Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 48.82 billion yuan, up 18.0% year-on-year, and net profit attributable to shareholders at 3.29 billion yuan, up 38.8% year-on-year, slightly exceeding the forecast [3][10] - The company is focusing on enhancing its competitiveness in both domestic and international markets, particularly in high-end segments, while optimizing its product structure [4][19] Financial Review - The company achieved a total revenue of 48.82 billion yuan in 2024H1, with a year-on-year increase of 18.0% and a quarter-on-quarter increase of 10.7%. The net profit attributable to shareholders was 3.29 billion yuan, with year-on-year growth of 38.8% [3][10] - The gross profit margin for 2024H1 was 14.7%, a decrease of 1.1 percentage points year-on-year, primarily due to the impact of the heavy truck business [12] - The operating profit margin for heavy trucks was 6.0%, with a year-on-year decline attributed to increased competition and a higher proportion of low-margin products [15] Heavy Truck Business - Heavy truck revenue reached 42.04 billion yuan in 2024H1, reflecting a year-on-year increase of 16.6%. The company sold 125,000 heavy trucks, up 14.8% year-on-year, outperforming the industry [15][18] - The average selling price (ASP) for heavy trucks was 340,000 yuan, with a year-on-year increase of 1.3% [15] - The company’s market share in the domestic heavy truck segment increased to 18.8%, driven by strong performance in natural gas vehicles [15][18] Other Businesses - Light truck revenue was 5.8 billion yuan in 2024H1, up 32.1% year-on-year, with a sales volume of 57,000 units, reflecting a 14.5% increase [18] - Engine revenue was 3.0 billion yuan, down 2.0% year-on-year, but the operating profit margin improved to 17.7% due to better cost control [18] Earnings Forecast and Investment Rating - The report forecasts net profits of 6.81 billion yuan for 2024, 7.81 billion yuan for 2025, and 7.88 billion yuan for 2026, with corresponding EPS of 2.47, 2.83, and 2.85 yuan [19]

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808 HK) with a target price of HKD 26.49, indicating a potential upside of 28.9% from the current closing price of HKD 20.55 [2][6]. Core Insights - The company reported a robust performance in the first half of 2024, with revenue increasing by 18.0% year-on-year to RMB 4.88 billion and net profit rising by 39.8% to RMB 3.29 billion, aligning with market expectations [2]. - The market share of China National Heavy Duty Truck in the heavy truck segment improved significantly, reaching 27.6%, up 1.1 percentage points year-on-year, driven by strong demand for natural gas heavy trucks [2][5]. - The company has initiated a mid-term dividend plan, distributing RMB 0.66 per share, with a payout ratio of 55%, an increase from previous years [2][3]. Financial Performance Summary - Revenue for 2024 is projected to reach RMB 101.7 billion, with a year-on-year growth of 19.0% [3][7]. - Net profit is expected to grow to RMB 6.44 billion in 2024, reflecting a 21.0% increase compared to 2023 [3][7]. - The gross margin is forecasted to stabilize around 16.9% in 2024, with operating profit margin improving to 7.9% [7]. Market Position and Strategy - The company is positioned to benefit from the heavy truck replacement demand, particularly in the natural gas segment, which saw a remarkable 273% increase in sales year-on-year [2][5]. - The report emphasizes the attractiveness of the company's valuation and the potential for further dividend increases in the future [2][3].

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808.HK) [1] Core Views - The company reported a revenue of 48.82 billion yuan for the first half of 2024, representing an 18.0% year-on-year increase, and a net profit attributable to shareholders of 3.29 billion yuan, up 39.7% year-on-year [2] - The company has proposed a mid-term dividend plan, with a proposed payout of 0.66 yuan per share, resulting in a total dividend of approximately 1.82 billion yuan, which reflects a 55% payout ratio [2] - The company is capitalizing on the structural opportunities in the heavy truck market, particularly in the natural gas segment, achieving a 273% year-on-year increase in natural gas heavy truck sales, with a market share of 25.6% [2] - The export of heavy trucks has also seen a positive trend, with the company exporting 68,000 units in the first half of 2024, accounting for over 40% of the market share [2] - The company is enhancing its competitive advantage in the new energy vehicle sector, with a 309% year-on-year increase in sales of new energy heavy trucks [3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 48.82 billion yuan and a net profit of 3.29 billion yuan, with respective year-on-year growth rates of 18.0% and 39.7% [2] - The company forecasts net profits of 6.50 billion, 7.19 billion, and 8.20 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 8, 7, and 6 [3] Market Position - The company has solidified its leading position in the heavy truck market, with a total heavy truck sales volume of 125,000 units in the first half of 2024, reflecting a 14.8% year-on-year increase [2] - The market share for heavy trucks reached 24.8%, an increase of 2.5 percentage points year-on-year [2] Strategic Initiatives - The company is focusing on the new energy vehicle market, with significant growth in both heavy and light new energy trucks, and has introduced a new 612kWh dump truck with a real-world range exceeding 400 kilometers [3] - The company aims to leverage its strong product competitiveness and distribution capabilities to capture a more significant share of the new energy market [3]

