中国重汽集团济南卡车股份有限公司 会议决议公告 一、监事会会议召开情况 中国重汽集团济南卡车股份有限公司（以下简称"公司"）第九届 监事会第四次会议（以下简称"本次会议"）通知于 2024 年 8 月 10 日 以书面送达和电子邮件等方式发出，2024 年 8 月 21 日下午 4:00 在公 司会议室以现场表决的方式召开。 本次会议应到监事 3 人，实到 3 人。会议由监事会主席贾胜欣先 生主持，出席人数符合《中华人民共和国公司法》（以下简称"《公司 法》"）和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事充分讨论，逐项审议并通过了以下议案： 1、公司 2024 年半年度报告及摘要； 证券代码：000951 股票简称：中国重汽 公告编号：2023-28 中国重汽集团济南卡车股份有限公司 第九届监事会第四次会议决议公告 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。 根据《公司法》和《公司章程》的有关规定，监事会对公司 2024 年半年度报告及摘要进行了审核，认为编制和审核上述报告程序符合 法律、行政法规及中国证监会的规定，上述报告真实反映了公司 ...

中国重汽集团济南卡车股份有限公司 募集资金管理制度 为规范中国重汽集团济南卡车股份有限公司（以下简称"公司"）募集资金的 管理和使用，提高募集资金的使用效率，保障投资者的利益，根据《中华人民共 和国证券法》《中华人民共和国公司法》《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》《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》（以下简称"《规范运作指引》"）和《中国重汽集团 济南卡车股份有限公司章程》等要求制定本制度。 第一章 总 则 第一条 本制度所指募集资金是指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第二条 募集资金投资项目通过公司的子公司或公司控制的其他企业实施的， 该子公司或受控制的其他企业应遵守本制度。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分论证，确信 投资项目具有较好的市场前景和盈利能力，有效防范投资风险，提高募集资金使 用效益。 第四条 公司应当审慎使用募集资金，保证募集资金使用与发行申请文件的 承诺相一致，不得随意改变募集资金投向。 第五 ...

证券代码：000951 中国重汽集团济南卡车股份有限公司 监事会对相关事项的审核意见 根据中国证监会《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》《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》及公司《募集资金管理制度》等相关 规定，中国重汽集团济南卡车股份有限公司（以下简称"公司"）监事 会对相关事项发表意见如下： 1、关于 2024 年半年度募集资金存放与实际使用情况的意见 公司严格按照中国证券监督管理委员会及深圳证券交易所关于 募集资金监管措施的要求管理和使用资金，募集资金的存放、使用、 管理及披露不存在违规情形。《关于 2024 年半年度募集资金存放与 实际使用情况的专项报告》的编制和审议程序符合相关法律法规的要 求，其内容真实、准确、完整地反映了募集资金的实际使用情况。 2、关于使用部分暂时闲置募集资金继续进行现金管理的意见 公司在确保不影响募集资金项目建设和使用、募集资金安全的前 提下，拟使用不超过人民币 50,000 万元（含本数）的闲置募集资金 用于购买投资安全性高、流动性好、风险低、投资期限不超过 12 个 月的投资产品，内容及审议程序符合相 ...

中国重汽集团济南卡车股份有限公司 内幕知情人管理制度 第一章 总则 第四条 未经董事会批准同意，公司任何部门和个人不得向外界泄 露、报道、传送有关涉及公司内幕信息及信息披露的内容。对外报道、 1 传送涉及内幕信息及信息披露内容的资料，须经董事会秘书审核同意 (并视重要程度呈报董事会审核)后，方可对外报道、传送。 第二章 内幕信息及知情人的范围 第五条 本制度所称内幕信息是指根据《证券法》相关规定，涉及 公司的经营、财务或者对公司证券市场价格有重大影响的尚未公开的 信息。 第一条 为规范中国重汽集团济南卡车股份有限公司（以下简称 "公司"）内幕信息知情人的管理，加强内幕信息保密工作，维护公 司信息披露的公开、公平、公正原则，保护投资者合法权益，根据《中 华人民共和国公司法》（下称"《公司法》"）、《中华人民共和国 证券法》（下称"《证券法》"）、中国证券监督管理委员会（下称 "中国证监会"）《上市公司信息披露管理办法》《上市公司监管指 引第5号—上市公司内幕信息知情人登记管理制度》《深圳证券交易 所股票上市规则》（以下简称"《上市规则》"）等有关法律法规及 《中国重汽集团济南卡车股份有限公司章程》（以下简称"《 ...

