[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 19.54港元 中国重汽（3808.HK） 汽车 目标价： ——港元 行业地位持续领先，走向高质量发展快速路 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2023年度报告，公司实现营业总收入861.5亿元，同比+44.8%， [分Ta析bl师e_：Au郑th连or声] 归母净利润为 53.2 亿元，同比+196.0%。23 年公司毛利 142.4 亿元，同比 执业证号：S1250522040001 +42.3%，毛利率为16.7%，同比-0.1pp。 电话：010-57758531 邮箱：zlans@swsc.com.cn  整车业务实现量价齐升，产品结构改善利好利润增长。23年公司重卡业务实现 营收 752.9亿元，同比+49.7%，全年销量22.7万辆（内/外销：9.7/13.0万辆）， 联系人：冯安琪 同比增长43.9%，大幅高于35.6%的行业整体增速，市占率攀升1.3pp至 24.9% 电话：021-58351905 邮箱：faz@sws ...

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808 HK) with a target price of HKD 26.49, indicating a potential upside of 32.4% from the current price of HKD 20.00 [1][2][6]. Core Insights - The company's 2023 performance met expectations, with a significant increase in net profit and a higher dividend payout ratio. Revenue rose by 43.9% year-on-year to RMB 85.498 billion, while net profit surged by 217.9% to RMB 5.318 billion, exceeding market expectations by 2% [1][5]. - The strong recovery in heavy truck sales, both domestically and internationally, contributed to improved profit margins due to economies of scale. Heavy truck sales in mainland China and overseas grew by 40% and 46.9%, respectively [1][5]. - The company has increased its dividend payout ratio from 46.2% in 2022 to 50.1% in 2023, distributing a final dividend of RMB 0.965 per share [1][4]. Financial Performance Summary - **2023 Financials**: Revenue reached RMB 85.498 billion, with a gross profit margin of 16.7%. Operating profit increased by 132.7% to RMB 6.487 billion, and net profit margin improved to 6.2% [5][7]. - **2024 Projections**: Revenue is expected to grow to RMB 101.704 billion in 2024, with a projected net profit of RMB 6.436 billion, reflecting a year-on-year growth of 19% [4][7]. - **Valuation Metrics**: The report projects a price-to-earnings ratio of 10x for 2024, with an attractive dividend yield of 5.3% based on the current price [2][4]. Market Position and Outlook - The company is expected to maintain its leading position in the heavy truck market, with a market share of approximately 30% in mainland China as of early 2024. The market share for natural gas heavy trucks has significantly increased by 13.05 percentage points to 24.1% [1][5]. - The report anticipates continued growth in both domestic and international markets, with heavy truck exports accounting for 57% of total sales in 2023, and a forecasted market share of over 50% in the export segment for 2024 [1][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong performance in H2 2023, driven by explosive export growth, leading to a significant increase in sales and profits [3][4] - The overall revenue for 2023 reached 86.15 billion yuan, a year-on-year increase of 44.77%, with heavy-duty trucks, light trucks, and engine sales contributing 74.83 billion, 8.83 billion, and 620 million yuan respectively [3] - The company aims to enhance its competitiveness in both domestic and international markets, focusing on high-end segments and optimizing product offerings [4] Financial Summary - Total revenue (in million yuan): - 2021: 93,641 - 2022: 59,507 - 2023E: 86,150 - 2024E: 101,518 - 2025E: 117,094 - Year-on-year growth rates: - 2023E: +44.77% - 2024E: +17.84% - 2025E: +15.34% [2] - Net profit attributable to shareholders (in million yuan): - 2021: 4,322 - 2022: 1,797 - 2023E: 5,318 - 2024E: 6,813 - 2025E: 7,813 - Year-on-year growth rates: - 2023E: +196.01% - 2024E: +28.11% - 2025E: +14.67% [2] - Earnings per share (EPS): - 2023E: 1.93 yuan - 2024E: 2.47 yuan - 2025E: 2.83 yuan - Price-to-earnings (P/E) ratios: - 2024E: 7.42 - 2025E: 6.47 [2][4] Outlook - The company is expected to achieve net profits of 6.81 billion yuan and 7.81 billion yuan for 2024 and 2025 respectively, with corresponding EPS of 2.47 yuan and 2.83 yuan [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 截 至 2023 年 12 月 31 日 止 年 度 業 績 公 告 業績 董事會欣然公佈中國重汽（香港）有限公司截至2023年12月31日止年度之綜合業績 及與上年同期之比較數字如下： 綜合損益表 截至2023年12月31日止年度 （除另有說明外，所有金額以人民幣千元計） 附註 2023年 2022年 （經重述） 收入 4 85,498,035 59,405,299 銷售成本 (71,262,502) (49,398,724) 毛利 14,235,533 10,006,575 其他收入及利得 816,951 1,294,910 分銷成本 (4,001,904) (2,874,018) 行政開支 (4,669,217) (4,870,446) 金融 ...