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808.HK) [1] Core Views - The company reported a revenue of 48.82 billion yuan for the first half of 2024, representing an 18.0% year-on-year increase, and a net profit attributable to shareholders of 3.29 billion yuan, up 39.7% year-on-year [2] - The company announced an interim dividend plan, proposing a dividend of 0.66 yuan per share, with a payout ratio of 55%, totaling approximately 1.82 billion yuan [2] - The company has solidified its leading position in the heavy-duty truck market, with a significant increase in natural gas truck sales, achieving a volume of 28,000 units, a 273% increase year-on-year, and a market share of 25.6% [2] - The export of heavy-duty trucks has also seen growth, with the company exporting 68,000 units in the first half of 2024, capturing over 40% of the export market [2] - The company is focusing on new energy vehicles, with a 309% increase in sales of new energy heavy-duty trucks and a 186.1% increase in new energy light trucks [3] Summary by Sections Financial Performance - Revenue for FY2024 is projected to reach 85.50 billion yuan, with a growth rate of 44.20% [4] - Net profit attributable to shareholders is expected to be 5.32 billion yuan, reflecting a growth rate of 196.01% [4] - Earnings per share (EPS) is forecasted to increase from 1.93 yuan in FY2023 to 2.97 yuan in FY2026 [4] Market Position - The company has achieved a market share of 40.2% in AMT models and 42.0% in high-end specialized vehicles, both ranking first in the industry [2] - The heavy-duty truck sales volume reached 125,000 units in the first half of 2024, with a market share of 24.8%, an increase of 2.5 percentage points year-on-year [2] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 6.50 billion, 7.19 billion, and 8.20 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [3]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 48,823,239, an increase of 17.8% compared to RMB 41,370,963 for the same period in 2023[2]. - Gross profit for the same period was RMB 7,158,732, representing a gross margin of 14.7%, up from RMB 6,522,955 and a gross margin of 15.8% in 2023[2]. - Operating profit increased to RMB 4,026,163, a 32.8% rise from RMB 3,033,379 in the previous year[3]. - Net profit for the period was RMB 3,598,540, up 38.6% from RMB 2,596,301 in 2023[3]. - Basic and diluted earnings per share rose to RMB 1.20, compared to RMB 0.85 for the same period last year[3]. - For the six months ended June 30, 2024, the company reported a profit before tax of RMB 3,294,302,000, compared to RMB 2,357,562,000 for the same period in 2023, reflecting a year-on-year increase of approximately 39.7%[23]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.20, up from RMB 0.85 in the same period of 2023, representing a growth of 41.2%[23]. - The net profit for the period was RMB 3,599 million, an increase of RMB 1,003 million, representing a growth of 38.6%[94]. - The effective tax rate decreased to 13.5%, down 4.3 percentage points due to additional R&D tax incentives[93]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 138,904,774, an increase from RMB 136,325,488 as of December 31, 2023[5]. - Current assets totaled RMB 94,455,610, up from RMB 87,066,767 at the end of 2023[5]. - The company reported a total equity of RMB 48,095,804, slightly up from RMB 47,960,531 in the previous year[6]. - Total liabilities were HKD 84,643,970, resulting in a net asset position of HKD 48,095,804[18]. - As of December 31, 2023, total assets amounted to RMB 121,785,488,000, with total liabilities at RMB 73,824,957,000[19]. - The company’s total equity as of June 30, 2024, was RMB 48,096 million, an increase of RMB 135 million or 0.3% compared to December 31, 2023[103]. - Total borrowings increased to RMB 7,595 million, up RMB 2,546 million or 50.4% from December 31, 2023[101]. Revenue Segmentation - For the six months ended June 30, 2024, total external revenue reached HKD 48,823,239, with sales of heavy trucks contributing HKD 41,720,851[14]. - The heavy truck segment reported an operating profit of HKD 2,540,482, while the light truck and other segment incurred a loss of HKD 126,365[14]. - Heavy truck segment revenue reached RMB 42,513 million, up 16.3% year-on-year, with an operating profit margin of 6.0%, a decrease of 0.6 percentage points[44]. - Total revenue from light trucks and other segments reached RMB 6,773 million, a 32.8% increase year-on-year[51]. - The financial division's revenue, including interest and leasing income, rose by 4.6% to RMB 751 million, with external customer revenue increasing by 13.9% to RMB 688 million[56]. Sales Performance - During the review period, the company sold 125,017 heavy trucks, an increase of 14.8% year-on-year[44]. - Domestic heavy truck sales increased by 29.6% year-on-year, totaling 56,602 units sold[46]. - The company achieved a 278% year-on-year increase in gas-powered tractor sales, with market share rising by 11.75 percentage points[46]. - New energy heavy truck sales surged by 309% year-on-year, with market share increasing by 5.6 percentage points, ranking among the top three in the industry[46]. - Light truck sales amounted to 56,922 units, reflecting a 14.5% year-on-year increase[51]. Dividends and Shareholder Returns - The company declared a final dividend of RMB 0.965 per share for the year ended December 31, 2023, totaling approximately RMB 2,665,812,000, compared to RMB 0.29 per share in 2022[26]. - The company plans to pay the interim dividend of RMB 0.66 per share for the six months ended June 30, 2024, totaling approximately RMB 1,822,157,000, which is a new introduction compared to no interim dividend in 2023[26]. - The company announced an interim dividend of HKD 0.72 per share, totaling approximately HKD 1,988 million or RMB 1,822 million for the six months ended June 30, 2024[38]. Research and Development - The company is focused on R&D and manufacturing of heavy-duty trucks and key components, as well as providing financial services[7]. - The company is investing in R&D to enhance engine technology, including the development of the MC07(H) high-efficiency engine and improvements to the MT07 natural gas engine[55]. - The company plans to focus on key domestic markets and accelerate the introduction of new products, particularly 13L and 15L gas vehicles[85]. Operational Efficiency and Cost Management - The gross profit margin for the first half of 2024 improved due to increased sales volume and cost management strategies, although specific percentage figures were not disclosed[41]. - The distribution costs increased to RMB 1,525 million, a rise of 4.5%, while the ratio of distribution costs to product revenue decreased by 0.4 percentage points to 3.2%[88]. - The operating profit margin for the engine division improved by 9.2 percentage points to 17.7%, despite the decline in engine sales, due to increased revenue from other heavy truck components and effective cost control[54]. Corporate Governance and Compliance - The board of directors emphasizes high corporate governance standards to improve accountability and operational transparency[117]. - The company has implemented additional internal controls for related party transactions to ensure compliance with listing rules[66]. - The company has not established a dividend policy, considering various factors such as operating performance and financial condition[117]. Environmental and Social Responsibility - The group achieved a 100% compliance rate for wastewater and air emissions during the review period, with hazardous waste disposed of in full compliance[76]. - The group actively engages in social responsibility initiatives, contributing to rural revitalization and community welfare[74]. - The group established a goal of building a "green ecological environmental protection factory" to enhance climate change response capabilities[75]. Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[41]. - The company aims to expand its traditional export markets while breaking into high-end markets with tailored business policies[85]. - The company is focused on developing new products and technologies to enhance its competitive edge in the market[127].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company expects a year-on-year increase in net profit attributable to shareholders of 30%-45% for H1 2024, reaching between 3.07 billion to 3.42 billion RMB, with a midpoint of 3.24 billion RMB, representing a 37.5% increase [3] - The wholesale sales volume for heavy trucks in H1 2024 is projected to be 504,000 units, showing a quarter-on-quarter increase of 3.3% and a year-on-year increase of 19.3% [3] - The company’s single-vehicle profit is expected to improve to 23,000 RMB, reflecting a year-on-year increase of 28% [3] - The company aims to enhance its competitiveness in both domestic and international markets, focusing on high-end markets in the Middle East and Latin America, while also improving product development and marketing strategies [3] Financial Forecasts - The company’s total revenue is projected to grow from 85.78 billion RMB in 2023 to 101.52 billion RMB in 2024, representing a year-on-year growth of 18.35% [2][4] - The net profit attributable to shareholders is expected to increase from 5.32 billion RMB in 2024 to 7.81 billion RMB in 2025, with an EPS of 2.47 RMB for 2024 and 2.83 RMB for 2025 [2][4] - The P/E ratio is forecasted to decrease from 9.80 in 2023 to 7.65 in 2024, indicating an attractive valuation [2][4]

