中国重汽：三季度业绩超预期，政策支持下四季度销量有望回升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance exceeded expectations, and with policy support, sales are expected to rebound in Q4 [2][4] - In the first three quarters of 2024, the company achieved revenue of 33.59 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 930 million yuan, a year-on-year increase of 42.5% [2][6] - The heavy truck industry is experiencing a downturn, with Q3 sales down 18.2% year-on-year and 23.0% quarter-on-quarter [6] - The company’s gross margin improved to 8.3% in Q3, up 1.7 percentage points year-on-year, driven by product mix improvements [6] - Policy measures announced in July 2024 are expected to support the heavy truck industry by accelerating the replacement of older vehicles [6] Financial Performance Summary - For Q3 2024, the company reported revenue of 9.19 billion yuan, a year-on-year decline of 13.1% and a quarter-on-quarter decline of 29.2% [2][6] - The net profit for Q3 2024 was 320 million yuan, a year-on-year increase of 97.9% but a quarter-on-quarter decline of 8.4% [2][6] - The company’s market share in the heavy truck segment was 27.8%, showing a slight year-on-year decline but an improvement quarter-on-quarter [6] - Revenue projections for 2024-2026 are 50.48 billion yuan, 61.44 billion yuan, and 70.66 billion yuan, with year-on-year growth rates of 20.0%, 21.7%, and 15.0% respectively [6][7]