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Changan Automobile's profits hit a record high, and executive compensation was exposed.

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >


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On April 17, Changan Automobile released its 2023 performance report. According to the financial report, the operating income of Changan Automobile in 2023 was 151.298 billion yuan, an increase of 24.78% over the same period last year; the net profit belonging to shareholders of listed companies was 11.327 billion yuan, an increase of 45.25% over the same period last year; the net profit belonging to shareholders of listed companies after deducting non-recurrent profits and losses was 3.782 billion yuan, an increase of 16.19% over the same period last year.

It is understood that this is the highest profit performance in the history of Changan Automobile, with a net loss exceeding 10 billion yuan for the first time in 2016, reaching 10.29 billion yuan. later, due to intensified market competition, profits declined for three consecutive years from 2017 to 2019, especially a net loss of 2.647 billion yuan in 2019. It is the first loss since Changan Automobile went public.

During the reporting period, Changan automobile sales totaled 2.5531 million vehicles, an increase of 8.82 percent over the same period last year, of which 1.597 million passenger cars were sold under its own brands, up 14.86 percent from the same period last year, while joint venture brands all declined, with Changan Ford falling 7.13 percent to 233100 vehicles and Changan Mazda down 14.77 percent to 88700 vehicles. The decline of the joint venture brand has had little impact on Changan Automobile, with overall sales accounting for 12.6% of Changan Automobile's total sales. Changan Automobile did not disclose the profit performance of Changan Ford and Changan Mazda.

Compared with joint venture brands, independent brands pay more attention to it. According to the plan, Changan Automobile plans to stop selling fuel vehicles in 2025, which means that time for electrification transformation is running out, and judging from the current market performance, Changan vehicles still fuel vehicles maintain the tone of the market, while the layout of the new energy vehicle market has not yet reflected the due market effect. During the reporting period, Changan New Energy passenger cars sold 439500 vehicles, accounting for 17.21% of the total sales.

It is understood that at present, Changan Automobile mainly operates new energy brands including Deep Blue Automobile and Avita Technology, but the financial performance of these two companies is still mixed, and the sales revenue of Deep Blue Automobile and Avita has increased significantly. Deep Blue Automobile losses have also narrowed, but Avita's losses have expanded.

During the reporting period, Deep Blue Automobile realized revenue of 25.883 billion yuan, an increase of 65.1% over the same period last year, and a net loss of 2.999 billion yuan, narrowing from the loss of 3.19 billion yuan in the previous period. It is understood that Deep Blue cars are currently on sale, including SL03 and S7 models. Compared with other new energy vehicle brands, Deep Blue Automobile as a freshman still lacks brand influence. It is not easy to seek the improvement of quantity in a short period of time, and it may take a long time to break even.

Avita Technology achieved revenue of 5.643 billion yuan, compared with 28.337 million yuan in the same period, with a net loss of 2.015 billion yuan, compared with-3.693 billion yuan in 2022. At present, Avita Technology has launched Avita 11 and Avita 12 models, the former is medium and large SUV, the latter is medium and large sedan, which combines the advantages of Changan, Huawei and Ningde era, and carries the important task of the development of Changan automobile high-end new energy brand. However, compared with extreme krypton, Ulay and Xiaomi in the market of 20-300000 yuan, there is no absolute advantage.

Changan Automobile said that Deep Blue Automobile caused losses because of enriching the brand product line and increasing investment in research and development. Avita, on the other hand, is in the period of strategic investment, and has invested a lot of resources in product research and development, brand promotion, channel building, and the introduction of technical personnel, resulting in losses.

Looking forward to 2024, Changan Automobile said that the company will launch a number of new and modified products, including 8 new energy products, including E07, C798, Deep Blue G318, Avita 15 and other models. It is understood that the goal of Changan Automobile in 2024 is to strive to achieve production and sales of more than 2.65 million vehicles, an increase of only 100000 vehicles over 2023. In 2030, Changan Automobile will strive to achieve sales of 5 million vehicles, including 4 million independent units, 3 million-3.5 million new energy sales and 1.2 million overseas sales.

It is worth mentioning that the annual report also disclosed executive compensation. A total of nine managers, including Chairman Zhu Huarong and President Wang Jun, received more than 2 million yuan, of which Chairman Zhu Huarong and President Wang Jun both had a salary of 2.63 million yuan, and seven management staff earned more than 1 million yuan. Vice presidents Wang Xiaofei and Wang Hui, and Executive Vice President Zhang Xiaoyu increased their compensation by about 1.5 million yuan last year.

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