Heavy - duty Trucks Cycle Outlook

Search documents
潍柴动力- 初步看法 -25 年业绩因利润率高于预期;发动机业务利润率扩张得到重申;买入
2025-09-01 03:21
31 August 2025 | 11:38AM HKT Weichai Power (000338.SZ): First Take: 2Q25 results above on margin; engine unit margin expansion reaffirmed; Buy (on CL) Weichai reported its 2Q25 results after market close on Aug 29. 2Q25 NP of Rmb2.93bn (-11% yoy and +8% qoq) came in +7% above our previewed estimates (see our note) mainly on better-than-expected margin. The company declared interim cash dividend of Rmb0.358/share (55% payout and 2% yield), which together with the c.Rmb100mn A-share buybacks implemented in 1H ...