22/04/28
Lead
Under the synergy of the sales volume of its own brands and the quality of joint venture brands, The performance of Changan Automobile has ushered in a substantial improvement.
Author 丨 Yang Jing
Responsible editor 丨 Luo Chao
Edit 丨 Chic
A few days ago, Changan Automobile released the 2021 annual report showing that the company achieved operating income of 105.142 billion yuan, an increase of 24.33% year-on-year; net profit attributable to the mother of 3.552 billion yuan, an increase of 6.87% year-on-year; net profit after deduction of non-profit of 1.653 billion yuan, an increase of 150.85%.
The improvement in Changan Automobile's net profit was due to the increase in sales in the autonomous sector, and the profitability of the joint venture sector was generally good. Last year, the Changan passenger brand achieved sales of 966,000 units, an increase of 20.0% year-on-year. Changan Ford sold 305,000 units in the full year, up 20.3% year-on-year.
Among them, Changan Ford contributed a net profit of 2.283 billion yuan, Changan Mazda contributed a net profit of 859 million yuan, Changan Automobile Nanjing Company contributed a net profit of 458 million yuan, and Changan New Energy lost 2.772 billion yuan. In 2021, the net cash flow generated by Changan Automobile's operating activities reached 22.971 billion yuan, an increase of 115.17% year-on-year.
Last year, Changan Automobile invested 4.827 billion yuan in R&D, an increase of 24.51% year-on-year, accounting for 4.59% of operating income. In 2022, around the development of the new energy vehicle market, Changan Automobile and its holding subsidiaries have an investment plan of 8.050 billion yuan.
1
Autonomy and joint ventures make progress together
After the huge losses of 3.165 billion, 4.762 billion and 3.25 billion yuan in 2018, 2019 and 2020 for three consecutive years, Changan Automobile finally ushered in a substantial improvement in performance in 2021. And changan automobile sales gross profit margin reached 16.64%, an increase of 1.9 percentage points over the same period last year.
The main reason is that the design capacity of 2.05 million vehicles in 2021, the capacity utilization rate will reach 67%. In the past three years, 960,000 complete vehicles and 870,000 engines have been shut down and transferred, and 1.07 million intelligent network and new energy vehicles have been newly built, 600,000 high-efficiency engines have been shut down and transferred, and 100,000 sets of new energy battery production capacity have been shut down and transferred, and the production capacity structure has been comprehensively upgraded.
In 2021, Changan Automobile achieved sales of 2.301 million units, an increase of 14.8% year-on-year, and its market share increased by 8.76% year-on-year, returning to the fourth place of the automobile group; Changan's Chinese brand car sales were 1.755 million units, an increase of 16.7% year-on-year, ranking second in the industry; Chinese brand narrow passenger car enterprises ranked second in the industry, and the gap with the industry first was reduced by 63.7% compared with 2020.
Behind this string of figures is the Chinese brand car company that dares to fight hard, whether it is research and development, manufacturing, quality or localization, the formation of a strong system capability allows Changan Automobile to withstand the pressure and achieve growth under adversity. In the competitive automobile market, it has experienced challenges, gained a firm foothold, and entered the fast lane of rapid development.
Looking back at the growth curve of Changan Automobile's net profit in recent years, Changan Ford's contribution is indispensable. Even if Changan Ford's sales last year did not have the glory of its peak, with Changan Ford SUV models and high-end cars contributing more than 70% of sales, the Lincoln brand sold 89,000 vehicles, an increase of 109.1% year-on-year, once again making Changan Ford a profit cow.
Compared with Changan Ford's product structure improvement, sales volume, material cost reduction and other reasons, the profit increased significantly. Looking at the most expensive company, Chang'an New Energy Vehicle, due to the decline of new energy subsidies and the increase in sales resource investment, the net profit has decreased. Of course, the fact that new energy vehicles do not make money is also a commonality of traditional car companies.
During the reporting period, Changan Automobile's new energy passenger car production capacity was 750,000 units, and last year's production and sales exceeded 100,000 units, but the capacity utilization rate was still only 13.33%. Last year, the sales revenue of new energy vehicles was 1.236 billion yuan, and the subsidy income of new energy vehicles was 126 million yuan. If Changan New Energy wants to achieve positive returns, it may wait for 5-10 years.
Relying on the new EPA platform and high-end CHN platform, it plans to launch more than 20 new smart electric products in the next five years. The new energy "Shangri-La" plan has created three dedicated electric vehicle platforms of EPA0, EPA1 and EPA2, covering a variety of products at multiple levels such as small, compact, medium and large.