Investment Rating - Strong Buy (首次) with a target price of 18.6 RMB, representing a 27% upside from the current price of 14.60 RMB [1][8] Core Views - The heavy truck industry is in a clear upward trend since 2022, with 2023 sales rebounding to 900,000 units, a 35% YoY increase, driven by exports and natural gas heavy trucks [1][6] - The company, as a domestic heavy truck leader, is expected to see net profits of 1.45 billion, 1.82 billion, and 2.25 billion RMB in 2024-2026, with YoY growth of 35%, 25%, and 23% respectively [8] - The company's market share in the heavy truck sector has stabilized at around 14%, with the group's share reaching 26% in 2023 [62][63] Industry Analysis - Heavy truck sales are expected to reach 980,000, 1.04 million, and 1.11 million units in 2024-2026, with YoY growth of 7%, 6%, and 7% respectively [1][6] - Natural gas heavy trucks saw a penetration rate of 16% in 2023, with sales expected to grow further due to favorable economic conditions and policy support [44][46] - The "old-for-new" policy is expected to drive the replacement of 40,000-90,000 National III heavy trucks in 2024 [51][52] Company Analysis Market Position - The company's market share in the heavy truck sector has remained stable at around 14% since 2021, with the group's share increasing to 26% in 2023 [62][63] - The company is focusing on natural gas heavy trucks in 2024, with its market share expected to rise significantly [62][67] - The company's new energy heavy truck market share is steadily increasing, with sales expected to double in 2024 [67][69] Product Portfolio - The company offers a comprehensive range of heavy trucks, including tractors, dump trucks, and mixers, under brands like HOWO and Yellow River [69] - HOWO covers five major vehicle categories, making it the most extensive product line among commercial vehicle brands [69] - The Yellow River brand focuses on high-end logistics and transportation, with the X7 series being a key product [69] Engine and Technology - The company benefits from advanced engine technologies through its collaboration with MAN and Weichai, offering both global and domestic engine options [7][69] - The company has been optimizing its competitiveness through internal reforms since 2019, improving market performance and management efficiency [7][69] Financial Performance - The company's revenue in 2023 was 42.07 billion RMB, with a YoY growth of 46%, and net profit reached 1.08 billion RMB, a 405.5% YoY increase [2][8] - The company's revenue is expected to grow to 48.45 billion, 54.75 billion, and 62.49 billion RMB in 2024-2026, with YoY growth of 15.2%, 13.0%, and 14.1% respectively [2][8]

中国重汽集团济南卡车股份有限公司 临时公告 证券代码：000951 股票简称：中国重汽 编号：2024-25 重要内容提示： ●会议召开时间：2024 年 08 月 23 日（星期五）15:30-16:15 ●会议召开方式：电话会议 ●本次会议实行白名单制度，投资者可于 2024 年 8 月 22 日（星 期四）12:00 前将参会电话号码通过电子邮件形式发送至邮箱： huxiao@sinotruk.com。同时可将所需了解的情况和问题一并发送至上 述邮箱。中国重汽集团济南卡车股份有限公司（以下简称"公司"） 将在信息披露允许的范围内，于 2024 年半年度业绩说明会（以下简 称"业绩说明会"）上对投资者普遍关注的问题进行回答。 中国重汽集团济南卡车股份有限公司 关于举办 2024 年半年度业绩说明会 并征集投资者问题的公告 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。 公司将于 2024 年 8 月 23 日在《中国证券报》《证券时报》《证 券日报》《上海证券报》和深圳证券交易所网站（http://www.szse.cn/） 及巨潮资讯网（http://w ...

具体重点推荐标的的分析那么今天呢给大家讲的是中国重器那么我们知道中国重器有ALH,A是H的子公司但是始终呢我们觉得这两个公司尤其在近年它的投资逻辑是趋同的那么一个是国内的置换周期向上第二个呢是海外的新兴市场 本身比我们想象的就要大一些同时呢这个市场呢中国重器它的这个出口有比较明显的优势因此呢我们目前对于重器A和H都继续推荐那么具体的这个 我们预计众气A近期的增速在20%左右的业绩的负荷增长那么公司目前的估值是回调比较多的尤其考虑到众气A的标记的设置 净现金是非常充裕的目前几乎已经跌到净现金了那么A的话我们认为是一个游戏片绝对收益防守反击一个非常好的标的那么作为中企H呢它由于有自身的发动机资料以及有海外出口的销售渠道同时还有汽车机能所以它的利润总的体量要比A大不少 同时呢 他在海外的业绩弹性也更大一些 那我们也可以参照公司目前的这个经营的趋势 我们预计公司H这边今年大约在重新在一个十大几个点的一个业绩增速考虑到港股那边的估值更低 H目前也是比较有吸引力的 那么具体公司的逻辑由于我们昨天晚上其实刚刚给大家这个分析汇报过六月份仲卡产业的这个数据的细节所以今天我们就不做太多具体的展开了简单来说的话今年我们预计仲卡增长 ...

