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]

Investment Rating - The report maintains a HOLD rating for Sinotruk (Hong Kong) with a target price of HK$20.50, down from the previous target price of HK$21.40, indicating an 8.5% downside from the current price of HK$22.40 [1][3]. Core Views - Sinotruk's 2024 net profit is projected at RMB5.86 billion, reflecting a 10% year-over-year increase, which is slightly above the report's estimate but below Bloomberg's consensus [1]. - The management anticipates a decline in export sales for 2025, aligning with the report's view that exports will face pressure due to a high base in the Russian market [1]. - The report revises down the earnings forecast for 2025 and 2026 by 2% and 3% respectively, primarily due to lower export volume assumptions and low engine margins [1]. Financial Summary - Revenue is expected to grow from RMB85.04 billion in FY23 to RMB95.06 billion in FY24, with a projected growth rate of 11.8% [2]. - Net profit is forecasted to increase from RMB5.32 billion in FY23 to RMB5.86 billion in FY24, representing a 10.2% growth [2]. - The earnings per share (EPS) is projected to be RMB2.14 for FY24, with a year-over-year growth of 10.9% [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.9 in FY23 to 9.8 in FY24, indicating a more attractive valuation [2]. Segment Performance - Heavy-duty truck (HDT) sales are projected to grow by 3% in 2025, driven by a 12% increase in China, but offset by a 5% decline in exports [8]. - Light-duty truck (LDT) sales are expected to grow by 5% in 2025, with the segment potentially turning profitable [8]. - Engine sales volume is anticipated to grow by 5% in 2025, with stable segment margins around 14% [8]. Shareholding Structure - The major shareholders of Sinotruk include CNHTC with a 51% stake and MAN SE with a 25% stake [4]. Market Performance - The stock has shown a 1-month absolute performance of 8.5% and a 3-month relative performance of -1.1% [5].

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 ...

中国工程机械工业协会发文称，2025年2月升降工作平台出租率指数为350点，环比下降21.4%，同比增 长34.1%。由于每年春节假期时间都在一二月份变换，因此出租率指数同比、环比跳跃较大。 CME预计2025年3月挖掘机销量28500台，同比+14%，其中国内18500台，同比+22%，出口10000台，同 比+2%。2025年1-3月挖掘机累计内销35545台，同比+34%，累计出口24737台，同比+5%，国内外需求 边际回暖开启共振。 展望全年，东吴证券研究认为水利投资高增速对小挖形成支撑，地产企稳、基建发力对中挖形成支撑， 矿山需求稳定对大挖销量形成支撑，叠加存量更新替换背景下，全年挖机内销值得期待。 太平洋证券发布研报称，海关公布2025年1、2月挖机产品出口数据，同比继续高增长，目前海外对主机 厂利润贡献很大，预计随着出口同比继续向上，这一比例有望继续提升。且下游各主要区域同比均呈现 向好趋势，该行认为出口端利润率更高，今年在海外需求环境向好预期下，预计会对各主机厂业绩端形 成积极影响，该行继续看好工程机械板块。 工程机械相关港股企业： 中联重科（000157）(01157)、中国龙工(0333 ...

智通财经APP讯，中国重汽(03808)发布截至2024年12月31日止年度业绩，收入950.62亿元(人民币，下 同)，同比增加11.19%;股东应占溢利58.58亿元，同比增加10.16%;每股基本盈利2.14元;拟派发末期股息 每股0.55港元。 公告称，重卡分部总收入841.50亿元，同比上升11.8%。重卡分部的营运溢利率为5.2%，同比下降0.6个 百分点，主要原因是受区域结构变化及车型结构影响导致。 回顾期内，集团重卡销售24.34万辆，同比增加7.2%。 牵引车市场，集团一是抢抓机遇，在多个细分领域强势夺冠。其中，15L大马力燃气牵引车市场占有率 同比提升9.7个百分点，实现高端燃气牵引车行业引领;集装箱牵引车运输市场占有率同比提升3.5个百分 点。二是加速迭代产品速度，全新发佈汕德卡C9H超高顶牵引车和HOWO-TS7牵引车。 载货车市场，集团深入拓展各类应用场景，补齐产品短板，重点深耕城市快递应用场景。其中，快递市 场占有率行业领先;翼开启市场占有率同比增长3.7个百分点，位居行业第一。 专用车市场，集团主打差异化竞争优势，不断提升产品品质，市场占有率同比提升0.7个百分点，消 防、泵车和 ...

