目 錄 財務數據 釋義 企業資料 集團概況 股東資料 董事長報告書 管理層討論與分析 董事及高級管理層 企業管治報告 董事會報告書 獨立核數師報告 綜合損益表 綜合全面收益表 綜合財務狀況表 綜合權益變動表 綜合現金流量表 綜合財務報表附註 五年財務概要 002 003 009 011 012 014 017 046 050 067 099 106 107 108 110 112 115 220 2024 年 報 | 中 國 重 汽（ 香 港 ）有 限 公 司 財務數據 | | 2024 | 2023 | 增加╱（減少） | | | --- | --- | --- | --- | --- | | | | | | % | | 經營業績（人民幣百萬元） | | | | | | 收入 | 95,062 | 85,498 | 9,564 | 11.2 | | 毛利 | 14,865 | 13,538 | 1,327 | 9.8 | | 本公司擁有人應佔溢利 | 5,858 | 5,318 | 540 | 10.2 | | 盈利能力及流動資金 | | | | | | 毛利率（%） | 15.6 | 15.8 | (0. ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 4[Table_StockInfo 月 1 日收盘价（港元）] | 20.1 | | --- | --- | | 52 周股价波动（港元） | 15.33-23.95 | | 总股本/流通 H 股（百万股） | 2761/2761 | | 总市值/流通市值（百万港元） | 55496/55496 | | 相关研究 | | | [Table_ReportInfo] 《限制性股票激励落地，坚定长期发展》 | | | 2024.06.26 | | 《重卡龙头，出海尖兵》2024.05.27 市场表现 [Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 中国重汽（3808）公司年报点评 2025 年 04 月 02 日 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 4.0 45.3 56.6 相对涨幅（%） 1.9 29.4 39.8 资料来源：海通证券研究所 国内重卡高端化，轻卡减亏 [Table_Summary] 投资要点： 分析师:刘一鸣 Tel:(021)2315414 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience as a market leader, with stable overseas expansion [1] - In 2024, the company achieved total revenue of 95.06 billion yuan, a year-on-year increase of 10.82%, and a net profit attributable to shareholders of 5.86 billion yuan, up 10.16% year-on-year [7] - The company’s sales volume increased against industry trends, with domestic sales rising by 12.8% to 109,000 units, while the overall heavy truck industry saw a decline of 1.7% [7] - The gross margin slightly decreased to 15.6%, attributed to intense domestic price competition and changes in export market structure [7] - Effective cost control led to a slight increase in net profit margin to 7.0% [7] - The company’s earnings per share (EPS) for 2024 is projected at 2.12 yuan, with a price-to-earnings (P/E) ratio of 10.56 [1] Financial Summary - Total revenue forecast for 2024 is 95.06 billion yuan, with projections of 106.86 billion yuan for 2025 and 118.77 billion yuan for 2026 [1][8] - Net profit attributable to shareholders is expected to reach 6.84 billion yuan in 2025 and 8.16 billion yuan in 2026 [1][8] - The company’s cash and cash equivalents are projected to increase significantly from 19.08 billion yuan in 2024 to 110.79 billion yuan by 2027 [8] - The company maintains a strong balance sheet with a debt-to-asset ratio of 62.13% [6]

31 Mar 2025 Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 85,041 | 95,062 | 99,522 | 106,172 | 110,655 | | YoY growth (%) | 43.4 | 11.8 | 4.7 | 6.7 | 4.2 | | Net profit (RMB mn) | 5,318.1 | 5,858.4 | 6,025.2 | 6,314.8 | 6,567.9 | | EPS (Reported) (RMB) | 1.93 | 2.14 | 2.18 | 2.29 | 2.38 | | YoY growth (%) | 196.0 | 10.9 | 2.1 | 4.8 | 4.0 | | Consensus EPS (RMB) | na | 2.23 | 2.52 | 2.84 | 0.00 | | P/E (x) | 10.9 | 9.8 | 9. ...

