Soochow Securities·2025-05-05 15:05Investment Rating - The report maintains a "Buy" rating for Weichai Power [1] Core Views - Weichai Power's Q1 performance is impressive, with revenue reaching 57.46 billion yuan, a year-on-year increase of 22.15% [7] - The company's net profit attributable to shareholders is 2.71 billion yuan, reflecting a year-on-year growth of 83.77% [7] - The report highlights the benefits from the heavy truck cycle and the company's strong position in the engine sector, projecting continued growth in net profit for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023 is 213.96 billion yuan, with a projected growth of 6.00% in 2025 [1] - Net profit attributable to shareholders is expected to reach 12.86 billion yuan in 2025, with a growth rate of 12.80% [1] - The report anticipates earnings per share (EPS) of 1.48 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 10.30 [1] - The gross margin for Q1 is reported at 22.2%, with a year-on-year increase attributed to cost reduction in the supply chain [7] - The company's management expenses increased significantly due to the Kion efficiency plan, impacting net profit [7]