Summary of Weichai Power Conference Call Industry Overview - The heavy truck industry is expected to grow to 950,000 to 1,000,000 units by 2025, benefiting from the implementation of the 318 policy and increased penetration of natural gas heavy trucks, with rising oil prices driving customer acceptance [2][3] - The penetration rate of electric heavy trucks is projected to reach 30% [2] Company Performance - Weichai Power's net profit attributable to shareholders increased by over 20% year-on-year in Q1, driven by new businesses like large bore engines, despite average sales performance [4] - Q2 performance may face pressure due to a high base from the previous year, but overall annual performance remains promising [4][5] - The company aims to enhance its dividend frequency and attractiveness, with a current valuation of approximately 11-12 times earnings, potentially dropping to around 10 times if targets of 12-13 billion are met [4][9] Strategic Focus - Weichai Power's future strategy focuses on new energy, digitalization, and aftermarket services [6] - The company is collaborating with BYD to produce Fudi batteries for commercial vehicles and energy storage, aiming to improve the penetration rate of new energy vehicles [7] - The company plans to increase its market share in large bore products from under 10% to over 25% [6] Response to Industry Challenges - To address industry challenges, Weichai Power is enhancing the penetration of natural gas heavy trucks, expanding large bore product market share, accelerating data center deliveries, and optimizing export product structures [8] - The company is also focusing on increasing its share in the non-road excavator market and improving its aftermarket revenue, which currently lags behind competitors [6] Financial Outlook - Despite anticipated pressure in Q2, the company expects continued growth in Q3 and Q4, with attractive valuation and dividend prospects [12] - The integration of Kaiao is expected to save approximately 1 billion in profits annually, contributing 300 to 400 million to long-term profit release after tax adjustments [11] Additional Insights - The penetration rate of natural gas heavy trucks is currently between 20% and 30%, with increasing acceptance due to rising oil prices [3] - The company is also adjusting its operations to enhance cost efficiency and product offerings, which is expected to improve gross margins significantly [8]

证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 公司大缸径产品布局全面，广泛应用于数据中心、公共事 业等细分市场，持续为客户打造定制化解决方案，具备高效、 灵活的项目交付能力，全类型产品具有明显全球竞争力。公司 M 系列大缸径高速发动机产销饱满，产品结构持续优化，以数 据中心相关业务为代表的高端化产品占比明显提升。公司后续 将抢抓全球行业发展的机遇，发挥产品技术优势，加速抢占数 据中心等重点高端市场，进一步提升市场份额及盈利能力。 3.公司分红政策情况 潍柴动力股份有限公司投资者关系活动记录表 编号：20250226 | | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | | 高盛 郑睿丰、闫菽灵 | | | 富达 梁俊麟、李瑞鹏 | | | 淡马锡控股 郭子扬 | | | 资本集团 忻慧婷 | | 参与单位名称及 | 中国投资 潘秉旭 | | 人员姓名 | 高毅资产 吴丹 | | | 东证资管 李疆 | | ...