此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 交银国际研究 首次覆盖 重卡 收盘价 目标价 潜在涨幅 2024年3月14日 港元19.48 港元25.06 +28.6% 中国重汽 (3808 HK) 重卡出口+内需双轮驱动，行业龙头乘风而起；首予买入评级  首予买入评级，目标价25.06港元。我们认为中国重汽作为重卡行业中的 个股评级 龙头企业和优质标的，是我国重卡行业复苏和出口高增的主要受益者。凭 买入 借稳健的资产负债表和优于同行的盈利能力，中国重汽在行业下行时通过 出口业务体现出较强的韧性，又能快速抓住内地的复苏周期的机遇持续扩 1年股价表现 大市场份额。我们认为重汽的估值至少应为市场平均水平，基于市场平均 10倍2024年市盈率（较重汽过去10年平均远期市盈率11.5倍低），我们 3808 HK 恒生指数 80% 设定目标价25.06港元，上涨空间28.6%，给予买入评级。2023-25年每股 70% 60% 股息预测为0.71/0.85/1.01元人民币 ...

目 錄 財務數據 002 釋義 003 企業資料 007 集團概況 009 股東資料 010 管理層討論與分析 012 其他資料 034 中期財務報告的審閱報告 043 綜合損益表 044 綜合全面收益表 045 綜合財務狀況表 046 綜合權益變動表 048 簡明綜合現金流量表 050 未經審核中期財務報告附註 051 中 國 重 汽（ 香 港 ） 有 限 公 司 | 2023 中 期 報 告 財務數據 截至6月30日止6個月 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 截 至 2023 年 6月 30 日 止 6個 月 中 期 業 績 公 佈 業績 董事會欣然公佈本集團截至2023年6月30日止6個月之未經審核中期業績及與上年 同期之比較數字如下： 綜合損益表 截至2023年6月30日止6個月－未經審核 （除另外說明外，所有金額以人民幣千元計） 附註 截至6月30日止6個月 2023 2022 收入 4 41,389,161 29,028,227 銷售成本 (34,367,215) (24,115,544) ...

Financial Performance - Revenue for 2022 was RMB 59,291 million, a decrease of RMB 34,066 million or 36.5% compared to 2021[3] - Gross profit for 2022 was RMB 10,013 million, down RMB 5,651 million or 36.1% year-over-year[3] - Profit attributable to shareholders was RMB 1,797 million, a decline of RMB 2,525 million or 58.4% from the previous year[3] - The net profit margin decreased to 3.5% from 5.0%, representing a drop of 1.5 percentage points[3] - The basic earnings per share for 2022 was RMB 0.65, down RMB 0.92 or 58.6% from 2021[3] - The company declared a final dividend of HKD 0.33 per share, a decrease of HKD 0.35 or 51.5% from the previous year[3] - The proposed final dividend for 2022 is HKD 0.33 per share or RMB 0.29 per share, with a payout ratio of 44.6%[32] - The company achieved a revenue of RMB 59,291 million for the fiscal year ending December 31, 2022, with a profit attributable to equity holders of RMB 1,797 million, making it one of the most profitable companies in the domestic truck industry[38] - The company reported a significant increase in financial income, with net financial income rising to RMB 128 million, an increase of 17.4% year-on-year[90] - The net profit for the period was RMB 2,051 million, a decrease of RMB 2,658 million or 56.4% year-on-year, with a net profit margin of 3.5%, down 1.5 percentage points[90] Sales and Market Performance - Heavy truck sales in the domestic market fell to 69,231 units, a decrease of 158,544 units or 69.6% compared to 2021[3] - Export sales of heavy trucks increased to 88,525 units, up 34,475 units or 63.8% year-over-year[3] - The heavy truck industry experienced a significant decline in sales, with approximately 672,000 units sold in 2022, a year-on-year decrease of 51.8%[37] - The company exported approximately 89,000 heavy trucks in 2022, representing a year-on-year increase of 63.8%[38] - The heavy truck division's total revenue was RMB 50,300 million, a decrease of 36.8% year-on-year, with an operating profit margin of 5.2%, down 0.2 percentage points[43] - The company sold 157,756 heavy trucks during the period, representing a year-on-year decline of 44.0%, with domestic sales dropping by 69.6% to 69,231 units[45][46] - The light truck and other divisions reported total revenue of RMB 8,406 million, a decline of 35.8%, with light truck sales falling by 38.0% to 80,056 units[52] - The engine division's total sales revenue was RMB 11,424 million, down 41.4%, with the external sales of engines accounting for 6.6% of total sales, an increase of 0.3 percentage points[53] Operational Efficiency and Investments - The company has a comprehensive manufacturing capability, producing key components such as engines, cabs, axles, and transmissions[26] - The company is committed to increasing R&D investment to accelerate the commercialization of new energy vehicles and continuously upgrade its product structure[41] - The company is focusing on product optimization and structural adjustments to meet market demands and achieve technological breakthroughs[58] - The company is enhancing its engine