Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 15.76 RMB on March 27, 2025 [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 net profit of 3.00 billion RMB in Q4 2024, reflecting a 19.46% increase year-on-year and a 20.21% increase quarter-on-quarter, indicating strong profitability [2]. - The product structure is continuously optimized, with significant growth in agricultural equipment and overseas subsidiaries, contributing to overall revenue growth [3]. - The expansion of the old-for-new vehicle policy is expected to boost domestic demand for heavy trucks, particularly those using natural gas engines [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 53.74 billion RMB, a year-on-year increase of 0.30% and a quarter-on-quarter increase of 8.64% [2]. - The gross margin for Q4 2024 was 24.15%, with a net profit margin of 7.32%, indicating strong operational efficiency [2]. - The company forecasts revenues of 231.11 billion RMB, 241.61 billion RMB, and 248.86 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 12.75 billion RMB, 14.24 billion RMB, and 15.50 billion RMB [4][5]. Product and Market Development - The agricultural equipment segment reported a revenue of 17.39 billion RMB in 2024, a year-on-year increase of 18.38%, marking a historical high [3]. - The overseas subsidiary KION achieved a revenue of 11.5 billion EUR in 2024, a year-on-year increase of 0.61%, also a historical high [3]. - The company is positioned as a leader in the domestic engine sector, focusing on extending its product line and enhancing core competitiveness [4]. Investment Outlook - The report anticipates a continued recovery in domestic demand for heavy trucks, driven by the expanded subsidy policy for replacing old vehicles [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.46 RMB, 1.63 RMB, and 1.78 RMB respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [4][5].

Investment Rating - The investment rating for Weichai Power is "Outperform the Market" [2][7]. Core Viewpoints - Weichai Power's revenue for 2024 is projected to be 215.69 billion RMB, with a year-on-year growth of 0.8%. The net profit is expected to reach 11.403 billion RMB, reflecting a significant increase of 26.5% year-on-year [7][8]. - The company is expected to maintain steady growth in 2025, with sales revenue estimated between 226.5 billion and 237.3 billion RMB, representing a growth of approximately 5-10% [7][8]. - The report highlights strong performance in high-end power systems and logistics equipment, with significant growth in the M series high-power density engines and the Kael Group's logistics solutions [7][8]. Financial Data and Forecast - Key financial data for Weichai Power includes: - Revenue: 213,958 million RMB in 2023, projected to grow to 235,520 million RMB in 2025 [6][11]. - Net Profit: 9,014 million RMB in 2023, expected to increase to 12,645 million RMB in 2025 [6][11]. - EPS: Expected to rise from 1.03 RMB in 2023 to 1.45 RMB in 2025 [6][11]. - Gross Margin: Expected to improve from 22.4% in 2024 to 23.0% in 2027 [6][11]. - ROE: Projected to increase from 13.2% in 2024 to 16.2% in 2027 [6][11]. Business Segment Performance - The revenue forecast by business segment for 2024 includes: - Intelligent Logistics: 88,726 million RMB - Agricultural Equipment: 18,345 million RMB - Complete Vehicles and Key Components: 89,779 million RMB [8]. - The gross profit margin for Intelligent Logistics is expected to be 26.9% in 2024, with a gradual increase to 28.0% by 2027 [8]. Valuation Comparison - The report suggests a reasonable valuation range for Weichai Power at 18.84 to 21.74 RMB per share, based on a PE ratio of 13-15 times for 2025 [7][9].

Core Viewpoint - Weichai Power reported a dual growth in revenue and net profit for the year 2024, indicating a positive outlook for the commercial vehicle and construction machinery markets in China for 2025 [1][2]. Financial Performance - Weichai Power achieved an operating revenue of 215.7 billion yuan, a year-on-year increase of 0.8% - The net profit attributable to shareholders reached 11.4 billion yuan, reflecting a significant year-on-year growth of 26.5% - The net profit excluding non-recurring items was 10.5 billion yuan, up 30.3% year-on-year [2]. Business Segments - The core business segment, including powertrains, complete vehicles, and key components, generated 89.8 billion yuan in revenue, accounting for 42% of total revenue, with a gross margin of 19.5%, an increase of 1.6 percentage points from the previous year [2]. - The company sold 734,000 engines, remaining stable compared to the previous year, while heavy truck sales reached 118,000 units, outpacing industry growth [2]. - Weichai Power has established a diversified energy product matrix, including traditional, clean, and new energy power products [2]. Clean Energy and New Energy Initiatives - Weichai Power launched a new generation of gas engines, achieving a market share of 59.6% in the natural gas heavy truck engine segment in 2024 [3]. - The company introduced a full range of commercial vehicle and construction machinery power batteries, with a cycle life improvement of over 60% and a weight reduction of 5% compared to competitors, expected to drive future growth [3]. International Operations - Weichai Power's subsidiary, KION Group in Germany, achieved a record revenue of 11.5 billion euros and a net profit of 370 million euros, up 17.5% year-on-year [3]. - KION Group focuses on smart innovation and has established an automation solutions excellence center to enhance warehouse management efficiency [4]. Market Outlook - The heavy truck and construction machinery markets are expected to recover in 2025, driven by government policies promoting the replacement of old vehicles and expanding subsidy coverage [4][5]. - Analysts predict a structural growth opportunity for the heavy truck industry, with potential sales returning to over one million units [5][6]. - Weichai Power anticipates benefits from a new round of equipment updates and policy incentives, alongside growth in overseas markets [6]. Strategic Business Transformation - Weichai Power plans to focus on five strategic business transformations: 1. Developing new energy businesses and integrating resources 2. Expanding the large-bore engine business for high-end markets 3. Strengthening overseas market presence through local manufacturing and supply chain development 4. Enhancing after-market services for a comprehensive product lifecycle solution 5. Accelerating digital transformation and integrating digital technologies into high-end products [7]. - The recovery in the heavy truck and construction machinery markets is expected to benefit Weichai Power as an upstream leader [7].

