潍柴动力：毛利率提升，出海稳步推进

Investment Rating - The investment rating for Weichai Power is maintained at "Buy" [1] Core Views - The company has shown a steady improvement in gross margin and is making progress in its international expansion efforts [1][3] - For the first three quarters of 2024, Weichai Power achieved operating revenue of 161.95 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 8.40 billion yuan, a year-on-year increase of 29.23% [2][3] - The gross margin for the first three quarters of 2024 was 21.86%, an increase of 1.63 percentage points year-on-year [3] Financial Performance - In Q3 2024, the company reported operating revenue of 49.46 billion yuan, a year-on-year decline of 8.82%, and a net profit attributable to shareholders of 2.50 billion yuan, a year-on-year decline of 4.00% [2] - The company’s sales expense ratio was 5.64%, down 0.34 percentage points year-on-year, while the management expense ratio was 4.66%, up 0.30 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 10.64 billion, 11.81 billion, and 13.26 billion yuan respectively, with corresponding PE ratios of 11.40, 10.27, and 9.15 times [4] Strategic Developments - Weichai Power has engaged in multiple collaborations to enhance its global presence, including partnerships with China Yangtze Shipping Group and Yutong Bus [3] - The company showcased its latest green and intelligent solutions at the Hannover International Commercial Vehicle Exhibition in Germany, highlighting products that meet Euro VII emission standards [3]