华丰股份柔性产线升级 深挖产业链打造新增长曲线

Core Insights - The heavy truck market in China is under pressure, with total sales down 4% year-on-year in Q1 2024, while natural gas heavy trucks show resilience with a 4% increase in sales [1] - Huafeng Power Co., Ltd. is focusing on technological upgrades and flexible production lines to strengthen its core business and seize market opportunities despite facing performance challenges in 2024 [2] Market Performance - Natural gas heavy trucks have gained market share due to their economic and technological advantages, although Huafeng has faced reduced orders and capacity utilization due to mismatches in production lines and client needs [2] - The sales of new energy heavy trucks reached 82,000 units in 2024, marking a significant 140% year-on-year increase, indicating a growing market penetration [3] Technological Development - Huafeng has established a joint R&D center with the Shanghai Institute of Ceramics to focus on solid-state battery technology, which is seen as a key future technology [3] - The company is exploring combining halide systems with polymer matrices to enhance ionic conductivity and mechanical strength, although the technology is still in the early stages of development [3] Business Expansion - Huafeng is expanding its traditional diesel engine and intelligent generator businesses through strategic partnerships and market development, including collaborations with Weichai Lovol in agricultural machinery [4] - The company has successfully developed and delivered silent generator sets for communication base stations in Congo and the Philippines, enhancing its competitiveness in the overseas market [4] International Market Opportunities - The demand for diesel generator sets as critical backup power sources is increasing due to the global expansion of data centers, providing opportunities for domestic companies to enter international markets [5] - Huafeng plans to strengthen its research on international trade and local industry policies while actively seeking new clients abroad to mitigate risks in overseas markets [5]