Investment Rating - The report maintains a "BUY" rating for Weichai Power, indicating a potential return of over 15% over the next 12 months [1][16]. Core Insights - Weichai Power's net profit for 2024 is projected to grow by 27% year-on-year to RMB 11.4 billion, aligning with expectations. The fourth quarter of 2024 saw a 19% year-on-year increase in net profit to RMB 3 billion, driven by reductions in selling and distribution (S&D) and research and development (R&D) expenses [1]. - The company proposed a final dividend of RMB 0.347 per share, resulting in a record high payout ratio of 55%, up from 50% in 2023 [1]. - The target price for Weichai Power's A/H shares has been revised up to RMB 18.7/HK$18.0, reflecting improved margin assumptions for the engine segment [1]. Financial Performance Summary - Revenue for FY24 is reported at RMB 215.7 billion, with a slight year-on-year growth of 0.8%. The adjusted net profit for FY24 is RMB 11.4 billion, showing a year-on-year growth of 26.5% [3][13]. - The earnings per share (EPS) for FY24 is reported at RMB 1.31, with a year-on-year growth of 25.4% [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.0 in FY23 to 11.1 in FY24, indicating a more attractive valuation [3]. Segment Performance - The engine segment reported a total sales volume of 734,000 units, remaining flat year-on-year. However, the segment profit surged by 35% year-on-year to RMB 10.3 billion, with a margin expansion to 17.5% [6]. - The heavy-duty truck (HDT) segment saw exports grow by 13% year-on-year, accounting for 50% of total HDT sales, although the overall segment profit was modest at RMB 563 million [6]. - The forklift and supply chain solution segment's profit increased by 21% year-on-year to RMB 6 billion, supported by margin improvements [6]. Future Outlook - The report identifies several catalysts for growth, including a recovery in HDT demand driven by new subsidies, strong growth in engines for data centers, and a potential re-rating of KION Group [1]. - Earnings forecasts for 2025 and 2026 have been revised upwards by 9% and 11%, respectively, primarily due to higher margin expectations for the engine segment [1].

潍柴动力股份有限公司 2024 年度监事会工作报告 2024 年度，潍柴动力股份有限公司（下称"公司"）监事会根 据《中华人民共和国公司法》（下称"《公司法》"）《深圳证券交 易所股票上市规则》《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》等法律法规和《公司章程》《公司监事 会议事规则》等相关规定，本着对全体股东负责的态度，认真地履行 了监事会职能，积极列席董事会和出席股东大会，依法对公司运作情 况和董事、高级管理人员履行职责的情况进行监督，维护了公司及股 东的合法权益，促进了公司规范运作。现将 2024 年度监事会工作情 况报告如下： 一、监事会会议召开情况 公司本年度共召开监事会会议 8 次： 1．2024 年 3 月 25 日，公司召开六届七次监事会会议，审议通 过了《公司 2023 年年度报告全文及摘要的议案》《公司 2023 年度监 事会工作报告的议案》《公司 2023 年度财务报告及审计报告的议案》 《公司 2023 年度财务决算报告的议案》《公司 2024 年度财务预算报 告的议案》《公司 2023 年度内部控制评价报告的议案》《公司 2023 年度内部控制审计报告的 ...

