Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck) shares rose nearly 4%, indicating positive market sentiment towards the company and the heavy truck industry [1] Company Performance - In the first half of the year, China National Heavy Duty Truck achieved revenue of approximately 50.878 billion yuan, representing a year-on-year growth of 4.21% [1] - The company's net profit attributable to shareholders was about 3.427 billion yuan, an increase of 4.03% year-on-year [1] - The interim dividend declared was 0.74 HKD per share, reflecting a stable dividend policy [1] Industry Outlook - According to preliminary data, the heavy truck market in China sold around 84,000 units in August 2025, a slight decrease of 1% month-on-month but a significant increase of approximately 35% year-on-year from 62,500 units [1] - The heavy truck market has experienced five consecutive months of growth since April this year [1] - Guolian Minsheng Securities suggests that with the industry entering the peak season of September and October, the possibility of annual heavy truck wholesale sales exceeding 1 million units has increased [1] - The outlook for the heavy truck industry remains positive for September and Q4, with expectations of sales recovery [1]

Group 1 - In Q1 2025, the company achieved operating revenue of 12.91 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 310 million yuan, up 13.3% year-on-year [1] - The heavy truck industry saw a wholesale sales decline of 2.8% year-on-year in Q1 2025, while the company's wholesale sales of heavy trucks decreased by 3.2% year-on-year, maintaining a market share of 28.0%, leading the industry by 8 percentage points [1] - The company's gross profit margin in Q1 2025 was 7.05%, a decrease of 0.5 percentage points compared to the average level of Q1/Q2 last year, primarily due to changes in the overseas market structure [1] Group 2 - The company is expected to benefit from the old-for-new policy for aging operational trucks in 2025, entering a favorable market phase [2] - The company is a leading player in the domestic heavy truck market, with a continuous export share leading the industry for twenty years until 2024 [2] - Revenue forecasts for 2025-2027 are 51.1 billion, 53.7 billion, and 61.7 billion yuan, with year-on-year growth rates of 14%, 5%, and 15% respectively, and net profits of 1.71 billion, 1.82 billion, and 2.21 billion yuan, with growth rates of 15%, 7%, and 21% respectively [2]

而且本身我们觉得今年全年行业最大的贝塔其实是国四政策的效果可能会超预期那么目前来看众志7A其实在年后包括像众志港股其实跌了比较多上周四AI和机器人有了一定的回调之后我们发现众志7A也是有比较迅速的一个反弹包括昨天晚上出了数据之后今天整个众卡板块的一个表现都是比较不错的 我们觉得当前的一个时间点不管是从行业的景气度还是资金的维度包括考虑到后续政策潜在刺激的一个维度对于仲卡板块来说都是比较算好的当前我们从三月份的一个相对收益的角度来讲我们也是提醒各位领导目前从相对收益的角度来讲仲卡这个板块的一个配置是比较具有风险收益比的 而在目前政策还没有落地的一个时间点我们觉得一到二月份甚至于说三月份很有可能并不是全年景气度的一个高点而很有可能是一个低点后续数据有可能会持续的超越期而且目前整个仲卡板块尤其是我们首推的标的仲期A的一个股价并不高从绝对收益的维度来看全年来看我们也觉得目前是一个比较好的一个配置时点 各位投资者大家好,我是东吴汽车组的赖思迅,那么我们昨天其实跟第一商用车网的谢老师开过一个会议来更新众卡的二月初版的一个数据。 那么今天这场会我们主要是对今年一到二月份中卡行业的一个数据去进行一个简单的解读然后也重点提示一 ...