Group 1: Heavy Truck Industry Trends - The heavy truck industry is expected to see a year-on-year sales growth of approximately 10% in 2025, driven by domestic demand and the implementation of the National IV emission standard vehicle scrapping policy, which is projected to release replacement demand gradually [1] - The domestic heavy truck ownership exceeds 8 million units, indicating a substantial annual replacement demand [1] - The overseas market is anticipated to remain strong in 2025, with Chinese heavy truck products expected to maintain long-term competitiveness due to increased brand recognition [1] Group 2: Natural Gas Heavy Truck Market - In 2024, domestic sales of natural gas heavy trucks are projected to reach 178,000 units, with a penetration rate of 30% [2] - The favorable supply-demand balance is expected to keep natural gas prices stable, enhancing the application scenarios for gas heavy trucks due to their low-carbon and economic advantages [2] - The company holds a market share of approximately 60% in natural gas heavy truck engines, reflecting its strong R&D capabilities and technical accumulation over 20 years [2] Group 3: Dividend Policy - If considering the dividend distribution plan for 2024, the total dividends distributed since the company's listing will reach nearly 35 billion yuan [2] - The company emphasizes shareholder opinions and continuously rewards them through dividends, balancing development needs with shareholder interests [2]

Group 1: Company Performance and Strategy - In 2024, the company achieved a profit growth rate higher than revenue growth, indicating high-quality development [1] - The M series large-bore engine sales reached over 8,100 units in 2024, with 62% of sales coming from overseas [3] - The company plans to accelerate its transition towards six major business directions while consolidating existing advantages [1] Group 2: Heavy Truck Industry Outlook - The heavy truck industry is expected to see a 10% year-on-year sales growth in 2025, driven by domestic demand and the replacement of National IV emission standard trucks [2] - The domestic heavy truck market has a substantial stock of over 8 million vehicles, indicating significant annual replacement demand [2] Group 3: New Energy Business Development - In 2024, the sales of new energy heavy trucks reached 80,000 units, with a market penetration rate of 14% [4] - The company aims for a more than 100% year-on-year growth in new energy revenue in 2025, supported by technological innovation and market expansion efforts [5] Group 4: Natural Gas Heavy Truck Market - In 2024, the domestic sales of natural gas heavy trucks reached 178,000 units, with a penetration rate of 30% [6] - The company holds approximately 60% market share in natural gas heavy truck engines, positioning itself as a market leader [6] Group 5: Research and Development Investment - Over the past five years, the company has invested more than 44 billion yuan in R&D, with 9.4 billion yuan allocated in 2024 [7] - Future R&D efforts will focus on breakthrough technologies in high-efficiency, low-emission engines and the development of next-generation new energy controllers [8] Group 6: Profit Margin Improvement - The company experienced a significant increase in gross margin in 2024, driven by higher sales of high-value, high-margin products [8] - Continued efforts to reduce costs across various aspects of the business are expected to further enhance profit margins [8]

中信证券股份有限公司 关于潍柴动力股份有限公司 2024 年年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为潍柴动力股份 有限公司（以下简称"潍柴动力"或"公司"）非公开发行股票及持续督导的保荐机构， 根据中国证券监督管理委员会（下称"中国证监会"）发布的《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》和深圳证券交易所（下称"深交所"）发 布的《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关 规定，对潍柴动力 2024 年年度募集资金存放与使用情况进行了核查，核查情况及核查意 见如下： 一、募集资金基本情况 （一）实际募集资金数额和资金到位时间 经中国证监会核发的《关于核准潍柴动力股份有限公司非公开发行股票的批复》（证 监许可[2021]1407 号），公司非公开发行不超过 793,387,389 股新股。