中国重汽：Earnings risk not yet priced in

14 Oct 2024 CMB International Global Markets | Equity Research | Company Update Sinotruk (Hong Kong) (3808 HK) Earnings risk not yet priced in We revise down our 2024E/25E earnings forecast by 5/2%, after incorporating our new industry HDT sales forecast (for details, please refer to our sector report "China Heavy-duty Truck – Headwinds in 4Q24 in both China & export; Eyes on policy-driven recovery in 2025"). We forecast ~20% YoY earnings decline in 2H24E, before recovering in 2025E. We rolled over our targ ...