suspended and the electrification of all -spectrum products will be realized. It plans to invest 100 billion yuan in the entire new energy vehicle field in the future, of which 40 billion yuan will be used.Research and development of new energy products.Due to the large plan, this plan is also called the "third entrepreneurial" of Changan Automobile by the media.
However, although Changan Automobile is full of confidence, it is not smooth in the transformation of new energy.At present, Changan Automobile owns two new energy brands of "Avita and Deep Blue", but the development of these two brands is unsatisfactory.
Lets look at the dark blue first.According to media statistics, from January to September this year, deep blue vehicles delivered a total of 143,400 new energy vehicles. Its monthly sales volume in September was 19,000. From the perspective of sales data, the sales of deep blue cars this year are not bad, but the sales of deep blue cars are not bad, butIf you want to become the sales of Changan Automobile, there is obviously a lot of distance.In addition, deep blue cars are currently in a state of losing money. According to the central report data, deep blue cars still lose 739 million in the first half of this year.
Look at Avita. As a brand with a golden key, Avita, which is jointly created with Ningde Times and Huawei, can be called "heavy money".However, although it is strong, Avitas situation is not even as good as dark blue cars.
According to media statistics, from January to September this year, Avita delivered 40,900 units, and the 90,000 annual target completion rate was less than half. According to data from Changan Automobile, it shows thatIn the first half of 2022, 2023 and 2024, Avitas net profit was -2015 billion yuan, -3.693 billion yuan, and -1.395 billion yuan, respectively. In just two and a half years, Avitas cumulative losses have reached 7.103 billion yuanEssenceIn order to boost sales, Avita has frequently "seeking changes" in the past year, such as changes to the sales model, shifting from direct business to other camps;However, from now on, these changes have not been very good.
The above content mentioned that in the "Shangri -La Plan" launched in 2017, Changan Automobile plans to be sold out of traditional fuel vehicles by 2025. From now on, it will stop and stop comprehensively.It is obviously not realistic to sell traditional fuel vehicles.However, no matter whether the fuel vehicle is suspended or not, in the moment when the penetration rate of new energy is becoming increasingly higher, Changan Automobile, which is still dominated by fuel vehicles, will only become more and more difficult, especially after the disclosure of the third quarter report, leaving Changan Automobile to the transformation of Changan Automobiles transformation.There is no longer much time.