本次发行实际发行 数量为 792,682,926 股，每股面值 1 元，发行价格为每股 16.40 元，共募集资金人民币 12,999,999,986.40 元，扣除与本次发行有关的保荐承销费、审计及验 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 20.86 CNY over the next six months, compared to the current price of 16.30 CNY [1][13]. Core Insights - Weichai Power has demonstrated a comprehensive improvement in the operational quality of its subsidiaries, leading to enhanced profitability. The company has managed to overcome pressures from a low-performing industry, with a slight increase in revenue and a significant rise in net profit [8][9]. - The heavy truck industry faced a slight decline in sales, but Weichai Power's diversified business strategy has allowed it to maintain stable growth across various segments, including engine sales and exports [8][9]. - The company is expected to benefit from the growing market for natural gas heavy trucks, which have shown a significant increase in sales due to favorable policies and cost advantages [8][9]. Financial Summary - For the fiscal year 2024, Weichai Power reported a revenue of 2156.91 billion CNY, a year-on-year increase of 0.81%, and a net profit attributable to the parent company of 114.03 billion CNY, up 26.51% year-on-year [3][8]. - The company forecasts revenue growth to 2716.13 billion CNY in 2025, with a projected net profit of 129.98 billion CNY, reflecting a growth rate of 13.98% [3][10]. - The gross margin for 2024 was reported at 22.4%, with a net margin of 6.6%, indicating a continuous improvement in profitability [8][10]. Business Segments Performance - The revenue from complete vehicles and key components is expected to grow significantly, with a forecasted increase of 52.8% in 2025 [10]. - The intelligent logistics segment is projected to maintain steady growth at 5% annually, while agricultural equipment is expected to see a moderate increase in revenue [10]. - The company’s subsidiaries, including Shaanxi Heavy Truck, have shown impressive performance, with net profits increasing significantly [8][9]. Market Position and Future Outlook - Weichai Power is positioned to capitalize on the increasing demand for natural gas engines and the expansion of data center operations, which are expected to drive future growth [8][9]. - The company is anticipated to achieve a net profit of 150.21 billion CNY by 2026, with a corresponding PE ratio of 10 [3][10].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of 20.86 CNY over the next six months, compared to the current price of 16.30 CNY [1][13]. Core Insights - Weichai Power has demonstrated a comprehensive improvement in the operational quality of its subsidiaries, leading to enhanced profitability. The company has managed to navigate industry pressures effectively, with a slight increase in revenue and a significant rise in net profit [8][10]. - The heavy truck industry faced a slight decline in sales, yet Weichai Power's various business segments are showing stable upward trends. The company is positioned to benefit from the growing demand for natural gas heavy trucks due to recent policy changes [8][9]. Financial Performance Summary - For the fiscal year 2024, Weichai Power reported a revenue of 2156.91 billion CNY, reflecting a year-on-year growth of 0.81%. The net profit attributable to the parent company was 114.03 billion CNY, marking a 26.51% increase [3][8]. - The company’s gross margin improved to 22.4%, up by 1.3 percentage points year-on-year, while the net margin reached 6.6%, an increase of 1.4 percentage points [8][10]. - The forecast for the next three years indicates a steady growth in revenue and net profit, with expected net profits of 129.98 billion CNY, 150.21 billion CNY, and 169.97 billion CNY for 2025, 2026, and 2027 respectively [3][15]. Business Segment Performance - The revenue from complete vehicles and key components is projected to grow significantly, with an estimated increase of 52.8% in 2025. The intelligent logistics segment is expected to maintain a steady growth rate of 5% annually [10][15]. - The natural gas heavy truck segment is anticipated to see increased sales due to favorable policies, with a projected sales volume of 17.8 million units in 2024, representing a year-on-year growth of 17.3% [8][9]. Valuation Metrics - The report suggests a price-to-earnings (PE) ratio of 14 for 2025, which is lower than the average PE of 17 for comparable companies, indicating potential undervaluation [13][14]. - The expected earnings per share (EPS) for the next three years are projected to be 1.49 CNY, 1.72 CNY, and 1.95 CNY for 2025, 2026, and 2027 respectively [3][15].

