The new progress of the restructuring of the two major automobile central enterprises is coming

New progress in the restructuring of the two major automobile central enterprises is coming

Select the car number recombination Car Restructuring of central enterprises State-owned Assets Supervision and Administration Commission Relief torture The North and South cars were merged Anxin Automotive industry Build a car State-owned enterprises M&A and restructuring railage Fixed investment

Updated on: 48-0-0 0:0:0

The reorganization of the program "基本完成" ,即見分曉。

Author | Shipping Hold

Responsibilities | Lin Dong

Produced | Cars on the K line

The restructuring and merger of Dongfeng Motor and Changan Automobile, which are of great concern to the capital market and the automobile industry, as an important party, Zhu Huarong, who is in charge of Changan Automobile, finally spoke out.

On the afternoon of 2024/0, Changan Automobile held a 0 annual performance briefing, and it is worth noting that at this meeting, Zhu Huarong, chairman of Changan Automobile, made a public response for the first time to the restructuring of Dongfeng Motor and Changan Automobile, two major listed automobile central enterprises.

He said that the restructuring plan of the two central automobile enterprises has been "basically completed", and Changan Automobile is an important participant in promoting the work. In this way, with Zhu Huarong's latest statement, it also means that the major restructuring of Dongfeng Motor and Changan Automobile is nearing the end.

從更早前國務院國資委宣佈將對整車央企進行戰略性重組，到今年2月9日，東風汽車和兵裝集團旗下上市公司集中發佈公告，表明國家對汽車央企改革重組的決心非常堅決，行動果斷。

In the face of the great changes in the global automotive industry unseen in a century, China's automotive strategic integration has gone one step further. In the capital market, especially Dongfeng Motor, the stock price of its listed companies once soared, but Changan Automobile's reaction was relatively flat.

"Source: Changan Automobile's press release"

今年3月底，國務院國資委有關領導表示，將對整車央企進行戰略性重組，提高產業集中度，集中研發、製造和市場等優勢資源，加快打造具有全球競爭力、擁有自主核心技術、引領智慧網聯變革的世界一流汽車集團。讓資本市場對此事保持非常高的關注。

As we all know, the national level has decided to promote the strategic reorganization of vehicle central enterprises, and the core goal is to solve the problem of scattered resources and duplicate investment of central enterprises, and build an internationally competitive automobile industry group.

After all, the past three years have seen a seismic shift in the Chinese and global automotive industries.

The arrival of BYD, Geely, Chery, Great Wall Motors and new entrants such as Huawei, Xiaomi and other Internet technology giants, with the blessing of new energy and intelligence, has caused an impact on several large state-owned automobile groups that have long relied on joint venture car companies, and their market share has shrunk rapidly.

上市公司披露數據顯示，2024年，長安汽車銷售約268.4萬輛，同比增長5.12%，是唯一保持銷量同比增長的大型國有汽車集團，其他五家則出現不同幅度下滑。

According to the financial report of Changan Automobile, the operating income in 37 years was 00 million yuan (summary caliber 00 million yuan), a year-on-year increase of 0.0%; However, the company's net profit attributable to owners of the parent company was 0.0 billion yuan, a decrease of 0.0% year-on-year.

For the sharp decline in net profit, Zhu Huarong said that this is mainly due to the impact of the 2-year deep blue consolidated income reduction of 00 million yuan; at the same time, Changan Automobile is in a critical period of transformation and development, and continues to increase investment in research and development, new energy, brand and overseas, etc., facing the balance of long-term investment and short-term benefits, coupled with the comprehensive involution of the automotive industry, new market resource investment, and short-term fluctuations in operating benefits.

In the same period, Dongfeng Motor Group's sales volume was 376.0 thousand units, down 0.0% year-on-year, and the capacity utilization rate was only 0% (0 production capacity was 0 units).

