潍柴动力(02338) - 2024 - 中期财报

Share Issuance and Listing - The total number of issued shares as of 30 June 2024 is 8,726,556,821, consisting of 6,783,516,821 A Shares and 1,943,040,000 H Shares[11] - The company's A Shares are listed on the Shenzhen Stock Exchange with the stock code 000338, and H Shares are listed on the Hong Kong Stock Exchange with the stock code 2338[11] - The company's H-Share registrar and transfer office in Hong Kong is Computershare Hong Kong Investor Services Limited[10] Company Address and Banking - The company's registered address and headquarters are located at 197, Section A, Fu Shou East Street, High Technology Industrial Development Zone, Weifang, Shandong Province, China[4] - The company's principal bankers include Industrial and Commercial Bank of China, China Construction Bank Corporation, Bank of China, and HSBC[9] Committees and Governance - The company's audit committee is chaired by Jiang Yan, with members including Chi Deqiang, Zhao Fuquan, Xu Bing, and Tao Huaan (appointed on 10 May 2024)[6] - The company's strategic development and investment committee is chaired by Ma Changhai (appointed on 12 August 2024), with Michael Martin Macht as vice-chairman[6] - The company's remuneration committee is chaired by Jiang Yan, with members including Zhang Liangfu and Zhao Fuquan[6] - The company's nomination committee is chaired by Chi Deqiang, with members including Ma Changhai and Xu Bing[7] Financial Performance - Revenue amounted to approximately RMB112,490 million, an increase of approximately 6.0%[14] - Net profit attributable to the shareholders of the parent amounted to approximately RMB5,903 million, an increase of approximately 51.4%[14] - Basic earnings per share was approximately RMB0.68, an increase of approximately 51.4%[14] - Revenue increased by 6.0% to approximately RMB112,490 million in the first half of the year compared to the same period in 2023[23] - Net profit attributable to shareholders rose by 51.4% to approximately RMB5,903 million, with basic earnings per share also increasing by 51.4% to RMB0.68[23] - Total revenue for the first half of 2024 reached RMB 112.49 billion, a 6% increase compared to RMB 106.14 billion in the same period of 2023[113] - Net profit attributable to shareholders of the parent company was RMB 5.90 billion, up 51.4% from RMB 3.90 billion in the first half of 2023[113] - Operating profit increased by 60.2% to RMB 8.95 billion, compared to RMB 5.59 billion in the same period last year[113] Industry Performance - Heavy-duty truck industry achieved a sales volume of 504,000 units, representing a slight year-on-year increase of 3.3%[21] - Construction machinery industry achieved sales of approximately 377,000 units, representing a year-on-year decrease of approximately 6%[21] - Agricultural equipment industry sales volume amounted to approximately 235,000 units, representing a year-on-year increase of approximately 6%[21] - Global industrial truck market order numbers in the first half of 2024 were comparable with those in the corresponding period last year[21] - Americas market for supply chain solutions recorded a slight growth, driven by rebounded demand in the U.S.[21] - EMEA and APAC regions saw customer investment in warehouse automation slow down due to economic uncertainties[21] Technological Advancements - Breakthroughs in key technologies of CVT hydraulic unit, control system, and integrated design were achieved, forming a significant differentiated advantage in hydraulic powertrains for construction machinery[22] - The company's new energy business developed heavy-duty and light-duty truck power battery products with long driving range and mass application[39] - The 220-platform high-speed flat wire motor was mass-produced for light-duty trucks, mine trucks, and heavy-duty trucks[39] - High-power fuel cells for high-speed trunk logistics scenarios were developed, with system power increased to 300kW[39] - Solid oxide fuel cells achieved a maximum power generation efficiency exceeding 60% and combined heat and power efficiency exceeding 90%[39] Sales and Market Share - Engine sales volume reached 400,000 units, a year-on-year increase of 9.8%, with domestic market share of natural gas heavy-duty engines at 63.1% and 6x4 tractor engines with 500hp or above at 44.6%[24] - Gear box sales volume increased by 12.1% to 477,000 units, and axle sales volume grew by 18.7% to 428,000 units[24] - Domestic revenue of high-end hydraulic products grew by 6.6% to RMB530 million[24] - Engine business contributed sales revenue of approximately RMB24,904 million, a year-on-year increase of 6.6%[25][26] - Commercial vehicle sales volume increased by 3.6% to 63,000 units, with gas vehicle sales surging by 134.3% to over 17,000 units[28] - Export volume reached 30,000 units, capturing a 20% market share, the highest level in the same period of previous years[28] - New energy vehicle sales doubled year-on-year to 2,840 units, with hydrogen-fueled electric heavy-duty trucks leading the industry[28] - Agricultural equipment business contributed sales revenue of approximately RMB10,618 million[32] - Agricultural equipment sales revenue increased by 28% year-on-year, reaching a historical high[34] - Overseas export sales volume of agricultural machinery products grew by 68% year-on-year[34] - Tractors with horsepower above 100 accounted for 42.3% of total agricultural equipment sales, up 8.3 percentage points year-on-year[34] KION Group Performance - KION Group achieved a record-high revenue of EUR5.74 billion, a 2.1% year-on-year increase[36] - Adjusted EBIT for KION Group increased by 28.3% year-on-year to EUR450 million[36] - KION's