Changan Automobile's 2024 Semi-Annual Performance Forecast Net Profit Decreases but with Promising Signs

TapTechNews July 11th news, Changan Automobile today released the 2024 semi-annual performance forecast, expecting a net profit of 2.5 billion to 3.2 billion yuan in the first half of the year, a year-on-year decrease of 58.19% to 67.33%, compared to 7.65 billion yuan in the same period last year.

During the reporting period, the company's net profit attributable to shareholders of the listed company decreased year-on-year, mainly due to the acquisition of Deep Blue Automobile Technology Co., Ltd. in the first quarter of 2023, and the original equity held was remeasured at fair value to recognize a non-recurring gain or loss of 5.02 billion yuan.

Changan Automobile expects a non-recurring profit and loss after deduction in the first half of this year to be 800 million to 1.5 billion yuan, a change of -35.58% to 20.79% compared to the same period last year, which was 1.24 billion yuan last year.

In the second quarter of 2024, the net profit attributable to shareholders of Changan Automobile is expected to be 1.34 to 2.04 billion yuan, with year-on-year and quarter-on-quarter growth, and the non-recurring profit and loss after deduction is expected to be 690 million to 1.39 billion yuan, with year-on-year and quarter-on-quarter growth, mainly due to the company's brand upward, product structure optimization, and stable profitability of independent brands; the profitability of joint venture business is gradually improving.

According to TapTechNews' previous report, the sales express from January to June 2024 shows that the sales of Changan Automobile in the first half of this year set a new high in 7 years with 1,334,051 vehicles, an increase of 9.7% year-on-year.

The specific data in the first half of this year are as follows:

The sales volume of new energy of independent brands is 299,000 vehicles, an increase of 69.9% year-on-year.

The overseas sales volume of independent brands is 203,000 vehicles, an increase of 74.8% year-on-year.

The sales volume of Chinese brand passenger cars of the Changan system (TapTechNews note: Changan Automobile, Deep Blue Automobile, Aouita, Changan Qiyuan, etc.) is 822,000 vehicles, an increase of 7.0% year-on-year.