年会季 | 陕汽重卡：2026年冲刺10万辆目标，新能源车占比达40%

Core Viewpoint - The company aims to achieve an annual sales target of 100,000 units by 2026, with a clear goal of 40% of sales coming from new energy vehicles [1][14]. Group 1: 2025 Performance - In 2025, the company achieved domestic sales of over 88,000 units, a year-on-year increase of 60%, significantly outperforming the industry average growth rate of 30% [3][16]. - The market share of the company's products in the Beidou data segment rose to 12.9%, maintaining the top position among single manufacturers, with a 1 percentage point increase year-on-year [3][16]. - The insurance market share also increased to 11.0%, reflecting a 1.5 percentage point growth year-on-year, indicating strengthened competitive positioning [3][16]. Group 2: Segment Performance - The new energy heavy truck segment saw remarkable growth, with sales exceeding 25,000 units, a staggering increase of 260% year-on-year, and a market share of 12.4%, up 3.1 percentage points [5][18]. - The natural gas heavy truck segment maintained its leadership with sales surpassing 31,000 units, a 26% year-on-year increase, and a market share of 17%, up 2.2 percentage points [5][18]. - The cargo truck business experienced significant growth, with sales exceeding 14,000 units, an 81% year-on-year increase, achieving a market share of 8.6%, up 2.3 percentage points [5][18]. Group 3: 2026 Strategic Outlook - The company predicts that the domestic GDP growth rate will remain around 5% in 2026, with the elimination of old trucks and energy structure adjustments being key growth drivers for the commercial vehicle industry [7][20]. - The overall heavy truck sales in the domestic market are expected to reach 1.16 million units in 2026, with a market demand that may remain stable or see a slight increase of around 5% compared to 2025 [9][22]. - The company has set clear operational goals for 2026, including a sales target of 100,000 units and an increase in market share in the insurance sector to 12% [11][24]. Group 4: Product Strategy - The company plans to focus on high-power long-distance traction products in the traction vehicle segment to tap into the high-end logistics market [11][24]. - In the dump truck segment, the strategy will center on new energy models to capture emerging market opportunities [11][24]. - The company aims for specific sales targets in various fuel types: 32,000 units for diesel trucks, 28,000 units for natural gas trucks, and 40,000 units for new energy vehicles, reinforcing its position in the new energy heavy truck market [11][24].