Guohai Securities·2024-11-01 12:46Investment Rating - The report assigns an "Accumulate" rating for Weichai Power (000338) [2][7][10] Core Views - Weichai Power's revenue for the first three quarters of 2024 reached 161.95 billion yuan, a year-on-year increase of 1.0%, while the third quarter revenue was 49.46 billion yuan, down 8.8% year-on-year [3][4] - The company's net profit attributable to shareholders for the first three quarters was 8.4 billion yuan, a year-on-year increase of 29.2%, with the third quarter net profit at 2.5 billion yuan, down 4.0% year-on-year [3][4] - The non-recurring net profit attributable to shareholders for the first three quarters was 7.71 billion yuan, a year-on-year increase of 36.7%, with the third quarter at 2.23 billion yuan, a year-on-year increase of 10.0% [3][4] Summary by Sections Financial Performance - The gross margin for the first three quarters of 2024 was 21.9%, an increase of 1.63 percentage points year-on-year, with the third quarter gross margin at 22.12% [5][7] - The company reported a one-time other income of 1.06 billion yuan in the first three quarters [5][7] Market Position and Outlook - Weichai Power's performance in the heavy truck engine market is supported by the recovery of the domestic heavy truck market, expansion into export markets, and the continued demand for natural gas heavy trucks [7][10] - The company is expected to achieve total revenue of 229 billion, 247 billion, and 270 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 9% [7][8] - The net profit attributable to shareholders is projected to be 11.4 billion, 13.5 billion, and 15.7 billion yuan for the same years, with growth rates of 26%, 19%, and 16% respectively [7][8]