证券研究报告·海外公司点评·工业工程(HS) 中国重汽（03808.HK） 2024 年报点评：龙头韧性彰显，出海行稳致 远 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 85780 | 95062 | 106856 | 118773 | 130067 | | 同比(%) | 44.15 | 10.82 | 12.41 | 11.15 | 9.51 | | 归母净利润（百万元） | 5318 | 5858 | 6837 | 8160 | 8927 | | 同比(%) | 196.01 | 10.16 | 16.71 | 19.34 | 9.40 | | EPS-最新摊薄（元/股） | 1.93 | 2.12 | 2.48 | 2.96 | 3.23 | | P/E（现价&最新摊薄） | 11.63 | 10.56 | 9.05 | 7.58 | 6.93 | [Table_Tag] [Table_Summary ...

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 95,061,587 thousand, up 11.5% from RMB 85,498,035 thousand in 2023[2] - Gross profit rose to RMB 14,865,494 thousand, representing a 9.8% increase compared to RMB 13,538,492 thousand in the previous year[2] - Operating profit for 2024 was RMB 7,457,995 thousand, an increase of 14.9% from RMB 6,487,101 thousand in 2023[2] - Net profit attributable to equity shareholders increased to RMB 5,858,394 thousand, up 10.2% from RMB 5,318,107 thousand in 2023[3] - Basic earnings per share for 2024 was RMB 2.14, compared to RMB 1.93 in 2023, reflecting an increase of 10.8%[3] - The total operating profit for the group was RMB 7,457,995 thousand for the fiscal year ending December 31, 2024, up from RMB 6,487,101 thousand in the previous year, reflecting an overall improvement in profitability[16][17] - The net profit for the period was RMB 6,688 million, an increase of RMB 861 million, or 14.8% year-on-year, with a net profit margin of 7.0%, up 0.2 percentage points[131] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 90,427,197 thousand, a slight increase from RMB 87,066,767 thousand in 2023[5] - Current liabilities increased to RMB 79,054,650 thousand from RMB 72,530,061 thousand in 2023, indicating a rise of 8.5%[5] - Non-current liabilities increased to RMB 1,569,972 thousand from RMB 1,294,896 thousand in 2023, reflecting a growth of 21.2%[6] - Total equity as of December 31, 2024, was RMB 49,152,400 thousand, up from RMB 47,960,531 thousand in 2023, indicating a growth of 2.5%[6] - Total liabilities for 2024 were RMB 80,624,622,000, up from RMB 73,824,957,000 in 2023, indicating a rise of 9.8%[20] Revenue Segmentation - The heavy truck segment generated external sales of RMB 83,152,308 thousand, while the light truck and other segment contributed RMB 9,840,086 thousand, indicating a strong performance in the heavy truck category[16] - The financial services segment reported external revenue of RMB 1,354,162 thousand for the year ending December 31, 2024, compared to RMB 1,219,790 thousand in the previous year, marking an increase of approximately 11%[16][17] - Revenue from overseas customers increased significantly to RMB 38,384,799,000 in 2024, up from RMB 30,828,147,000 in 2023, a growth of 24.9%[21] Expenses and Costs - The cost of goods sold for 2024 was RMB 71,982,666,000, up from RMB 64,507,415,000 in 2023, reflecting a growth of 11.5%[25] - Depreciation and amortization expenses totaled RMB 1,798,413,000 in 2024, compared to RMB 1,572,493,000 in 2023, indicating an increase of 14.4%[25] - Research and development expenses rose to RMB 2,735,842,000 in 2024, up from RMB 2,450,110,000 in 2023, marking an increase of 11.7%[28] Dividends and Shareholder Returns - Proposed final dividend for 2024 is RMB 0.51 per share, compared to RMB 0.965 per share in 2023, which was a decrease of approximately 47.3%[34] - The company plans to distribute approximately RMB 500,412,000 in dividends to non-controlling interests for the year ending December 31, 2024, compared to RMB 46,725,000 in 2023, indicating a substantial increase[35] Market Performance - Heavy truck sales amounted to 243,418 units, representing a year-on-year increase of 7.2%[54] - Domestic heavy truck sales increased by 12.8% to 109,380 units during the reporting period[56] - New energy heavy truck sales surged by 294%, with market share increasing by 3.7 percentage points[58] - Light truck sales volume increased to 100,542 units in 2024, up by 4% from 96,567 units in 2023[102] Financial Services - Revenue from automotive financial services increased by RMB 189 million or 46.9% year-on-year, reaching RMB 592 