2025年以来，中国重卡行业迎来多重利好共振，景气度显著回升的态势已现端倪。这一趋势既得益于制造业和建筑业 的协同复苏，也受益于政策红利释放与产业技术变革的双重驱动。 从宏观环境看，制造业PMI连续两月站上荣枯线，1-2月均值达49.65%，总体好于2024年，其中装备制造业PMI普遍突 破53%高位，显示工业生产动能强劲。与之形成呼应的是，建筑业PMI在节后快速回升至52.7%，土木工程指数更突破 60%关口，基建项目复工节奏明显加快。这种制造业提质增效与基建投资发力的组合，直接激活了物流运输与工程机 械两大重卡需求核心场景。 市场数据也印证了行业拐点的确立，2025年2月我国重卡批售量达8万辆，同比大幅增长34%，环比上升11%，创近四 年同期次高水平。 当前，重卡行业正站在"油车换新+新能源替代+海外扩容"的新周期起点。随着物流需求回暖、技术迭代加速与政策红 利延续，产业链相关企业有望在供需共振下打开百万级增量空间，向高质量发展阶段加速迈进。那么聚焦到公司上， 有哪些企业已经做好准备？成为资本市场关注的重点。 正值潍柴动力发布其2024年财报，提供了不错的观察样本。头部企业代表行业先进的生产力，往往也是 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power [6] Core Views - Weichai Power achieved a revenue of 215.69 billion yuan in 2024, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 11.40 billion yuan, up 26.51% year-on-year [2][4] - The company is advancing six strategic layouts to support long-term development, with expected net profits for 2025-2027 projected at 12.76 billion, 14.47 billion, and 15.40 billion yuan, corresponding to PE ratios of 11.14X, 9.83X, and 9.24X [2][4] - The company is expected to maintain a dividend payout ratio of 55% in 2024, with an average dividend payout ratio of 60% anticipated for 2025, leading to a dividend yield of approximately 5.4% based on current market capitalization [2] Summary by Sections Financial Performance - In Q4 2024, Weichai Power reported revenue of 53.74 billion yuan, with a quarter-on-quarter increase of 0.3% and a year-on-year increase of 8.64% [2][4] - The net profit for Q4 was 3.00 billion yuan, reflecting a quarter-on-quarter increase of 19.46% and a year-on-year increase of 20.21% [2][4] - The gross margin for Q4 was 24.15%, up 0.49 percentage points year-on-year [2] Strategic Initiatives - The company is focusing on six strategic directions, including adjusting product, business, and market structures, accelerating the transition to new energy and digital intelligence, and expanding into high-end markets [2][4] - The demand for high-end large-bore products is expected to increase, particularly in sectors such as data centers and mining [2] Market Outlook - The heavy truck industry is showing signs of stabilization and recovery, supported by policies encouraging vehicle replacements [2][4] - The report highlights the potential for continued high growth in various business segments, including high-margin products and agricultural equipment [2]

Investment Rating - The report maintains a "Strong Buy" rating for Weichai Power, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - Weichai Power's 4Q24 earnings exceeded expectations, with a revenue of 537 billion yuan, maintaining a stable performance compared to the previous quarter and showing a 9% increase year-on-year. The gross margin reached 24.2%, close to historical highs, attributed to product structure optimization and ongoing cost reductions [2][4][8]. - The company reported a total revenue of 215.7 billion yuan for 2024, a year-on-year increase of 1%, with a net profit attributable to shareholders of 11.4 billion yuan, up 27% year-on-year. The non-recurring net profit was 10.5 billion yuan, reflecting a 30% increase year-on-year [2][4][8]. - The report projects optimistic growth for 2025, with expected net profits of 12.7 billion yuan, representing an 11.3% increase, and a target price of 21.8 yuan for A-shares and 23.4 HKD for H-shares [2][4][8]. Financial Summary - The total revenue for 2024 is forecasted at 215.7 billion yuan, with a growth rate of 0.8% for 2025, 7.2% for 2026, and 3.7% for 2027 [4]. - The net profit attributable to shareholders is projected to be 11.4 billion yuan in 2024, increasing to 12.7 billion yuan in 2025, 14.3 billion yuan in 2026, and 15.2 billion yuan in 2027, with respective growth rates of 26.5%, 11.3%, 12.7%, and 5.9% [4]. - The earnings per share (EPS) is expected to rise from 1.31 yuan in 2024 to 1.74 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 12 in 2024 to 9 in 2027 [4]. Dividend and Shareholder Returns - Weichai Power declared a total dividend of 6.27 billion yuan for the year, with a payout ratio of 55%, corresponding to a dividend yield of over 5% [8].