technology with a focus on new energy technologies and optimizing fuel consumption through various measures[56] - The company achieved a 48% thermal efficiency in the MC13H engine, contributing to reduced fuel consumption[58] - The company has established a comprehensive after-sales service management system to enhance customer satisfaction and service quality[76] Risk Management and Compliance - The company is committed to risk management and has established a digital and intelligent risk control system[59] - The company has implemented monitoring procedures for loan repayments and collections, requiring quarterly reports on repayment status[68] - The company has established a comprehensive risk management process to enhance management standards and competitiveness, ensuring reliable financial and accounting records[141] - The risk management department is responsible for building the risk management organization and defining responsibilities, as well as preparing annual risk management work plans[143] - The internal audit department regularly reviews the effectiveness of the internal control system, including related party transactions, and has not identified any significant issues during the review period[145] Corporate Governance - The company appointed several independent non-executive directors with extensive experience in engineering and management, enhancing its governance structure[111][113][114][115][116] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with shareholder expectations and enhancing accountability and transparency[118] - The board consists of 17 members, including 7 executive directors, 4 non-executive directors, and 6 independent non-executive directors as of December 31, 2022[122] - The company has established various committees, including the audit committee and the remuneration committee, to oversee different responsibilities[129] - The company emphasizes the importance of directors' commitment and their accountability to shareholders, with each director required to dedicate sufficient time to the company's affairs[119] Environmental and Social Responsibility - The group achieved a 100% compliance rate for wastewater and waste gas discharge standards in 2022, with hazardous waste also disposed of in full compliance[82] - The group has established a comprehensive environmental management system, achieving 100% certification coverage under ISO 14001:2015 across all manufacturing units in 2022[80] - The group has implemented a dual prevention system for safety management, successfully passing environmental and occupational health safety management system certifications[85] - The group actively tracks climate change policies and risks, aligning with national goals for carbon neutrality and peak carbon emissions[81] - The company emphasizes stakeholder communication and has implemented feedback mechanisms to improve social responsibility performance[76] Future Outlook and Strategy - The company aims to enhance brand promotion and strengthen its domestic and international markets in 2023[41] - The heavy truck market is anticipated to gradually recover from its low point in 2023 due to economic recovery and infrastructure investments[40] - The company plans to focus on high-end product sales, optimizing the HOWO T series and Huanghe product mix to enhance brand influence in 2023[87] - The company is accelerating the promotion of new energy products, targeting policy-leading cities and exploring new sales models in specific application scenarios[87] - The company anticipates a recovery in the commercial vehicle industry driven by economic stabilization and increased demand from natural updates and policy support[87]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 截 至 2022 年 12 月 31 日 止 年 度 業 績 公 告 及 建 議 修 訂 章 程 細 則 並 通 過 納 入 新 章 程 細 則 業績 董事會欣然公佈中國重汽（香港）有限公司截至2022年12月31日止年度之綜合業績 及與上年度之比較數字如下： 綜合損益表 截至2022年12月31日止年度 （除另有說明外，所有金額以人民幣千元計） 附註 2022年 2021年 經審核 經審核 收入 4 59,290,569 93,357,031 銷售成本 (49,277,352) (77,692,927) 毛利 10,013,217 15,664,104 其他收入及收益 1,293,879 1,258,030 分銷成本 (2,860,898) (4 ...