潍柴动力股份有限公司关于山东重工集团财务有限公司 2024 年度风险评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与 关联交易》的要求，潍柴动力股份有限公司（下称"潍柴动力"）通 过查验山东重工集团财务有限公司（下称"重工财务公司"）《金融 许可证》《营业执照》及相关资料，审阅重工财务公司财务报表，对 重工财务公司的经营资质、业务和风险状况进行评估，具体情况报告 如下： 一、重工财务公司基本情况 重工财务公司是经中国银行业监督管理委员会（现为"国家金融 监督管理总局"，下称"金融监管总局"）批准设立的非银行金融机 构。重工财务公司于 2012 年 6 月 11 日取得《金融许可证》（机构编 码：L0151H237010001），并于同日领取了《营业执照》（统一社会 信用代码：91370000597828707N）。 截止 2024 年 12 月末，重工财务公司注册资本 16 亿元人民币（含 1000 万美元），股权结构如下： （一）山东重工集团有限公司（下称"山东重工"）出资 6 亿元 人民币，占重工财务公司注册资本的 37.5%； （二）潍柴动力出资 5 亿元人民币(含 1000 万美 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-018 潍柴动力股份有限公司 关于控股子公司开展衍生品交易业务的公告 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。 重要内容提示： 1．交易目的：为防范并降低汇率、利率波动对潍柴动力股份有限公司 （下称"公司"）出口合同预期收汇及持有的外币资金产生的不利影响， 公司控股子公司陕西重型汽车进出口有限公司（下称"陕重汽进出口"）、 潍柴雷沃智慧农业科技股份有限公司（下称"潍柴雷沃"，含合并范围内 权属公司）拟与银行类金融机构开展不超过等值3亿美元的外汇远期、外汇 期权衍生品交易业务。公司于2024年7月5日召开2024年第五次临时董事会 会议，审议通过了《审计及批准关于公司境外全资子公司WEICHAI SINGAPORE PTE. LTD.开展衍生品交易业务的议案》，同意公司境外全资 子公司WEICHAI SINGAPORE PTE. LTD.（下称"潍柴新加坡，含合并范 围内权属公司"）（以上合称"各公司"）开展不超过等值6,000万美元的 衍生品交易业务。现潍柴新加坡拟扩大与银行类金融机构衍生品 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-015 潍柴动力股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 1．拟续聘的审计服务机构：毕马威华振会计师事务所（特殊普 通合伙）（下称"毕马威华振"）；拟续聘的内部控制审计服务机构： 和信会计师事务所（特殊普通合伙）（下称"和信"）。潍柴动力股 份有限公司（下称"公司"或"本公司"）审计服务机构、内部控制 审计服务机构未发生变更。 2．续聘毕马威华振、和信均符合中华人民共和国财政部（下称 "财政部"）、国务院国有资产监督管理委员会、中国证券监督管理 委员会（下称"证监会"）印发的《国有企业、上市公司选聘会计师 事务所管理办法》（财会〔2023〕4 号）的规定。 2 2．投资者保护能力 毕马威华振购买的职业保险累计赔偿限额和计提的职业风险基 金之和超过人民币 2 亿元，符合法律法规相关规定。近三年毕马威华 振在执业行为相关民事诉讼中承担民事责任的事项为：2023 年审结 债券相关民事诉讼案件，终审判决毕马威华振按 2%-3%比例承担赔 偿责任（ ...

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 证券代码：000338 证券简称：潍柴动力 公告编号：2025-019 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、审计及验资费用等发行费用合计人民币 11,942,705.93 元（不含增值税）后，公司本次非公开发行实际募集资金净额为人民币 12,988,057,280.47 元。上述资金到位情况已经德勤华永会计师事务所（特殊 普通合伙）于 2021 年 5 月 11 日验证，并出具"德师报（验）字（21）第 00218 号"《验资报告》。 潍柴动力股份有限公司 （二）募集资金使用和结余情况 关于 2024 年年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗 ...

环境、社会及管治（ESG）报告 Environmental, Social and Governance Report 2024 目 录 01 | | 诚信经营，行稳致远 | | --- | --- | | 20 | 规范公司治理 | | 23 | 强化风险管控 | | 25 | 恪守商业道德 | 品质争先，创新引领 30 37 保障产品质量 精进服务体验 02 03 44 深化创新发展 绿色发展，生态共赢 80 86 104 践行气候行动 倡导绿色运营 引领低碳改革 04 携手共进，社会共融 110 116 规范责任采购 积极回馈社会 05 人本为先，才聚业兴 报告覆盖范围 如无特殊说明，本报告涵盖潍柴动力股份有限公司及其权属公司， 该范围与年度财务报告合并报表范围一致 1 。 报告数据来源 02 关于本报告 04 董事长致辞 06 董事会 ESG 声明 07 关于潍柴动力 12 ESG 治理 52 守护员工权益 57 助力员工发展 66 增进员工福祉 70 筑牢安全防线 未来展望 118 附录 120 我们的倾听 131 潍柴动力股份有限公司 2024 年 环境、社会及管治（ESG）报告 关于本报告 关于 ...