潍柴动力股份有限公司 2025年第三次临时监事会会议决议公告 本公司及监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。 潍柴动力股份有限公司（下称"公司"）2025年第三次临时监事会会 议（下称"本次会议"）通知于2025年4月3日以专人送达或电子邮件方式 发出，本次会议于2025年4月8日以通讯表决方式召开。 本次会议应出席监事3人，实际出席监事3人，共收回有效票数3票，本 次会议的召集、召开及表决程序符合《中华人民共和国公司法》（下称"《公 司法》"）和《公司章程》的有关规定。本次会议合法有效通过如下决议： 证券代码：000338 证券简称：潍柴动力 公告编号：2025-022 一、关于分拆所属子公司潍柴雷沃智慧农业科技股份有限公司至香港 联合交易所有限公司主板上市符合相关法律、法规规定的议案 公司拟分拆所属子公司潍柴雷沃智慧农业科技股份有限公司（下称"潍 柴雷沃"）至香港联合交易所有限公司（下称"香港联交所"）主板上市 （下称"本次分拆"或"本次分拆上市"）。根据《公司法》《中华人民共 和国证券法》（下称"《证券法》"）、《上市公司分拆规则（试行）》 （下称"《分 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-021 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。 潍柴动力股份有限公司（下称"公司"或"潍柴动力"）2025年第 三次临时董事会会议（下称"本次会议"）通知于2025年4月3日以专人 送达或电子邮件方式发出，本次会议于2025年4月8日以通讯表决方式召 开。 本次会议应出席董事14人，实际出席董事14人，共收回有效票数14 票，本次会议的召集、召开及表决程序符合《中华人民共和国公司法》 （"下称《公司法》"）和《公司章程》的有关规定。本次会议合法有 效通过如下决议： 一、关于分拆所属子公司潍柴雷沃智慧农业科技股份有限公司至香 港联合交易所有限公司主板上市符合相关法律、法规规定的议案 本议案已经公司董事会战略发展及投资委员会和独立董事专门会 议审议通过。 公司拟分拆所属子公司潍柴雷沃智慧农业科技股份有限公司（下称 "潍柴雷沃"）至香港联合交易所有限公司（下称"香港联交所"）主 板上市（下称"本次分拆"或"本次分拆上市"）。根据《公司法》《中 华人民共和国证券法》（下称"《证券法》"）、《上市公 ...

潍柴动力 20250407 Q&A 潍柴动力的业务结构和未来发展潜力如何？ 摘要 潍柴动力旗下不仅有重型卡车电动化业务，还有几种高端装备业务，尤其是近 期显露出来的 AIDC 研发以及物流设备业务。这些业务受下游需求增加的拉动， 与近期关税扰动没有直接关系。同时，公司旗下的重卡产业链业务将受益于今 年国内顺周期修复。预计公司今明后三年的业绩分别为 126 亿元、152 亿元和 170 亿元。目前公司估值约为十倍左右。 潍柴动力的业务可以从两个维度进行 梳理：发动机制造和非发动机部件。发动机制造主要集中在母公司，包括重卡 和非重卡；非发动机部件则主要在子公司中，如陕重汽、法士特、西安板块的 • 潍柴动力受益于国内顺周期修复及以旧换新政策，预计重卡产业链景气度 提升，2025 年国内重卡终端销量有望从 60 万台修复至 72 万台，加上出口， 总体销量可达 102 万-103 万台，同比增长明显。 • 潍柴动力在大缸径发动机领域布局较早，AIDC 柴油发电设备市场规模接近 2000 亿元，国产替代空间巨大，有望成为公司新的业绩增长点，预计未来 该业务将保持中高速增长，贡献超过 10%的业绩。 • 凯傲集团作为潍柴 ...

1 April 2025 | 5:44PM HKT Weichai Power (000338.SZ) Buy Strong earnings power underappreciated; reiterate Buy with higher estimates and TP | 000338.SZ | 12m Price Target: Rmb24.00 | Price: Rmb16.41 | Upside: 46.3% | | --- | --- | --- | --- | | 2338.HK | 12m Price Target: HK$22.00 | Price: HK$16.38 | Upside: 34.3% | Despite a +21%/+42% rally for Weichai's A/H shares (vs. +2%/+21% for CSI300/HSCEI) since the start of the year, we see further upside from here. On top of what we discussed in our initiation repo ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [8][9]. Core Views - The company is entering a performance release phase, with earnings and dividends exceeding expectations. The revenue for 2024 is projected at 215.7 billion RMB, a year-on-year increase of 1%, and the net profit attributable to shareholders is expected to reach 11.4 billion RMB, up 27% year-on-year [1][2]. - The company's profitability has improved significantly, with a gross margin of 22.4% for 2024, an increase of 1.3 percentage points year-on-year, and a net profit margin of 5.3%, up 1 percentage point year-on-year. The fourth quarter of 2024 is expected to see a gross margin of 24.2% and a net profit margin of 5.6% [2][3]. - The company benefits from improved engine profitability, enhanced performance from its subsidiary Kion, and increased exports from Shaanxi Heavy Truck, alongside ongoing cost reduction and efficiency improvement initiatives [2][3][4]. Summary by Sections Financial Performance - For 2024, the company anticipates a total revenue of 215.7 billion RMB, with a slight increase in net profit to 11.4 billion RMB. The fourth quarter is expected to generate 53.7 billion RMB in revenue and 3 billion RMB in net profit [1][2]. - The gross margin for 2024 is projected at 22.4%, with a net profit margin of 5.3%. The fourth quarter is expected to show a gross margin of 24.2% and a net profit margin of 5.6% [2][3]. Business Segments - Engine sales are expected to see a slight decline in domestic sales but an increase in exports, with a projected 6.7 million units sold domestically and 6.9 million units exported, reflecting a 5% year-on-year increase [3]. - The Kion Group is expected to achieve a 30% increase in revenue and a 17.5% increase in net profit for 2024, indicating recovery from inflation and supply chain issues [3]. - Shaanxi Heavy Truck's exports are projected to grow by 15% year-on-year, with a net profit margin increase to 1.6% [3]. Future Outlook - The upward cycle in the heavy truck industry and the company's diversified business layout are expected to enhance earnings elasticity. The company is well-positioned to benefit from increased demand for large-bore engines and other diversified business segments [4]. - The company is projected to have a strong cash position of 55 billion RMB by the end of 2024, supporting further dividend increases, with a total dividend payout of 6.3 billion RMB and a payout ratio of 55% [2][4]. Valuation - The report maintains profit forecasts for 2025-2026, estimating net profits of 12.4 billion RMB and 14 billion RMB, respectively. The target price for A shares is set at 19.88 RMB, while the target price for H shares is 18.01 HKD [5][9].

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].