【重卡行业4月跟踪月报】内销同比转正，看好内销景气度持续上行

Core Viewpoint - April sales data for heavy trucks met expectations, with production, wholesale, and export figures aligning with forecasts [12][14][26]. Data Overview - Wholesale: In April, heavy truck wholesale sales reached 88,000 units, with year-on-year and month-on-month changes of +6.5% and -21.4% respectively, meeting expectations [2][11]. - Terminal: Heavy truck terminal sales in April totaled 69,000 units, with year-on-year and month-on-month changes of +5.9% and -4.3%, also in line with expectations [2][11]. - Export: Heavy truck export sales in April were 26,000 units, with year-on-year and month-on-month changes of +0.8% and -7.2%, consistent with forecasts [2][11]. - Inventory: The total industry inventory decreased by 670 units, with the current total inventory at 150,000 units, indicating a reasonable level [2][11]. April Sales Performance - Production: Heavy truck production in April was 78,000 units, with year-on-year and month-on-month changes of +2.2% and -32.4% [14]. - Industry Structure: New energy heavy trucks continued to grow significantly, with April sales reaching 16,000 units, reflecting year-on-year growth of +243% and a penetration rate of 22.9% [14]. - Natural Gas Trucks: April sales of natural gas heavy trucks were 17,000 units, with year-on-year and month-on-month changes of -35.2% and -21.0% [14]. Market Structure - Terminal Market: In April, market shares for major manufacturers were as follows: Jiefang 19.2%, Dongfeng 22.5%, Heavy Truck 17.3%, Shaanxi Heavy Truck 11.5%, and Foton 12.2% [4][54]. - Export Market: In April, market shares for exports were: Jiefang 14.4%, Dongfeng 8.7%, Heavy Truck 46.8%, Shaanxi Heavy Truck 14.4%, and Foton 11.0% [4][59]. Engine Market - Engine Market Share: In April, Weichai maintained the highest market share at 20.2%, despite a month-on-month decline [5][68]. - Weichai's terminal matching volume was 14,000 units, with significant year-on-year and month-on-month declines of -38.5% and -20.1% respectively [5][74]. Investment Recommendations - The company is optimistic about the market performance driven by the National IV policy, recommending investments in China National Heavy Duty Truck and Weichai Power, while highlighting the potential for performance improvement in FAW Jiefang and Foton [6][80].