中国重汽（000951）：2025Q1业绩同比增长，受益于重卡行业周期向上

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company reported a year-on-year revenue growth of 13% in Q1 2025, benefiting from the upward cycle in the heavy truck industry [1] - The company is expected to continue benefiting from the industry's upward trend over the next three years, with projected revenue growth rates of 21%, 12%, and 12% for 2025, 2026, and 2027 respectively [7] - The company holds the largest market share in the heavy truck sector, with a Q1 2025 market share of 28% [7] Financial Data and Valuation - Total revenue for 2023 is projected at 42.07 billion, with a year-on-year growth of 46% [3] - The net profit attributable to shareholders is expected to reach 1.08 billion in 2023, with a staggering year-on-year growth of 406% [3] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 10.6x, 8.9x, and 7.6x respectively, indicating a favorable valuation trend [3][11] Performance Metrics - The gross margin for Q1 2025 was reported at 7.1%, while the net margin was 3.3% [7] - The company’s return on equity (ROE) is projected to improve from 9.7% in 2024 to 14.4% by 2027 [11] - The asset-liability ratio is expected to stabilize around 62% in the coming years [11]