Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company demonstrated strong operational resilience, with Q3 2024 performance exceeding industry averages despite a challenging market environment. The revenue for the first three quarters of 2024 reached 33.59 billion yuan, a year-on-year increase of 9%, while the net profit attributable to shareholders was 0.93 billion yuan, up 42% year-on-year. In Q3 2024 alone, revenue was 9.19 billion yuan, down 13% year-on-year and 29% quarter-on-quarter, but net profit surged by 98% year-on-year to 0.32 billion yuan [5][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 33.59 billion yuan, with a year-on-year growth of 9%. The net profit attributable to shareholders was 0.93 billion yuan, reflecting a 42% increase year-on-year. In Q3 2024, the company reported a revenue of 9.19 billion yuan, which was a decrease of 13% year-on-year and 29% quarter-on-quarter, while net profit reached 0.32 billion yuan, marking a 98% increase year-on-year [5][6] Profitability Metrics - The gross margin for Q3 2024 was 8.3%, an increase of 1.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net margin was 4.4%, up 2.3 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [5] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated to be 45.8 billion yuan, 49.9 billion yuan, and 54.5 billion yuan respectively. The net profit attributable to shareholders is expected to reach 1.31 billion yuan in 2024, 1.49 billion yuan in 2025, and 1.68 billion yuan in 2026. Corresponding EPS for these years are projected to be 1.12 yuan, 1.26 yuan, and 1.43 yuan respectively [6][10] Valuation - As of October 31, 2024, the stock price corresponds to a PE ratio of approximately 15 for 2024, 13 for 2025, and 12 for 2026. The PB ratios are approximately 1.3, 1.2, and 1.1 for the same years. The reasonable PE range for 2024 is estimated to be between 16 and 18 times, leading to a fair value range of 17.84 to 20.08 yuan [6][10]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved a net profit of 315 million RMB in Q3, representing a year-over-year increase of 98% and a quarter-over-quarter decrease of 8%, exceeding expectations. The improvement in gross and net profit margins is notable, attributed to product structure optimization, continuous export growth, and effective cost control measures [2][3]. - Despite a challenging market environment, the company demonstrated strong performance, benefiting from its leading position in the heavy truck sector and ongoing cost reduction efforts [4]. Financial Performance Summary - Q3 revenue was 9.186 billion RMB, down 13.15% year-over-year and 29.19% quarter-over-quarter. The decline in revenue is primarily due to low industry demand and intense competition in the heavy truck market [3]. - The gross margin for Q3 was 8.3%, an increase of 1.7 percentage points year-over-year and 1.1 percentage points quarter-over-quarter. The net profit margin was 3.4%, up 1.9 percentage points year-over-year and 0.8 percentage points quarter-over-quarter [3]. - The company’s cost control measures led to a reduction in selling and administrative expenses, with selling expenses down 32% year-over-year and 10% quarter-over-quarter [3]. Future Outlook - The report anticipates a potential recovery in the heavy truck market in Q4, driven by the implementation of vehicle replacement policies and increased economic activity. The company is expected to benefit from its scale and cost management, potentially enhancing profit elasticity [4]. - The projected earnings per share (EPS) for 2024-2026 are 1.19, 1.52, and 1.88 RMB, respectively, with growth rates of 29.77%, 27.72%, and 23.16% [5]. Valuation - The target price for the company is set at 19.76 RMB, based on a price-to-earnings (PE) ratio of 13 times for 2025, reflecting a premium valuation due to its strong market position and export performance [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 16.00 CNY, corresponding to a PE ratio of 14/12/10 for the years 2024-2026 [1][3]. Core Views - The company's Q3 2024 performance exceeded expectations, with a revenue of 33.587 billion CNY for the first three quarters, up 9.18% year-on-year, and a net profit attributable to shareholders of 934 million CNY, up 42.48% year-on-year [1]. - The implementation of the old-for-new policy is expected to boost demand in Q4 2024, with potential to drive approximately 72,000 new heavy truck purchases based on a 20% replacement demand assumption [1]. - The company is positioned as a leader in heavy truck exports, maintaining a market share of 37.9% in Q3 2024, despite a slight decline in export volume due to external tax policies [1]. Financial Forecasts - Revenue projections for the company are 47.301 billion CNY in 2024, 55.101 billion CNY in 2025, and 63.101 billion CNY in 2026, with corresponding net profits of 1.309 billion CNY, 1.564 billion CNY, and 1.880 billion CNY respectively [2][4]. - The expected EPS for the years 2024, 2025, and 2026 are 1.11 CNY, 1.33 CNY, and 1.60 CNY respectively, indicating a strong growth trajectory [2][4]. - The report highlights a significant increase in net profit growth rates, projecting 405.5% in 2024, 21.1% in 2025, and 19.5% in 2026 [2][4].

