Weichai Power(000338) 民生证券·2025-03-28 08:05Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 215.69 billion RMB for 2024, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 11.40 billion RMB, up 26.51% year-on-year [1]. - The company achieved a revenue of 53.74 billion RMB in Q4 2024, reflecting a year-on-year increase of 0.30% and a quarter-on-quarter increase of 8.64% [2]. - The product structure is continuously optimized, with significant growth in agricultural equipment and overseas subsidiaries, contributing to improved profitability [3]. - The expansion of the old-for-new vehicle policy is expected to boost domestic demand for heavy trucks, particularly for natural gas engines [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 215.69 billion RMB and a net profit of 11.40 billion RMB, with a growth rate of 26.51% [5]. - The Q4 2024 net profit reached 3.00 billion RMB, marking a year-on-year increase of 19.46% [2]. - The gross margin for Q4 2024 was 24.15%, and the net margin was 7.32%, indicating strong profitability [2]. Business Development - The company is diversifying its business, with engine, vehicle, smart logistics, and agricultural equipment sectors all showing stable growth [3]. - The agricultural equipment segment, particularly the subsidiary Weichai Lovol, reported a revenue of 17.39 billion RMB, up 18.38% year-on-year [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 231.11 billion RMB, 241.61 billion RMB, and 248.86 billion RMB, respectively, with net profits expected to reach 12.75 billion RMB, 14.24 billion RMB, and 15.50 billion RMB [4][5]. - The report anticipates a continued improvement in profitability driven by cost reduction and product structure enhancement [2][3].