Weichai Power(000338) 长江证券·2025-03-30 23:31Investment Rating - The report maintains a "Buy" rating for Weichai Power [6] Core Views - Weichai Power achieved a revenue of 215.69 billion yuan in 2024, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 11.40 billion yuan, up 26.51% year-on-year [2][4] - The company is advancing six strategic layouts to support long-term development, with expected net profits for 2025-2027 projected at 12.76 billion, 14.47 billion, and 15.40 billion yuan, corresponding to PE ratios of 11.14X, 9.83X, and 9.24X [2][4] - The company is expected to maintain a dividend payout ratio of 55% in 2024, with an average dividend payout ratio of 60% anticipated for 2025, leading to a dividend yield of approximately 5.4% based on current market capitalization [2] Summary by Sections Financial Performance - In Q4 2024, Weichai Power reported revenue of 53.74 billion yuan, with a quarter-on-quarter increase of 0.3% and a year-on-year increase of 8.64% [2][4] - The net profit for Q4 was 3.00 billion yuan, reflecting a quarter-on-quarter increase of 19.46% and a year-on-year increase of 20.21% [2][4] - The gross margin for Q4 was 24.15%, up 0.49 percentage points year-on-year [2] Strategic Initiatives - The company is focusing on six strategic directions, including adjusting product, business, and market structures, accelerating the transition to new energy and digital intelligence, and expanding into high-end markets [2][4] - The demand for high-end large-bore products is expected to increase, particularly in sectors such as data centers and mining [2] Market Outlook - The heavy truck industry is showing signs of stabilization and recovery, supported by policies encouraging vehicle replacements [2][4] - The report highlights the potential for continued high growth in various business segments, including high-margin products and agricultural equipment [2]