中国重汽（000951）：业绩稳健增长，借助重汽国际持续开拓海外市场

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved steady revenue growth, with a 7.22% year-on-year increase in revenue for the first half of 2025, reaching 26.162 billion yuan, and a 7.64% increase in net profit attributable to shareholders, amounting to 627 million yuan [7] - The gross profit margin has slightly improved, while the expense ratios have decreased, indicating better cost management [7] - The company has seen significant growth in heavy truck sales, with a 14.1% year-on-year increase, supported by its international expansion efforts [7] - The forecasted net profit for 2025-2027 is expected to be 1.725 billion, 1.987 billion, and 2.177 billion yuan respectively, with corresponding PE ratios of 12.2, 10.6, and 9.7 [7] Financial Performance Summary - Revenue projections for the company are as follows: 42,070 million yuan in 2023, 44,929 million yuan in 2024, 52,729 million yuan in 2025, 57,784 million yuan in 2026, and 63,654 million yuan in 2027, with growth rates of 46.0%, 6.8%, 17.4%, 9.6%, and 10.2% respectively [6][8] - The net profit attributable to shareholders is projected to grow from 1,080 million yuan in 2023 to 2,177 million yuan in 2027, with growth rates of 405.5%, 37.0%, 16.6%, 15.2%, and 9.5% [6][8] - The company’s EPS is expected to increase from 0.92 yuan in 2023 to 1.85 yuan in 2027, reflecting a positive trend in earnings per share [6][8] - The return on equity (ROE) is projected to improve from 7.3% in 2023 to 10.3% in 2027, indicating enhanced profitability [6][8]