Sinotruk Jinan Truck (SZ:000951) Xinda Securities·2025-03-29 10:00Investment Rating - The investment rating for China National Heavy Duty Truck Group Co., Ltd. (000951) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the analysis of financial performance and market conditions [2][3]. Core Insights - The company achieved a revenue of 44.93 billion yuan in 2024, representing a year-on-year growth of 6.8%, and a net profit attributable to shareholders of 1.48 billion yuan, which is a 37.0% increase compared to the previous year [2]. - The gross margin for 2024 reached 8.7%, an increase of 0.8 percentage points year-on-year, indicating improved profitability [3]. - The market for new energy heavy trucks is experiencing rapid growth, with the company's market share reaching a historical high, driven by favorable policies and market trends [3]. - The company is expected to benefit from a recovery in the commercial vehicle market in 2025, with several factors contributing to this growth, including the large-scale replacement of National IV vehicles and increasing demand in various sectors [3]. Financial Performance Summary - In 2024, the company reported total revenue of 44.93 billion yuan, with a year-on-year growth rate of 6.8% [5]. - The net profit attributable to shareholders for 2024 was 1.48 billion yuan, reflecting a significant year-on-year increase of 37.0% [5]. - The gross margin improved to 8.7% in 2024, up from 7.6% in 2023 [5]. - The company forecasts net profits of 1.86 billion yuan, 2.25 billion yuan, and 2.70 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.59 yuan, 1.91 yuan, and 2.30 yuan [3][5].