Entering late April, the disclosure of the 2024 annual report "transcript" of listed car companies is nearing completion, and the "performance map" of Chinese vehicle companies is becoming increasingly clear. More than 70% of the car companies that have disclosed their 2024 performance have a positive net profit. Industry insiders say that in 2024, car companies' sales will show a strong quarterly growth trend, and the gross profit margin and profitability of major car companies will continue to improve. Although the intensification of industry competition has put pressure on the average price of car companies, new force car companies such as Xiaopeng Motors and Leapmotor have benefited from scale and their profitability has also significantly improved. According to incomplete statistics from Wind, as of April 16th, among the 21 vehicle companies that have disclosed their 2024 performance, 15 companies have a positive net profit, accounting for over 70%. Among them, BYD, Geely Automobile, and Great Wall Motors, the "top three independent companies", ranked first in net profit, with net profits attributable to their parent companies exceeding 10 billion yuan. Guangzhou Automobile Group, CIMC Vehicles, Changan Automobile and other companies all experienced a decline in net profit last year. Specifically, BYD's revenue in 2024 reached 777.102 billion yuan, a year-on-year increase of 29.02%; The net profit attributable to the parent company was 40.254 billion yuan, a year-on-year increase of 34%. The cumulative sales volume of the company's complete vehicle products for the whole year reached 4.2721 million units. According to data from the China Association of Automobile Manufacturers, in 2024, BYD and its subsidiaries' sales of new energy vehicles will increase by over 40% year-on-year on the basis of a high base, and their market share will further increase to 33.2%, a year-on-year increase of 1.3 percentage points. They will continue to be the sales champion of Chinese automobile companies, the brand sales champion of the Chinese automobile market, and the global sales champion of new energy vehicles. Geely Automobile's annual revenue for 2024 was 240.194 billion yuan, a year-on-year increase of 34%, and the net profit attributable to the parent company was 16.632 billion yuan, a year-on-year increase of 213%. In 2024, Geely Automobile's cumulative sales reached a historical high of 2.177 million vehicles, a year-on-year increase of 32%. Among them, the cumulative sales of new energy exceeded 888000 vehicles, setting a new historical high and increasing by about 92% year-on-year. Great Wall Motors achieved a sales volume of 1.2345 million vehicles in 2024, a year-on-year increase of 0.37%. The total operating revenue was 2021.95 billion yuan, a year-on-year increase of 16.73%, and the net profit was 12.692 billion yuan, a year-on-year increase of 80.76%. In 2024, the company's overseas sales reached 454100 vehicles, a year-on-year increase of 44.61%, setting a new historical high. The cumulative overseas sales have exceeded 1.8 million vehicles. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers, recently issued a statement stating that with the promotion of the national "Double New Policies", the sales of car companies in 2024 will show a strong quarterly growth trend, and the gross profit margin and profitability of major car companies will continue to improve. However, due to differences in research and development expenses among various companies, as well as factors such as taxation, the profitability of different car companies varies greatly. The differentiation of performance among new energy vehicle companies and the focus on cost reduction has become a key market concern. The performance of top new energy vehicle companies in 2024 has shown significant differentiation. Ideal Automobile and Sylphy have achieved profitability, while companies such as NIO and Xiaopeng Motors have yet to break free from losses. Analyzing the financial reports of multiple emerging car companies, it can be seen that high cost expenses have become the main factor dragging down the company's performance, and "cost reduction" is still the key challenge facing current car companies. In 2024, Ideal Automobile achieved a total operating revenue of 144.46 billion yuan, an increase of 16.6% year-on-year, and a net profit of 8.045 billion yuan, a decrease of 31.9% year-on-year. Due to factors such as changes in product portfolio, pricing strategy, and increased research and development, management, and sales expenses, Ideal Auto's net profit margin for sales in 2024 has significantly declined to 5.57%. The annual report shows that the total sales cost of Ideal Automobile in 2024 was 114.804 billion yuan, an increase of 19.1% year-on-year, with a growth rate faster than the revenue growth rate. Not only that, the company's total sales, general and management expenses last year were 12.229 billion yuan, an increase of 25.2% year-on-year. The rapid growth of operating costs and the significant increase in management and sales expenses have dragged down the net profit of Ideal Automobile. Cyrus has achieved its first turnaround from losses to profits since 2020. The annual report shows that in 2024, Serys achieved a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, mainly due to the doubling of the company's sales of new energy vehicles. The company achieved a net profit attributable to its parent company of 5.946 billion yuan, with a net loss of 2.45 billion yuan in the previous year. Mainly due to the adjustment of the company's sales product structure and the enhancement of product profitability. The performance