However, it should also be clearly recognized that this year's power battery raw material prices have risen, fuel prices have been raised, chip supply shortages, new energy vehicle price increases, domestic epidemic outbreaks, etc., various uncertainties have brought new problems to travel. For businesses, these problems need to be solved.
Although Changan Automobile achieved good sales results from January to March, factory production was blocked due to factories such as chip supply shortages, resulting in the sales of Changan Automobile's products not being fully released. It is reported that in 2021, Changan Automobile will affect nearly 300,000 vehicles due to problems such as lack of cores.
In view of the shortage of supply chain and the risk of rising raw materials, the countermeasures given by Changan Automobile are to optimize the production organization mode to ensure normal production operation, increase the reserve of risky parts in a timely manner, and continue to promote the backup alternative of some key core components. Save production costs at the production end; apply the latest materials or alternatives to optimize the cost structure at the R&D end; optimize the supplier system and structure at the procurement end.
In the user service, Changan Automobile's innovative UNI Service service system framework, five cities and three formats have been completed and entered into soft operation. In addition, LUMIN is the first new marketing model landing product in Changan New Energy, and all products of Chang'an will be promoted in accordance with this model in the future.
2
Fuel vehicle support bottom, electric vehicle power
Looking ahead to 2022, Changan Automobile aims to produce and sell more than 2.45 million vehicles. In the intelligent, networked, electrified, and shared air outlet switching runway, only innovation can win, and Changan Automobile, which has a deep foundation, can smell the opportunities behind it. This year, Changan actively launched a variety of electrified, electrified and intelligent products to accelerate the transformation into an intelligent low-carbon travel technology company.
In order to achieve the strategic objectives, Changan Automobile and its holding subsidiaries will invest 8.050 billion yuan in 2022, of which 3.2 billion yuan will be invested in fixed assets and 4.8 billion yuan will be equity investment. Fixed asset investment is mainly concentrated in the adjustment of new energy production capacity structure and new product launch, and continues to carry out core capacity building around the two major areas of production capacity and research and development.
Equity investment is mainly to support independent new energy brands, double scale promotion, and expand overseas markets. Deepen the capital relationship with partners, create controllable full-stack intelligent capabilities, and continue to promote the industrial ecological layout. One of them is the Chang'an new energy brand that has introduced strategic capital, and the other is Avita Technology.
This year, there are two key points in supporting the sales of new energy products, one is pure electric, and the other is plug-in mixing. Changan Automobile launched three new pure electric products this year, the released LUMIN continues to open up the "national boutique scooter", the upcoming C385 is the first mass production model of Changan's new pure electric platform, and Avita will launch the first high-end intelligent electric SUV will also be listed.
At the same time, the layout of the UNI series of electrification products has been accelerated, and the UNI-KiDD, which has been launched, is the first mass production model equipped with the Blue Whale iDD hybrid system, and the pure electric mileage is 130 kilometers under NEDC conditions. In the second half of the year, another hybrid model will be launched, the UNI-V iDD, which will strengthen the occupancy and accelerate the transition to electrification and electrification.
Although pure electric is the general trend of the future, Changan Automobile, which is deeply involved in the fuel vehicle market, still needs to deepen the market share of traditional automotive products. The first is to accelerate the optimization and upgrading of CS series products and enrich products to enhance competitiveness. It is expected that two CS series remodeled models will be launched in the second half of the year to enhance product competitiveness.
In the longer term, Changan Automobile plans to invest more than 80 billion yuan in the fields of intelligent electrification and digital transformation by 2025, and plans to launch more than 20 new intelligent electric products in the next five years. The new energy "Shangri-La" plan has created three dedicated electric vehicle platforms of EPA0, EPA1 and EPA2, covering a variety of products at multiple levels such as small, compact, medium and large.
By 2025, Changan Automobile aims to achieve a total sales volume of 4 million vehicles, of which 3 million are Changan brand vehicles and 1.05 million new energy sales, accounting for 35%; and by 2030, Changan Automobile's sales will reach 5.5 million, of which 4.5 million will be under the Changan brand, 2.7 million new energy sales will reach 60%, and overseas sales will account for 30%.
The continuous enrichment of the product system, the continuous expansion of product depth, and the unique brand competitive advantage have become the most solid bridgehead of Changan Automobile. Whether in corporate strategy or in products, Changan Automobile has ushered in a new chapter of development. Today, Changan Automobile, which stands at the head of the tide, is facing the wind.
Yang Jing
No sleep at noon
Afternoon crash