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808.HK) [1] Core Views - The company expects a net profit attributable to shareholders of approximately RMB 3.07 to 3.42 billion for H1 2024, representing a year-on-year growth of 30% to 45% [2] - The company has solidified its leading position in the market, with a market share of 27.6% and a year-on-year sales growth of 7% [2] - The gas heavy truck segment has shown significant growth, with sales increasing by 273% year-on-year [2] - Export demand remains strong, with the company achieving a 40% share of the heavy truck export market [2] - The company's stock incentive plan reflects confidence in future performance, with ambitious revenue and profit margin targets set for 2024-2026 [2] Summary by Sections Financial Performance - The company forecasts revenue of RMB 85.5 billion for 2024, with a growth rate of 18.65% [3] - The net profit attributable to shareholders is projected to be RMB 6.5 billion for 2024, reflecting a growth rate of 22.19% [3] - Earnings per share (EPS) is expected to increase from RMB 1.93 in 2023 to RMB 2.35 in 2024 [3] Market Position - The company has maintained its leading position in the heavy truck market, with a cumulative sales volume of 139,000 units in H1 2024 [2] - The launch of the new HOWO-TS7 gas truck is anticipated to enhance the company's competitiveness in the gas vehicle market [2] Export and International Strategy - The heavy truck industry exported 152,000 units in H1 2024, with the company exporting 62,900 units, maintaining its top position in the industry [2] - The company set a record for monthly exports in February 2024, shipping 14,000 units [2] Future Outlook - The stock incentive plan aims for revenue targets of RMB 94.8 billion, RMB 109.1 billion, and RMB 125.5 billion for 2024, 2025, and 2026 respectively [2] - The company expects to achieve a net profit margin of at least 7.5% in 2024, increasing to 8.5% by 2026 [2]

