经济观察报记者种昂 2025年4月29日晚间，潍柴动力（000338）(000338.SZ)发布了2025年一季度"业绩单"。在这份业绩报表 中，中国最大柴油机制造商在今年一季度实现了营业收入和净利润双增长，且利润增速跑赢收入增速。 潍柴动力方面表示，在巩固传统优势业务的基础上，2025年潍柴动力已将新能源、数智化和后市场明确 为主要战略转型方向，正在全力推进培育优质战略增量。 利润增速跑赢收入增速 根据这份业绩报表，该公司报告期内实现营业收入为574.64亿元，同比增长1.92%；归母净利润为27.11 亿元，同比增幅4.27%；扣除非经常性损益的净利润为24.85亿元，同比增幅5.98%，利润增速持续跑赢 收入增速。 当下，潍柴动力所处的汽车以及零部件领域正面临一场深刻的产业变革。 一方面，在新旧能源交替的过渡期，禁售燃油车已被各国提上议事日程，新能源车产量正迅速增长；一 方面，在向AI时代演进中，传统汽车制造业面临着智能化、数字化的变革。在工业智能化与能源大交 替的叠加作用下，汽车以及零部件产业面临的或将是一场完全的颠覆。 市场回暖期正是企业战略转型的好时机。 报告期内，该公司毛利率同比提升0.6个百分 ...

Core Viewpoint - The company reported a stable performance in Q1 2025, with revenue of 57.46 billion yuan, showing a quarter-on-quarter increase of 1.9% and a year-on-year increase of 6.9%. The net profit attributable to the parent company was 2.71 billion yuan, with a quarter-on-quarter increase of 4.3% but a year-on-year decrease of 9.7% [1]. Group 1: Business Performance - The heavy truck industry saw a total sales volume of 265,000 units in Q1 2025, a year-on-year decrease of 2.7%. However, the company achieved a revenue increase of 1.9% year-on-year, outperforming the industry [1]. - The company's heavy-duty truck engine market position remains strong, with a high market share in natural gas engines. The sales volume of high-end products, particularly large-bore engines for data center applications, is expected to see significant growth [1]. - The company sold 43,000 vehicles in Q1 2025, representing a year-on-year increase of 10.4%, which is better than the industry average [2]. Group 2: Financial Metrics - The company achieved a gross profit margin of 22.2% in Q1 2025, with a year-on-year increase of 0.1 percentage points but a quarter-on-quarter decrease of 1.9 percentage points. The actual gross profit margin showed a more significant improvement compared to the same period last year [2]. - Management expenses reached 7.1% in Q1 2025, with a notable increase due to expenses related to the efficiency plan of the subsidiary KION, impacting the quarter's expenses by approximately 1.47 billion yuan [2]. - After accounting for KION's one-time expenses, the net profit attributable to the parent company was 3.18 billion yuan, reflecting a year-on-year increase of 22.4% and a quarter-on-quarter increase of 6% [2]. Group 3: Future Outlook - The heavy truck industry is expected to maintain steady growth, driven by the expansion of domestic scrapping and replacement policies and the continuous growth of non-Russian export markets [3]. - The company anticipates strong growth in its large-bore engine business, with nearly 400 units shipped for data center applications in 2024, representing a year-on-year increase of 148%. This trend is expected to continue into 2025, significantly enhancing the company's profitability [3]. - Revenue projections for 2025-2027 are estimated at 240.66 billion yuan, 260.94 billion yuan, and 275.17 billion yuan, respectively, with net profits of 13.06 billion yuan, 14.85 billion yuan, and 15.97 billion yuan [3].

潍柴动力股份有限公司董事会议事规则修订条文对照表 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程指引》《上市公司治理准则》等有 关法律法规、深圳证券交易所和香港联交所的相关规定和《潍柴动力股份有限公司章程》的规定，结合潍柴动力股 份有限公司（下称"公司"）实际情况和经营发展需要，经公司 2025 年第四次临时董事会审议通过，对《潍柴动力 股份有限公司董事会议事规则》部分条款进行了修订，修订后的《潍柴动力股份有限公司董事会议事规则》需经公 司股东大会审议通过后方可生效。具体修订内容对照如下： | 序 号 | 修订前 | 修订后 | | --- | --- | --- | | | 第二条 公司设董事会，董事会不多于 18 名董事组成，设董事长 1 | | | | 人，可设副董事长。 | | | | 公司董事会中应包括不少于二分之一的外部董事（指不在公司内部 | 第二条 公司设董事会，董事会不多于 18 名董事组成，其中独立 | | | 任职的董事）。外部董事应有足够的时间和必要的知识能力以履行其职 | 董事占董事会成员的比例不得低于三分之一。公司设董事长 1 人，可 | | 1 | 责。外部董 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-032 潍柴动力股份有限公司 关于召开 2025 年第二次临时股东大会、2025 年第二次 A 股 股东会议和 2025 年第二次 H 股股东会议的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 潍柴动力股份有限公司（下称"公司"或"潍柴动力"）定于 2025年 5月 20日（星期二）召开 2025年第二次临时股东大会、2025 年第二次 A 股股东会议和 2025 年第二次 H 股股东会议，现将会议情 况通知如下： 一、召开会议的基本情况 1．股东大会届次：潍柴动力股份有限公司 2025 年第二次临时 股东大会、2025 年第二次 A 股股东会议和 2025 年第二次 H 股股东 会议 2．股东大会召集人：公司董事会 3．会议召开的合法、合规性：2025 年第三次临时董事会会议已 审议通过了《关于召开公司股东大会、A 股股东会议和 H 股股东会 议的议案》，会议的召集、召开符合《中华人民共和国公司法》和 《公司章程》的有关规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2025 ...