中国重汽集团济南卡车股份有限公司 委托理财管理制度 第五条 公司不得通过委托理财等投资的名义规避购买资产或者对外投资应 当履行的审议程序和信息披露义务，或者变相为他人提供财务资助。 1 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"）委托理财业 务管理，保障公司资金安全，有效控制资金风险，提高资金收益，维护公司和全 体股东利益，根据《中华人民共和国证券法》《中华人民共和国公司法》《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》《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》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"委托理财"是指公司委托银行、信托、证券、基金、 期货、保险资产管理机构、金融资产投资公司、私募基金管理人等专业理财机构 对其财产进行投资和管理或者购买相关理财产品的行为。 第二条 本制度适用于公司及控股子公司，以资金管理、投资理财等投融资 活动为主营业务的公司控股子公司除外。 第二章 管理原则 第三条 公司委托理财业务应当遵循"规范运作、防范风险、谨慎投资、保 值增值"的原则，不得影响公司正 ...

Revenue and Profitability - Revenue for Q3 2024 was CNY 9,186,222,662.26, a decrease of 13.15% compared to CNY 10,576,552,145.44 in the same period last year[3] - Net profit attributable to shareholders was CNY 315,406,494.92, an increase of 97.88% from CNY 159,396,130.16 year-on-year[3] - Net profit excluding non-recurring gains and losses reached CNY 274,117,020.15, up 87.82% from CNY 145,948,573.97 in the previous year[3] - The company reported a basic earnings per share of CNY 0.27, a 92.86% increase compared to CNY 0.14 in the same period last year[3] - The total operating profit for Q3 2024 was approximately CNY 1.40 billion, an increase from CNY 1.17 billion in Q3 2023, representing a growth of about 19.7%[18] - The net profit attributable to shareholders of the parent company reached CNY 933.92 million, up from CNY 655.46 million in the same period last year, marking an increase of approximately 42.4%[18] - The company reported a net profit margin improvement, with net profit for the period showing positive trends, although specific figures were not disclosed in the provided content[17] - The company recorded a total comprehensive income of CNY 1.24 billion for Q3 2024, compared to CNY 900.08 million in Q3 2023, representing an increase of approximately 37.9%[18] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.79, up from CNY 0.56 in the same quarter last year, reflecting an increase of approximately 41.1%[18] Cash Flow and Investments - Operating cash flow for the year-to-date period was CNY 5,011,148,789.35, reflecting a 25.33% increase from CNY 3,998,513,253.74 last year[3] - Cash flow from operating activities for the period was CNY 5.01 billion, compared to CNY 3.99 billion in Q3 2023, reflecting a growth of about 25.3%[20] - The cash flow from investing activities showed a net outflow of CNY 3.69 billion, compared to a net outflow of CNY 772.34 million in Q3 2023, indicating a significant increase in investment activities[20] - The company received CNY 3.10 billion from the recovery of investments, compared to CNY 1.00 billion in the previous year, marking a substantial increase of 210%[20] - The company plans to use up to RMB 500 million of idle funds for entrusted wealth management, ensuring it does not affect operational funding needs[12] - The company will also use up to RMB 500 million of temporarily idle raised funds for cash management, with a usage period not exceeding 12 months[12] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 40,552,227,533.29, representing a 9.36% increase from CNY 37,082,790,465.30 at the end of the previous year[4] - The total assets of the company as of September 30, 2024, were CNY 40.55 billion, compared to CNY 37.08 billion at the beginning of the year, marking an increase of 9.9%[15] - The company's total liabilities increased to CNY 24.61 billion from CNY 21.36 billion, representing a rise of 15.8%[15] - The total equity attributable to shareholders reached CNY 14.78 billion, slightly up from CNY 14.73 billion, indicating a growth of 0.4%[16] - Cash and cash equivalents decreased to CNY 12.55 billion from CNY 13.86 billion, a decline of 9.4%[14] - The cash and cash equivalents at the end of the period amounted to CNY 11.86 billion, down from CNY 14.78 billion at the end of Q3 2023, a decrease of about 19.5%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,025, with the largest shareholder, China National Heavy Duty Truck Group (Hong Kong) Co., Ltd., holding 51.00% of the shares[9] - The top ten shareholders include several investment funds, with the second largest being Hong Kong Central Clearing Limited at 1.86% and Shanghai Shancai Enterprise Development Co., Ltd. at 1.20%[9] - The total number of shares held by the top ten unrestricted shareholders amounts to 599,183,376 shares[9] - The company has not identified any related party relationships among the top ten shareholders, except for two funds under the same management[10] - The company has not engaged in any securities lending activities among the top ten shareholders[10] Research and Development - Research and development expenses increased by 44% year-on-year, indicating a continued commitment to innovation[7] - Research and development expenses rose to CNY 599.53 million, a significant increase of 43.9% from CNY 415.96 million in the previous year[17] Accounting Policies and Adjustments - The company implemented a retrospective adjustment for accounting policies, affecting the presentation of warranty costs in financial statements[5] - The company approved a change in accounting policy on August 21, 2024, which will not significantly impact its financial status or operating results[11] - The company has implemented new accounting standards starting in 2024, which may impact future financial reporting and performance metrics[22] Operational Performance - The company experienced a 998% increase in non-operating income, primarily due to increased assessment income from suppliers[8] - The company’s receivables increased by 63% year-on-year, attributed to higher sales volume and revenue growth[7] - Operating costs amounted to CNY 32.07 billion, up from CNY 29.43 billion, reflecting a year-on-year increase of 8.8%[17] - Inventory levels decreased to CNY 2.98 billion from CNY 4.10 billion, a reduction of 27.3%[14] - No significant events were reported during the period that would affect the company's operations or financial disclosures[13]