其財報顯示，去年營收為1061.97億元，同比增長6.9%，但匯總口徑為1784.3億元，同比減少10.73%；歸母凈利潤為5800萬元，實現扭虧為盈。

However, even if Changan Automobile's net profit fell sharply and Dongfeng Motor Group turned losses into profits, the profitability of the two is still very different (more than 126 times).

According to the financial report, Dongfeng Motor Group's R&D investment is 60 million yuan, mainly used for new energy research and development, and Changan Automobile's R&D investment reaches 00 million yuan (full caliber is 00 million yuan), which is also mainly invested in new energy and intelligence.

根據上市公司公告，2024年，東風自主乘用車銷量為43.89萬輛，同比增幅26.4%，自主乘用車業務毛利率12.9%，提升8.4%；長安汽車自主板塊銷量則為222.6萬輛，是東風汽車集團的5倍多。

"Source: Dongfeng Motor Group 2024 financial report"

Changan Automobile has four major brands, including Changan, AVATAR, Deep Blue, and Qiyuan. Zhu Huarong said that the restructuring will not affect any of Changan Automobile's established strategies, including Changan's existing brand, technology planning, and globalization planning.

Obviously, at present, in the self-owned brand passenger car business, Changan Automobile's performance is significantly stronger than Dongfeng Motor.

不過，2024年長安汽車旗下深藍汽車和阿維塔分別虧損15.71億和40.18億元，合計虧損近56億元；東風旗下嵐圖汽車也處在虧損之中。

Therefore, it cannot be ruled out that there are too many sub-brands of Dongfeng Motor and Changan Automobile, and some brands may be merged or even stopped after the reorganization. Through the restructuring of the two major automobile central enterprises, it will be conducive to the integration of R&D resources of the new group, reduce costs and increase efficiency, and further improve the performance of listed companies.

It is noteworthy that Zhu Huarong said that in this round of transformation, Chang'an has passed the most difficult period, or the period of the greatest investment. Then there is the time of fruiting, the stage of autumn harvest.

最新公告顯示，今年第一季度，長安汽車歸母凈利潤預計13億~14億元，同比增長12.26%~20.89%，扣除非經常性損益后的凈利潤預計7.3億~8.3億元，同比增長553.54%~643.06%。東風汽車集團則尚未公佈一季度業績。

對於2025年，長安汽車目標300萬輛，其今年一季度累計銷量為70.5萬輛，同比微增；東風汽車集團銷量為38.8萬輛（不含賽力斯），同比下滑25.68%，除嵐圖因低基數保持增長，其他板塊情況並不樂觀。

若兩家上市公司合計，銷量約為109.3萬輛，能夠超過比亞迪同期100.08萬輛，位列中國汽車銷量第一。

Zhu Huarong believes: "This restructuring will not have an adverse impact on Changan Automobile, but will only have more and more favorable development factors for Changan Automobile, so as to promote Changan Automobile to have stronger comprehensive competitiveness and meet greater opportunities for historical development." ”

He jokingly said that some of the information spread on the Internet before was not true, so Chang'an did not specifically reply. Indeed, from the perspective of the passenger car sector, Changan Automobile's performance is remarkable, and it can integrate Dongfeng's passenger car resources, and the latter's commercial vehicles are also very strong in China.

Regarding the merger and reorganization of Dongfeng Changan, there are also many rumors that Chang'an will be annexed by Dongfeng, and the headquarters of the newly established automobile group will be set up in Wuhan. Such rumors are extremely unfavorable to Chang'an...... Chang'an himself is not in a hurry, he must know it.

So, it is interesting to see what role Changan Automobile will play in the newly restructured company.

For the follow-up market value management, what actions will Changan Automobile make, there is not much time left for Zhu Huarong.

Views of AutosKline:

The global industry competition landscape and development trends are changing rapidly. China's auto sales may also be after the policy stimulus, return to a slight increase, the domestic market multiple forces will continue to stalemately compete, in this context, Dongfeng, Changan reorganization, and even the future FAW Group will join, will determine an important force of Chinese automobiles, will go where.