2025 年第四次临时董事会会议决议公告 证券代码：000338 证券简称：潍柴动力 公告编号：2025-028 潍柴动力股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 潍柴动力股份有限公司（下称"公司"）2025年第四次临时董事 会会议（下称"本次会议"）通知于2025年4月25日以专人送达或电子 邮件方式发出，本次会议于2025年4月29日以通讯表决方式召开。 本次会议应出席董事14人，实际出席董事14人，共收回有效票数 14票，本次会议的召集、召开及表决程序符合《中华人民共和国公司 法》和《公司章程》的有关规定。本次会议合法有效通过如下决议： 一、关于公司2025年第一季度报告的议案 本议案已经公司董事会审核委员会审议通过。 本议案实际投票人数14人，其中14票赞成，0票反对，0票弃权， 决议通过本议案。 《潍柴动力股份有限公司2025年第一季度报告》详见指定信息披 露网站巨潮资讯网（http://www.cninfo.com.cn）公告。 二、关于回购公司部分A股股份方案的议案 同意公司使用自有资金和自筹资金以集中竞价交易方式回购公司 部 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 57.46 billion, representing a 1.92% increase compared to CNY 56.38 billion in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was CNY 2.71 billion, up 4.27% from CNY 2.60 billion year-on-year[9]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.31, reflecting a 3.32% increase from CNY 0.30 in the same quarter last year[9]. - Operating profit decreased to RMB 3.08 billion, down 25.00% from RMB 4.11 billion year-on-year[25]. - Net profit attributable to shareholders of the parent company was RMB 2.71 billion, an increase of 4.20% from RMB 2.60 billion in the previous year[26]. - The total equity attributable to shareholders of the parent company was RMB 89.48 billion, up from RMB 86.70 billion year-on-year, reflecting a growth of 3.00%[24]. Cash Flow and Investments - The net cash flow from operating activities was negative CNY 4.65 billion, a significant decrease of 388.24% compared to a positive CNY 1.61 billion in the previous year[9]. - The company's operating cash flow for the current period is -4,645,924,486.64 RMB, a significant decrease compared to 1,611,808,374.28 RMB in the previous period[28]. - Total cash inflow from operating activities decreased to 44,949,280,456.62 RMB from 50,532,315,739.26 RMB year-over-year, representing a decline of approximately 11.5%[28]. - Cash outflow from operating activities increased to 49,595,204,943.26 RMB, up from 48,920,507,364.98 RMB, indicating a rise of about 1.4%[28]. - Investment activities resulted in a net cash outflow of -5,454,228,855.25 RMB, compared to a net inflow of 81,862,651.49 RMB in the previous period[28]. - Cash inflow from investment activities increased significantly to 14,827,337,348.73 RMB from 7,720,541,439.98 RMB, marking an increase of approximately 92.5%[28]. - Cash outflow from investment activities surged to 20,281,566,203.98 RMB, up from 7,638,678,788.49 RMB, reflecting an increase of about 165.5%[28]. - Financing activities generated a net cash inflow of 409,713,231.89 RMB, a turnaround from a net outflow of -2,511,919,069.60 RMB in the previous period[28]. - The company received 2,040,696,647.20 RMB in borrowings during the current period, compared to 517,507,801.53 RMB in the previous period, indicating a substantial increase[28]. - The company reported a total cash inflow of 2,180,055,822.73 RMB from financing activities, up from 575,664,668.89 RMB, representing an increase of approximately 278.5%[28]. Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 353.46 billion, a 2.79% increase from CNY 343.88 billion at the end of the previous year[9]. - Total liabilities rose to RMB 228.32 billion, compared to RMB 221.92 billion in the previous year, marking an increase of 2.00%[24]. - The equity attributable to shareholders increased to CNY 89.48 billion, up 3.21% from CNY 86.70 billion at the end of the previous year[9]. - The company reported a total current assets of ¥191.86 billion, an increase from ¥184.75 billion, representing a growth of approximately 3.0%[22]. Expenses - Management expenses rose by 56.61% to CNY 409.08 million, mainly due to efficiency-related expenses incurred by the subsidiary KION GROUP AG[15]. - The company reported a significant decrease in income tax expenses, down 63.03% to CNY 30.76 million, attributed to reduced contributions from overseas subsidiaries[15]. - Research and development expenses for the quarter were RMB 2.04 billion, slightly down from RMB 2.09 billion in the previous year[25]. - The company reported a decrease in total operating costs to RMB 54.04 billion, down from RMB 52.22 billion in the previous year[25]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 224,105[17]. - The total number of shares held by the top 10 shareholders includes 16.30% by Weichai Holding Group Co., Ltd., equating to 1,422,550,620 shares[17]. - The total number of shares held by foreign shareholders is 