Core Viewpoint - The company reported a stable performance in 2024, with revenue of 215.69 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 11.4 billion yuan, up 26.5% year-on-year, indicating strong profitability and effective cost management [1][3]. Group 1: Financial Performance - The company plans to distribute a cash dividend of 3.47 yuan per share, with a total cash dividend amounting to 6.27 billion yuan, resulting in a high dividend payout ratio of 55% [1]. - The company's gross profit margin improved significantly, with the overall gross margin rising by 1.3 percentage points to 22.4%, driven by product structure optimization and cost control measures [3]. - The operating net profit of the parent company reached 8.27 billion yuan, a substantial increase of 25.7% year-on-year, contributing positively to the overall group performance [3]. Group 2: Business Segment Performance - The engine segment achieved sales of 734,000 units, with heavy-duty truck engines maintaining a market share of 38.7% and natural gas heavy-duty engines leading the market with a 59.6% share [2]. - The company’s heavy-duty truck sales reached 118,000 units, a year-on-year increase of 1.5%, with significant growth in the export market, which saw a 15.2% increase [2]. - The data center product segment experienced a remarkable growth of 148% year-on-year, with nearly 400 units shipped [2]. Group 3: Market Outlook and Policy Impact - The new policy for scrapping and updating old operating trucks is expected to stimulate demand for natural gas heavy-duty trucks, with the market penetration rate anticipated to increase significantly [4]. - The company holds a leading position in the natural gas heavy-duty engine market with nearly 60% market share, positioning it well to benefit from industry growth [4]. - The demand for high-end diesel generator sets is expected to grow rapidly due to accelerated data center construction, providing further market opportunities for the company [4]. Group 4: Future Projections - Revenue projections for the company are estimated at 240.66 billion yuan, 260.94 billion yuan, and 275.17 billion yuan for 2025-2027, with net profits expected to reach 13.06 billion yuan, 14.79 billion yuan, and 15.91 billion yuan respectively [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 215.69 billion RMB for 2024, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 11.40 billion RMB, up 26.51% year-on-year [1]. - The company achieved a revenue of 53.74 billion RMB in Q4 2024, reflecting a year-on-year increase of 0.30% and a quarter-on-quarter increase of 8.64% [2]. - The product structure is continuously optimized, with significant growth in agricultural equipment and overseas subsidiaries, contributing to improved profitability [3]. - The expansion of the old-for-new vehicle policy is expected to boost domestic demand for heavy trucks, particularly for natural gas engines [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 215.69 billion RMB and a net profit of 11.40 billion RMB, with a growth rate of 26.51% [5]. - The Q4 2024 net profit reached 3.00 billion RMB, marking a year-on-year increase of 19.46% [2]. - The gross margin for Q4 2024 was 24.15%, and the net margin was 7.32%, indicating strong profitability [2]. Business Development - The company is diversifying its business, with engine, vehicle, smart logistics, and agricultural equipment sectors all showing stable growth [3]. - The agricultural equipment segment, particularly the subsidiary Weichai Lovol, reported a revenue of 17.39 billion RMB, up 18.38% year-on-year [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 231.11 billion RMB, 241.61 billion RMB, and 248.86 billion RMB, respectively, with net profits expected to reach 12.75 billion RMB, 14.24 billion RMB, and 15.50 billion RMB [4][5]. - The report anticipates a continued improvement in profitability driven by cost reduction and product structure enhancement [2][3].