In-Depth Analysis of Changan Automobile's Product Structure Optimization Potential

Based on the latest collected data and market information, I hereby provide an in-depth analysis report on Changan Automobile’s product structure.

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According to Changan Automobile’s 2024 annual report, the company’s full-year sales reached 2.684 million units, hitting a seven-year high and achieving year-on-year growth for five consecutive years. Among them,

[1], instead of the 85% mentioned by the user. The company’s full-caliber operating revenue (including Avita) was RMB 276.72 billion, representing a year-on-year increase of 7.7%[1].

Brand/Series	Sales (10,000 units)	Proportion	Positioning
Changan Gravity (CS+UNI+Oushang)	140.0	52.2%	Core fuel vehicle segment, mid-to-low-end market
Deepal (Shenlan)	24.38	9.1%	Mainstream electric vehicle market, young and tech-focused
Changan Qiyuan	14.63	5.5%	Mainstream household new energy vehicles
Avita	7.36	2.7%	High-end intelligent electric vehicles
Changan Kaicheng	22.1	8.2%	Pickup trucks/commercial vehicles
Joint Venture Brands (Ford + Mazda)	53.0	19.8%	Joint venture business
Other	6.93	2.6%	-

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: In 2024, sales of new energy vehicles under Changan Automobile’s self-owned brand segment reached 735,000 units, representing a year-on-year increase of 52.8%, with new energy revenue accounting for 46.5% of total revenue (a year-on-year increase of 16 percentage points). However, [1].

: The company’s 2030 target is to achieve a new energy vehicle proportion of over 60%, representing a [2].

:

• Accelerate product launches for the three new energy brands: Avita, Deepal, and Changan Qiyuan
• 2025 new energy vehicle sales target: 1.4 million units, a year-on-year increase of 26.2%[2]
• A total of 43 new models will be launched in the next three years, 35 of which are new energy vehicles

:

• Avita
  : Sold 73,606 units in 2024, doubling year-on-year, with monthly sales exceeding 10,000 units for 10 consecutive months, and setting a new monthly sales record of 11,067 units in December[3]
• Deepal
  : Delivered 243,800 units in 2024, with monthly deliveries reaching 36,577 units in December. It took only 29 months to reach the 400,000-unit milestone, setting a new industry record[3]
• Changan Qiyuan
  : Achieved cumulative sales of 146,300 units in 2024, a year-on-year increase of 65%, setting the industry’s fastest record for reaching the 100,000-unit milestone[3]

:

• The combined proportion of mid-to-high-end brands (Avita + Deepal) is only
  14.3%
• Changan Gravity (core fuel vehicle segment) still accounts for
  52.2%
  , with the product structure leaning towards mid-to-low-end
• The company’s 2030 target is to achieve a mid-to-high-end brand proportion of over
  50%
  , representing an improvement potential of approximately
  18 percentage points

: In 2024, overseas sales reached 536,000 units, accounting for 20.0% of total sales (a year-on-year increase of 6.7 percentage points), with overseas sales revenue accounting for 20.2% of total revenue[1].

: The company’s 2030 target is to achieve an overseas sales proportion of , representing a . This means sales need to grow from the current 536,000 units to approximately , offering [2].

:

• Has completed the commissioning of 19 KD (Completely Knocked Down) projects in 11 overseas countries
• The first phase of the Rayong plant in Thailand has an annual production capacity of 100,000 units, and is scheduled to start production in 2025
• The global sales network will expand from 63 countries in 2020 to 117 countries by 2025[2]

:

• Sales of joint venture brands have declined from the early million-unit level to approximately 458,000 units currently
• The proportion has dropped from over 25% to the current
  19.8%
• The continuous contraction of joint venture business has freed up development space for self-owned brands

:

• Accelerate the introduction of new products for Changan Ford and Changan Mazda
• The joint venture segment provides stable profit contributions, supporting the company’s transformation

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Based on the above analysis, Changan Automobile’s product structure optimization potential is mainly focused on the following four dimensions:

Optimization Dimension	Current Status	Target Direction	Optimization Potential
Fuel to New Energy Transformation	Approximately 54% fuel vehicles	Below 40% fuel vehicles	Approximately 14 percentage points
Mid-to-High-End Product Proportion	Approximately 32%	Over 50%	Approximately 18 percentage points
Overseas Market Sales	536,000 units	1.75 million units	3.3 times growth
Brand Premium Capacity	Average unit price of RMB 92,000	Over RMB 120,000	Approximately 30% increase

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According to the company’s disclosed strategic plan[2]:

• 2026 Target
  : Total sales of 3.3 million units (+13.3%), new energy vehicle sales of 1.4 million units (+26.2%), overseas sales of 750,000 units (+17.7%)
• 2030 Target
  : Annual production and sales exceeding 5 million units, new energy vehicle proportion over 60%, overseas sales proportion over 35%, entering the global top 10 auto brands

1. Technology Accumulation
   : Cumulative R&D investment over the past decade exceeded RMB 110 billion, with R&D investment in 2024 reaching RMB 15.158 billion
2. Brand Matrix
   : Three digital intelligent brands (Avita, Deepal, Changan Qiyuan) + three series (Changan Gravity, Kaicheng, etc.) fully cover all market segments
3. Intelligence Advantages
   : Obtained the first batch of L3-level autonomous driving product access permits, leading in intelligent technologies

• Risk of fluctuations in industry prosperity
• Risk of fluctuations in raw material prices
• Risk of overseas operating policy changes (tariffs, etc.)
• Risk of slower-than-expected electrification transformation

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Changan Automobile leads the industry with an 83.1% proportion of self-owned brands, but still has significant product structure optimization potential:

1. New energy transformation remains the core task
   : The 33% penetration rate is 27 percentage points away from the 60% target, requiring accelerated new energy product launches in the next 5 years
2. Broad potential for brand upgrading
   : The mid-to-high-end brand proportion is only 14.3%, and breakthroughs in the high-end market are key to improving profitability
3. Huge overseas market potential
   : With 3.3 times growth potential, global layout will become an important source of incremental growth
4. Technology moat established
   : Accumulated intelligent and electrification technologies support product structure optimization

Overall, Changan Automobile has core upgrading potential of approximately

in product structure. If it can achieve breakthroughs in new energy and high-end branding, it is expected to complete the transformation from a “scale-oriented” automaker to a “value-oriented” one by 2030.

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[1] Securities Times - Changan Automobile’s 2024 Full-Caliber Revenue Reaches RMB 276.7 Billion; 2025 Sales Target is 3 Million Units (https://www.stcn.com/article/detail/1657524.html)

[2] Dongfang Fortune Securities Research Report - Changan Automobile 2024 Annual Report Review and Strategic Planning (http://pdf.dfcfw.com/pdf/H2_AN202601161817831774_1.PDF)

[3] CCTV.com - Sales Exceed 2.68 Million Units, Changan Automobile Achieves Innovative Leap in 2024 (https://auto.cctv.com/2025/01/06/ARTIECHT105QfBjM4wkXFwcp250106.shtml)