Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience as a market leader, with stable overseas expansion [1] - In 2024, the company achieved total revenue of 95.06 billion yuan, a year-on-year increase of 10.82%, and a net profit attributable to shareholders of 5.86 billion yuan, up 10.16% year-on-year [7] - The company’s sales volume increased against industry trends, with domestic sales rising by 12.8% to 109,000 units, while the overall heavy truck industry saw a decline of 1.7% [7] - The gross margin slightly decreased to 15.6%, attributed to intense domestic price competition and changes in export market structure [7] - Effective cost control led to a slight increase in net profit margin to 7.0% [7] - The company’s earnings per share (EPS) for 2024 is projected at 2.12 yuan, with a price-to-earnings (P/E) ratio of 10.56 [1] Financial Summary - Total revenue forecast for 2024 is 95.06 billion yuan, with projections of 106.86 billion yuan for 2025 and 118.77 billion yuan for 2026 [1][8] - Net profit attributable to shareholders is expected to reach 6.84 billion yuan in 2025 and 8.16 billion yuan in 2026 [1][8] - The company’s cash and cash equivalents are projected to increase significantly from 19.08 billion yuan in 2024 to 110.79 billion yuan by 2027 [8] - The company maintains a strong balance sheet with a debt-to-asset ratio of 62.13% [6]
中国重汽：2024年报点评：龙头韧性彰显，出海行稳致远-20250331