1Q24 net profit +40% YoY in line; solid growth outlook

M N 30 Apr 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (2338 HK) 1Q24 net profit +40% YoY in line; solid growth outlook Target Price HK$22.00 While Weichai Power (Weichai)’s revenue growth of 6% YoY in 1Q24 is below (Previous TP HK$22.00) our expectation, net profit of RMB2.6bn (+40% YoY) accounted for 21.4% of our Up/Downside 33.3% full-year estimates (run rate in 1Q23: 20.5%), which is still in line with our Current Price HK$16.50 expectation. The earnings growth ...