forklift business generated EUR4.31 billion in revenue, while the supply chain solution business contributed EUR1.45 billion[36] Financial Metrics and Expenses - Revenue for the first half of 2024 was approximately RMB112,490 million, a 6% increase from RMB106,135 million in the same period in 2023[42] - Principal operations revenue increased by 6.9% to approximately RMB111,665 million from RMB104,410 million in the corresponding period last year[42] - Gross operating margin rebounded to 21.7%, an increase of 3.0 percentage points compared to the same period last year[42] - Distribution and selling expenses increased by 10.9% to approximately RMB6,127 million from RMB5,526 million in the corresponding period of 2023[43] - General and administrative expenses increased by 10.2% to approximately RMB5,095 million from RMB4,624 million in the corresponding period of 2023[43] - EBIT increased by 52.5% to approximately RMB10,792 million from RMB7,077 million in the corresponding period last year[43] - EBIT margin improved from 6.7% in the corresponding period of 2023 to 9.6% during the Period[43] - Finance expenses increased by RMB10 million, representing a year-on-year increase of 47.9%, mainly due to foreign exchange losses from Euro fluctuations and higher interest rates on lease payables and operating financing funds[44] - Provision for impairment during the period amounted to approximately RMB747 million, including RMB375 million for credit losses, RMB368 million for inventory decline, and RMB4 million for fixed assets, right-of-use, and contract assets[44] - Income tax expenses increased by 60.4% to approximately RMB1,542 million, driven by a significant rise in total profit, with the average effective tax rate rising from 16.7% to 17.3%[44] - Net profit for the period was approximately RMB7,374 million, a 54.1% increase from the corresponding period last year, with net profit margin rising to 6.6% from 4.5%[47] - Net cash inflows from operating activities amounted to approximately RMB12,802 million, a year-on-year decrease of RMB90 million, partly used for debt repayment and business expansion[47] - As of 30 June 2024, the Group's net cash position was RMB27,104 million, down from RMB36,368 million at the end of 2023[47] - The Group's gearing ratio decreased to 22.4% as of 30 June 2024, compared to 23.8% at the end of 2023[47] - Total assets of the Group as of 30 June 2024 were approximately RMB343,596 million, with current assets accounting for approximately RMB189,319 million[48] - The Group's cash and bank balance as of 30 June 2024 was approximately RMB75,323 million, down from RMB92,857 million as of 31 December 2023[48] - Total liabilities as of 30 June 2024 amounted to approximately RMB225,212 million, with current liabilities at approximately RMB150,915 million[48] - The Group's current ratio was approximately 1.25x as of 30 June 2024, compared to 1.35x as of 31 December 2023[48] - Total equity as of 30 June 2024 was approximately RMB118,385 million, with RMB83,981 million attributable to equity holders of the Company[48] - The Group's borrowings as of 30 June 2024 totaled approximately RMB34,250 million, including bonds of RMB8,624 million and bank borrowings of RMB24,825 million[48] - Bank borrowings repayable within one year or on demand were approximately RMB7,458 million, while those repayable within more than one year but not exceeding two years were approximately RMB8,648 million[51] - Bonds payable within one year were approximately RMB1,361 million, and those payable within more than one year but not exceeding two years were approximately RMB4,187 million[51] - The Group's revenue is primarily in Renminbi and Euro, and the company does not consider its currency risk significant[51] - The Group's capital management objectives focus on maintaining going concern, a sound capital ratio, and maximizing shareholder value, with an unchanged overall strategy from prior years[51] - Bank deposits, notes receivable, and other non-current assets pledged amounted to approximately RMB22,730 million as of 30 June 2024, down from RMB27,635 million as of 31 December 2023[52] - Fixed assets, long-term receivables, and accounts receivable pledged totaled approximately RMB10,337 million as of 30 June 2024, up from RMB9,587 million as of 31 December 2023[52] - Bank guarantees provided to distributors and agents increased to approximately RMB433 million as of 30 June 2024, up from RMB286 million as of 31 December 2023[52] - Buy-back guarantee liability risk exposure rose to approximately RMB3,941 million as of 30 June 2024, up from RMB2,802 million as of 31 December 2023[52] - Capital commitments decreased to approximately RMB6,731 million as of 30 June 2024, down from RMB13,000 million as of 31 December 2023[53] - Total intangible assets amounted to approximately RMB22,424 million as of 30 June 2024, with land use rights at RMB2,880 million and trademark rights at RMB8,036 million[53] - Intangible assets from in-house R&D accounted for 25.47% of the total intangible assets balance as of 30 June 2024[53] Cash Flow and Hedging - The total cash flow of the hedged item amounted to RMB 4,491,525,423.74 (EUR 586,230,917.91), with RMB 3,721,336,386.20 (EUR 485,706,355.80) due within 1 year and the remaining portion due in 2025[54] - The loss on fair value changes of the hedging instrument included in other comprehensive income amounted to RMB 51,545,588.51 (EUR 6,580,000.00), with RMB 814,702.31 (EUR 104,000.00) transferred to profit or loss for the period[54] - Weichai Power (Hong Kong) International Development Co., Limited conducted cash flow hedging on EUR 241 million of floating rate