在刚刚过去的国庆、中秋双节期间，中国重汽旗下汕德卡、豪沃重卡及HOWO轻卡三大品 牌协同发力，捷报频传，累计斩获订单超6700辆，为四季度开局注入强劲动力。 汕德卡 双节期间，中国重汽汕德卡积极开展客户走访活动，累计走访5000名汕德卡新老客户，在 送去温暖好礼的同时，切实帮客户解决问题，积极听取产品优化建议。 "全勤汕德卡 高效王中王"终端推介会在全国多地同步举行，双节专属优惠购车政策加持， 累计开展180场，终端订单量突破800辆。 豪沃重卡 2581 HOWO轻卡 双节购车活动圆满收官 随着中国重汽HOWO轻卡"双节同庆，双倍省钱，双重创富"购车活动圆满结束，一份瞩目 的成绩单正式出炉。 HOWO轻卡通过一系列诚意满满的优惠举措精准满足了用户在购车、用车、养车环节的核 心需求，成功点燃了全国卡友的购车热情，最终共同铸就了这份2581辆亮眼的成绩单。 中国重汽双节斩获超6700辆订单，亮眼的成绩背后，离不开长久沉淀的品牌口碑与扎实过 硬的产品质量。未来，中国重汽将持续聚焦用户需求，精进产品与服务，为四季度冲刺、巩 固市场地位注入更强劲动力。 9月26日-10月8日，中国重汽豪沃重卡"双节百城联动"活动正式 ...

Core Insights - The article highlights the successful nationwide promotional event by HOWO Heavy Truck, which took place from September 26 to October 8, resulting in significant order achievements and customer engagement [1][22][24]. Event Overview - HOWO Heavy Truck launched a nationwide event across over 100 cities, providing exclusive purchasing incentives for customers [6][24]. - The event culminated in 326 activities and a total of 3,355 vehicle orders, marking a successful campaign [1][19][32]. Customer Engagement - The event saw enthusiastic participation from customers, with bustling activity at various locations and a strong response to the promotional offers [9][28]. - Customers had the opportunity to experience the quality of HOWO products firsthand and engage in interactive games, enhancing their festive experience [10][29]. Sales Performance - Sales performance across various regions showed a continuous upward trend, with multiple markets reporting impressive order volumes [13][32]. - Each order reflects the trust and expectations customers have in the HOWO brand, indicating strong brand loyalty [32][35].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 25.6 CNY [2][8]. Core Views - The company's 4Q24 performance exceeded expectations, with revenue of 44.9 billion CNY, a year-on-year increase of 7%, and a net profit attributable to shareholders of 1.48 billion CNY, up 37% year-on-year [2][4]. - The company is expected to benefit from policy support in 2025, particularly from the "National IV" vehicle replacement policy, which is anticipated to drive overall demand in the heavy truck industry [8]. - The company has shown resilience in its operations, with a stable market share in the heavy truck sector, maintaining around 14% over the past four years [8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 44.9 billion CNY, 2025E: 52.6 billion CNY, 2026E: 57.9 billion CNY, 2027E: 64.2 billion CNY [4]. - Net Profit: 2024: 1.48 billion CNY, 2025E: 1.77 billion CNY, 2026E: 1.95 billion CNY, 2027E: 2.25 billion CNY [4]. - **Earnings Per Share (EPS)**: - 2024: 1.26 CNY, 2025E: 1.51 CNY, 2026E: 1.66 CNY, 2027E: 1.91 CNY [4]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 2025E: 14, 2026E: 12, 2027E: 11 [4]. - Price-to-Book (P/B) ratio: 2025E: 1.5, 2026E: 1.4, 2027E: 1.3 [4]. Market Position and Competitive Advantage - The company has a comprehensive product matrix covering all types of heavy trucks, with a leading position in the commercial vehicle brand category [8]. - The company benefits from unique engine partnerships, allowing it to meet diverse customer needs with advanced engine options [8]. - Internal reforms initiated in 2019 have improved market performance, reporting structure, and management efficiency [8].