million[88] - The number of borrowers for automotive financial services increased to fewer than 70,000 as of December 31, 2024, compared to fewer than 50,000 in 2023[89] - The company plans to terminate commercial loan services following the automatic liquidation of China National Heavy Duty Truck Group Finance Co., Ltd., with no significant adverse impact expected on its financial condition and operations[87] Employee and Operational Metrics - The total employee expenditure for the group reached RMB 6,303 million, an increase of 14.8% year-on-year, including RMB 55 million for employee share-based payment[106] - As of December 31, 2024, the group employed a total of 28,560 employees, with 54.98% in manufacturing roles and 13.49% in technical and engineering positions[107] Governance and Compliance - The annual financial statements for the year ending December 31, 2024, have been reviewed by the audit committee[165] - The external auditor, KPMG, confirmed that the financial data aligns with the draft consolidated financial statements for the year ending December 31, 2024[166] - The company operates under the regulations of the Hong Kong Stock Exchange and the Shenzhen Stock Exchange[178]

Investment Rating - The report assigns a "Buy" rating to Sinotruk (3808 HK) with a target price of HKD 27.60 [4][6] Core Views - Sinotruk is a leading heavy-duty truck manufacturer in China with a 24.9% market share in 2023 [1] - The company benefits from dual growth drivers: domestic demand recovery and strong export performance [1][3] - Sinotruk's export sales accounted for 57.3% of total heavy truck sales in 2023, up from 11.1% in 2020 [3] - The company's revenue grew 43.9% YoY to RMB 85.49 billion in 2023, with net profit surging 217.9% to RMB 5.32 billion [1] Industry Outlook - The heavy truck industry is in the early stages of recovery, supported by logistics demand and replacement policies [2][4] - Natural gas heavy trucks are gaining popularity due to widening fuel price differentials, with penetration reaching 24.8% in 2023 [27] - The "One Belt, One Road" initiative continues to drive export growth, with Sinotruk leading in overseas sales [3][31] Company Performance - Sinotruk sold 227,000 heavy trucks in 2023 (42.7% domestic, 57.3% export) and 130,000 light trucks [1] - The company's gross margin stood at 16.7% in 2023, with heavy trucks contributing 87.5% of total revenue [1] - Sinotruk maintains a 50% dividend payout ratio, offering an attractive dividend yield of 5-6% [4] Financial Projections - Revenue is forecast to grow 13.0% to RMB 96.59 billion in 2024 and 9.6% to RMB 105.91 billion in 2025 [4][47] - Net profit is expected to increase 14.1% to RMB 6.07 billion in 2024 and another 14.1% to RMB 6.93 billion in 2025 [4][48] - The company is valued at 10x 2024 P/E, in line with industry peers [52] Strategic Advantages - Sinotruk has a strong partnership with MAN and Weichai Power, enhancing its technological capabilities [29][43] - The company has established a comprehensive overseas network, covering over 110 countries and regions [33] - Sinotruk's product portfolio is being upgraded, with new high-end models like SITRAK and Yellow River boosting average selling prices [46][47]

Investment Rating - The report maintains a HOLD rating for the company, indicating a potential return of +15% to -10% over the next 12 months [2]. Core Viewpoints - The earnings forecast for 2024E and 2025E has been revised down by 5% and 2% respectively, reflecting a projected ~20% year-on-year earnings decline in the second half of 2024, with recovery expected in 2025 [2]. - The target price has been adjusted to HK$21.4 from HK$19.5, based on a valuation of 4.5x EV/EBITDA, which aligns with the historical average [2]. - The report suggests that the current share price does not yet reflect the downside risks to earnings, particularly following a recent rally [2]. Financial Summary - Revenue is projected to grow from RMB 85,041 million in FY23A to RMB 91,906 million in FY24E, representing an 8.1% year-on-year growth [3]. - Net profit is expected to increase from RMB 5,318.1 million in