Guolian Securities·2024-07-16 01:30Investment Rating - The report maintains a "Buy" rating for Weichai Power Co., Ltd. (000338) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 5.46 to 6.24 billion yuan in the first half of 2024, representing a year-on-year increase of 40% to 60% [2] - The sales of natural gas heavy-duty trucks have significantly increased, with a year-on-year growth of 105% in Q2 2024, accounting for 37% of total sales [3] - The company's heavy-duty engine sales reached 53,000 units in Q2 2024, a 10% increase year-on-year, with natural gas engines making up 68.9% of total sales, reflecting a substantial improvement in profit structure [4] - The revenue forecast for 2024-2026 is projected to be 216.51 billion, 242.76 billion, and 258.50 billion yuan, with corresponding net profits of 11.54 billion, 13.92 billion, and 15.62 billion yuan, indicating a strong growth trajectory [5] Financial Performance Summary - The company reported a revenue of 175.16 billion yuan in 2022, which increased to 213.96 billion yuan in 2023, with a slight expected growth to 216.51 billion yuan in 2024 [6] - The net profit attributable to shareholders was 4.91 billion yuan in 2022, rising to 9.01 billion yuan in 2023, and is expected to reach 11.54 billion yuan in 2024 [6] - The earnings per share (EPS) is projected to grow from 0.56 yuan in 2022 to 1.32 yuan in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% over three years [5][6] Market Position - Weichai Power holds a market share of 32.3% in the overall engine market, with a slight year-on-year increase of 1.0 percentage points [4] - The company is positioned as an industry leader with strong product competitiveness, which supports the positive outlook for its stock [5]