Ge Long Hui A P P·2025-11-10 07:32Core Viewpoint - Dongfeng Motor's net profit attributable to shareholders for the first three quarters reached 1.05 billion yuan, representing a year-on-year increase of 12.5% [1] Financial Performance - In Q3, the net profit attributable to shareholders was 382 million yuan, showing a year-on-year growth of 21.0% and a quarter-on-quarter increase of 6.5% [1] - The company benefited from the comprehensive implementation of the vehicle replacement policy, increased penetration of new energy heavy trucks, and strong export performance [1] Industry Trends - The heavy truck industry experienced rapid year-on-year sales growth in Q3, with the company, as a leading player, benefiting significantly [1] - The company has a relatively full order book, and Q3 production and sales outperformed industry levels, with expectations for continued improvement in production and sales [1] Future Outlook - With the implementation of the "old-for-new" policy for aging operational trucks and the arrival of a small peak season for road freight, the heavy truck industry is expected to maintain an upward trend in Q4 [1] - New energy heavy truck sales continue to reach new highs, supported by policy backing, expanded application scenarios, and improvements in range and cost-effectiveness [1] Valuation - The company maintains a comparable company 25-year PE average valuation of 16 times, corresponding to a target price of 22.72 yuan, and maintains a "buy" rating [1]