22.22%, totaling 1,938,983,635 shares[17]. - The company has not disclosed any significant changes in the relationships or actions among the top shareholders[19]. Inventory and Receivables - The company recorded a 34.61% increase in accounts receivable, reaching CNY 4.16 billion, primarily due to customers settling payments on time[15]. - Accounts receivable increased to ¥41.56 billion, up from ¥30.88 billion, representing a growth of approximately 34.6%[22]. - Inventory rose to ¥36.48 billion, compared to ¥35.68 billion, indicating an increase of about 2.2%[22]. Other Information - The company temporarily suspended the spin-off of its subsidiary Weichai Torch Technology Co., Ltd. for listing on the Growth Enterprise Market[20]. - The company's cash and cash equivalents decreased to ¥62.48 billion from ¥72.07 billion, a decline of approximately 10.5%[22]. - The company's cash and cash equivalents at the end of the period decreased to 45,487,457,018.58 RMB from 70,696,683,312.81 RMB, a decline of approximately 35.6%[28].

Financial Performance - The company reported a net profit attributable to shareholders of the parent of 11,403 million in 2023, an increase from 9,228 million in 2022, reflecting a growth of approximately 23%[21]. - Basic earnings per share for 2024 were reported at 1.31, up from 1.13 in 2023, indicating a year-over-year increase of about 16%[19]. - Total revenue for 2024 reached 220,215 million, compared to 213,958 million in 2023, representing a growth of approximately 1.2%[17]. - The company's revenue increased by 0.8% year-on-year to approximately RMB 215,691 million, while net profit attributable to shareholders rose by approximately 26.5% to RMB 11,403 million[27]. - Basic earnings per share reached RMB 1.31, representing a year-on-year increase of approximately 25.4%[27]. - The company's EBIT increased from approximately RMB 16,507 million in 2023 to approximately RMB 21,176 million in 2024, marking a year-on-year increase of approximately RMB 4,669 million or 28.3%[88]. - The gross profit for the year was approximately RMB 48,386 million, with a gross operating margin of approximately 22.4%, an increase of 2.1 percentage points from the previous year[83]. - The company anticipates sales revenue for 2025 to be between RMB 226.5 billion and RMB 237.3 billion, indicating a projected growth of approximately 5% to 10% compared to 2024[78]. Market and Product Development - The company plans to expand its market presence and invest in new technologies to enhance product offerings and drive future growth[10]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its product portfolio[10]. - The heavy-duty truck industry saw a sales volume of 902,000 units in 2024, a year-on-year decrease of 1%, while the agricultural equipment industry experienced a sales volume increase of 4.9% to 437,000 units[25]. - The company launched the world's first diesel engine with a base thermal efficiency of 53.09%, achieving a record for four consecutive years[27]. - New energy products, including hydrogen-powered trucks, commenced commercial operations and achieved industry-leading sales[33]. - The company introduced 6,000 full-platform products and completed the deployment of new energy vehicle 2.0 charging products[33]. - The company launched an AI brand, Tianyan, marking the first software-defined vehicle technology framework in the industry[33]. - The commercial vehicle segment achieved annual sales of 118,000 units, a year-on-year increase of 2%, enhancing both production scale and operational efficiency[34]. Research and Development - The establishment of the world's largest multi-source power comprehensive testing laboratory enhanced the company's R&D capabilities[27]. - The Group invested over RMB 3.2 billion in R&D for the engines segment, achieving an R&D intensity of nearly 6%[64]. - The Group established the world's first digital unmanned engine factory, featuring 100% automated machining and 80% automated assembly[64]. - The Group is constructing the Weichai (Yantai) New Energy Power Industrial Park, creating a world-class R&D and manufacturing base for new energy powertrains[64]. Corporate Governance and Management - The strategic development and investment committee has been restructured with new appointments to enhance governance and oversight[12]. - The company is focusing on environmental, social, and governance (ESG) initiatives, establishing a dedicated