证券研究报告：计算机|深度报告 发布时间：2025-10-31 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 5480.49 | | --- | --- | --- | | 52 | 周最高 | 5841.52 | | 52 | 周最低 | 3963.29 | 行业相对指数表现（相对值） -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 近期研究报告 《大模型 APP，AI 时代第一个爆款》 - 2025.10.22 Tempus AI 启示：用数据构筑 AI+医疗行业领先优 势 ⚫ 海外：AI 辅助精准医疗先驱者 Tepmus AI 1、Tempus AI 主要业务包 ...

Financial Performance - PACCAR reported 2024 revenues of $33.7 billion and net income of $4.2 billion[8] - The company's average dividend yield in 2024 was 40%[8] - In the second quarter of 2025, PACCAR Parts achieved record revenues of $1.72 billion and a pretax income of $417 million[212] - PACCAR achieved $22,500 net income per truck in 2024[66] - PACCAR's Return on Invested Capital (ROIC) was 255% in 2024[69] Truck Production and Market - PACCAR produced 185,300 trucks in 2024[48] - Over 17 million trucks were produced between 2015 and 2024[48] - Trucking moves 72% of U S freight[80, 81] Product Innovation and Technology - The new Kenworth T680 and Peterbilt Model 579 offer 7% greater fuel economy[18, 21] - DAF's new truck models feature a new aerodynamic design and 13% greater fuel efficiency[33] - PACCAR has invested in a strategic partnership with Aurora to develop autonomous Peterbilt and Kenworth trucks[122] Parts and Financial Services - PACCAR Parts sales achieved a Compound Annual Growth Rate (CAGR) of 8% and profit CAGR of 12% over the last 20 years[159] - PACCAR Financial financed 25% of all Kenworth, Peterbilt, and DAF trucks in 2024[180]

Financial Performance - PACCAR's 2024 revenues reached $33.7 billion [9], with a net income of $4.2 billion [9] - The company's average dividend yield in 2024 was 4.0% [9] - PACCAR Parts achieved record sales of $6.67 billion and pretax profits of $1.71 billion in 2024 [164] - In the first quarter of 2025, PACCAR reported revenues of $7.442 billion [215] and adjusted net income of $770 million [215], resulting in an adjusted return on revenues of 10.3% [215] Truck Production and Market - PACCAR produced 185,300 trucks in 2024 [51] - The company has produced over 738,000 MX engines in Europe and over 347,000 engines in North America [104] - PACCAR Financial financed 25% of all Kenworth, Peterbilt, and DAF trucks in 2024 [185] - Kenworth and Peterbilt combined have approximately 40% share in the vocational segment in the US and Canada [200] Innovation and Technology - New Kenworth T680 and Peterbilt Model 579 trucks offer 7% greater fuel economy [19, 22] - DAF's new truck models offer 13% greater fuel efficiency [36] - PACCAR is investing in a battery cell joint venture with a total project investment of $2-3 billion and a capacity of 21 GWh, with production starting in 2027 [119]