Summary of Conference Call for China National Heavy Duty Truck Group Co., Ltd. (CNHTC) Industry Overview - The heavy-duty truck industry in China is experiencing growth, with seasonal fluctuations impacting demand [2][7] - The LNG (liquefied natural gas) vehicle segment is gaining traction due to cost advantages over diesel [2][3] Company Performance - CNHTC's production and sales maintained a growth trend in the first half of the year, outperforming the industry average [2][5] - Export sales accounted for nearly 50% of total sales from January to May [2] - The company's market share in the domestic heavy-duty truck market is approximately 25%, with LNG vehicles holding a significant portion [4] Financial Metrics - The gross margin for LNG vehicles remains stable, slightly higher than that of diesel vehicles, despite a decrease in prices due to lower component costs [2] - Export truck profitability is stable, with gross margins for certain models sold to international markets being 1-2 percentage points higher than domestic sales [5] Market Dynamics - The domestic LNG vehicle sales represent nearly 30% of overall sales, with effective inventory management keeping stock levels below one month [2] - The penetration rate of LNG vehicles in the logistics sector is increasing, driven by the price differential between natural gas and diesel [2][3] Strategic Insights - The company recognizes that the LNG vehicle market's sustainability is influenced by economic conditions, cost factors, and gas supply availability [3] - There is a focus on enhancing R&D for new energy vehicles, with significant sales growth observed in the first five months of the year [5] Future Outlook - The company anticipates overall performance for the year to exceed last year's results, with traditional market growth expected to reach over 900,000 units [5] - The company plans to continue increasing its dividend payout ratio in response to market conditions, although no specific timeline has been set [8] Production and Capacity - The construction of the intelligent connected vehicle base in Laiwu is progressing as planned, with an expected investment of 600-700 million yuan this year [9] - The company operates two production facilities, with decisions on full relocation dependent on policy adjustments [9] Competitive Landscape - The heavy-duty truck market is competitive, with the top five brands holding over 80% market share, indicating strong customer loyalty [8] - CNHTC maintains a leading position in export markets, alleviating concerns about competition [8]

Summary of the Conference Call on China National Heavy Duty Truck Group (CNHTC) Company and Industry Overview - The conference focused on China National Heavy Duty Truck Group (CNHTC), a leading exporter in the heavy-duty truck sector listed in Hong Kong [1] - The heavy-duty truck industry has shown weak domestic sales performance in recent months, with a reported decline of approximately 10% in June [3][4] Key Points and Arguments - **Domestic Sales Performance**: Domestic sales have been underwhelming, with no growth in April and May, and a projected decline in June [3] - **Export Performance**: Despite domestic challenges, export data remains positive, with growth in exports even amidst a decline in certain markets like Russia [4][6] - **Profit Contribution**: CNHTC's profit is predominantly driven by exports, with approximately 90% of its net profit coming from international sales, while domestic sales contribute only about 10% [5][6] - **Future Export Potential**: The company is expected to maintain a double-digit growth rate in exports, supported by demand in regions like Southeast Asia, the Middle East, and South America, where market share is still low [10][11] - **Price Competitiveness**: CNHTC's trucks are competitively priced compared to foreign competitors, which enhances its market position in developing regions [12][13] - **Market Dynamics in Russia**: Although there is a projected 20% decline in the Russian market due to previous inventory adjustments, future demand is expected to stabilize due to reconstruction needs [7][8] - **Growth in Developing Markets**: The potential for growth in developing countries is significant, with expectations of increased demand for heavy-duty trucks as these markets develop [10] Additional Important Insights - **Valuation and Market Position**: The company’s valuation is currently low, with a historical price-to-earnings (P/E) ratio of 8 to 10. However, if export growth continues, the P/E ratio could rise to between 10 and 12, indicating a potential market capitalization increase of 33% to 40% based on projected profits of around 6 billion RMB [14] - **Pricing Strategy**: There is potential for CNHTC to increase prices in response to growing demand, which could further enhance profitability and support future growth targets [13] This summary encapsulates the key insights from the conference call regarding CNHTC's current market position, performance metrics, and future outlook in the heavy-duty truck industry.

Summary of Conference Call Company and Industry - The conference call pertains to Zhongtai Automobile, specifically focusing on the Hong Kong-listed company that is a leader in the export of medium and heavy trucks in China [1] Core Points and Arguments - The company is optimistic about the continuous growth of exports in the medium and heavy truck sector [1] Other Important Content - The call began with a welcome message and a statement indicating that all participants were in a muted state before the main content was delivered [1]