本次会议应到董事 9 人，实到 9 人。本次会议由董事长王琛先生 主持，监事会成员和高级管理人员列席了会议。会议的召开及出席人 数符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 公告编号：2024-38 中国重汽集团济南卡车股份有限公司 第九届董事会 2024 年第五次临时会议决议公告 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。 一、董事会会议召开情况 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 董事会 2024 年第五次临时会议（以下简称"本次会议"）通知于 2024 年 10 月 23 日以书面送达和电子邮件等方式发出，2024 年 10 月 29 日以通讯方式在公司会议室召开。 中国重汽集团济南卡车股份有限公司 会议决议公告 《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn/）。 本议案已经公司第九届董事会 2024 年第四次审计委员会会议审 议通过。 表决结果：同意 9 票，反对 0 ...

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：2024-36 中国重汽集团济南卡车股份有限公司 2024 年半年度权益分派实施公告 中国重汽集团济南卡车股份有限公司（以下简称"本公司"）2024 年第三次临时股东大会审议并通过《公司 2024 年半年度利润分配的 议案》。根据《中华人民共和国公司法》《深圳证券交易所上市公司 自律监管指引第 9 号—回购股份》等相关规定，本公司回购专用证券 账户中的 A 股股份不参与 2024 年半年度分红派息。公司以 2024 年 6 月 30 日总股本 1,174,869,360 股扣除已回购股份 5,874,409 股后的 1,168,994,951 股为基数，每 10 股派发现金股利 2.91 元（含税）， 合计派发现金股利为 340,177,530.74 元。 一、股东大会审议通过利润分配方案的情况 1、本公司 2024 年半年度利润分配方案已获 2024 年 9 月 26 日召 开的公司 2024 年第三次临时股东大会审议通过，分配方案的具体内 容如下： 按公司 2024 年 6 月 30 日总股本 1,174,869 ...

1 证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------|-------------------------------------------------------------| | | | 编号：20241011 | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | 国信证券 贾济恺 | | | 及人员姓名 时 间 | 2024 年 10 月 11 日 | 10:00-11:00 | | 地 点 | 公司办公室 | | | | | | | 上市公司 接待人员姓名 | 投关专员 胡啸 | | | | | 公司投关专员胡啸女士简要介绍了公司情况，并针对投 | | | | 资者关心的问题进行了沟通 ...

中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 编号：2024-35 中国重汽集团济南卡车股份有限公司 二〇二四年第三次临时股东大会决议公告 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。 重要提示： 1、本次临时股东大会未出现否决议案的情形。 2、本次临时股东大会未涉及变更以往股东大会已通过的决议。 一、会议的召开和出席情况 1、召开情况： 参加本次股东大会现场会议及网络投票的股东及授权代表共计 504 人，代表公司股份 637,186,779 股，占公司有表决权股份总数的 54.5072%。其中： （1）出席现场会议的股东及股东授权代表共计 3 人，代表有表 决权股份 606,503,476 股,占公司有表决权股份的 51.8825%。 （2）根据深圳证券交易所交易系统统计并经公司确认，在网络 投票时间内通过网络系统进行表决的股东及股东授权代表共 501 人， 代表有表决权股份 30,683,303 股，占公司有表决权股份总数的 2.6248%； 本次会议由公司董事长王琛先生主持；大会的召集、召开的方式 和程序均 ...

根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则》 （以下简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《中国重 汽集团济南卡车股份有限公司章程》（以下简称"《公司章程》"）的规定，北京 市通商律师事务所（以下简称"本所"）接受中国重汽集团济南卡车股份有限公司 （以下简称"公司"）的委托，指派律师出席公司于 2024 年 9 月 26 日召开的 2024 年第三次临时股东大会（以下简称"本次股东大会"），并就本次股东大会的有关 事宜，出具法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东大会相关的文 件和资料，同时听取了公司人员就有关事实的陈述和说明。本所已得到公司的如 下保证，保证其所提供的文件和资料是真实、准确、完整的，并无隐瞒、虚假和 重大遗漏之处；文件上所有签名和所记载的内容都是真实有效的；文件的复印件 都与其原件一致。 本所同意将本法律意见书作为公司本次股东大会必备的法定文件，随其他文 件一并公告，非经本所 ...