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 maintains a positive outlook on the heavy truck industry, particularly highlighting the expected benefits from the implementation of the National IV emission standards [12]. Core Insights - February sales exceeded expectations, with wholesale sales reaching 82,000 units, a year-on-year increase of 36.1% and a month-on-month increase of 12.7% [8]. - Terminal sales for February were 48,000 units, showing a year-on-year increase of 81.9% and a month-on-month increase of 42.9% [8]. - The report anticipates that in March 2025, domestic sales will be around 70,000 units, with wholesale expected to reach 110,000 units [8]. Summary by Sections Sales Tracking - February production of heavy trucks was 87,000 units, with year-on-year growth of 46.3% and month-on-month growth of 14.4% [11]. - The total inventory in February increased by 16,000 units, with the current total inventory at 149,000 units [8][26]. Market Structure - In February, the market share for terminal sales was led by Jiefang (25.0%), Dongfeng (19.2%), and Heavy Truck (19.3%) [10]. - The market share for exports was dominated by Heavy Truck at 46.6%, followed by Jiefang (14.7%) and Dongfeng (6.6%) [51]. Profitability Tracking - The report indicates that the heavy truck industry is experiencing a recovery, with significant increases in both terminal and wholesale sales, suggesting a positive trend in profitability [11][12]. - The penetration rate for natural gas heavy trucks reached 36.7%, with sales of 17,700 units in February, reflecting a year-on-year increase of 84.5% [33]. Demand Tracking - The report notes that macroeconomic indicators remain stable, supporting the demand for heavy trucks [70]. - The average oil-gas price difference was reported at 2.3 yuan, which is above the critical value for cost recovery, indicating favorable economic conditions for natural gas trucks [34].

彩 轩然之子 | 成就新汽车人 维 设 计 ූප 与 创 新 le 生 领 行 नार 向 阳 H 推 撰 文 / 牛跟尚 设 计 / 琚 佳 当地时间2月20日，张小帆出现在印度尼西亚雅加达的2025年东风汽车东南亚DONGFENG DAY品 牌活动现场。 经过2024年国内外对标学习，这位东风汽车集团股份有限公司商用车事业部副总经理、东风商用车 有限公司总经理，带领全价值链出海打硬仗。 这一天，东风商用车海外右置车商品线首次发布，DONGFENG GX、DONGFENG KC PRO、 DONGFENG KC PLUS等新车型亮相。 此外，东风轻型发动机有限公司（简称东风轻发）的两款轻型柴油发动机M9T和ZD30亮相。2024 年，东风轻发通过东风股份海外事业部出口整机超5000台，外部客户出口整机超5000台，完成从欧 三至欧六的产品布局。海外市场成为东风轻发销量增长的核心板块。 和张小帆同框的，还有中国东风汽车工业进出口有限公司（简称东风进出口）总经理马磊、副总经 理杨涛。 同时，东风商用车的研发、金融等领导及来自印度尼西亚、泰国、新加坡等东南亚国家、东盟地区 的百余位经销商、合作伙伴和金融界、媒体界 ...

撰文 / 牛跟尚 设计 / 师 超 卡车圈曾大名鼎鼎的悍将鲍红亮，已在一家非常低调但是未来转型方向的新公司，从事最富有挑战、也有含金量的工作。 这间注册地在山东潍坊的新创企业，现在叫山东同心智行数智科技有限公司，曾用名潍柴智能科技有限公司，是由中国重汽控股72%、潍柴动力持股 15%的一家从事汽车后市场与互联网相关服务的科技型中小企业。 曾任中国重汽市场部总经理、商用车销售部总经理的鲍红亮，现在是这家简称为同心智行的董事长。 其实在去这家新创公司之前，他就知道这份工作会在汽车营销未来走势中扮演举足轻重的作用。 早在2017年6月14日中国邮政快递报社主办的经理人俱乐部走进中国重汽活动上，时任中国重汽商用车销售部总经理鲍红亮就表示："物流干线运输已经 从信息化走到了智能化，未来智能化也将会颠覆传统快递业。" 中通快运王海军直接告诉他："光卖车不讲服务，车是卖不出去的"。 从那时起，新零售催生了新物流，各种新科技、新技术的广泛应用，供应链协同，连接升级，实现物流系统的智能化、网络化、自动化、可视化和系统 化。潍柴智能科技有限公司应运在2018年创立。 2019年8月22日，时任中国重汽市场部总经理的鲍红亮一行3人 ...

撰 文 / 牛 跟尚 设 计 / 琚 佳 当东风商用车技术中心副中心长李智博士谈行业内卷如何"活下去""活得更好"时，2024年中国商用 车原预计重回400万辆结果销售只有387万辆，中国重卡原预计重回百万辆结果销量还微降到90万 辆。 销量下滑，给各大重卡生产企业致命一击。 东风商用车在1月20日召开的2025年工作会已号召全体员工"以命相搏，背水一战"，并于1月21日、 22日先后进整合了十堰的整车工厂、铸造工厂，提升精益化管理水平。 一半销量靠出口且赚回大钱的中国重汽2024年12月初公布，2024年利税总额预计120亿元，这包括 企业产品销售税金及附加、应交增值税、管理费用中税金和利润之和。这个指标似乎更强调对社会 的量化责任。 蛇年春节前夕，一汽解放通过重大资产出售事项相关的议案，公司与中国第一汽车股份有限公司 （交易对方）签署《股权转让协议》，约定以人民币492388.61万元向交易对方出售公司所持一汽 财务有限公司21.8393%股权。这样的内部操作，解放可以获得"大红包"，图个账面上好看。此前， 其2024年前三季度业绩报告显示，净利润3.64亿元，同比下降11.82%。 1月24日，江淮汽车 ...