FY23A to RMB 5,685.1 million in FY24E, reflecting a 6.9% growth [3]. - The P/E ratio is forecasted to decrease from 10.9x in FY23A to 10.2x in FY24E, indicating a more attractive valuation [3]. Sales Volume and Revenue Projections - The sales volume for heavy-duty trucks (HDT) is expected to decline by 3.7% in 2024E, with a slight recovery projected in 2025E [6]. - The revenue from the truck segment is forecasted to remain stable, with a slight increase from RMB 92,273 million in 2024E to RMB 92,517 million in 2025E [6]. - The report highlights a significant drop in engine sales volume, projected to decrease by 25.5% in 2024E [6]. Profitability Metrics - The gross profit margin is expected to decline from 16.2% in FY23A to 15.0% in FY24E, indicating pressure on profitability [10]. - Operating profit is projected to increase from RMB 6,487 million in FY23A to RMB 7,034 million in FY24E, reflecting an 8.4% growth [8]. - The return on equity (ROE) is expected to remain stable around 13.6% in FY24E [10]. Gearing and Liquidity - The net gearing ratio is projected to worsen from (44.3%) in FY22A to (47.3%) in FY24E, indicating increased leverage [3]. - The current ratio is expected to remain stable at around 1.2 over the forecast period, suggesting adequate liquidity [12].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 48,823 million, an increase of 18.0% compared to RMB 41,371 million in the same period of 2023[3]. - Gross profit increased to RMB 7,159 million, reflecting a growth of 9.8% from RMB 6,523 million year-on-year[3]. - Profit attributable to equity shareholders rose by 39.7% to RMB 3,294 million, up from RMB 2,358 million in the previous year[3]. - The net profit margin improved to 7.4%, an increase of 17.5% from 6.3% in the previous year[3]. - The company reported a market capitalization of RMB 51,154 million as of June 30, 2024, with 2,760,993,339 shares issued[15]. - The interim dividend for 2024 is set at HKD 0.72 per share, representing a payout ratio of 55.3%[14]. - The company’s revenue primarily comes from heavy truck sales, with major brands including SITRAK, HOWO, and Huanghe[11]. - The total revenue from the heavy truck segment reached RMB 42,513 million, representing a year-on-year increase of 16.3%[21]. - The company reported a pre-tax profit of RMB 4,160,303 thousand for the period[126]. - The total income tax expense for the six months ended June 30, 2024, was RMB 670,948,000, compared to RMB 661,817,000 for the same period in 2023, reflecting an increase of approximately 1.6%[142]. Sales and Market Performance - The sales volume of heavy trucks increased by 14.8% to 125,017 units, compared to 108,887 units in the same period last year[3]. - The domestic sales of heavy trucks surged by 29.6% to 56,602 units, up from 43,689 units year-on-year[3]. - The sales of gas-powered tractors surged by 278% year-on-year, with market share increasing by 11.75 percentage points[22]. - The sales of new energy heavy trucks grew by 309% year-on-year, with market share rising by 5.6 percentage points, placing the company among the top three in the industry[23]. - The group sold 56,922 light trucks, representing a year-on-year increase of 14.5%[28]. - The domestic market for light trucks saw sales of approximately 970,900 units, a year-on-year increase of 4.2%[20]. - The company aims to expand its market presence both domestically and internationally, leveraging its strong manufacturing capabilities[10]. Financial Services and Investments - The financial segment provides various services, including deposit acceptance and commercial financing for vehicle purchases[13]. - The financial segment's revenue, including interest and leasing income, was RMB 751 million, up 4.6% year-on-year[34]. - The revenue from automotive financial services was RMB 272 million, an increase of RMB 88 million or 47.8% year-on-year[37]. - The group established 23 financial service departments, expanding its business coverage in mainland China[37]. - The company is actively managing foreign exchange risks by forming a foreign exchange management team and conducting regular