Group 1 - The heavy truck market remains vibrant in November, with major brands leveraging the "Double Eleven" shopping festival to expand their market presence, resulting in significant order volumes [1][25] - FAW Jiefang achieved 6,000 orders during a live-streaming event on Douyin, showcasing 24 key models and integrating financial services into their marketing strategy [1] - China National Heavy Duty Truck Group (CNHTC) recorded 1,219 orders for its HOWO heavy trucks during a promotional event across 18 cities [3][5] Group 2 - Dongfeng Commercial Vehicle signed a strategic cooperation agreement for 300 tractor trucks with a major customer in Hubei, marking a significant order in the logistics sector [6][7] - Foton Motor's Ouman electric heavy truck launched in Shandong, securing 208 orders, highlighting its focus on low-carbon logistics solutions [9][12] - Chery Commercial Vehicle announced a strategic partnership resulting in 3,000 orders for its new energy heavy trucks, emphasizing its commitment to innovation in the sector [15][16] Group 3 - Zero One Automotive launched its new model "Jingzhe Leizhenzi," achieving 1,068 orders within three hours of its release, demonstrating strong market demand [20] - SAIC Hongyan successfully delivered a batch of vehicles post-restructuring, reflecting customer trust and product reliability [21][23] - Hyundai Motor secured an order for 100 hydrogen fuel cell trucks, indicating a growing interest in alternative fuel vehicles within the heavy truck market [23]

Core Viewpoint - The "Double Eleven" event by Howo Heavy Truck, themed "Howo Travels the World, Enriching Millions of Families," successfully engaged in a nationwide campaign, showcasing its strength and commitment to users through impressive sales results [1][7]. Group 1: Event Highlights - Howo Heavy Truck's activities spanned nearly a hundred cities across China, including Guangzhou, Chengdu, Shanghai, and Tangshan, attracting significant attention from truck enthusiasts [1]. - The event featured various models of Howo Heavy Trucks, which were well-received for their robust appearance and outstanding performance [1]. Group 2: Technical Excellence - The fuel-saving capabilities of Howo Heavy Trucks were highlighted during the event, with a notable performance by He Xiaokun, who achieved a fuel consumption of 13.43L, winning the national finals of the "Fuel-saving Hero" competition [3]. - The event included ceremonies to crown fuel-saving and gas-saving heroes, showcasing the practical experiences of users and the technical prowess of Howo Heavy Trucks [3]. Group 3: Sales Performance - The "Double Eleven" campaign concluded with impressive sales figures, including 278 units sold in Guangzhou, 119 in Shanghai, and 58 in Chengdu, totaling 1,219 orders nationwide [5]. - Each sale represented a vote of confidence from users in the Howo brand, reflecting its strong position in the market [5]. Group 4: Future Outlook - Howo Heavy Truck aims to continue its commitment to providing excellent products and services, supporting truck drivers in their journey to wealth, and realizing the vision of "Howo Travels the World, Enriching Millions of Families" [7].

Core Viewpoint - The heavy truck market in China continues to show growth, with sales expected to reach 93,000 units in October, marking a 40% increase compared to previous periods [1]. Group 1: Company Developments - FAW Jiefang delivered 60 gas heavy trucks in Inner Mongolia, including 40 J7 and 20 J6P models, showcasing their advanced powertrain technology [2][3]. - China National Heavy Duty Truck Group (CNHTC) received over 3,300 orders for its HOWO heavy trucks during a promotional event, indicating strong market demand [6][7]. - Dongfeng Commercial Vehicle secured two large orders of 600 and 1,200 units, reflecting high user recognition of their product capabilities [12][16]. - Foton Motor launched the Ouman Galaxy pure electric tractor in Hebei, achieving 115 strategic orders, emphasizing their commitment to green logistics [18]. - XCMG Heavy Truck delivered 100 pure electric tractors for local sand and gravel transport, while also exporting 100 dump trucks to overseas clients, highlighting their competitive edge in both domestic and international markets [20]. - Hanma Technology showcased its G9 range-extended mixer truck at a truck exhibition in Malaysia, marking a significant step in expanding into the Southeast Asian market [21][22]. Group 2: Market Trends - The heavy truck market is experiencing a traditional peak season, with overall sales trends in October being positive, setting expectations for the upcoming months as companies strive to meet annual targets [24].

Core Viewpoint - During the recent National Day and Mid-Autumn Festival, China National Heavy Duty Truck Corporation (CNHTC) achieved significant sales success, securing over 6,700 orders across its three major brands: Shandeka, HOWO heavy trucks, and HOWO light trucks, providing a strong impetus for the fourth quarter [1][17]. Group 1: Shandeka Brand - Shandeka actively engaged in customer visits during the holiday period, reaching out to 5,000 new and existing customers to provide support and gather product improvement suggestions [6]. - The "All Attendance Shandeka Efficient King" promotional event was held nationwide, with 180 events conducted, resulting in over 800 orders due to exclusive holiday purchase incentives [8]. Group 2: HOWO Heavy Trucks - The "Double Festival Hundred Cities Linkage" campaign for HOWO heavy trucks was launched, offering special purchase incentives to assist truck owners in starting new operational journeys [10]. - A total of 326 events were held, generating 3,355 orders, showcasing the enthusiasm of truck owners despite the early autumn chill [12]. Group 3: HOWO Light Trucks - The HOWO light truck "Double Festival Celebration, Double Savings, Double Wealth Creation" campaign concluded successfully, achieving a notable result of 2,581 orders [14][15]. - The campaign effectively addressed core customer needs in purchasing, using, and maintaining vehicles, igniting enthusiasm among truck owners nationwide [17]. Group 4: Overall Performance - The combined efforts of CNHTC during the double festival resulted in over 6,700 orders, reflecting the strong brand reputation and solid product quality built over time [17]. - The company plans to continue focusing on user needs and enhancing products and services to strengthen its market position in the fourth quarter [17].

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].