Chongqing Changan Automobile Company (000625) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥76.72 billion, up 17.15% year-over-year; net profit attributable to shareholders was ¥2.83 billion, down 63% year-over-year due to lower non-recurring gains.

• Sales volume in H1 2024 was 1.334 million units, up 9.7% year-over-year; NEV sales surged 69.9% and overseas sales rose 74.9%.

• The company accelerated its transformation toward intelligent, low-carbon mobility, with strong performance in NEV and export segments.

Financial highlights

• Operating income: ¥76.72 billion (+17.15% YoY); operating cost: ¥66.13 billion (+20.7% YoY).

• Net profit attributable to shareholders: ¥2.83 billion (-63% YoY); basic EPS: ¥0.29 (-62.82% YoY).

• Net profit excluding non-recurring items: ¥1.17 billion (-5.89% YoY).

• Operating cash flow: ¥3.44 billion (-50.61% YoY); cash and equivalents at period end: ¥69.55 billion.

• Gross margin for automotive business: 13.8%, down 2.54 percentage points year-over-year.

Outlook and guidance

• The company will continue to focus on NEV, intelligentization, and globalization, accelerating product launches and overseas expansion.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2024.