Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808.HK) [1] Core Views - The company reported a revenue of 48.82 billion yuan for the first half of 2024, representing an 18.0% year-on-year increase, and a net profit attributable to shareholders of 3.29 billion yuan, up 39.7% year-on-year [2] - The company has proposed a mid-term dividend plan, with a proposed payout of 0.66 yuan per share, resulting in a total dividend of approximately 1.82 billion yuan, which reflects a 55% payout ratio [2] - The company is capitalizing on the structural opportunities in the heavy truck market, particularly in the natural gas segment, achieving a 273% year-on-year increase in natural gas heavy truck sales, with a market share of 25.6% [2] - The export of heavy trucks has also seen a positive trend, with the company exporting 68,000 units in the first half of 2024, accounting for over 40% of the market share [2] - The company is enhancing its competitive advantage in the new energy vehicle sector, with a 309% year-on-year increase in sales of new energy heavy trucks [3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 48.82 billion yuan and a net profit of 3.29 billion yuan, with respective year-on-year growth rates of 18.0% and 39.7% [2] - The company forecasts net profits of 6.50 billion, 7.19 billion, and 8.20 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 8, 7, and 6 [3] Market Position - The company has solidified its leading position in the heavy truck market, with a total heavy truck sales volume of 125,000 units in the first half of 2024, reflecting a 14.8% year-on-year increase [2] - The market share for heavy trucks reached 24.8%, an increase of 2.5 percentage points year-on-year [2] Strategic Initiatives - The company is focusing on the new energy vehicle market, with significant growth in both heavy and light new energy trucks, and has introduced a new 612kWh dump truck with a real-world range exceeding 400 kilometers [3] - The company aims to leverage its strong product competitiveness and distribution capabilities to capture a more significant share of the new energy market [3]
中国重汽：2024年半年报点评：把握重卡结构性机遇，收入利润双增长