market analysis[57]. Operational Efficiency - The current ratio decreased to 1.1 from 1.2, indicating a decline of 8.3% in liquidity[3]. - The turnover days for trade receivables improved to 76.8 days, an increase of 5.3% from 72.9 days in the previous year[3]. - The company has a complete industrial chain with self-developed and manufactured key components such as engines and gearboxes[10]. - The company has over 500 domestic dealers and more than 1,270 service stations providing after-sales support[23]. Corporate Governance and Social Responsibility - The company is committed to enhancing social value through active participation in public welfare and corporate social responsibility initiatives[50]. - The group achieved a 100% compliance rate for wastewater and waste gas emissions during the review period, with no significant environmental complaints or penalties received[51]. - The company has adopted a diversity policy for its board members to ensure a balanced representation of skills, experience, and perspectives[82]. - The company is committed to improving employee health and safety through regular health checks and occupational hazard assessments[56]. Future Outlook and Strategic Initiatives - The company aims for operating revenue of no less than RMB 94.8 billion for 2024, with a sales profit margin of at least 7.5%[97]. - In the second half of 2024, the company plans to accelerate the introduction of new products, focusing on promoting 13L and 15L gas vehicles to increase domestic market share[58]. - The company expects continued recovery in domestic market demand due to macroeconomic improvements and government policies supporting equipment updates and consumer goods replacement[58]. - The company aims to expand its traditional export markets while breaking into high-end markets with tailored business policies and enhanced service networks[58]. Shareholder Information - The company announced an interim dividend of HKD 0.72 or RMB 0.66 per share for the six months ending June 30, 2024, totaling approximately HKD 1,988 million or RMB 1,822 million[83]. - Major shareholder Shandong Heavy Industry holds 51% of the company's issued shares, while FPFPS holds 25%[91]. - The company has no plans to repurchase or redeem any of its listed securities during the review period[85]. - The company’s board emphasizes the importance of shareholder communication during the annual general meeting held on June 28, 2024[86].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [5]. Core Insights - The company reported a revenue of 49.5 billion yuan for the first half of 2024, representing an 18.8% year-on-year increase, with a net profit of 2.9 billion yuan, up 38.9% year-on-year [1]. - The heavy truck segment saw rapid sales growth, with a market share increase, while profitability slightly declined due to changes in product mix [1][2]. - The light truck segment also experienced significant sales growth, benefiting from increased market share in niche areas [1]. - The company is positioned as a leader in the heavy truck industry, expected to benefit from government policies aimed at phasing out older diesel trucks, which could stimulate sales growth [1][2]. Financial Summary - Revenue is projected to grow from 85.78 billion yuan in 2023 to 103.48 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 4% [2]. - Net profit is expected to increase from 5.32 billion yuan in 2023 to 7.81 billion yuan in 2026, reflecting a CAGR of about 8% [2]. - The company's gross margin is forecasted to stabilize around 16% over the next few years, with a net profit margin increasing from 6.2% in 2023 to 7.6% in 2026 [2][3]. Market Performance - The heavy truck sales volume for the company reached 12.5 million units in the first half of 2024, a 14.8% increase year-on-year, while light truck sales increased by 14.5% [1]. - The company’s market share in the new energy heavy truck segment has improved significantly, ranking among the top three in the industry [1]. - The financial services segment reported increased revenue but experienced a decline in profitability due to rising costs [1][2].