财报横评 | 起底7家商用车企一季报：潍柴动力利润增速跑赢收入增速，客车企业净利大涨

Core Viewpoint - The commercial vehicle industry in China is experiencing a mixed performance in Q1 2025, with significant disparities in profitability among listed companies, reflecting varying business structures and responses to market changes [1][2]. Group 1: Heavy Truck Market Performance - The heavy truck market is showing signs of recovery, with a total commercial vehicle sales of 1.051 million units in Q1 2025, a year-on-year increase of 1.8%. Heavy truck sales reached 111,500 units, a quarter-on-quarter growth of 37.02% [3][8]. - Leading companies like Weichai Power reported a revenue of 57.464 billion yuan, a year-on-year increase of 1.92%, and a net profit of 2.711 billion yuan, up 4.27% year-on-year. Excluding certain expenses, the net profit growth rate was 22.42%, returning to levels seen in 2018 [3][4][6]. - China National Heavy Duty Truck achieved a revenue of 12.91 billion yuan, a 13% increase, and a net profit of 310 million yuan, up 13.3% [7]. Group 2: Commercial Vehicle Industry Overview - The total revenue of seven listed commercial vehicle companies exceeded 113 billion yuan, with a total net profit of nearly 4.4 billion yuan in Q1 2025 [2]. - Foton Motor reported a revenue of 14.8 billion yuan, a 15% increase, and a net profit of 436 million yuan, a significant rise of 70.1%. The company saw a total sales volume of over 170,000 units, a 9.8% increase, driven by strong growth in new energy vehicle sales [7]. - In contrast, FAW Jiefang faced challenges with a revenue of 14.34 billion yuan but a net profit of only 29.05 million yuan, down 83.42% year-on-year, indicating internal adjustment pressures [7]. Group 3: Bus Market Performance - The bus market is experiencing a positive trend, with all reported bus companies showing significant profit increases. Yutong Bus reported a revenue of 6.418 billion yuan and a net profit of 755 million yuan, a year-on-year increase of 14.91% [9]. - Zhongtong Bus achieved a revenue of 1.693 billion yuan, a 32.1% increase, and a net profit of 76.51 million yuan, up 80.52% year-on-year. The sales volume reached 2,766 units, a 10.02% increase [11]. - King Long Motor reported a revenue of 4.922 billion yuan, a 23.69% increase, and a net profit of 46.76 million yuan, up 164.79% year-on-year, benefiting from the transition to new energy and overseas market expansion [11].