borrowings, with a loss on fair value changes of RMB 33,821,493.75 (EUR 4,370,002.38) included in other comprehensive income[54] - KION entered into interest rate swap contracts for fair value hedging on fixed-rate medium-term notes with a par value of EUR 100,000,000.00, presenting a book value of RMB 595,168,517.70 (EUR 77,681,000.00) as non-current liabilities due within one year[56] - The adjustment of the fair value change of hedged items included in the carrying amount was RMB 3,534,157.00 (EUR 458,000.00)[56] - KION signed an amortised interest rate swap contract to hedge the interest rate risk of lease receivables, with a carrying amount of RMB 19,631,129,531.40 (EUR 2,562,242,000.00) and an accumulative adjustment of RMB 127,574,966.70 (EUR 16,651,000.00)[56] - The change in fair value of the ineffective portion of the hedged item during the period amounted to RMB 37,043,554.56 (EUR 4,861,000.00)[56] Employee and Training - The Group had approximately 95,000 employees as of 30 June 2024, including 42,000 employees from KION, with total remuneration paid during the period amounting to approximately RMB18,389 million[57] - Training expenses incurred during the period totaled approximately RMB14 million[57] - The Company implemented a restricted share incentive scheme for A Shares, targeting directors, senior management, middle management, and core technical staff, with shares granted at a fixed number upon fulfillment of unlocking conditions[57] Dividends and Share Issuance - The Company approved a cash dividend of RMB3.72 (including tax) per 10 shares, based on the total number of shares eligible for profit distribution on the future record date[58] - The non-public issuance of A Shares was completed on 31 May 2021, with 792,682,926 A Shares issued at RMB16.40 per share, raising a total of RMB12,999,999,986.40[60] - The issue price of RMB16.40 per A Share represented a premium of approximately 9.26% over the benchmarked price of HK$18.02 (equivalent to RMB15.01)[60] Investment Projects - Fuel Cell Industry Chain Development Project has a total investment of RMB 2,000 million, with RMB 835.51 million already utilized and RMB 1,164.49 million remaining[69] - H platform engines intelligent manufacturing upgrade project has a total investment of RMB 1,000 million, with RMB 640.21 million already utilized and RMB 359.79 million remaining[70] - New million units digitalised power industry base stage I project has a total investment of RMB 3,000 million, with RMB 1,155.09 million already utilized and RMB 1,844.91 million remaining[71] - Large diameter high-end engine industrialisation project has a total investment of RMB 1,075 million, with RMB 662.07 million already utilized and RMB 412.93 million remaining[80] - High efficiency and high speed self-owned brand engine industrialisation project has a total investment of RMB 685 million, with RMB 554.57 million already utilized and RMB 130.43 million remaining[82] - Large diameter high-end engine development project has a total investment of RMB 1,240 million, with RMB 793.77 million already utilized and RMB 446.23 million remaining[83] - Full Series hydraulic pressure powertrain and large-scale CVT powertrain industrialisation project has a total investment of RMB 3,000 million, with RMB 1,247.78 million already utilized and RMB 1,752.22 million remaining[85] - Replenishment of working capital has a total investment of RMB 1,000 million, with RMB 800.72 million already utilized and RMB 199.28 million remaining, expected to be fully utilized by the end of 2027[86][87] - Total investment across all projects is RMB 13,000 million, with RMB 6,310.28 million already utilized and RMB 6,689.72 million remaining[88] - The total unutilised proceeds net of expenses amounted to RMB 6,298.34 million, with remaining proceeds of approximately RMB 7 billion expected to be used for relevant investment projects[89] - The company expects to fully utilise proceeds for projects (1)(a), (1)(b), (1)(c), (2)(a), (3)(a), and (3)(c) by the end of 2027, and for projects (2)(b) and (4) by the end of 2026[89] Strategic and Operational Plans - The company temporarily terminated the proposed spin-off and separate listing of Weichai Lovol on the ChiNext Board, which is not expected to have a substantial impact on operations or financial positions[90] - The global economy is expected to shift to a new equilibrium state with stronger-than-expected growth in emerging markets, while China's economy is expected to maintain stability with policy support[91] - The commercial vehicle industry is expected to maintain growth in the second half of 2024, with opportunities arising from intelligentisation and electrification for the company's "Three New" businesses[91] - The company plans to consolidate its leading edge in natural gas engines and achieve breakthroughs in strategic businesses such as generator sets for large-scale data centers[94] - The company will increase R&D investment, strengthen technical research on key components, and focus on improving the risk resistance capability of the supply chain[94] - The company aims to improve the performance parameters of "three electric" products and fuel cells to create differentiated advantages in new energy products[94] - The company will accelerate digital transformation, break down barriers in core systems, and achieve full data communication across all business domains[94] - The company will focus on major equipment upgrading, technological transformation, and project construction to accelerate the release of new quality productivity[94] Financial Position and Liabilities - Total current liabilities increased to RMB 150.91 billion