of Zero Run Motors is also commendable. According to the performance announcement, the annual revenue of Zero Run Automobile in 2024 reached 32.16 billion yuan, a year-on-year increase of 92.0%; The net loss was 2.82 billion yuan, a year-on-year decrease of 33.18%. The company delivered 293700 vehicles throughout the year, a year-on-year increase of 103.8%, making it the fastest growing new force brand in the automotive industry. The company's gross profit margin for 2024 is 8.4%, an increase of 7.9 percentage points from 0.5% in 2023. Xiaopeng Motors' net profit loss in 2024 is also narrowing. According to the annual report, Xiaopeng Motors' revenue reached 40.87 billion yuan in 2024, a year-on-year increase of 33.2%; The annual gross profit margin was 14.3%, an increase of 12.8 percentage points year-on-year; The net loss has significantly narrowed to 5.79 billion yuan, and the company's net loss for 2023 is 10.38 billion yuan. With record sales and continuous breakthroughs in technology cost reduction, our automotive gross profit margin has further increased to 10%, achieving six consecutive quarters of continuous improvement. The company's gross profit margin remains stable at a mid to double-digit level Gu Hongdi, Vice Chairman and Co President of Xiaopeng Motors, stated in the financial report that in 2025, Xiaopeng Motors will launch more powerful new products and continue to improve its profitability and free cash flow while adhering to technological research and development. NIO's net profit performance is not ideal, and the company's losses will further expand in 2024. In 2024, NIO achieved a revenue of 65.73 billion yuan, a year-on-year increase of 18.2%; The net loss reached 22.4 billion yuan, with a year-on-year increase of 8.1% in losses. In terms of sales, NIO delivered a total of 222000 new energy vehicles in 2024, a year-on-year increase of 38.7%. In terms of operating costs, NIO's annual sales, general and administrative expenses increased by 22.2% year-on-year to 15.74 billion yuan. The industry competition is becoming increasingly fierce, and car companies are intensifying their research and development efforts. Against the backdrop of the automotive industry accelerating its transformation towards intelligence and electrification, research and development investment has become a core element of competition for car companies. From the annual report, it can be seen that most car companies maintain high R&D investment, especially in the field of intelligence, to cope with industry transformation and fierce market competition. According to the financial report, BYD's R&D investment in 2024 is about 54.2 billion yuan, a year-on-year increase of 35.68%, with a cumulative R&D investment of over 180 billion yuan. BYD stated that it will continue to increase research and development investment, leading the second half of new energy vehicles with the integration of smart and electric technologies. Changan Automobile Annual Report stated that from the perspective of competitive landscape, the market concentration of automobile enterprises continues to increase, coupled with high R&D investment in intelligence driving up industry barriers. Independent brands maintain a dominant position in the new energy market with their technological leadership and supply chain cost control capabilities; The market share of joint venture brands continues to be under pressure, and their performance in the new energy market is relatively weak. It is expected that the competition pressure will further intensify in the future. In 2024, Changan Automobile invested 15.158 billion yuan (including 2.67 billion yuan for Avita) in full caliber research and development, with a cumulative investment of over 110 billion yuan in the past decade. The company continues to firmly adhere to the technology route of 'software defined cars', explore cross-border business cooperation between vehicle enterprises and ICT enterprises, and is committed to developing high-end brands. The company will further increase and strengthen its research and development investment and intensity Sally said. The annual report shows that in 2024, the cumulative R&D investment of Serys reached 7.053 billion yuan, a year-on-year increase of 58.91%; At the end of the year, the total number of R&D personnel was 6201, an increase of 1246 compared to the same period last year, a year-on-year increase of 25.15%. The proportion of R&D personnel to the total number of employees in the company has further increased compared to the previous year, and the R&D team is showing a trend towards youthfulness and higher education. The research and development expenses of Ideal Automobile in 2024 increased from 10.6 billion yuan in 2023 to 11.1 billion yuan, mainly due to the company's expansion of product portfolio and technology costs, as well as an increase in employee salaries. The continuous increase in research and development investment by major car companies not only demonstrates their emphasis on technological innovation, but also reflects the "white hot" competition in the industry. Looking at the sales targets of major car companies in 2025, institutions predict that competition among car manufacturers will intensify in 2025. Industry insiders say that in the future, the car market may present a pattern of "strong players always strong", where companies with leading technology and effective cost control will have an advantage. As consumers' demand for intelligence and electrification becomes increasingly mature, it also requires car companies to pay more attention to cost-effectiveness and user experience while maintaining innovation. (New Society)