Sinotruk Jinan Truck (SZ:000951) Xinda Securities·2025-03-29 09:35Investment 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 the company's performance and market outlook [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 year-on-year [2]. - The gross profit margin reached 8.7% in 2024, 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 overall market share reaching a historical high [3]. - The forecast for net profit from 2024 to 2026 is 1.86 billion yuan, 2.25 billion yuan, and 2.70 billion yuan respectively, with corresponding EPS of 1.59, 1.91, and 2.30 yuan [3]. Summary by Sections Financial Performance - 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 was 1.48 billion yuan, reflecting a significant year-on-year increase of 37.0% [5]. - The gross profit margin improved to 8.7%, marking a new high in recent years [3]. Market Position - The domestic market for new energy heavy trucks saw sales of 82,000 units in 2024, a substantial increase of 140% year-on-year [3]. - The company sold 6,166 units of new energy heavy trucks, a remarkable growth of 676.6% year-on-year, contributing to a total heavy truck sales volume of 133,000 units, up 4.3% year-on-year [3]. Future Outlook - The commercial vehicle market is expected to see a recovery in 2025, driven by several factors including the large-scale replacement of National IV vehicles and ongoing demand in various sectors [3]. - The company is projected to maintain its leading position in the heavy truck industry, with steady increases in market share [3].