committee to address these areas[11]. - The company aims to strengthen its aftermarket business by offering integrated lifecycle product-service packages, focusing on Total Cost of Ownership (TCO) solutions[50][51]. - The company will enhance digital transformation by embedding advanced technologies into high-end product development, aiming for technological leadership[50][51]. - The company will strengthen corporate risk management and governance standards to ensure operational efficiency and asset security[50][51]. - The company is focused on expanding its leadership team with experienced professionals from diverse backgrounds to enhance strategic decision-making[165]. - The company aims to leverage its technological expertise and market presence to drive future growth and innovation in the automotive sector[164]. Financial Position and Cash Flow - As of December 31, 2024, total assets of the Group amounted to approximately RMB 343,879 million, with current assets at approximately RMB 184,750 million, a decrease from RMB 197,925 million as of December 31, 2023[104]. - Total liabilities as of December 31, 2024, were approximately RMB 221,921 million, compared to RMB 221,561 million as of December 31, 2023, with current liabilities increasing by approximately RMB 8,789 million, or 6%[104]. - The Group's total equity as of December 31, 2024, was approximately RMB 121,959 million, of which approximately RMB 86,696 million was attributable to equity holders of the Company[106]. - Net cash inflows from operating activities decreased by approximately RMB1,377 million year-on-year to RMB26,094 million, despite an increase in sales receipts by about RMB5,724 million[96][98]. - Net cash outflows from investing activities amounted to RMB28,911 million, an increase of approximately RMB23,174 million compared to the previous year, with cash received from investments increasing by RMB31,308 million[97][98]. Future Outlook - Future guidance indicates a positive outlook for revenue growth, driven by increased demand in key markets[10]. - The company plans to aggressively expand its new energy business and integrate resources to ensure growth that outperforms the industry[47][50]. - The company will focus on precision marketing and R&D to enhance product competitiveness and customer satisfaction, aiming for stable sales growth[49]. - In 2025, the company aims to accelerate innovation and transformation to achieve high-quality operational goals while maximizing efficiency[46]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 3.47 per 10 shares, based on a total of 8,715,671,296 shares, pending approval at the 2024 annual general meeting[43]. - On March 27, 2025, a cash dividend of RMB 3.47 per 10 shares is planned for distribution to shareholders[134].

未经许可，不得转载或者引用。 投资要点 数据总览： 批发： 3月重卡批发销量11.1万辆，同环比分别为-3.7%/+37%，符合我们预期。 终端： 3月重卡终端销量7.2万辆，同环比分别为-4.4%/+49.1%，符合我们预期。 出口： 3月重卡出口销量2.8万辆，同环比分别为+12.3%/+22.7%，超我们预期。 库存： 行业总库存+1.2万辆，当前行业总库存16.1万辆。 展望：我们预计25年4月重卡内销7万辆左右，同比增长5%-10%。 3 月销量：内销符合预期韧性彰显，出口超预期表现亮眼 ： 行业总量：3月产批零符合预期，出口超预期。 1）产量 ： 3月重卡产量11.6万辆，同环比分 别-0.4%/+33.7%； 2）批发： 3月重卡批发销量11.1万辆，同环比分别-3.7%/+37%； 3）上险： 3月重卡终端销量7.2万辆，同环-4.4%/+49.1%； 4）出口： 3月重卡出口销量2.8万辆，同环比 分别为+12.3%/+22.7%； 5）库存： 3月重卡企业库存+0.5万辆，渠道库存+1.2万辆。根据我们 测算，当前行业总库存16.1万辆，库存处于合理水平。 行业结构：新能源持续高增，天然气 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position and Performance - Weichai Power's market share in the domestic heavy truck engine market is 38.7%, with a strong performance in high-end markets such as data centers, where sales of M-series engines grew by 148% [6][10]. - The company has maintained a stable market share despite a 5% decline in overall commercial vehicle demand in the domestic market [6][10]. Valuation Metrics - The report provides the following valuation metrics: - Price-to-Earnings (P/E) ratio for 2025E is projected at 11.5x, with a corresponding dividend yield of 6.6% [6][10]. - The book value per share is expected to be RMB 8.73 in 2025E, with a price-to-book (P/B) ratio of 2.4x [3][10].

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position - Weichai Power's heavy truck engine sales are projected to remain stable, with a market share of 38.7% in the domestic market. The company has also seen a 148% increase in sales of data center products [6][10]. - The company has a market capitalization of approximately HKD 250.4 billion and has shown a year-to-date price change of 31.31% [5][10].