Investment Rating - The report maintains an "Outperform" rating for the company [3][11]. Core Views - The company has completed the grant of 27.17 million incentive shares to 188 selected participants at a price of RMB 6.896 per share, indicating a commitment to long-term development [3]. - The company's sales growth exceeds the industry average, with a year-on-year sales increase of 10% for the first five months, outperforming the industry growth of 7% [3]. - The projected revenue for 2024, 2025, and 2026 is estimated at 1052 billion, 1291 billion, and 1398 billion RMB respectively, with net profits of 61 billion, 80 billion, and 91 billion RMB [4][6]. Financial Performance Summary - Revenue for 2023 is projected at 85,498 million RMB, with a year-on-year growth of 23% expected in 2024 [4][6]. - The net profit for 2023 is estimated at 5,318 million RMB, with a projected increase to 6,119 million RMB in 2024, reflecting a 15% growth [4][6]. - The earnings per share (EPS) are forecasted to be 2.22, 2.89, and 3.29 RMB for 2024, 2025, and 2026 respectively [4][6]. Valuation - The report uses a PE method for valuation, suggesting a reasonable value range of 23.83 to 28.60 HKD for 2024, based on a PE ratio of 10-12 times [4][5]. - The company’s PE ratios for 2024, 2025, and 2026 are projected at 8.0, 6.1, and 5.4 respectively [4][6]. Comparative Analysis - The report includes a comparison of the company with peers, indicating an average PE of 10 for comparable companies [5]. - The company’s market capitalization is noted at 53,453 million HKD [1].

[Table_StockInfo] 买入 2024年 06月 10日 （维持） 证券研究报告•公司动态跟踪报告 当前价： 19.36港元 中国重汽（3808.HK） 汽车 目标价： ——港元 完成股权激励授予，促进长远高质量发展 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a于ry]6 月 6日发布公告，根据限制性股票激励计划条款向 188名经选 [分Ta析bl师e_：Au郑th连or声] 定参与者授予总计 2717万股激励股份（占已发行股份总数 0.984%），授予价 执业证号：S1250522040001 格为人民币6.896元/股。 电话：010-57758531 邮箱：zlans@swsc.com.cn  业绩考核标准彰显公司成长信心。公司于 1月发布股权激励计划，归属条件中 提到 24/25/26年营收不低于948/1091/1255亿元，销售利润率（利润总额/营业 [相Tab对le指_Q数u表ot现eP ic] 收入）分别不低于7.5%/8%/8.5%，该目标对应利润总额71.1/87.3/106.7亿元。 我们认为，公司股权激励计划所设业绩考核标准表明了公司要继续巩固行 ...

证券研究报告 （优于大市，维持） 中国重汽（03808）： 重卡龙头，出海尖兵 刘一鸣（汽车行业首席分析师） 张觉尹（汽车行业分析师） SAC号码：S0850522120003 SAC号码：S0850523020001 ...